Document:

EX-10.31

 Exhibit 10.31 

First Amendment to Office Lease 
 This
First Amendment to Office Lease (the “Amendment”) is made and entered into as of August     , 2012 (“Amendment Date”), by and between 150 SPEAR STREET, LLC, a Delaware limited liability company
(“Landlord”) and FORRESTER RESEARCH, INC., a Delaware corporation (“Tenant”), with reference to the following facts. 

Recitals 
 A.
Landlord and Tenant entered into that certain Office Lease dated as of November 24, 2010 (the “Lease”), for the leasing of certain premises located at 150 Spear Street, San Francisco, California (the
“Building”), consisting of approximately 15,560 rentable square feet known as Suite 1100 (the “Original Premises”), as such Original Premises are more fully described in the Lease. 

B. Landlord and Tenant now wish to amend the Lease to provide for, among other things, (i) the expansion of the Original Premises;
and (ii) certain other modifications to the Lease, all upon and subject to each of the terms, conditions, and provisions set forth herein. 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Landlord and Tenant agree as follows: 

1. Recitals: Landlord and Tenant agree that the above recitals are true and correct and are hereby incorporated herein as though
set forth in full. 
 2. Rentable Area of the Premises: From and after the “Expansion Space Commencement Date”, as
hereinafter defined, the Premises shall be expanded to include Suite 1050 of the Building (the “Expansion Space”) consisting of approximately 3,476 rentable square feet of office space located on the tenth (10th) floor of the Building as shown on Exhibit A attached hereto and made a part hereof. From and after the Expansion Space Commencement Date, all references in the Lease to the
“Premises” shall mean and refer to the Original Premises and the Expansion Space, collectively. Except as specifically set forth in the Lease and in the Tenant Work Letter attached hereto as Exhibit B (the “Tenant Work
Letter”), and made a part hereof, Landlord shall not be obligated to provide or pay for any improvement work or services related to the improvement of the Expansion Space and Tenant shall accept the Expansion Space in its “AS-IS”
condition. Landlord shall permit Tenant to access and enter the Expansion Space November 1, 2012 (as the same may be delayed in accordance with this Section 2, the “Early Entry Date”), solely for purposes of installing the
Tenant Improvements (as such term is defined in Section 2.1 of the Tenant Work Letter). In no event may Tenant conduct its business or operations from the Expansion Space until the Expansion Space Commencement Date. Such limited purpose
entry and use of the Expansion Space by Tenant shall be at Tenant’s sole risk and shall also be subject to all of the provisions of the Lease including, but not limited to, the requirement to obtain the insurance required pursuant to the Lease
and to deliver insurance certificates as required herein, and to pay for all utilities consumed in the Expansion Space on and after the Early Entry Date. Notwithstanding the immediately preceding sentence, Tenant shall not be required to pay Rent
(other than any utilities costs incurred) prior to the Expansion Space Commencement Date. In addition to the foregoing, Landlord shall have the right to impose such additional conditions on Tenant’s early entry as Landlord reasonably shall deem
appropriate. 
 Tenant hereby acknowledges that the Expansion Space is presently being occupied by Thomas, McNerney & Partners
Mgt., LLC, a Delaware limited liability company (the “Existing Tenant”). Landlord’s ability to permit Tenant to enter the Expansion Space by the Early Entry Date is contingent 

  
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upon the Existing Tenant vacating the Expansion Space and surrendering possession thereof to Landlord by October 31, 2012. If Landlord cannot permit Tenant to enter the Expansion Space on
the Early Entry Date, Landlord shall neither be subject to any liability nor shall the validity of the Lease be affected but the Early Entry Date shall be changed to be the date on which Tenant is actually permitted to enter the Expansion Space.
Notwithstanding the foregoing, if Landlord is unable to tender possession of the Expansion Space on or before March 31, 2013 (which date shall be extended for the period of any event of Force Majeure) (the “Delivery Termination
Date”), then Tenant may terminate this Amendment by delivering to Landlord a written termination notice thereof prior to the earlier of (i) the date which is twenty (20) days following the Delivery Termination Date or
(ii) the date upon which Landlord tenders possession of the Expansion Space to Tenant. Tenant’s termination notice delivered pursuant to this Section 2 shall be effective thirty (30) days after receipt thereof by Landlord;
provided, however, Landlord may vitiate Tenant’s termination notice provided to Landlord pursuant to this Section 2 by Landlord tendering possession of the Expansion Space to Tenant prior to the effective date of such termination notice,
in which event Tenant’s termination notice shall be null and void and of no further force or effect. The termination right afforded to Tenant under this Section 2 shall be Tenant’s sole remedy for Landlord’s failure to timely
tender possession of the Expansion Space. Time is of the essence for the delivery of Tenant’s termination notice under this Section 2; accordingly, if Tenant fails to timely deliver any such notice, Tenant’s right to terminate this
Amendment under this Section 2 shall expire and be of no further force or effect as of the date Tenant fails to timely deliver such termination notice. If Tenant timely exercises its termination right as provided herein, then this Amendment
shall be null and void and of no further force and effect but the Lease shall continue in full force and effect with respect to the Original Premises. 

3. Term: The Lease Term for the Expansion Space shall commence on the earlier of: (a) the date Tenant commences business
operations in the Expansion Space or; (b) four (4) months from the Early Entry Date (the “Expansion Space Commencement Date”) and, unless extended or earlier terminated in accordance with the terms and conditions of the
Lease, shall expire on June 30, 2016 (the “Expansion Space Expiration Date”). Following the Expansion Space Commencement Date, Landlord and Tenant shall execute a Confirmation of Term in the form as set forth in Exhibit
C attached to this Amendment, confirming the actual Expansion Space Commencement Date. 
 4. Base Rent: Effective as of
the Amendment Date, Section 4 of the Summary shall be modified to provide that, Tenant shall continue to pay Rent for the Original Premises pursuant to the schedule now in effect and, commencing on the Expansion Space Commencement Date,
shall additionally pay to Landlord monthly Base Rent pertaining to the Expansion Space as follows: 
  

													
	 Months of Term
	  	Annual
Base Rent	 	  	Monthly
Installment
of Base Rent	 	  	Annual
Rental Rate per
Rentable
Square Foot	 
	 Expansion Space Commencement Date - Month 12
	  	$	166,848.00	  	  	$	13,904.00	  	  	$	48.00	  
	 Months 13 - 24
	  	$	170,324.00	  	  	$	14,193.67	  	  	$	49.00	  
	 Months 25 - 36
	  	$	173,800.00	  	  	$	14,483.33	  	  	$	50.00	  
	 Months 37 – Expansion Space Expiration Date
	  	$	177,276.00	  	  	$	14,773.00	  	  	$	51.00	  

 5. Security Deposit: Effective as of the Amendment Date, Section 8 of the Summary
shall be modified so that the Security Deposit shall be Fourteen Thousand Seven Hundred Seventy-three Dollars ($14,773.00). Landlord hereby acknowledges and agrees that Tenant has previously paid the Security Deposit to Landlord. 

  
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 6. Advance Rent: Concurrently with Tenant’s execution of this Amendment,
Tenant shall pay to Landlord the amount of $13,904.00, which shall represent Tenant’s monthly installment of Base Rent first due and payable for the Expansion Space. 

7. Base Year: Effective as of the Expansion Space Commencement Date, the definition of “Base Year” as set forth in the
Summary shall be modified to provide that the Base Year for the Original Premises shall remain the Calendar year 2011 and the Base Year for the Expansion Space shall be the Calendar year 2013. 

8. Tenant’s Share: Effective as of the Expansion Space Commencement Date, the definition of “Tenant’s Share”
as set forth in the Summary shall be modified to provide that the Tenant’s Share for the Original Premises shall remain 5.94% and the Tenant’s Share for the Expansion Space shall be 1.33%. 

9. Signage: As pertaining to the Expansion Space, Tenant shall have the right, at Landlord’s sole cost and expense, to have
its name displayed on the main lobby directory and on the Building Directory located on the floor on which the Expansion Space is located for purposes of identifying Tenant’s business. Landlord shall also install a Tenant placard identifying
Tenant’s name outside of the Expansion Space. All signage shall conform to Landlord’s Building Standard signage program. All costs for the initial strips and Tenant’s suite identification signage shall be borne by Landlord and all
costs for replacement, additions or changes shall be borne by Tenant. 
 10. Insurance: Tenant shall deliver to Landlord, upon
execution of this Amendment, a certificate of insurance evidencing that the Expansion Space is covered by Tenant’s insurance policies required to be carried by Tenant pursuant to the Lease. 

11. Tenant’s Representations and Warranties: Tenant hereby represents and warrants to Landlord the following, each of which
shall survive the execution of this Amendment: 
 A. Tenant has not made any assignment, sublease, transfer, conveyance or other disposition
of the Lease, Tenant’s leasehold estate, the Premises, any other rights, title, interest under or arising by virtue of the Lease, or of any claim, demand, obligation, liability, action or cause of action arising from or pursuant to the Lease or
arising from any rights of possession arising under or by virtue of the Lease or leasehold estate. 
 B. The person or entity executing this
Amendment on behalf of Tenant has the full right and authority to execute this Amendment on behalf of said party and to bind said party without the consent or approval of any other person or entity. Tenant has the full power, capacity, authority and
legal right to execute and deliver this Amendment. 
 C. Neither Landlord nor Tenant is in default in the performance of any covenant,
agreement or condition contained in the Lease and, to Tenant’s actual knowledge, no event has occurred and no condition exists which, with the giving of notice or the lapse of time, or both, would constitute a default by any party under the
Lease. To Tenant’s actual knowledge, Tenant has no defenses, counterclaims, liens or claims of offset or credit under the Lease or against rents, or any other claims against Landlord. 

12. Brokers: Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or
agent in connection with the negotiation of this Amendment, excepting only Colliers International who is representing Landlord, and Richards Barry Joyce & Partners in co-brokerage with Cornish & Carey Commercial Newmark Knight
Frank who is representing Tenant 

  
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(collectively, the “Brokers”), and that they know of no other real estate broker or agent who is entitled to a commission in connection with this Amendment. Each party agrees to
indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including without limitation reasonable attorneys’ fees) with respect
to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent, other than the Brokers, occurring by, through, or under the indemnifying party. Tenant further represents and
warrants to Landlord that Tenant will not receive (i) any portion of any potential brokerage commission or finder’s fee payable to the Brokers in connection with this Amendment, or (ii) any other form of compensation or incentive from
the Brokers with respect to this transaction. Upon the full execution and delivery of this Amendment, Landlord shall pay Richards Barry Joyce & Partners in co-brokerage with Cornish & Carey Commercial Newmark Knight Frank a
commission equal to $1.50 per square foot per year, capped at $10.00 per square foot. No commission shall be paid for any free rent period. Colliers International shall be paid pursuant to an existing agreement with Landlord. 

13. Effect of Amendment; Ratification of Lease: Except as modified herein, the terms and conditions of the Lease shall remain
unmodified and continue in full force and effect. In the event of any conflict between the terms and conditions of the Lease and this Amendment, the terms and conditions of this Amendment shall prevail. Landlord and Tenant each hereby ratifies and
confirms its obligations under the Lease, and represents and warrants to the other that, to its actual knowledge, it has no defenses thereto. 

14. Definitions: Unless otherwise defined in this Amendment, all terms not defined in this Amendment shall have the meanings
assigned to such terms in the Lease. 
 15. Successors and Assigns: Subject to the assignment and subletting provisions of the
Lease, this Amendment shall be binding upon and inure to the benefit of the parties hereto, their respective heirs, legal representatives, successors and assigns. 

16. Entire Agreement: This Amendment constitutes the entire understanding of the parties with respect to the subject matter in
this Amendment and all prior agreements, representations, and understandings between the parties with respect thereto, whether oral or written, are deemed null, all of the foregoing having been merged into this Amendment. The parties acknowledge
that each party and/or its counsel have reviewed and revised this Amendment and that no rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall be employed in the interpretation of this Amendment
or any amendments or exhibits to this Amendment or any document executed and delivered by either party in connection with this Amendment. 

17. Severability: If for any reason any provision of this Amendment shall be held to be unenforceable, it shall not affect the
validity or enforceability of any other provision of this Amendment. 
 18. Incorporation: The terms and provisions of the
Lease are hereby incorporated in this Amendment. 
 [BALANCE OF PAGE BLANK; NEXT PAGE IS SIGNATURE PAGE] 

  
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 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above written.

