Document:

Exhibit 10.1

 

 

AGREEMENT

THIS AGREEMENT (“Agreement”), dated as of ___________________, 2016, is entered into between Horizon Bank, N.A. (“Bank”), a national banking association organized under the laws of the United States of America, and Kathie A. DeRuiter (hereinafter referred to as “Employee”), a Michigan resident.

WITNESSETH:

WHEREAS, Bank is a subsidiary of Horizon Bancorp (“Holding Company”), a corporation formed under the laws of the State of Indiana;

WHEREAS, Employee serves as its Executive Vice President & Senior Operations Officer responsible for managing and coordinating the Bank’s backroom operational areas including loans, deposits and information technology; and

WHEREAS, because of Employee’s experience and familiarity with general banking affairs, Bank wishes to assure that, in the event of a change in control of the Holding Company, Bank will continue to have Employee available to perform duties substantially similar to those to be performed by Employee and to continue to contribute to Bank’s growth and success; and

WHEREAS, Employee is willing to commit to the performance of such services for Bank upon the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.   Employment.

(a)  Bank hereby agrees that, effective upon a Change in Control of the Holding Company, and provided that Employee is still serving as Executive Vice President and Senior Operations Officer of the Bank at that time, Bank will continue to employ Employee as Executive Vice President and Senior Operations Officer, to perform the duties described herein, and Employee hereby accepts such employment on the terms and conditions stated herein. It is understood that, prior to such Change in Control, this Agreement shall confer no rights of employment or other benefits (or obligations) whatsoever upon Employee, and that Employee shall remain subject to termination at will.

(b)  For purposes of this Agreement, a “Change in Control” shall be deemed to have occurred if the conditions or events set forth in any one or more of the following subsections occur:

(i)  Any merger, consolidation or similar transaction which involves Bank or Holding Company and in which persons who are the shareholders of Bank or Holding Company immediately prior to the transaction own, immediately after the transaction,

shares of the surviving or combined entity which possess voting rights equal to or less than 50 percent of the voting rights of all shareholders of such entity, determined on a fully diluted basis;

(ii)  Any sale, lease, exchange, transfer or other disposition of all or any substantial part of the consolidated assets of Bank or Holding Company;

(iii)  Any tender, exchange, sale or other disposition (other than disposition of the stock of the Holding Company or Bank in connection with bankruptcy, insolvency, foreclosure, receivership or other similar transactions) or purchase (other than purchases by the Holding Company or any Holding Company or Bank sponsored employee benefit plan, or purchases by members of the board of directors of the Holding Company or Bank) of Shares which represent more than 25 percent of the voting power of the Holding Company or Bank; or

(iv)  During any period of two consecutive years individuals who at the date of this Agreement constitute the Board cease for any reason to constitute at least a majority thereof, unless the election of each director at the beginning of the period has been approved by directors representing at least a majority of the directors then in office.

Notwithstanding the foregoing, a Change in Control (A) will not occur as a result of the issuance of stock by the Holding Company in connection with any public offering of its stock; (B) will not be deemed to have occurred with respect to any transaction unless such transaction has been approved or shares have been tendered by a majority of the shareholders who are not Section 16(b) Persons; or (C) will not occur due to stock ownership by the Horizon Bancorp Employees’ Stock Bonus Plan Trust, which forms a part of the Horizon Bancorp Employees’ Stock Bonus Plan, or any other employee benefit plan.

“Section 16(b)” Person means a person subject to potential liability under Section 16(b) of the 1934 Act with respect to transactions which involve equity securities of the Holding Company.

 

Section 2.  Term of Employment.  Subject to the provisions for termination set forth herein, the term of Employee’s employment hereunder shall commence on the date a Change in Control occurs and shall extend until one (1) year after the date of such Change in Control (such term, including any extensions thereof shall herein be referred to as the “Term”). Notwithstanding the foregoing, this Agreement shall automatically terminate (and the Term shall thereupon end) without notice when Employee attains sixty-five (65) years of age.