  

					
	“Landlord”
	
	150 SPEAR STREET, LLC,
	a Delaware limited liability company
		
	By:	 	Principal Real Estate Investors, LLC,
		 	a Delaware limited liability company,
			
		 	By:	 	 /s/ Robert T. Klinkner

		 	Name:	 	 Robert T. Klinkner

		 	Its:	 	 Assistant Managing Director - Asset

		 		 	 Management

			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

  

					
	“Tenant”
	
	FORRESTER RESEARCH, IN.,
	a Delaware corporation
		
	By:	 	 /s/ Michael A. Doyle

	Name:	 	Michael A. Doyle
	Its:	 	Chief Financial Officer
		
	By:	 	 /s/ Gail S. Mann

	Name:	 	Gail S. Mann
	Its:	 	Chief Legal Officer

 **If Tenant is a corporation, the authorized officers must sign on behalf of the corporation and indicate the capacity in
which they are signing. The document must be executed by the chairman of the board, president or vice-president, and the secretary, assistant secretary, chief financial officer or any assistant treasurer, unless the bylaws or a resolution of
the board of directors shall otherwise provide, in which event, the bylaws or a certified copy of the resolution, as the case may be, must be attached to this document.** 

  
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 EXHIBIT A 

SITE PLAN OF THE EXPANSION SPACE 
  

 
 Suite 1050 

Approximately 3,476 rsf 

  
 Exhibit A – Page 1

 EXHIBIT B 

150 SPEAR STREET, SAN FRANCISCO, CALIFORNIA 

TENANT WORK LETTER 
 This
Tenant Work Letter (“Tenant Work Letter”) sets forth the terms and conditions relating to the construction of improvements for the Expansion Space. All references in this Tenant Work Letter to the “Amendment” shall
mean the relevant portions of the Amendment to which this Tenant Work Letter is attached as Exhibit B. 
 SECTION 1

 BASE, SHELL AND CORE 

Landlord has previously constructed the base, shell and core (i) of the Expansion Space and (ii) of the floor(s) of the Building on
which the Expansion Space is located (collectively, the “Base, Shell and Core”), and Tenant shall accept the Base, Shell and Core in its current “As-Is” condition existing as of the date of the Amendment and the Expansion
Space Commencement Date. Except for the Tenant Improvement Allowance set forth below, Landlord shall not be obligated to make or pay for any alterations or improvements to the Expansion Space, the Original Premises, the Building or the Project. 

SECTION 2 

TENANT IMPROVEMENTS 

2.1 Tenant Improvement Allowance. Tenant shall be entitled to a one-time tenant improvement allowance (the “Tenant Improvement
Allowance”) in the amount of up to, but not exceeding Twenty Dollars ($20.00) per rentable square foot of the Expansion Space (i.e., up to Sixty-nine Thousand Five Hundred Twenty and 00/100 Dollars ($69,520.00), based on 3,476
rentable square feet in the Expansion Space), for the costs relating to the initial design and construction of Tenant’s improvements which are permanently affixed to the Expansion Space (the “Tenant Improvements”), including,
without limitation, space planning and design, construction fees, and architectural and consultant fees; provided, however, that Landlord shall have no obligation to disburse all or any portion of the Tenant Improvement Allowance to
Tenant unless Tenant makes a request for disbursement pursuant to the terms and conditions of Section 2.2 below prior to that date which is twelve (12) months after the Expansion Space Commencement Date. In no event shall Landlord
be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance. Tenant shall not be entitled to receive any cash payment or credit against Rent or otherwise for any portion of
the Tenant Improvement Allowance which is not used to pay for the Tenant Improvement Allowance Items (as such term is defined below). 

  
 Exhibit B – Page 1

 2.2 Disbursement of the Tenant Improvement Allowance. 

2.2.1 Tenant Improvement Allowance Items. Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvement Allowance
shall be disbursed by Landlord, only for the following items and costs (collectively, the “Tenant Improvement Allowance Items”): 

2.2.1.1 payment of the fees of the “Architect” and the “Engineers,” as those terms are defined in Section 3.1
of this Tenant Work Letter and payment of the fees incurred by, and the cost of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and review of the “Construction
Drawings,” as that term is defined in Section 3.1 of this Tenant Work Letter; 
 2.2.1.2 the payment of plan check,
permit and license fees relating to construction of the Tenant Improvements; 
 2.2.1.3 the cost of construction of the Tenant
Improvements, including, without limitation, contractors’ fees and general conditions, testing and inspection costs, costs of utilities, trash removal, parking and hoists, and the costs of after-hours freight elevator usage; 

2.2.1.4 the cost of any changes in the Base, Shell and Core when such changes are required by the Construction Drawings (including if such
changes are due to the fact that such work is prepared on an unoccupied basis), such cost to include all direct architectural and/or engineering fees and expenses incurred in connection therewith; 

2.2.1.5 the cost of any changes to the Construction Drawings or Tenant Improvements required by Code or any other applicable laws; 

2.2.1.6 sales and use taxes and Title 24 fees; 

2.2.1.7 the “Construction Supervision Fee,” as that term is defined in Section 4.2.2.2 of this Tenant Work Letter; and

 2.2.1.8 all other costs to be expended by Landlord in connection with the construction of the Tenant Improvements. 

2.2.2 Disbursement of Tenant Improvement Allowance. Subject to Section 2.1 above, during the construction of the Tenant
Improvements, Landlord shall make disbursements of the Tenant Improvement Allowance for Tenant Improvement Allowance Items for the benefit of Tenant and shall authorize the release of monies for the benefit of Tenant as follows: 

2.2.2.1 Disbursements. From time to time during the construction of the Tenant Improvements (but no more frequently than monthly),
Tenant shall deliver to Landlord: (i) a request for payment of the “Contractor”, as that term is defined in Section 4.1 below, approved by Tenant, in a form to be provided by Landlord, showing the schedule, by trade, of
percentage of completion of the Tenant Improvements in the Expansion Space, detailing the portion of the work completed and the portion not completed, and demonstrating that the relationship between the cost of the work completed and the cost of the
work to be completed complies with the terms of the “Final Cost Statement”, as that term is defined in Section 4.2.1 below; (ii) invoices from all of “Tenant’s Agents”, as that term is defined in
Section 4.1.2 below, for labor rendered and materials delivered to the Expansion Space; (iii) executed conditional mechanic’s lien releases from all of Tenant’s Agents which shall comply with the applicable provisions of
California Civil Code Section 3262(d); and (iv) each of the general disbursement items referenced in Section 2.2.2.3 below, and all other information reasonably requested by Landlord. Tenant’s request for payment shall be
deemed Tenant’s acceptance and approval of the work furnished and/or the materials supplied as set forth in Tenant’s 

  
 Exhibit B – Page 2

 
payment request. Within thirty (30) days of Landlord’s receipt of a completed disbursement request submission, Landlord shall deliver a check to Tenant made payable to Tenant in payment
of the lesser of (A) the amounts so requested by Tenant, as set forth in this Section 2.2.2.1, above, less a ten percent (10%) retention (the aggregate amount of such retentions to be known as the “Final
Retention”) and (B) the balance of any remaining available portion of the Tenant Improvement Allowance (not including the Final Retention), provided that Landlord does not dispute any request for payment based on non-compliance of any
work with the “Approved Working Drawings”, as that term is defined in Section 3.4 below, or due to any substandard work. Landlord’s payment of such amounts shall not be deemed Landlord’s approval or acceptance of the
work furnished or materials supplied as set forth in Tenant’s payment request. 
 2.2.2.2 Final Retention. Subject to the
provisions of this Tenant Work Letter, a check for the Final Retention payable jointly to Tenant and Contractor shall be delivered by Landlord to Tenant following the completion of construction of the Expansion Space, provided that (i) Tenant
delivers to Landlord properly executed and fully unconditional mechanics lien releases in compliance with both California Civil Code Section 3262(d)(2) and either Section 3262(d)(3) or Section 3262(d)(4), and (ii) Landlord has
determined that no substandard work exists which adversely affects the mechanical, electrical, plumbing, heating, ventilating and air conditioning, life-safety or other systems of the Building, the curtain wall of the Building, the structure or
exterior appearance of the Building, or any other tenant’s use of such other tenant’s leased premises in the Building, which determination shall be made promptly after the completion of construction, (iii) Tenant has delivered to
Landlord a certificate of occupancy or permit cards signed off by the City with respect to the Expansion Space; (iv) Tenant has delivered to the Office of the Building as-built plans and City-permitted plans for the Tenant Improvements;
(v) Tenant has delivered to the Office of the Building operation manuals and warranties for equipment included within the Tenant Improvements, if applicable, and (vi) Tenant has delivered to Landlord each of the general disbursement items
referenced in Section 2.2.2.3 below. The check for the Final Retention shall be delivered by Landlord to Tenant within thirty (30) days of the satisfaction of the foregoing conditions. 

2.2.2.3 General Disbursement Requirements. In addition to the disbursement requirements referenced above, Tenant acknowledges and
agrees that the following items are required as a condition to any disbursement of the Tenant Improvement Allowance: 
  

	 	•	 	Copy of contract with Tenant’s General Contractor 

  

	 	•	 	Copy of General Contractor’s certificate of insurance, including Additional Insured endorsement naming Landlord and Landlord’s property manager as Additional Insureds 

 

	 	•	 	General Contractor’s Schedule of Values, showing total contract value 

 2.2.2.4 Other
Terms. Landlord shall only be obligated to make disbursements from the Tenant Improvement Allowance to the extent costs are incurred by Tenant for Tenant Improvement Allowance Items. 

2.3 Standard Tenant Improvement Package. Landlord has established specifications (the “Building Standard Tenant
Improvements”) for the Building standard components to be used in the construction of the Tenant Improvements in the Expansion Space. The quality of Tenant Improvements shall be equal to or of greater quality than the quality of the
Building Standard Tenant Improvements, provided that Landlord may, at Landlord’s option, require the Tenant Improvements to comply with certain Building Standard Tenant Improvements. Landlord may make changes to the specifications for the
Building Standard Tenant Improvements from time to time. 

  
 Exhibit B – Page 3

 2.4 Removal of Non Building Standard Tenant Improvements. “Non Standard Tenant
Improvements” shall mean (a) any part of the Tenant Improvements which do not constitute Building Standard Tenant Improvements, including, but not limited to, plumbing and millwork; (b) any changes in or additions to the Tenant
Improvements made at the request of Tenant or due to any other act or omission on the part of Tenant; and (c) a configuration of the Tenant Improvements which is not usual and customary for normal occupancy. If so directed by Landlord prior to
the end of the Lease Term, Tenant shall pay Landlord the cost to remove from the Expansion Space any Non Standard Tenant Improvements designated by Landlord, and shall replace such designated Non Standard Tenant Improvements to be removed with
Building Standard Tenant Improvements. Notwithstanding the foregoing, in the event that Tenant’s request for approval any Tenant Improvement shall request a designation by Landlord of any removal obligation in accordance with the terms hereof,
then Landlord shall indicate any such removal obligation at the time of Landlord’s consent. If Tenant makes such a request and Landlord shall not indicate in its approval that the applicable Tenant Improvement will be required to be removed by
Tenant, then the applicable Tenant Improvement will not be required to be removed. 
 SECTION 3 

CONSTRUCTION DRAWINGS 

3.1 Selection of Architect/Construction Drawings. Tenant shall retain the architect/space planner (the “Architect”)
approved by Landlord, which approval shall not be unreasonably withheld, to prepare the Construction Drawings. Tenant shall retain the engineering consultants reasonably designated by Landlord (the “Engineers”) to prepare all plans
and engineering working drawings relating to the structural, mechanical, electrical, plumbing, HVAC, life safety, and sprinkler work in the Expansion Space. The plans and drawings to be prepared by Architect and the Engineers hereunder shall be
known collectively as the “Construction Drawings”. All Construction Drawings shall comply with the drawing format and specifications reasonably determined by Landlord, and shall be subject to Landlord’s approval, which shall
not be unreasonably withheld, conditioned or delayed. Tenant and Architect shall verify, in the field, the dimensions and conditions as shown on the relevant portions of the base building plans, and Tenant and Architect shall be solely responsible
for the same, and Landlord shall have no responsibility in connection therewith. Landlord’s review of the Construction Drawings as set forth in this Section 3, shall be for its sole purpose and shall not imply Landlord’s review
of the same, or obligate Landlord to review the same, for quality, design, Code compliance or other like matters. Accordingly, notwithstanding that any Construction Drawings are reviewed by Landlord or its space planner, architect, engineers and
consultants, and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord’s space planner, architect, engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and
shall not be responsible for any omissions or errors contained in the Construction Drawings. 
 3.2 Final Space Plan. Tenant shall
supply Landlord with four (4) copies signed by Tenant of its final space plan for the Expansion Space before any architectural working drawings or engineering drawings have been commenced. The final space plan (the “Final Space
Plan”) shall include a layout and designation of all offices, rooms and other partitioning, their intended use, and equipment to be contained therein. Landlord may request clarification or more specific drawings for special use items not
included in the Final Space Plan. Landlord shall advise Tenant within five (5) business days after Landlord’s receipt of the Final 

  
 Exhibit B – Page 4

 
Space Plan for the Expansion Space if the same is unsatisfactory or incomplete in any respect. If Tenant is so advised, Tenant shall promptly (i) cause the Final Space Plan to be revised to
correct any deficiencies or other matters Landlord may reasonably require, and (ii) deliver such revised Final Space Plan to Landlord. 