Section 3.  Duties of Employee.  During the Term, Employee shall be the Executive Vice President and Senior Operations Officer of the Bank and shall be responsible for managing and coordinating the Bank’s backroom areas covering loans, deposits and information technology. Additionally, Employee shall perform such duties and responsibilities for Bank as may be

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assigned by Bank and which are not unreasonably inconsistent with the duties described in the prior sentence; provided, however, that such duties shall be performed in or from the principal executive offices of Bank, currently located in Michigan City, Indiana. Employee shall not be required to be absent from the location of Employee’s principal executive offices of Bank on travel status or otherwise more than thirty (30) days in any calendar year. Bank shall not, without the written consent of Employee, relocate or transfer Employee to a location more than thirty (30) miles from her principal residence. During the Term, Employee shall devote substantially all business time, attention and energy, and reasonable best efforts, to the interests and business of Bank and to the performance of Employee’s duties and responsibilities on behalf of Bank. Employee may use her discretion in fixing the hours and schedule of work consistent with the proper discharge of Employee’s duties. Employee, subject to the direction and control of Bank’s Executive Vice President & Chief Financial Officer or Chief Executive Officer, shall have all power and authority commensurate with Employee’s status and necessary to perform Employee’s duties hereunder. So long as Employee is employed by Bank pursuant to this Agreement, Employee shall be entitled to office space and working conditions consistent with the position as Executive Vice President and Senior Operations Officer. Bank shall provide Employee with such assistance and working accommodations as are suitable to the character of the position with Bank and as are adequate for the performance of Employee’s duties.

Section 4.  Compensation.  Employee’s basic annual salary as Executive Vice President and Senior Operations Officer (“Base Salary”) shall be Employee’s basic annual salary at the time of the Change in Control. Such Base Salary shall be payable in accordance with Bank’s standard payroll practices. The rate of Employee’s Base Salary shall be reviewed not less often than annually and may be increased, but not decreased, from time to time in such amounts as the Bank’s Executive Vice President & Chief Financial Officer or the Bank’s Chief Executive Officer in their discretion may determine. Any and all increases in Employee’s salary pursuant to this Section shall cause the level of Base Salary to be increased by the amount of each such increase for purposes of this Agreement. The increased level of Base Salary as provided in this Section shall become the level of Base Salary for the remainder of the Term until there is a further increase in Base Salary as provided herein. Such salary payments shall be subject to the withholding of applicable income and employment taxes and other appropriate and customary amounts.

Section 5.  Vacation.  During the Term, Employee shall be entitled to the number of weeks per calendar year of paid vacation in effect for Employee upon the Change in Control as increased in accordance with Bank’s vacation policy then in effect or as changed from time to time, but provided that such vacation may not be decreased below that amount in effect on the date of the Change in Control. Such vacation shall be utilized at such times when Employee’s absence will not materially impair Bank’s normal business functions. Employee shall not be entitled to any additional compensation for any unused and lapsed vacation time. In addition to the vacation described above, Employee also shall be entitled to all paid holidays customarily given by Bank to its officers.

 

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Section 6.  Other Benefits.  The following shall apply with respect to Employee’s coverage by and participation under employee benefit plans and programs sponsored or otherwise made available by Bank.

(a)  During the Term, Employee shall be entitled to participate in or receive benefits under (i) any life, health, hospitalization, medical, dental, disability or other insurance policy or plan, (ii) pension, retirement or employee stock bonus plan, (iii) bonus or profit-sharing plan or program, (iv) deferred compensation plan or arrangement, and (v) any other employee benefit plan, program or arrangement, made available by Bank on the date of the Change in Control and from time to time in the future to Bank’s officers and employees on a basis consistent with the terms, conditions and overall administration of the foregoing plans, programs or arrangements and with respect to which Employee is otherwise eligible to participate or receive benefits.

(b)  During the Term, Employee shall be entitled to receive such other benefits or participate in such other activities as Employee participated in or was entitled to receive on the date of the Change in Control, including but not limited to bonus or incentive plans, use of company cars, or payment of membership fees to clubs and organizations, but this provision does not grant Employee any greater benefits than Employee had in effect on the date of the Change in Control.