3.3 Final Working Drawings. After the Final Space Plan has been approved by Landlord and Tenant, Tenant shall promptly cause the
Architect and the Engineers to complete the architectural and engineering drawings for the Expansion Space, and cause the Architect to compile a fully coordinated set of architectural, structural, mechanical, electrical and plumbing working drawings
in a form which is complete to allow subcontractors to bid on the work and to obtain all applicable permits for the Tenant Improvements (collectively, the “Final Working Drawings”), and shall submit the same to Landlord for
Landlord’s approval. Tenant shall supply Landlord with four (4) copies signed by Tenant of such Final Working Drawings. Landlord shall advise Tenant within five (5) business days after Landlord’s receipt of the Final Working
Drawings for the Expansion Space if the same is unsatisfactory or incomplete in any respect. If Tenant is so advised, Tenant shall promptly (i) revise the Final Working Drawings in accordance with such review and any disapproval of Landlord in
connection therewith, and (ii) deliver such revised Final Working Drawings to Landlord. 
 3.4 Approved Working Drawings. The
Final Working Drawings shall be approved by Landlord (the “Approved Working Drawings”) prior to the commencement of construction of the Expansion Space by Tenant. After approval by Landlord of the Final Working Drawings, Tenant
shall promptly submit the same to the appropriate governmental authorities for all applicable building permits. Tenant hereby agrees that neither Landlord nor Landlord’s consultants shall be responsible for obtaining any building permit or
certificate of occupancy for the Expansion Space and that obtaining the same shall be Tenant’s responsibility; provided, however, that Landlord shall cooperate with Tenant in executing permit applications and performing other
ministerial acts reasonably necessary to enable Tenant to obtain any such permit or certificate of occupancy. No changes, modifications or alterations in the Approved Working Drawings may be made without the prior written consent of Landlord, which
consent shall not be unreasonably withheld, conditioned or delayed. 
 SECTION 4 

CONSTRUCTION OF THE TENANT IMPROVEMENTS 

4.1 Tenant’s Selection of Contractor and Tenant’s Agents. 

4.1.1 The Contractor. A general contractor shall be retained by Tenant to construct the Tenant Improvements. Such general contractor
(“Contractor”) shall be selected by Tenant from a list of general contractors supplied by Landlord, and Tenant shall deliver to Landlord notice of its selection of the Contractor upon such selection. Landlord hereby agrees that TCB
Builders, Inc., shall be the Contractor. 
 4.1.2 Tenant’s Agents. In connection with the Tenant Improvements, Tenant shall be
permitted to use all architects, engineers, project managers, subcontractors, mechanics and materialmen and other consultants selected by the Contractor (together with the Contractor to be known collectively as “Tenant’s
Agents”); provided that, in any event, Tenant must contract with Landlord’s base building subcontractors for any mechanical, electrical, plumbing, life safety, structural, heating, ventilation, and air-conditioning work in the
Expansion Space. Tenant shall provide Landlord with a list of Tenant’s Agents prior to commencement of any construction in the Expansion Space. Tenant’s Agents shall all be union labor in compliance with the master labor agreements
existing between trade unions and the local 

  
 Exhibit B – Page 5

 
chapter of the Associated General Contractors of America and each such Tenant Agent shall be a reputable, licensed company doing business in San Francisco, California. Notwithstanding anything to
the contrary contained herein, in the event that Tenant desires access to the Building risers in connection with the Tenant Improvements, then Tenant shall be required to utilize the services of Landlord’s designated Building riser management
company. 
 4.2 Construction of Tenant Improvements by Tenant’s Agents. 

4.2.1 Construction Contract; Cost Budget. Prior to Tenant’s execution of the construction contract and general conditions with
Contractor (the “Contract”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements, and
after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a written detailed cost breakdown (the “Final Costs Statement”), by trade, of the final costs to be incurred, or which have been
incurred but remain unpaid, as set forth more particularly in Section 2.2.1.1 through 2.2.1.8 above, in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the
Contractor, which costs form a basis for the amount of the Contract, if any (the “Final Costs”). To the extent the Final Costs exceed the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in
the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements), Tenant shall make payments for such additional costs (the “Over-Allowance Amount”) out of its own funds, but
Tenant shall provide Landlord with the documents described in Sections 2.2.2.1 (i), (ii), (iii) and (iv) above, for Landlord’s approval, prior to Tenant paying such costs. The Over-Allowance Amount
shall be paid by Tenant prior to the disbursement by Landlord of any of the then remaining portion of the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Landlord to Tenant, the costs relating to the
design and construction of the Tenant Improvements shall change, any additional costs necessary for such design and construction in excess of the Final Costs shall, to the extent they exceed the remaining balance of the Tenant Improvement Allowance,
be paid by Tenant prior to the commencement of the construction of such changes out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Sections 2.2.2.1 (i), (ii), (iii) and
(iv) above, for Landlord’s approval, prior to Tenant paying such costs. 
 4.2.2 Tenant’s Agents. 

4.2.2.1 Landlord’s General Conditions for Tenant’s Agents and Tenant Improvement Work. Tenant’s and Tenant’s
Agents’ construction of the Tenant Improvements shall comply with the following: (i) the Tenant Improvements shall be constructed in strict accordance with the Approved Working Drawings; (ii) Tenant and Tenant’s Agents shall not,
in any way, unreasonably interfere with, obstruct, or delay, the work of Landlord’s base building contractor and subcontractors with respect to the Base, Shell and Core or any other work in the Building; (iii) Tenant’s Agents shall
submit schedules of all work relating to the Tenant’s Improvements to Contractor and Contractor shall, within five (5) business days of receipt thereof, inform Tenant’s Agents of any changes which are necessary thereto, and
Tenant’s Agents shall adhere to such corrected schedule; and (iv) Tenant shall abide by all reasonable rules made by Landlord’s Building contractor or Landlord’s Building manager with respect to the use of freight, loading dock
and service elevators, storage of materials, coordination of work with the contractors of other tenants, and any other matter in connection with this Tenant Work Letter, including, without limitation, the construction of the Tenant Improvements.

  
 Exhibit B – Page 6

 4.2.2.2 Construction Supervision Fee. Tenant shall pay a construction supervision fee
(the “Supervision Fee”) to Landlord in an amount of $150.00 per hour, which Supervision Fee shall be services relating to the coordination of the construction of the Tenant Improvements; provided, however, that the total Supervision
Fee shall not exceed two and one half percent (2.5%) of the Final Costs. In the event the Architect is not licensed in California and Landlord deems it necessary to review Tenant’s plans and drawings to review code compliance and
permitting issues, then in addition to the Supervision Fee and other amounts payable by Tenant hereunder, Tenant shall reimburse Landlord for amounts paid by Landlord for the review of Tenant’s plans and drawings as referenced in
Section 3 above, which amounts shall be charged against the Tenant Improvement Allowance. 
 4.2.2.3 Indemnity.
Tenant’s indemnity of Landlord as set forth in the Lease shall also apply with respect to any and all costs, losses, damages, injuries and liabilities related in any way to any act or omission of Tenant or Tenant’s Agents, or anyone
directly or indirectly employed by any of them, or in connection with Tenant’s non-payment of any amount arising out of the Tenant Improvements and/or Tenant’s disapproval of all or any portion of any request for payment. Such indemnity by
Tenant, as set forth in the Lease, shall also apply with respect to any and all costs, losses, damages, injuries and liabilities related in any way to Landlord’s performance of any ministerial acts reasonably necessary (i) to permit Tenant
to complete the Tenant Improvements, and (ii) to enable Tenant to obtain any building permit or certificate of occupancy for the Expansion Space. 

4.2.2.4 Insurance Requirements. 

4.2.2.4.1 General Coverages. All of Tenant’s Agents shall carry worker’s compensation insurance covering all of their
respective employees, and shall also carry public liability insurance, including property damage, all with limits, in form and with companies as are required to be carried by Tenant as set forth in the Lease. 

4.2.2.4.2 Special Coverages. Tenant shall carry “Builder’s All Risk” insurance in an amount approved by Landlord
covering the construction of the Tenant Improvements, and such other insurance as Landlord may require, it being understood and agreed that the Tenant Improvements shall be insured by Tenant pursuant to the Lease immediately upon completion thereof.
Such insurance shall be in amounts and shall include such extended coverage endorsements as may be reasonably required by Landlord, and in form and with companies as are required to be carried by Tenant as set forth in the Lease. 

4.2.2.4.3 General Terms. Certificates for all insurance carried pursuant to this Section 4.2.2.4 shall be delivered
to Landlord before the commencement of construction of the Tenant Improvements and before the Contractor’s equipment is moved onto the site. All such policies of insurance must contain a provision that the company writing said policy will give
Landlord thirty (30) days prior written notice of any cancellation or lapse of the effective date or any reduction in the amounts of such insurance. In the event that the Tenant Improvements are damaged by any cause during the course of the
construction thereof, Tenant shall immediately repair the same at Tenant’s sole cost and expense. All policies carried under this Section 4.2.2.4 shall insure Landlord and Tenant, as their interests may appear, as well as Contractor
and Tenant’s Agents, and shall name as additional insureds Landlord’s Property Manager, Landlord’s Asset Manager, and all mortgagees and ground lessors of the Building. All insurance, except Workers’ Compensation, maintained by
Tenant’s Agents shall preclude subrogation claims by the insurer against anyone insured thereunder. Such insurance shall provide that it is primary insurance as respects the owner and that any other insurance maintained by owner is excess

  
 Exhibit B – Page 7

 
and noncontributing with the insurance required hereunder. The requirements for the foregoing insurance shall not derogate from the provisions for indemnification of Landlord by Tenant under
Section 4.2.2.3 of this Tenant Work Letter. 
 4.2.3 Governmental Compliance. The Tenant Improvements shall comply in all
respects with the following: (i) the Code and other state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person;
(ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and (iii) building material manufacturer’s specifications. 

4.2.4 Inspection by Landlord. Landlord shall have the right to inspect the Tenant Improvements at all times, provided however,
that Landlord’s failure to inspect the Tenant Improvements shall in no event constitute a waiver of any of Landlord’s rights hereunder nor shall Landlord’s inspection of the Tenant Improvements constitute Landlord’s approval of
the same. Should Landlord disapprove any portion of the Tenant Improvements, Landlord shall notify Tenant in writing of such disapproval and shall specify the items disapproved. Any defects or deviations in, and/or reasonable disapproval by Landlord
of, the Tenant Improvements shall be rectified by Tenant at no expense to Landlord, provided however, that in the event Landlord reasonably determines that a defect or deviation exists or reasonably disapproves of any matter in
connection with any portion of the Tenant Improvements and such defect, deviation or matter might adversely affect the mechanical, electrical, plumbing, heating, ventilating and air conditioning or life-safety systems of the Building, the structure
or exterior appearance of the Building or any other tenant’s use of such other tenant’s leased premises, Landlord may, take such action as Landlord reasonably deems necessary, at Tenant’s expense and without incurring any liability on
Landlord’s part, to correct any such defect, deviation and/or matter, including, without limitation, causing the cessation of performance of the construction of the Tenant Improvements until such time as the defect, deviation and/or matter is
corrected to Landlord’s satisfaction. 
 4.2.5 Meetings. Commencing upon the execution of the Amendment, Tenant shall hold
weekly meetings at a reasonable time, with the Architect and the Contractor regarding the progress of the preparation of Construction Drawings and the construction of the Tenant Improvements, which meetings shall be held in the Building or at
another location designated by Landlord and reasonably acceptable to Tenant, and Landlord and/or its agents shall receive prior notice of, and shall have the right to attend, all such meetings, and, upon Landlord’s request, certain of
Tenant’s Agents shall attend such meetings. In addition, minutes shall be taken at all such meetings, a copy of which minutes shall be promptly delivered to Landlord. One such meeting each month shall include the review of Contractor’s
current request for payment. 
 4.3 Notice of Completion; Copy of “As Built” Plans. Within ten (10) days after
completion of construction of the Tenant Improvements, Tenant shall cause a Notice of Completion to be recorded in the office of the Recorder of the County in which the Building is located in accordance with Section 3093 of the Civil Code of
the State of California or any successor statute, and shall furnish a copy thereof to Landlord upon such recordation. If Tenant fails to do so, Landlord may execute and file the same on behalf of Tenant as Tenant’s agent for such purpose, at
Tenant’s sole cost and expense. At the conclusion of construction, (i) Tenant shall cause the Architect and Contractor (A) to update the Approved Working Drawings as necessary to reflect all changes made to the Approved Working
Drawings during the course of construction, (B) to certify to the best of their knowledge that the “record-set” of as-built drawings are true and correct, which certification shall survive the expiration or termination of the Lease,
and (C) to deliver to Landlord two (2) computer discs containing the Approved 

  
 Exhibit B – Page 8

 
Working Drawings in AutoCAD format, and (ii) Tenant shall deliver to Landlord two (2) copies of all warranties, guaranties, and operating manuals and information relating to the
improvements, equipment, and systems in the Expansion Space. 
 4.4 Coordination by Tenant’s Agents with Landlord. Upon
Tenant’s delivery of the Contract to Landlord under Section 4.2.1 of this Tenant Work Letter, Tenant shall furnish Landlord with a schedule setting forth the projected date of the completion of the Tenant Improvements and showing
the critical time deadlines for each phase, item or trade relating to the construction of the Tenant Improvements. 
 SECTION 5

 MISCELLANEOUS 

5.1 Tenant’s Representative. Tenant has designated Jean Baranowski as its sole representative with respect to the matters set
forth in this Tenant Work Letter, who shall have full authority and responsibility to act on behalf of the Tenant as required in this Tenant Work Letter. 

5.2 Landlord’s Representative. Landlord has designated Jim Osburn as its sole representative with respect to the matters set forth
in this Tenant Work Letter, who shall have full authority and responsibility to act on behalf of the Landlord as required in this Tenant Work Letter. 

5.3 Time of the Essence in This Tenant Work Letter. Unless otherwise indicated, all references herein to a “number of days”
shall mean and refer to calendar days. If any item requiring approval is timely disapproved by Landlord, the procedure for the preparation of the document and approval thereof shall be repeated until the document is approved by Landlord. 

5.4 Tenant’s Lease Default. Notwithstanding any provision to the contrary contained in the Lease, if an event of default by Tenant
of this Tenant Work Letter (which, for purposes hereof, shall include, without limitation, the delivery by Tenant to Landlord of any oral or written notice that Tenant does not intend to occupy the Expansion Space, and/or any other anticipatory
breach of the Lease) or an Event of Default under the Lease has occurred at any time on or before the substantial completion of the Expansion Space, then (i) in addition to all other rights and remedies granted to Landlord pursuant to the
Lease, at law and/or in equity, Landlord shall have the right to withhold payment of all or any portion of the Tenant Improvement Allowance and/or Landlord may cause Contractor to cease the construction of the Expansion Space (in which case, Tenant
shall be responsible for any delay in the substantial completion of the Expansion Space caused by such work stoppage), and (ii) all other obligations of Landlord under the terms of this Tenant Work Letter shall be forgiven until such time as
such default is cured pursuant to the terms of the Lease (in which case, Tenant shall be responsible for any delay in the substantial completion of the Expansion Space caused by such inaction by Landlord). In addition, if the Lease is terminated
prior to the Expansion Space Commencement Date, for any reason due to an Event of Default by Tenant as described in Section 19.1 of the Lease or under this Tenant Work Letter (including, without limitation, any anticipatory breach
described above in this Section 5.4), then (A) Tenant shall be liable to Landlord for all damages available to Landlord pursuant to the Lease and otherwise available to Landlord at law and/or in equity by reason of a default by
Tenant under the Lease or this Tenant Work Letter (including, 

  
 Exhibit B – Page 9

 
without limitation, the remedies available to Landlord pursuant to California Civil Code Section 1951.2), and (B) Tenant shall pay to Landlord, as Additional Rent under the Lease,
within thirty (30) days of receipt of a statement therefor, together with reasonable back-up documentation, any and all costs (if any) incurred by Landlord (including any portion of the Tenant Improvement Allowance disbursed by Landlord) and
not reimbursed or otherwise paid by Tenant through the date of such termination in connection with the Tenant Improvements to the extent planned, installed and/or constructed as of such date of termination, including, but not limited to, any costs
related to the removal of all or any portion of the Tenant Improvements and restoration costs related thereto. For purposes of calculating the damages available to Landlord under California Civil Code 1951.2, the Expansion Space Commencement Date
shall be deemed to be the date which the Expansion Space Commencement Date would have otherwise occurred but for such default by Tenant. 

  
 Exhibit B – Page 10

 EXHIBIT C 

FORM OF CONFIRMATION OF TERM 

CONFIRMATION OF TERM 
  

			
	AMENDMENT DATE:	  	            ,        
		
	LANDLORD:	  	150 SPEAR STREET, LLC
		
	TENANT:	  	FORRESTER RESEARCH, INC.
		
	PREMISES:	  	150 Spear Street, Suite 1050, San Francisco, California

 Pursuant to Section 3 of the above-referenced Amendment, the Expansion Space Commencement Date
shall be                     . 
  

					
	“Landlord”
	
	150 SPEAR STREET, LLC,
	a Delaware limited liability company
		
	By:	 	Principal Real Estate Investors, LLC,
		 	a Delaware limited liability company,
		
	 Its:
	 	  

			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

			
		 	By:	 	  

		 	Name:	 	  

		 	Its:	 	  

 ///signatures continued on next page/// 

  
 Exhibit C – Page 1

 ///signatures continued from previous page/// 

 

			
	“Tenant”
	
	 FORRESTER RESEARCH, INC.,
 a
Delaware corporation

		
	By:	 	  

	Name:	 	  

	Its:	 	  

		
	By:	 	  

	Name:	 	  

	Its:	 	  

 **If Tenant is a corporation, the authorized officers must sign on behalf of the corporation and indicate the capacity in
which they are signing. The document must be executed by the chairman of the board, president or vice-president, and the secretary, assistant secretary, chief financial officer or any assistant treasurer, unless the bylaws or a resolution of
the board of directors shall otherwise provide, in which event, the bylaws or a certified copy of the resolution, as the case may be, must be attached to this document.** 

  
 Exhibit C – Page 2EX-4.1

 Exhibit 4.1 

FISCAL AND PAYING AGENCY AGREEMENT 

Between 
 DISCOVER BANK

 Issuer 

and 
 U.S. BANK NATIONAL
ASSOCIATION 
 Fiscal and Paying Agent 
  

 
 Dated as of
March 13, 2014 
  
  

4.250% Notes Due 2026 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1 APPOINTMENT
	  	 	1	  
			
	Section 1.1.	  	Appointment of Fiscal and Paying Agent	  	 	1	  
		
	ARTICLE 2 THE NOTES	  	 	1	  
			
	Section 2.1.	  	Form of Notes	  	 	1	  
	Section 2.2.	  	Certifications of Authorized Representatives of the Bank	  	 	2	  
	Section 2.3.	  	Authentication and Delivery	  	 	2	  
	Section 2.4.	  	Denominations; Issuance of Certificated Securities	  	 	3	  
	Section 2.5.	  	Principal Amount; Reopening	  	 	4	  
	Section 2.6.	  	Security Register; Registration of Transfer and Exchange	  	 	4	  
	Section 2.7.	  	Persons Deemed Owners	  	 	5	  
	Section 2.8.	  	Cancellation of Unissued Global Notes	  	 	5	  
	Section 2.9.	  	Mutilated, Stolen or Destroyed Notes	  	 	5	  
	Section 2.10.	  	Redemption	  	 	5	  
		
	ARTICLE 3 THE FISCAL AND PAYING AGENT	  	 	5	  
			
	Section 3.1.	  	Payment of Notes	  	 	5	  
	Section 3.2.	  	Information Regarding Amounts Payable	  	 	6	  
	Section 3.3.	  	Deposit of Funds	  	 	6	  
	Section 3.4.	  	Disposition of Funds Held for Payment of Notes	  	 	6	  
	Section 3.5.	  	Receipt and Delivery of Notices	  	 	7	  
	Section 3.6.	  	Additional Responsibilities	  	 	7	  
	Section 3.7.	  	Miscellaneous	  	 	7	  
		
	ARTICLE 4 LIABILITY AND INDEMNIFICATION	  	 	8	  
			
	Section 4.1.	  	Liability	  	 	8	  
	Section 4.2.	  	Indemnification	  	 	8	  
	Section 4.3.	  	Agents and Advisors	  	 	9	  
		
	ARTICLE 5 RESIGNATION OR REMOVAL OF FISCAL AND PAYING AGENT; SUCCESSION	  	 	9	  
			
	Section 5.1.	  	Resignation or Removal	  	 	9	  
	Section 5.2.	  	Successor Fiscal and Paying Agent	  	 	9	  
	Section 5.3.	  	Successor by Merger, Etc.	  	 	10	  
		
	ARTICLE 6 MISCELLANEOUS	  	 	10	  
			
	Section 6.1.	  	Compensation of the Fiscal and Paying Agent	  	 	10	  
	Section 6.2.	  	Reliance on Opinions of Counsel or Officer’s Certificate	  	 	10	  

  
 i 

							
	Section 6.3.	  	Notes Held by Fiscal and Paying Agent	  	 	10	  
	Section 6.4.	  	Notices	  	 	11	  
	Section 6.5.	  	Parties	  	 	11	  
	Section 6.6.	  	Governing Law	  	 	12	  
	Section 6.7.	  	Separability	  	 	12	  
	Section 6.8.	  	Effect of Headings	  	 	12	  
	Section 6.9.	  	Amendments	  	 	12	  
	Section 6.10.	  	Events of Default; Rescission	  	 	13	  
	Section 6.11.	  	Actions Due on Saturdays, Sundays and Holidays	  	 	13	  
	Section 6.12.	  	Agreement to Pay Attorneys’ Fees and Other Expenses	  	 	13	  
	Section 6.13.	  	Survival	  	 	14	  
	Section 6.14.	  	No Implied Waivers	  	 	14	  
	Section 6.15.	  	Counterparts	  	 	14	  
	Section 6.16.	  	Term	  	 	14	  
	Section 6.17.	  	Complete Agreement	  	 	14	  

  
 ii 

 This FISCAL AND PAYING AGENCY AGREEMENT (the “Agreement”) is entered into as of
March 13, 2014 by and between Discover Bank, as Issuer (the “Bank”), and U.S. Bank National Association as Fiscal and Paying Agent (the “Fiscal and Paying Agent”). 

W I T N E S S E T H: 

WHEREAS, the Bank proposes to issue and sell $400,000,000 of its 4.250% Notes Due 2026 (the “Notes”) in minimum denominations of
$250,000 to certain institutional accredited investors in an offering that is exempt from registration with the Securities and Exchange Commission; and 

WHEREAS, the Bank desires to appoint the Fiscal and Paying Agent as fiscal and paying agent of the Bank with respect to the preparation,
authentication, delivery, registration and payment of the Notes; 
 NOW, THEREFORE, in consideration of the mutual promises, covenants,
conditions and agreements set forth herein, the parties hereby agree as follows: 
 ARTICLE 1 

APPOINTMENT 

Section 1.1. Appointment of Fiscal and Paying Agent. The Fiscal and Paying Agent is hereby appointed as fiscal and paying
agent for the Notes on the terms and conditions specified in this Agreement and in the Notes, and the Fiscal and Paying Agent hereby accepts such appointment. The Bank hereby appoints the Fiscal and Paying Agent as registrar for the Notes. 

ARTICLE 2 
 THE NOTES

 Section 2.1. Form of Notes. The Notes will be represented by one or more global certificates, each such
certificate hereinafter called a “Global Note.” All Global Notes shall be registered in the name of The Depository Trust Company (“DTC”), as depository, or its nominee or a successor depository or nominee. All Global Notes shall
be in substantially the form attached hereto as Exhibit A and may have such appropriate insertions, omissions, variations or substitutions as are required or permitted by, and not inconsistent with, this Agreement, and may also have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with any applicable law or with any applicable rules or regulations made pursuant thereto or with the rules or regulations
of any securities exchange or governmental agency or as may, consistently herewith, be determined by the officers of the Bank executing such Global Notes, as evidenced by their execution thereof. Beneficial interests in the Global Notes will be
shown on, and transfers thereof will be effected only through, records maintained by DTC or its nominee and its participants. 

 Section 2.2. Certifications of Authorized Representatives of the Bank. 

(a) Any instruction given by the Bank to the Fiscal and Paying Agent under this Agreement shall be in the form of an Officer’s
Certificate. For the purposes of this Agreement, “Officer’s Certificate” means a certificate signed by an Authorized Representative (defined below) and delivered to the Fiscal and Paying Agent. 

(b) On or before the original issue date, the Bank shall furnish the Fiscal and Paying Agent with an Officer’s Certificate of the Bank
certifying the incumbency and specimen signatures of the representatives of the Bank who are authorized to instruct the Fiscal and Paying Agent regarding the completion and delivery of the Global Notes and take other actions hereunder (each an
“Authorized Representative”). The Bank shall notify the Fiscal and Paying Agent promptly in writing if any of such persons ceases to be so authorized or if any additional person becomes so authorized together, in the case of an additional
authorized person, with evidence satisfactory to the Fiscal and Paying Agent that such person has been so authorized and any such change shall become effective on the Business Day (as hereinafter defined) on which the Fiscal and Paying Agent
receives notice thereof. 
 Section 2.3. Authentication and Delivery. 

(a) All Notes shall be issued and delivered in accordance with the terms of this Agreement, the Global Notes and the Letter of Representations
from the Bank to DTC dated November 11, 2009. All instructions regarding the completion and delivery of Notes shall be given in writing by an Authorized Representative by telex, telecopy, electronic transmission or other means acceptable to the
Fiscal and Paying Agent. Upon receipt of such written instructions as described in the preceding sentence, the Fiscal and Paying Agent shall: 

(i) manually authenticate such Global Note or Global Notes by any one of the officers of the Fiscal and Paying Agent duly authorized and
designated by it for such purpose; and 
 (ii) deliver such Global Note or Global Notes to DTC or its nominees or retain and hold such
Global Note or Global Notes as custodian for DTC pursuant to DTC’s instructions. 
 (b) Each Note shall bear an original issue date
which shall remain the same for all Notes subsequently issued upon transfer, exchange or substitution of such original Note regardless of the date of issuance of any such subsequently issued Note. 

(c) All instructions given by the Bank pursuant to this Section 2.3 must be received by the Fiscal and Paying Agent by
11 a.m., New York City time, on the Business Day (except as indicated in Sections 3.1(b) and 6.11) preceding the original issue date for the Global Notes. For all purposes under this Agreement, the term “Business
Day” shall mean any day that is not a Saturday or Sunday and that, in The City of New York, New York, is not a day on which banking institutions are generally authorized or required by law to be closed. The Fiscal and Paying Agent shall not be
required to perform any duties on any day that is not a Business Day. 