Section 7.  Expenses.  Bank shall pay or reimburse Employee for all reasonable expenses actually incurred or paid by Employee in the performance of services rendered by Employee pursuant to this Agreement. Such expenses shall be supported by the documentary evidence required to substantiate them as income tax deductions for Bank and promptly submitted for approval in accordance with Bank’s standard practices. Employee shall attend, at Employee’s discretion, those professional meetings, conventions and/or similar functions that Employee and Bank mutually deem appropriate and useful for the purposes of keeping abreast of current developments in the industry and/or promoting the interests of Bank.

Section 8.  Termination.  Subject to the respective continuing obligations of the parties, including but not limited to those set forth in Sections 10 and 11 below, Employee’s employment by Bank may be terminated prior to the expiration of the Term as follows:

(a)  Bank, upon written notice to Employee, may terminate Employee’s employment with Bank immediately for Cause. For purposes of this subsection 8(a), “Cause” shall be defined as (i) personal dishonesty, (ii) incompetence, (iii) willful misconduct, (iv) willful violation of any law, rule, regulation or Bank policy (other than traffic violations or smaller offenses) or final cease-and-desist order, (v) any removal and/or permanent prohibition from participating in the conduct of Bank’s or any Affiliate’s affairs by a notice from a federal regulatory body having jurisdiction, or (v) any material breach of any term, condition or covenant of this Agreement.

(b)  Bank may terminate Employee’s employment with Bank without Cause at any time; provided, however, that the “Date of Termination” for the purpose of determining benefits

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payable to Employee under Section 6 hereof shall be the date which is thirty (30) days after Employee receives written notice of such termination.

(c)  Employee, by written notice to Bank, may terminate her employment with Bank for Good Reason. For purposes of this subsection 8(c), “Good Reason” shall be defined as: (i) any action by Bank to materially eliminate, limit, or reduce Employee’s duties and/or authority as Executive Vice President and Senior Operations Officer; or (ii) any material breach by Bank of a term, condition or covenant of this Agreement.

(d)  For Employee to have the right to resign for Good Reason, all of the following must timely occur: (i) Employee must provide Bank with notice of the occurrence of any of the Good Reason events within the 90 day period immediately following the first occurrence of such event and such notice must describe in detail the Good Reason event and the proposed cure to such event, (ii) Bank must fail to cure such event with a period of 30 days from the date of receipt of such notice, and (iii) the Notice of Termination is delivered by Employee to Bank within 90 days following the day on which the 30 day period set forth in the preceding clause (ii) expires.

(e)  Employee’s employment with Bank shall terminate in the event of Employee’s death or Disability. For purposes hereof, “Disability” shall be defined as Employee’s inability by reason of illness or other physical or mental incapacity to perform the duties required by Employee’s employment for any consecutive one hundred eighty (180) day period. Notice of any termination by Bank because of Employee’s Disability shall be given to Employee prior to the full resumption by him of the performance of such duties.

Section 9.  Compensation Upon Termination.  In the event of termination of Employee’s employment with Bank pursuant to Section 8 hereof, compensation shall continue to be paid by Bank to Employee as follows:

(a)  In the event of termination pursuant to subsection 8(a) , compensation provided for herein (including Base Salary) shall continue to be paid, and Employee shall continue to participate in the employee benefit, retirement, and compensation plans and other perquisites as provided in Section 6 hereof, through the Date of Termination specified in the Notice of Termination. Any benefits payable under insurance, health, retirement and bonus plans as a result of Employer’s participation in such plans through such date shall be paid when due under those plans. The Date of Termination specified in any Notice of Termination pursuant to subsection 8(a) shall be no later than the last business day of the month in which said notice is provided to or by Employee.

(b)  In the event of termination pursuant to subsection 8(e), compensation provided for herein (including Base Salary) shall continue to be paid, and Employee shall continue to participate in the employee benefit, retirement, and compensation plans and other perquisites as provided in Section 6 hereof, (i) in the event of Employee’s death, through the date of death, or

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(ii) in the event of Employee’s Disability, through the date of proper notice of Disability as required by subsection 8(e). Any benefits payable under insurance, health, retirement and bonus plans as a result of Bank’s participation in such plans through such date shall be paid when due under those plans.