  
 2 

 (d) The Fiscal and Paying Agent shall have no responsibility to the Bank to determine by whom a
facsimile signature of the Bank shall be affixed on the Global Notes, or whether a signature of an Authorized Representative is genuine, if such signature resembles the specimen signature of such Authorized Representative on the Officer’s
Certificate delivered pursuant to Section 2.2(b). The Fiscal and Paying Agent shall incur no liability to the Bank in acting or refraining from taking any action hereunder upon instructions contemplated hereby which the recipient thereof
believed in good faith to have been given by an Authorized Representative. In the event a discrepancy exists between the instructions as originally received by the Fiscal and Paying Agent and any subsequent instruction relating to the same subject
matter, the original instructions will be deemed controlling if action has already been taken in reliance thereon. The Fiscal and Paying Agent agrees to give notice to the Bank of such discrepancy reasonably promptly upon the discovery by the Fiscal
and Paying Agent of such discrepancy. 
 (e) Each instruction given to the Fiscal and Paying Agent in accordance with this
Section 2.3 shall constitute a representation and warranty to the Fiscal and Paying Agent by the Bank that (i) the issuance and delivery of the Global Notes to which the instruction relates have been duly and validly authorized by
the Bank, (ii) such Global Notes, when completed, authenticated and delivered pursuant hereto, will constitute valid and legally binding obligations of the Bank and (iii) the Fiscal and Paying Agent’s appointment to act for the Bank
hereunder has been duly authorized by all necessary corporate action of the Bank. 
 (f) The Bank further represents and warrants to the
Fiscal and Paying Agent that the Bank is free to enter into this Agreement and to perform the terms hereof. 
 Section 2.4.
Denominations; Issuance of Certificated Securities. 
 (a) Except as provided in paragraph (b) of this
Section 2.4, the Notes shall be issuable only in book-entry form, without coupons, in denominations of $250,000 and any amount in excess thereof which is an integral multiple of $1,000. 

(b) If at any time (i) DTC notifies the Bank in writing that it is unwilling or unable to act as depository for the Notes or if DTC ceases
to be a clearing agency registered pursuant to Section 17A of the Securities Exchange Act of 1934, as amended, and a successor depository is not appointed by the Bank within 90 days after the effective date of DTC’s ceasing to act as
depository for the Notes, (ii) the Bank, at its option, notifies the Fiscal and Paying Agent in writing that it elects to cause the issuance of Notes in definitive form or (iii) any event shall have happened and be continuing which, after
notice or lapse of time, or both, would constitute an Event of Default as defined in the Notes, the Bank will execute, and the Fiscal and Paying Agent will, upon the execution of the then standard form of the Fiscal and Paying Agent’s agreement
for certificated securities and upon receipt of instructions in writing from the Bank, authenticate and deliver Notes of like tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of the Global Notes then
outstanding in exchange for such Global Notes. Any such certificated Notes will be issued in fully registered form to the persons identified by DTC as the beneficial owners thereof, without coupons, in denominations of $250,000 or any amount in
excess thereof which is an integral multiple of $1,000. Such certificated Notes may not subsequently be exchanged by a holder for Notes in denominations of less than $250,000. If Notes are issued in definitive form hereunder, payment and other terms
related to such Notes will be as set forth on the face thereof. 

  
 3 

 Section 2.5. Principal Amount; Reopening. The aggregate principal amount of
the Notes that may be authenticated and issued under this Agreement is initially limited to $400,000,000, except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to
Sections 2.4, 2.6 or 2.9; provided, however, that the Bank may, so long as no Event of Default (as defined in the Notes) has occurred and is continuing, reopen the Notes to issue additional Notes on the same terms and
conditions (except for issue date and offering price), with the same CUSIP number as the Notes and which shall form a single series with the originally issued Notes, without the consent of the holders of the Notes; provided, however, that such
additional Notes must be fungible with the originally issued Notes for U.S. federal income tax purposes. As used herein, the term “Notes” includes any such additional Notes. 

Section 2.6. Security Register; Registration of Transfer and Exchange. 

(a) The Fiscal and Paying Agent shall, so long as any of the Notes remain outstanding, maintain records in accordance with its customary
practices, including all forms of transfer for the Notes and shall: (i) keep at its corporate trust office or the office of its affiliate in New York City, a register (the “Security Register”) in such form as the Fiscal and Paying
Agent may determine, in which, subject to such reasonable requirements as it may prescribe, it shall provide for the registration of the Global Notes and of any exchanges or transfers thereof and (ii) maintain records showing for each
outstanding Note issued in definitive form under Section 2.4(b), the principal amount, maturity date, interest rate and other terms thereof, the date of original issue and all subsequent transfers and consolidations or exchanges. 

(b) All Notes presented for transfer shall be duly endorsed or be accompanied by a written instrument of transfer with such evidence of due
authorization and guarantee of signature as may reasonably be required by the Fiscal and Paying Agent. Upon receipt by the Bank of a Note submitted for transfer, the Bank will execute, and the Fiscal and Paying Agent will authenticate, one or more
new Notes of like tenor and terms in an aggregate principal amount equal to the principal amount of the Note presented for transfer in accordance with the transfer instructions accompanying same. The Fiscal and Paying Agent shall date its signature
on the date it signs such Notes. No service charge (other than any cost of delivery) shall be imposed by the Fiscal or Paying Agent for any exchange or registration of transfer of a Note but the Bank or Fiscal and Paying Agent may require the
payment of a sum sufficient to cover any stamp or other tax or governmental charge that may be imposed in connection therewith or presentation of evidence that such tax or charge has been paid. Notwithstanding anything to the contrary set forth
herein, no registration or transfer shall be made on or after the fifteenth day immediately preceding the Maturity Date (as defined in the Note). 

(c) Notwithstanding anything in this Agreement to the contrary, unless Notes are issued in definitive form under Section 2.4(b)
hereof, beneficial ownership of the Notes will only be shown on, and transfers thereof will be effected only through, records maintained by DTC, its nominees or its participants (as defined in the offering circular dated March 10, 2014 relating
to the offering of the Notes). The Fiscal and Paying Agent shall have no responsibility 

  
 4 

 
or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Note or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests, and it shall be fully protected in acting or refraining from acting on any such information provided by DTC with respect thereto. 

Section 2.7. Persons Deemed Owners. Prior to due presentment of a Note for registration or transfer, the Bank, the Fiscal
and Paying Agent and any agent of the Bank or the Fiscal and Paying Agent may treat the person in whose name such Note is registered as the owner of such Note for the purpose of receiving payments of principal and interest, if any, and for all other
purposes whatsoever, whether or not such Note be overdue, and neither the Bank nor the Fiscal and Paying Agent shall be affected by notice to the contrary. 

Section 2.8. Cancellation of Unissued Global Notes. Promptly upon the written request of the Bank, the Fiscal and Paying
Agent shall cancel and return to the Bank all unissued Global Notes in its possession. 
 Section 2.9. Mutilated, Stolen or
Destroyed Notes. In case a Note shall at any time become mutilated, destroyed, lost or stolen and such Note or evidence satisfactory to the Bank or the Fiscal and Paying Agent of the loss, theft, or destruction thereof (together with
indemnity satisfactory to the Bank and the Fiscal and Paying Agent and such other documents of proof as may be required by them) shall be delivered to the Bank, a new Note of like tenor will be issued by the Bank in exchange for the Note so
mutilated, or in lieu of the Note so destroyed or lost or stolen. The Fiscal and Paying Agent will authenticate any such substituted Note and deliver the same on the written request or authorization of an Authorized Representative. All expenses and
reasonable charges associated with procuring the indemnity referred to above and with the preparation, authentication and delivery of a new Note shall be borne by the holder of the Note so mutilated, destroyed, lost or stolen. If any Note which has
matured or is about to mature shall become mutilated, destroyed, lost or stolen, the Bank may, instead of issuing a substitute Note, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Note) upon
compliance by the holder thereof with the provisions of this Section 2.9 (including delivery of an indemnity satisfactory to the Bank and the Fiscal and Paying Agent and such other documents of proof as may be required by them). 

Section 2.10. Redemption. The Notes may not be redeemed prior to the Maturity Date and no sinking fund will be provided for
the Notes. 
 ARTICLE 3 

THE FISCAL AND PAYING AGENT 

Section 3.1. Payment of Notes. 

(a) Payments of principal and interest payable at the Maturity Date will be made by wire transfer in immediately available funds to the bank
accounts in the United States designated by the holders of the Notes, provided that the Notes are presented to the Fiscal and Paying Agent in time for the Fiscal and Paying Agent to make such payments in such funds in accordance with its normal
procedures and subject to Section 3.3 hereof. 

  
 5 

 (b) Payments of interest (other than interest payable at Maturity Date) will be made on
March 13 and September 13 of each year, commencing on September 13, 2014 to the holders of the Notes entitled thereto as of the close of business on the March 1 or September 1, as the case may be (whether or not such day is
a Business Day) (each such date, a “Regular Record Date”) immediately preceding the interest payment date, by wire transfer of immediately available funds to the bank accounts in the United States designated by such holders in a written
notice received by the Fiscal and Paying Agent not later than the applicable Regular Record Date and subject to Section 3.3 hereof. 

(c) The Fiscal and Paying Agent is authorized and, subject to its prior receipt of funds in respect thereof, will pay amounts falling due in
respect of any Note duly presented for payment as provided in paragraph (a) of this Section 3.1 as long as the Global Note representing such Note has been authenticated by one of the Fiscal and Paying Agent’s officers who was
duly designated and authorized for such purpose at the time of such authentication, notwithstanding that said officer is no longer so designated or the authority of said officer has been terminated between the time of execution and the time of
payment. 
 (d) The Fiscal and Paying Agent shall have no obligation to use its own funds for any payment of principal or interest on the
Notes or for any other purpose pursuant to this Agreement. 
 Section 3.2. Information Regarding Amounts Payable. The
Fiscal and Paying Agent shall, as soon as practicable after each record date for the payment of interest on the Notes (other than interest payable on the Maturity Date), but not later than five days preceding the related interest payment date,
notify the Bank of the amount of interest to be paid on the Notes on the related interest payment date. 
 Section 3.3. Deposit
of Funds. The Bank shall deposit with the Fiscal and Paying Agent by 10 a.m., New York City time (i) on each interest payment date (other than the Maturity Date) an amount in immediately available funds sufficient to pay the
interest due on the Notes on such date and (ii) on the Maturity Date an amount in immediately available funds sufficient to pay the full principal amount of the Notes and all unpaid interest accrued thereon to the Maturity Date. 

Section 3.4. Disposition of Funds Held for Payment of Notes. 

(a) In acting under this Agreement and in connection with the Notes, the Fiscal and Paying Agent is acting solely as agent of the Bank and does
not assume any obligation or relationship of agency or trust with the holders of the Notes or the beneficial owners of the Global Notes, except that, subject to the provisions of subsection (b) of this Section 3.4, all money
deposited with the Fiscal and Paying Agent pursuant to Section 3.3 shall be held by it on behalf of the holders of the Notes and the beneficial holders of the Global Notes entitled thereto until such money is disbursed to the holders of
the Notes (subject to escheat and other unclaimed property laws) in accordance with the provisions of the Notes and this Agreement. Money deposited with the Fiscal and Paying Agent need not be segregated from other funds of the Fiscal and Paying
Agent, except to the extent required by law. The Fiscal and Paying Agent agrees that it shall not exercise any right of set-off, lien or similar claim in respect of such money deposited with the Fiscal and
Paying Agent. 

  
 6 

 (b) Any money deposited with the Fiscal and Paying Agent for the payment of the principal of or
interest on any Note that remains unclaimed or unpaid for two years after such principal or interest has become due and payable or if sooner, at the effectiveness of the resignation or removal of the Fiscal and Paying Agent, shall be remitted by the
Fiscal and Paying Agent to the Bank and the holders of the Notes entitled thereto shall thereafter, as unsecured general creditors, look only to the Bank for payment thereof as successor fiscal and paying agent, and all liability of the Fiscal and
Paying Agent with respect to such money shall thereupon cease. 
 Section 3.5. Receipt and Delivery of Notices. 

(a) Forthwith upon the receipt by the Fiscal and Paying Agent of a demand or notice from any holder of a Note in accordance with the provisions
hereof, the Fiscal and Paying Agent shall promptly forward a copy thereof to the Bank. 
 (b) On behalf of and at the request and expense of
the Bank, the Fiscal and Paying Agent shall cause to be delivered to the holders of the Notes all notices required to be given by the Bank to such holders in accordance with the provisions hereof. 

Section 3.6. Additional Responsibilities. If the Bank shall ask the Fiscal and Paying Agent to perform any duties not
specifically set forth in this Agreement as duties of the Fiscal and Paying Agent (the “Additional Responsibilities”) and the Fiscal and Paying Agent chooses to perform such Additional Responsibilities, the Fiscal and Paying Agent shall be
held to the same standard of care and shall be entitled to all the protective provisions (including, but not limited to, indemnification) set forth herein with respect to such Additional Responsibilities unless the Fiscal and Paying Agent has
entered into a separate written agreement which specifically addresses the standard of care with respect to such Additional Responsibilities. 

Section 3.7. Miscellaneous. Notwithstanding anything to the contrary herein: 

(a) in paying principal and interest on the Notes hereunder, the Fiscal and Paying Agent shall be acting as a conduit and shall not be paying
such principal or interest for its own account. In the absence of written notice from the Bank to the contrary, the Fiscal and Paying Agent shall be entitled to assume that any Note presented to it, or deemed presented to it, for payment, is
entitled to be so paid; 
 (b) the Fiscal and Paying Agent shall not be required to invest any moneys delivered to it pursuant to this
Agreement and shall have no liability for interest on any moneys received or held by it hereunder; 
 (c) the Fiscal and Paying Agent shall
not be responsible for the accuracy of any recital of any party (other than the Fiscal and Paying Agent) that is stated herein or in the Notes or in any offering materials relating thereto and makes no representations as to the validity or
enforceability of the Notes and shall incur no responsibility in respect thereto; 

  
 7 

 (d) the Fiscal and Paying Agent shall be protected in acting or refraining from acting upon any
notice, order, requisition, request, consent, certificate, order, opinion (including an opinion of counsel, Officer’s Certificate or both), affidavit, letter, telegram or other paper or document deemed by it in good faith to be genuine and
correct and to have been signed or sent by the proper person or persons; and 
 (e) any action taken by the Fiscal and Paying Agent pursuant
to this Agreement upon the request or authority or consent of any person who at the time of making such request or giving such authority or consent is the holder of a Note shall be conclusive and binding upon (i) all future holders of the same
Note and any Note issued in exchange therefor or in place thereof, (ii) all beneficial owners of the same Note and (iii) all holders of the same Note issued in definitive form pursuant to Section 2.4(b) hereof. 

ARTICLE 4 
 LIABILITY
AND INDEMNIFICATION 
 Section 4.1. Liability. 

(a) The duties and obligations of the Fiscal and Paying Agent are ministerial in nature and such duties and obligations shall be determined
solely by the express provisions of this Agreement. The Fiscal and Paying Agent will not have any fiduciary duties. The Fiscal and Paying Agent shall not be liable to the Bank, the holders of Notes or the beneficial owners of the Global Notes except
for the performance of such duties and obligations as are specifically set forth herein and no implied covenants shall be read into this Agreement against it. 

(b) The Fiscal and Paying Agent shall not be required to ascertain whether any action taken by the Bank hereunder, including (i) the
offering and sale of Notes, (ii) the issuance of such Notes or (iii) any amendment or termination of this Agreement, has been duly authorized by the Bank or is in compliance with any other agreement to which the Bank is a party (whether or
not the Fiscal and Paying Agent is also a party to such other agreements) or any law or governmental regulation to which the Bank is subject. The Fiscal and Paying Agent shall have no responsibility in the case of any default by the Bank in the
performance of the Notes. 
 (c) The Fiscal and Paying Agent shall not have any liability hereunder except in the case of its gross
negligence, bad faith, willful misconduct or failure to perform in accordance with this Agreement (which failure constitutes gross negligence, bad faith or willful misconduct). NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, IN NO EVENT SHALL
THE FISCAL AND PAYING AGENT BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES. THIS LIMITATION OF LIABILITY WILL APPLY REGARDLESS OF THE FORM OF ACTION, INCLUDING, WITHOUT LIMITATION, BREACH OF THIS CONTRACT OR TORT. 

Section 4.2. Indemnification. The Bank agrees to indemnify and hold harmless the Fiscal and Paying Agent, its officers,
directors, employees and agents (each an “Indemnified Party”) from and against all losses, liabilities, obligations, claims, damages, costs and expenses 

  
 8 

 
of any kind or nature whatsoever (including, without limitation, reasonable legal fees and expenses) relating to or arising out of the performance of its duties under this Agreement, except to
the extent they are caused by the negligence, bad faith or willful misconduct of such Indemnified Party or failure of such Indemnified Party to perform in accordance with this Agreement. In the event of resignation or removal of the Fiscal and
Paying Agent, any successor to the performance of the obligations of the Fiscal and Paying Agent as specified in this Agreement shall be entitled to rely upon this indemnity. These indemnification obligations shall survive the termination of this
Agreement, including any termination pursuant to any applicable federal or state bankruptcy law, to the extent enforceable under applicable law, and shall survive the resignation or removal of the Fiscal and Paying Agent while remaining applicable
to any action taken or omitted by the Fiscal and Paying Agent while acting pursuant to this Agreement. 
 Section 4.3. Agents and
Advisors. The Fiscal and Paying Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or advisors selected by it in good faith as it may reasonably require and will not be
responsible for any negligence or misconduct on the part of any of them so selected by the Fiscal and Paying Agent in good faith and without negligence. 

ARTICLE 5 
 RESIGNATION
OR REMOVAL OF FISCAL AND PAYING AGENT; SUCCESSION 
 Section 5.1. Resignation or Removal. The Fiscal and Paying Agent
may at any time resign from its duties hereunder by giving written notice of resignation to the Bank specifying the date on which such resignation shall become effective; provided, however, that such date shall not be less than 60 Business Days
after such notice is given to the Bank. The Bank may at any time remove the Fiscal and Paying Agent by giving written notice of removal to the Fiscal and Paying Agent specifying the date on which such removal shall be effective; provided, however,
that such date shall not be less than 30 Business Days after such notice is given to the Fiscal and Paying Agent. Any termination or resignation hereunder shall not affect the Fiscal and Paying Agent’s right to the payment of fees earned or
charges incurred through the effective date of such termination or resignation, as the case may be. 
 Section 5.2. Successor
Fiscal and Paying Agent . Upon the effective date of such resignation or removal, the Fiscal and Paying Agent shall deliver any money then held by it pursuant to Section 3.4(a) to the successor appointed by the Bank to serve as
fiscal and paying agent for the Notes and all liability of the Fiscal and Paying Agent with respect to such money shall thereupon cease. The Fiscal and Paying Agent shall also provide such successor with a copy of its records relating to the Notes
as such successor shall reasonably request. However, the Fiscal and Paying Agent may retain copies of any records turned over for archival purposes. If such successor has not been appointed by the effective date of such resignation or removal, the
Fiscal and Paying Agent shall pay such money and deliver such records to the Bank with the same effect as though such payment were made pursuant to Section 3.4(b); it being understood and agreed that the Bank may undertake to perform any
of the functions of the Fiscal and Paying Agent. The delivery, transfer and assignment of such moneys and records by the Fiscal and Paying Agent to its successor or the Bank, as the case may be, shall be sufficient, without the requirement of any
additional act or the requirement of any indemnity to be given by the Fiscal 

  
 9 

 
and Paying Agent, to relieve the Fiscal and Paying Agent of all further responsibility for the exercise of the rights or the performance of the obligations vested in the Fiscal and Paying Agent
pursuant to this Agreement. The Bank shall notify, or cause the Fiscal and Paying Agent to notify, each holder of Global Notes of the appointment of any successor Fiscal and Paying Agent or the undertaking of the Bank to perform the functions of the
Fiscal and Paying Agent. 
 Section 5.3. Successor by Merger, Etc. Any corporation or association into which the Fiscal
and Paying Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its corporate trust and agency business as a whole, or any corporation or association resulting from any such conversion, sale,
merger, consolidation or transfer to which it is a party, shall be and become successor Fiscal and Paying Agent hereunder and shall be invested with all of the rights, powers, trusts, duties and obligations of the Fiscal and Paying Agent hereunder,
without the execution or filing of any instrument or any further act. The Fiscal and Paying Agent shall provide notice to the Bank of any such conversion, merger, consolidation, sale or transfer as soon as practicable after the Fiscal and Paying
Agent obtains knowledge that such event will occur or has occurred. 
 ARTICLE 6 

MISCELLANEOUS 

Section 6.1. Compensation of the Fiscal and Paying Agent. The Bank agrees to pay the Fiscal and Paying Agent compensation
for all services rendered by the Fiscal and Paying Agent hereunder in such amounts as set forth on the Fee Schedule attached hereto and payable at such times as the Bank and the Fiscal and Paying Agent may agree to and to promptly reimburse the
Fiscal and Paying Agent for all reasonable out-of-pocket expenses (including reasonable attorneys fees), disbursements and advances incurred or made by the Fiscal and
Paying Agent in the performance of its duties hereunder. The obligation of the Bank pursuant to this Section 6.1 shall survive the termination of this Agreement, including any termination pursuant to any federal or state bankruptcy law,
to the extent enforceable under applicable law. 
 Section 6.2. Reliance on Opinions of Counsel or Officer’s
Certificate. 
 (a) The Fiscal and Paying Agent may, at any time, request and receive an opinion of counsel (including its in-house counsel) concerning its duties hereunder. The Fiscal and Paying Agent shall be free to act upon the advice contained in such opinion and shall have no liability to the Bank, the holders of the Notes or the
beneficial owners of the Global Notes in respect of an action taken or omitted by the Fiscal and Paying Agent in good faith in reliance on a written opinion of such counsel (including its in-house counsel).

 (b) The Fiscal and Paying Agent shall have no liability to the Bank, the holders of the Notes or the beneficial owners of the Global Notes
in respect of an action taken or omitted by the Fiscal and Paying Agent in good faith in reliance on an Officer’s Certificate. 

Section 6.3. Notes Held by Fiscal and Paying Agent. The Fiscal and Paying Agent, in its individual or other capacity, may
become a purchaser, holder, transferor, pledgee or may otherwise own, hold or transfer any beneficial interest in any Notes and may commence or join in any action which a beneficial owner of a Note is entitled to take without any conflict with its
responsibilities pursuant to this Agreement. 

  
 10 

 Section 6.4. Notices. Notices and other communications hereunder shall (except
to the extent otherwise expressly provided) be in writing or given via electronic media and shall be addressed as follows, or to such other addresses as the parties hereto shall specify from time to time. 

 

			
		
	If to the Bank:	  	 Discover Bank
 12 Read’s Way

New Castle, Delaware 19720

Attention:         Michael F. Rickert

Telephone:       (302) 323-7184

Telecopy:         (302) 323-7393

Email: mikerickert@discover.com

		
	 With a copy to:
	  	 Discover Financial Services
 2500 Lake Cook
Road
 Riverwoods, Illinois 60015
 Attention:
        D. Christopher Greene
 Telephone:       (224) 405-0330

Telecopy:         (224) 405-4073

Email: christophergreene@discover.com

		
	If to the Fiscal And Paying Agent	  	 U.S. Bank National Association
 100 Wall Street
– Suite 1600
 New York, NY 10005
 Attention:
        Corporate Trust Services
 Telephone:       212-951-8561

Telecopy:         212-509-3384

 All notices shall be deemed given when received. All notices required to be given to the holders of Notes shall be in writing
and sent by first-class mail to such holders at their respective addresses shown in the Security Register. 

Section 6.5. Parties. Except for rights arising under Section 3.4(a), this Agreement is solely
for the benefit of the parties hereto and their successors and assigns and nothing herein, express or implied, shall grant any benefit or any legal or equitable right, remedy or claim under this Agreement to any other person including, without
limitation, any holder of a Note or any beneficial owner of a Global Note. 

  
 11 

 Section 6.6. Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HERETO SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND, WHERE APPROPRIATE, THE LAWS OF THE UNITED STATES. 

Section 6.7. Separability. In case any provision in this Agreement shall be held to be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 6.8. Effect of Headings. The article and section headings herein are for convenience of reference only and shall
not affect the construction hereof. 
 Section 6.9. Amendments. 

(a) Without the consent of the holders of the Notes, the Bank and the Fiscal and Paying Agent, at any time and from time to time, may amend the
terms of this Agreement and the Notes, including amendments to the terms of the Notes designed to cure ambiguities, defects or inconsistencies; except, however, that the consent of all holders of Notes is required in order to: 

(i) change the Maturity Date of any Note, extend the time of payment on any overdue principal amount, change the coin or currency in which any
Note or the interest thereon is payable, change the definition of interest payment date contained in the Notes, reduce the principal amount of or the rate of interest on any Note, change the method of payment specified in the Notes to other than
wire transfer in immediately available funds, or impair the right of a holder of the Notes to institute suit for the enforcement of any payments of principal of or interest or other amounts on such Notes; 

(ii) reduce the percentage in principal amount of Notes outstanding, the consent of whose holders is required for any such amendment to this
Agreement or the Notes; or 
 (iii) modify any of the provisions of this Section 6.9, except to increase any such percentage or
to provide that certain other provisions of this Agreement or the Notes cannot be modified or waived without the consent of the holder of each outstanding Note. 

If the consent of the holders of the Notes is required hereunder, the Bank and the Fiscal and Paying Agent shall request such consent and the
Fiscal and Paying Agent will deliver to each holder of Notes an explanation provided to it by (or on behalf of) the Bank of such amendment and the terms thereof. It shall not be necessary under this Section 6.9 for the holders of the
Notes to approve the precise form of any proposed amendment. 
 (b) Upon the execution of any amendment to this Agreement under this
Section 6.9 by the Bank and the Fiscal and Paying Agent, this Agreement shall be modified in accordance therewith, such amendment shall form a part of this Agreement for all purposes and each holder of Notes theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby. The Fiscal and Paying Agent, on behalf of the Bank, shall promptly transmit by mail to each holder of Notes a notice setting forth the general terms of any amendment to this Agreement
executed under this Section 6.9. 

  
 12 

 (c) Before entering into any amendment to this Agreement, the Fiscal and Paying Agent shall
receive and be fully protected in relying upon an Officer’s Certificate and an opinion from counsel to the Bank that such amendment has been duly authorized, executed and delivered by the Bank and that all conditions precedent in connection
with the execution of such amendment have been satisfied. 
 Section 6.10. Events of Default; Rescission. 

(a) Upon the occurrence of an Event of Default (as defined in the Notes) or the curing of an Event of Default, the Bank will promptly notify in
writing the Fiscal and Paying Agent thereof, and the Fiscal and Paying Agent will promptly notify, by first-class mail, postage prepaid, the holders of the Notes thereof. If an Event of Default shall occur and
be continuing, the holder of a Note, upon written notice to the Bank and the Fiscal and Paying Agent, may, at its option, declare such Note to be, and, on the day such declaration shall have been delivered to the Bank and the Fiscal and Paying
Agent, unless the Fiscal and Paying Agent shall have received notice from the Bank that all Events of Default have been cured by the Bank prior to receipt by the Fiscal and Paying Agent of such declaration, such Note shall become, immediately due
and payable at its principal amount, together with accrued and unpaid interest thereon to the date of payment. 
 (b) At any time after the
delivery to the Fiscal and Paying Agent of a declaration of an Event of Default and acceleration pursuant to the provisions of a Note, the holder of a Note, by written notice evidencing its ownership interest to the Bank and the Fiscal and Paying
Agent, may rescind and annul such declaration of an Event of Default and its consequences with respect to such Note. No such rescission shall affect any subsequent Event of Default or impair any right consequent thereto. 

(c) The holder of a Note may waive any past Event of Default and its consequences with respect to such Note. No such waiver shall affect any
subsequent Event of Default or impair any right consequent thereto. 
 Section 6.11. Actions Due on Saturdays, Sundays and
Holidays. If any date on which a payment, notice or other action required by this Agreement falls is other than a Business Day, then that action or payment need not be taken or made on such date, but may be taken or made on the next
succeeding Business Day on which the Fiscal and Paying Agent is open for business with the same force and effect as if made on such date. 

Section 6.12. Agreement to Pay Attorneys’ Fees and Other Expenses. In the event the Bank shall default under any of
the provisions of this Agreement and the Fiscal and Paying Agent shall employ outside attorneys or incur other expenses for the enforcement of performance or observance or any such obligation or agreement, the Bank agrees that it will on demand pay
to the Fiscal and Paying Agent the reasonable fees and expenses of such attorneys and such other reasonable expenses incurred by the Fiscal and Paying Agent. 

  
 13 

 Section 6.13. Survival. The Fiscal and Paying Agent’s rights to
compensation, reimbursement and indemnification shall survive the termination of this Agreement, including any termination pursuant to any federal or state bankruptcy law, to the extent enforceable under applicable law. 

Section 6.14. No Implied Waivers. The right of any party under any provision of this Agreement shall not be affected by its
prior failure to require the performance by any other party under such provision or any other provision of this Agreement, nor shall the waiver by any party of a breach of any provision hereof constitute a waiver of any succeeding breach of the same
or any other provision or constitute a waiver of the provision itself or any other provision. 
 Section 6.15.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but both or all of which, when taken together, shall constitute but one instrument, and shall become effective when
copies hereof which, when taken together, bear the signatures of each of the parties hereto, shall be delivered to each of the parties hereto. 

Section 6.16. Term. This Agreement shall remain in full force and effect until the earlier to occur of
(i) such time as the principal of and interest on all the Notes shall have been paid, (ii) the effective date of the resignation or removal of the Fiscal and Paying Agent or (iii) the payment of funds to the Bank in accordance with
Section 3.4(b). 
 Section 6.17. Complete Agreement. This Agreement and any appendix hereto contain the
entire understanding of the parties with respect to the subject hereof (except for any separate confidentiality agreement between the Bank and the Fiscal and Paying Agent), and no waiver, alteration or modification of any of the provisions hereof,
shall be binding unless in writing and signed by a duly authorized representative of all parties hereto. 
 IMPORTANT INFORMATION ABOUT PROCEDURES FOR
OPENING A NEW ACCOUNT 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Fiscal and
Paying Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account with the Fiscal and Paying Agent. The parties to this Agreement agree that they will provide the Fiscal and Paying Agent with such information as it may request in order for the Fiscal and Paying Agent to satisfy the requirements
of the U.S.A. Patriot Act. 

  
 14 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement on the date first set forth above. 

 

			
	 DISCOVER BANK,
 as Issuer of the
Notes

		
	By:	 	/s/ Tod J. Gordon
		 	Name: Tod J. Gordon
		 	Title: Senior Vice President, Treasurer
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Fiscal and Paying Agent

		
	By:	 	/s/ K. Wendy Kumar
		 	Name: K. Wendy Kumar
		 	Title: Vice President

  
 15 

 EXHIBIT A 

FORM OF GLOBAL NOTE 
 THIS NOTE IS NOT
REQUIRED TO BE, AND IS NOT, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). 
 THIS OBLIGATION IS NOT A DEPOSIT
AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR INSTRUMENTALITY AND IS SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. THE OBLIGATIONS OF
DISCOVER BANK (THE “BANK”) EVIDENCED BY THIS NOTE ARE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE BANK AND RANK PARI PASSU AMONG THEMSELVES AND OTHER UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE BANK BUT THEY ARE SUBORDINATE AND
JUNIOR IN RIGHT OF PAYMENT TO THE BANK’S OBLIGATIONS TO ITS DEPOSITORS AND OTHER OBLIGATIONS ENTITLED TO ANY PRIORITIES OR PREFERENCES, ARE INELIGIBLE AS COLLATERAL FOR A LOAN BY THE BANK AND ARE NOT SECURED.  

THIS NOTE IS AN OBLIGATION SOLELY OF THE BANK AND WILL NOT BE AN OBLIGATION OF, OR OTHERWISE GUARANTEED BY, DISCOVER FINANCIAL SERVICES OR ANY OF THE
BANK’S OTHER AFFILIATES. 
 THIS NOTE IS ISSUABLE ONLY IN FULLY REGISTERED FORM IN MINIMUM DENOMINATIONS OF $250,000 AND INTEGRAL MULTIPLES OF $1,000
IN EXCESS THEREOF. EACH OWNER OF A BENEFICIAL INTEREST IN THIS NOTE MUST BE AN INSTITUTIONAL INVESTOR WHO IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND IS REQUIRED TO HOLD A
BENEFICIAL INTEREST IN A $250,000 PRINCIPAL AMOUNT OR ANY INTEGRAL MULTIPLE OF $1,000 IN EXCESS THEREOF OF THIS NOTE AT ALL TIMES. 

Registered Principal Amount: $400,000,000 

No.: 1 
 CUSIP No.:
25466AAE1 
 ISIN No.: US25466AAE10 

Common Code: 104618758 

  
 A-1 

 DISCOVER BANK 

4.250% Note Due 2026 
 This 4.250% Note Due 2026
(the “Security”) is registered in the name of CEDE & CO., the nominee of The Depository Trust Company (the “Depository”), 55 Water Street, New York, New York, and may not be transferred except as a whole by the nominee
of the Depository to another nominee of the Depository or to the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository unless and until this Security is exchanged in whole or in part
for Securities in definitive form. Unless this certificate is presented by an authorized representative of the Depository to the Corporate Trust Department of U.S. Bank National Association, as Fiscal and Paying Agent or any duly appointed successor
Fiscal and Paying Agent (the “Fiscal and Paying Agent”), and any certificate issued is registered in the name of Cede & Co. or such other name as is requested in writing by an authorized representative of the Depository (and any
payment is made to Cede & Co. or to such other entity as is requested in writing by an authorized representative of the Depository), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE OR TO ANY PERSON IS WRONGFUL, inasmuch as
the registered owner hereof, Cede & Co., has an interest herein. 
 The Bank, for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal amount of FOUR HUNDRED MILLION DOLLARS ($400,000,000) on March 13, 2026 (the “Maturity Date”) and to pay interest from March 13, 2014, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, at the rate of 4.250% per annum (calculated on the basis of a 360-day year of twelve 30-day months), on the unpaid
principal hereof until said principal amount has been paid in full or duly made available for payment, semiannually in arrears on March 13 and September 13 of each year, commencing September 13, 2014 and on the Maturity Date (each, an
“Interest Payment Date”). Payments will include interest accrued to (but excluding) the relevant Interest Payment Date. All payments on this Security shall be applied first to accrued interest and the balance, if any, to principal. 

If the Maturity Date or any other Interest Payment Date falls on a day that is not a Business Day (as defined below), the related payment shall be made on the
next succeeding Business Day with the same force and effect as if made on the day such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Maturity Date or Interest Payment Date, as the case may
be. The term “Business Day” means any day that is not a Saturday or Sunday and that is not a day on which banking institutions are generally authorized or required to be closed in The City of New York, New York. 

Reference is made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Fiscal and Paying Agent by the
manual signature of one of its authorized signatories, this Security shall not be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, the Bank has caused this Security to be duly executed and its corporate seal to be hereunto
affixed and attested. 
  

							
	 	  	 	  	DISCOVER BANK
				
	(CORPORATE SEAL)	  		  	By:	  	  

  

					
		 	Attest:
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 This is one of the Securities referred to in the within-mentioned Fiscal and Paying
Agency Agreement: 
  

					
		 	U.S. BANK NATIONAL ASSOCIATION,
 as Fiscal and Paying Agent

  

					
		 	 By:
	 	  

		
		 	Dated: March 13, 2014

  
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 Form of Reverse Side of Note 

1. This Security is one of a duly authorized issue of securities of the Bank, designated as its “4.250% Notes Due 2026” (the
“Securities”), initially limited in aggregate principal to $400,000,000. The Bank may, so long as no Event of Default (as defined below) has occurred and is continuing and without the consent of the Holders (as defined below) hereof, issue
additional Securities and thereby increase such aggregate principal amount in the future, on the same terms and conditions (except for issue date and offering price) and with the same CUSIP number as this Security; provided, however, that
such additional Securities shall be consolidated and form a single series with this Security only if such additional Securities are fungible with this Security for U.S. federal income tax purposes. The Bank, for the benefit of the registered holders
from time to time of the Securities (collectively, the “Holders”), has entered into a Fiscal and Paying Agency Agreement, dated as of March 13, 2014 (as the same may be amended, supplemented or otherwise modified from time to time,
the “Fiscal and Paying Agency Agreement”), between the Bank and the Fiscal and Paying Agent. Reference is hereby made to the Fiscal and Paying Agency Agreement (copies of which are on file and available for inspection during normal
business hours at the offices of the Fiscal and Paying Agent at U.S. Bank National Association, 100 Wall Street – Suite 1600, New York, NY 10005, Attention: Corporate Trust Administration, or at such other place or places as the Fiscal and
Paying Agent shall designate by notice to the Holder in whose name this Security is registered on the Security Register (as defined in Section 3 of this Security)), for a statement of the further rights of the Holders and the further rights,
limitations of rights, duties and indemnities thereunder of the Bank and the Fiscal and Paying Agent and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

Payment of the principal and interest payable on the Maturity Date will be made by wire transfer in immediately available funds to a bank
account in the United States designated by the Holder, upon presentation and surrender of this Security at the office of the Fiscal and Paying Agent or its affiliate in New York City or at such other place or places as the Fiscal and Paying Agent
shall designate by notice to the Holder, provided that this Security is presented to the Fiscal and Paying Agent in time for the Fiscal and Paying Agent to make such payments in such funds in accordance with its normal procedures and subject to the
deposit by the Bank of sufficient funds to enable the Fiscal and Paying Agent to make such payments. Payments of interest (other than interest payable on the Maturity Date) shall be made by wire transfer in immediately available funds to a bank
account in the United States designated by the Holder in a written notice received by the Fiscal and Paying Agent not later than the applicable Record Date (as defined below). Interest payable on any Interest Payment Date (other than the Maturity
Date) shall be payable to the Holder in whose name this Security is registered at the close of business on the March 1 or September 1, as the case may be (whether or not a Business Day), immediately preceding the Interest Payment Date
(each such date being referred to herein as a “Regular Record Date”), notwithstanding the cancellation of this Security after such Regular Record Date and prior to or on such Interest Payment Date. Any interest so payable, but not
punctually paid or made available for payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date and such defaulted interest will be paid to the Person in whose name this Security is registered
at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Bank (a “Special Record Date”), notice of which shall be given to the Holder of this Security not less

  
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than 10 days prior to such Special Record Date (the Regular Record Date and Special Record Date are referred to herein collectively as “Record Dates”). Interest payable on this Security
on the Maturity Date will be payable to the Holder to whom the principal of this Note is payable on such date. To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Security,
on any amount of principal of or interest on this Security not paid when due. All payments on this Security shall be applied first to accrued interest and the balance, if any, to principal. 

2. Payments of principal of and interest on this Security shall be made in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private debts. Until the date on which all of the Securities shall have been surrendered or delivered to the Fiscal and Paying Agent for cancellation or destruction, or become due
and payable and a sum sufficient to pay the principal of and interest on all of the Securities shall have been made available for payment and either paid or returned to the Bank as provided herein and in the Fiscal and Paying Agency Agreement, the
Fiscal and Paying Agent or its affiliate shall at all times maintain an office or agency in New York City, where Securities may be presented or surrendered for payment; provided that, any successor Fiscal and Paying Agent appointed by the Bank as
permitted by Section 9 of this Security, or the Bank upon undertaking the performance of the functions of Fiscal and Paying Agent, shall not be required to maintain an office in New York City but shall be required to maintain an office or
agency the location of which shall be communicated promptly to the Holder of this Security. 
 3. Except as otherwise provided on the face
of this Security, this Security is transferable in whole or in part, and may be exchanged for a like aggregate principal amount of Securities of other authorized denominations, by the Holder in person, or by his, her or its attorney duly authorized
in writing, at the office of the Fiscal and Paying Agent or its affiliate in New York City. The Fiscal and Paying Agent shall maintain a register providing for the registration of the Securities and any exchange or transfer thereof (the
“Security Register”). Upon surrender or presentation of this Security for exchange or registration of transfer, the Bank shall execute and the Fiscal and Paying Agent shall authenticate and deliver in exchange therefor a Security or
Securities, each in a denomination of $250,000 or any amount in excess thereof which is an integral multiple of $1,000 which has or have an aggregate denomination equal to the denomination of this Security and is or are registered in such name or
names requested by the Holder. Any Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Fiscal and Paying Agent) be duly endorsed, or accompanied by a written instrument of transfer with such
evidence of due authorization and guarantee of signature as may reasonably be required by the Fiscal and Paying Agent in form satisfactory to the Fiscal and Paying Agent, duly executed by the Holder or his, her or its attorney duly authorized in
writing, and with such tax identification number or other information for each person in whose name a Security is to be issued as the Fiscal and Paying Agent may reasonably request to comply with applicable law. No exchange or registration of
transfer of this Security shall be made on or after the fifteenth day immediately preceding the Maturity Date. 
 No service charge (other
than any cost of delivery) shall be imposed for any exchange or registration of transfer of this Security, but the Bank or Fiscal and Paying Agent may require the payment of a sum sufficient to cover any stamp or other tax or governmental charge
that may be imposed in connection therewith (or presentation of evidence that such tax or charge has been paid). 

  
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 Prior to due presentment of this Security for registration of transfer, the Bank, the Fiscal and
Paying Agent and their respective agents may treat the Holder in whose name this Security is registered in the Security Register as the absolute owner of this Security for the purpose of receiving payments of principal of and interest on this
Security and for all other purposes whatsoever, whether or not this Security be overdue, and the Bank and the Fiscal and Paying Agent shall not be affected by any notice to the contrary. 

4. This Security is not subject to redemption at the option of the Bank or repayment at the option of the Holder prior to the Maturity Date
and is not subject to any sinking fund. 
 5. The indebtedness of the Bank evidenced by this Security, including the principal and interest,
is unsecured and unsubordinated but it is subordinate and junior in right of payment to the Bank’s obligations to its depositors and other obligations that are entitled to any priorities or preferences, such as its obligations under
bankers’ acceptances and letters of credit and its obligations to any Federal Reserve Bank or the Federal Deposit Insurance Corporation (“FDIC”) and to any rights acquired by the FDIC as a result of loans made by the FDIC to the Bank
or the purchase or guarantee of any of its assets by the FDIC pursuant to the provisions of 12 U.S.C. Section 1823(c), (d) or (e), in each case whether outstanding at the date of this Security or hereafter incurred (except any such
obligations which rank on a parity with or junior to this Security). In the case of any insolvency proceedings, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar proceedings or any
liquidation, dissolution or winding-up of the Bank, whether voluntary or involuntary, all such obligations, except obligations that expressly rank on a parity with or junior to this Security, shall be entitled
to be paid in full before any payment shall be made on account of the principal of, or interest on, this Security. In the event of any such proceeding, after payment in full of all sums owing with respect to such prior obligations, the Holder of
this Security, together with the holders of any other obligations of the Bank ranking on a parity with this Security, shall be entitled to be paid from the remaining assets of the Bank, the unpaid principal of, and the unpaid interest on, this
Security or such other obligations before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or any obligations of the Bank ranking junior to this Security. Nothing herein shall
impair the obligation of the Bank, which is absolute and unconditional, to pay the principal of and any interest on this Security in accordance with its terms. 

6. Notwithstanding any other provisions of this Security, including specifically those set forth in the sections relating to events of default
and covenants of the Bank, it is expressly understood and agreed that the FDIC or any other receiver or conservator of the Bank shall have the right in the performance of his or her legal duties, and as part of any transaction or plan of
reorganization or liquidation designed to protect or further the continued existence of the Bank or the rights of any parties or agencies with an interest in, or claim against, the Bank or its assets, to transfer or direct the transfer of the
obligations of this Security to any national banking association, state bank or bank holding company selected by him or her which shall expressly assume the obligation of the due and punctual payment of the unpaid principal and interest on this
Security and the due and punctual performance of all covenants and conditions hereof; and 

  
 A-6 

 
that the completion of such transfer and assumption shall serve to supersede and void any default, acceleration or subordination which may have occurred, or which may occur due or related to such
transaction, plan, transfer or assumption, pursuant to the provisions of this Security, and shall serve to return the Holder to the same position, other than for substitution of the obligor, it would have occupied had no default, acceleration or
subordination occurred; except that any interest and principal previously due, other than by reason of acceleration, and not paid shall, in the absence of a contrary agreement by the Holder of this Security, be deemed to be immediately due and
payable as of the date of such transfer and assumption, together with the interest from its original due date at the rate provided for herein. 

7. Any depository institution, as that term is defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds this Security
(or beneficial interest herein) shall be deemed to have agreed by acquiring this Security (or beneficial interest herein) that any rights of such institution to offset all or any portion of the indebtedness represented by this Security (or
beneficial interest herein) against any indebtedness or other obligations of such institution to the Bank are waived by such institution. 

8. All notices to the Bank under this Security shall be in writing and addressed to the Bank at Discover Bank, 12 Read’s Way, New Castle,
Delaware 19720, Attention: Michael F. Rickert, Vice President, Chief Financial Officer and Assistant Treasurer, with a copy to Discover Financial Services, 2500 Lake Cook Road, Riverwoods, IL 60015, Attention: D. Christopher Greene, Deputy General
Counsel and Secretary, or to such other address as the Bank may notify to the Holder. All notices to the Fiscal and Paying Agent shall be in writing and addressed to the Fiscal and Paying Agent at the office of the Fiscal and Paying Agent at U.S.
Bank National Association, 100 Wall Street—Suite 1600, New York, NY 10005, Attention: Corporate Trust Operations. All notices to the Holder shall be in writing and sent by first-class mail to the Holder
at his or its address as set forth in the Security Register. 
 9. In acting under the Fiscal and Paying Agency Agreement, the Fiscal and
Paying Agent is acting solely as the agent of the Bank and does not assume any obligation or relationship of agency or trust with the Holder except money deposited with the Fiscal and Paying Agent will be held on behalf of the Holders until
disbursed to the Holders, except as provided in the Fiscal and Paying Agency Agreement. Under the terms of the Fiscal and Paying Agency Agreement, the Bank may remove any Fiscal and Paying Agent and appoint a new Fiscal and Paying Agent in respect
of the Securities, or may remove any Fiscal and Paying Agent and undertake to perform at the Bank any or all of the functions of the Fiscal and Paying Agent under the Fiscal and Paying Agency Agreement. The Bank shall notify, or cause the Fiscal and
Paying Agent to notify, the Holder of this Security of the appointment of any successor Fiscal and Paying Agent or the undertaking of the Bank to perform at the Bank the functions of the Fiscal and Paying Agent. 

10. The Securities are issuable only as fully registered Securities without interest coupons in denominations of $250,000 or any amount in
excess thereof which is an integral multiple of $1,000. 

  
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 11. The term “Event of Default,” as used in this Security, means any of the following
events (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any decree, order, rule or regulation of any governmental
agency or body): 
  

	 	(i)	default in the payment of any interest with respect to the Securities when due, which continues for 30 calendar days; 

  

	 	(ii)	default in the payment of any principal of the Securities when due; 

  

	 	(iii)	the entry by a court having jurisdiction in the premises of: 

  

	 	a.	a decree or order for relief in respect of the Bank in an involuntary case or proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or other similar law; or

  

	 	b.	a decree or order appointing a conservator, receiver, liquidator, assignee, trustee, sequestrator or any other similar official of the Bank, or of substantially all of the property of the Bank, or ordering the winding
up or liquidation of the affairs of the Bank; 

 and the continuance of any such decree or order for relief or any such other
decree or order unstayed and in effect for a period of 60 consecutive days; 
  

	 	(iv)	the commencement by the Bank of a voluntary case or proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be
adjudicated as bankrupt or insolvent, or the consent by the Bank to the entry of a decree or order for relief in an involuntary case or proceeding under any applicable United States federal or state bankruptcy, insolvency, reorganization or other
similar law or to the commencement of any bankruptcy or insolvency case or proceeding, or the filing by the Bank of a petition or answer or consent seeking reorganization or relief under any applicable United States federal or state bankruptcy,
insolvency, reorganization or similar law, or the consent by the Bank to the filing of such petition or to the appointment of or taking possession by a custodian, conservator, receiver, liquidator, assignee, trustee, sequestrator or similar official
of the Bank or of substantially all of the property of the Bank, or the making by the Bank of an assignment for the benefit of creditors, or the taking of corporate action by the Bank in furtherance of any such action. 

The Fiscal and Paying Agency Agreement provides that the Bank will promptly notify the Fiscal and Paying Agent, and the Fiscal and Paying
Agent will promptly notify by first-class mail, postage prepaid, the Holders of the Securities, upon the occurrence of an Event of Default. 

12. If an Event of Default shall occur and be continuing, the Holder may, at its option, by written notice to the Bank and the Fiscal and
Paying Agent, declare this Security to be, and on the day of such declaration shall have been delivered to the Bank and the Fiscal and Paying Agent, unless the Fiscal and Paying Agent shall have received notice from the Bank that all Events of
Default have been cured by the Bank prior to receipt by the Fiscal and Paying Agent of such declaration, such Security shall become, immediately due and payable at its principal amount, together with accrued and unpaid interest thereon to the date
of payment. 

  
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 The Fiscal and Paying Agency Agreement provides that the Holder of this Security may rescind a
declaration of an Event of Default and acceleration with respect to this Security under certain circumstances and may waive any past Event of Default and its consequences. 

13. Subject to Section 6 hereof, the Bank shall not consolidate with or merge into any other person or convey, transfer or lease its
properties and assets substantially as an entirety to any person, unless the person formed by such consolidation or into which the Bank is merged or the person which acquires by conveyance or transfer, or which leases, the properties and assets of
the Bank substantially as an entirety shall be a corporation, partnership or other entity organized and validly existing under the laws of the United States of America, any State thereof or the District of Columbia and shall expressly assume the due
and punctual payment of the principal of and interest on this Security and the performance or observance of every provision of this Security on the part of the Bank to be performed or observed. 

14. The Fiscal and Paying Agency Agreement provides that the Bank and the Fiscal and Paying Agent may amend the Fiscal and Paying Agency
Agreement and the Securities, including amendments to the terms of the Securities designed to cure ambiguities, defects or inconsistencies, without the consent of the Holders of the Securities, except that the consent of all Holders of Securities is
required in order to change the Maturity Date of any Security, to extend the time of payment on any overdue principal amount, to change the coin or currency in which any Security or the interest thereon is payable, to change the definition of
Interest Payment Date, to reduce the principal amount of or rate of interest on any Security, to change the method of payment to other than wire transfer in immediately available funds, to impair the right of the Holder of this Security to institute
suit for the enforcement of payments of principal of or interest or other amounts on the Securities, to reduce the percentage in principal amount of Securities outstanding the consent of whose Holders is required to amend the Fiscal and Paying
Agency Agreement or the Securities or to modify the provisions of the Fiscal and Paying Agency Agreement governing the amendment thereof and of the Securities. If the consent of the Holders of Securities is required, the Bank and the Fiscal and
Paying Agent shall request such consent and will deliver to each Holder of Securities an explanation of such amendment and the terms thereof. It shall not be necessary for the Holders of Securities to approve the precise form of any proposed
amendment. 
 Any consent or waiver given by the Holder of this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

15. No reference herein to the Fiscal and Paying Agency Agreement and no provision of this Security shall alter or impair the obligation of
the Bank, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. No failure or delay on the part of the Holder in exercising any right
under this Security shall operate as a waiver of, or impair, any such right. No waiver of any such rights shall be effective unless given in writing. 

  
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 16. No recourse shall be had for the payment of principal of or interest on this Security for any
claim based hereon, or otherwise in respect hereof, against any shareholder, employee, agent, officer or director, as such, past, present or future, of the Bank or of any successor organization, either directly or through the Bank or any successor
organization, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released. 
 17. This Security is a debt of the Bank only and is not an obligation of Discover Financial Services or
any of its affiliates other than the Bank. 
 18. THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK AND, WHERE APPROPRIATE, THE LAWS OF THE UNITED STATES. 

  
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 FEE SCHEDULE 

Fee Schedule

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