(c)  In the event of termination pursuant to subsection 8(b) or 8(c) the Employee’s Base Salary in effect at the time of the Notice of Termination shall continue to be paid through the remaining Term of this Agreement.

Section 10.  Non-Disclosure; Return of Confidential Information and Other Property.

(a)  Access to Confidential Information.  Employee understands, acknowledges and agrees that during the course of her employment with Bank she will gain information regarding, knowledge of and familiarity with the Confidential Information (as hereinafter defined) of Bank and its Affiliates and that if the Confidential Information was disclosed by Employee, Bank would suffer irreparable damage and harm. Employee understands, acknowledges and agrees that the Confidential Information derives substantial economic value from, among other reasons, not being known or readily ascertainable by proper means by others who could obtain economic value therefrom upon disclosure. Employee acknowledges and agrees that Bank uses reasonable means to maintain the secrecy and confidentiality of the Confidential Information. For purposes of this Agreement the term “Affiliate” means Holding Company and all subsidiaries of Holding Company and its subsidiaries.

(b)  Non-Disclosure.  At all times while Employee is employed by Bank, and at all times thereafter, Employee shall not (i) directly or indirectly disclose, provide or discuss any Confidential Information with or to any Person other than those directors, officers, employees, representatives and agents of Bank and any Affiliates who need to know such Confidential Information for a proper corporate purpose, and (ii) directly or indirectly use any Confidential Information (A) to compete against Bank or any Affiliates, or (B) for Employee’s own benefit or for the benefit of any Person other than Bank or any Affiliate.

(c)  Confidential Information Defined.  For purposes of this Agreement, the term “Confidential Information” means any and all:

(i)  materials, records, data, documents, lists, writings and information (whether in writing, printed, verbal, electronic, computerized, on disk or otherwise) (A) relating or referring in any manner to the business, operations, affairs, financial condition, results of operation, cash flow, assets, liabilities, sales, revenues, income, estimates, projections, policies, strategies, techniques, methods, products, developments, suppliers, relationships and/or customers of Bank or any Affiliate that are confidential, proprietary or not otherwise publicly available, in any event not without a breach of this Agreement, or (B) that Bank or any Affiliate has deemed confidential, proprietary or nonpublic;

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(ii)  trade secrets of Bank or any Affiliate, as defined in Indiana Code Section 24-2-3-2, as amended, or any successor statute; and

(iii)  any and all copies, summaries, analyses and extracts which relate or refer to or reflect any of the items set forth in (i) or (ii) above. Employee agrees that all Confidential Information is confidential and is and at all times shall remain the property of, as applicable, Bank or any of the Affiliates.

(d)  Definition of Person.  For purposes of this Agreement, the term “Person” shall mean any natural person, proprietorship, partnership, corporation, limited liability corporation, bank, organization, firm, business, joint venture, association, trust or other entity and any government agency, body or authority.

(e)  Return of Confidential Information and Other Property.  Employee covenants and agrees:

(i)  to keep all Confidential Information subject to Bank’s or any Affiliate’s custody and control and to promptly return to Bank or the appropriate Affiliate all Confidential Information that is still in Employee’s possession or control at the termination of Employee’s employment with Bank; and

(ii)  promptly upon termination of Employee’s employment with Bank, to return to Bank, at Bank’s principal office, all vehicles, equipment, computers, credit cards and other property of Bank and to cease using any of the foregoing.

Section 11.  Non-Solicitation.  Employee hereby understands, acknowledges and agrees that, by virtue of her position with Bank and any Affiliates, Employee will have advantageous familiarity and personal contacts with the customers, wherever located, of Bank or any of the Affiliates and has and will have advantageous familiarity with the business, operations and affairs of Bank or any of the Affiliates. In addition, Employee understands, acknowledges and agrees that the business of Bank and the Affiliates is highly competitive. Accordingly, at all times while Employee is employed by Bank or any of the Affiliates and for a period of one (1) year following the Date of Termination, Employee shall not, directly or indirectly, or individually or together with any other Person, as owner, shareholder, investor, member, partner, proprietor, principal, director, officer, employee, manager, agent, representative, independent contractor, consultant or otherwise:

(a)  Solicit in any manner, seek to obtain or service any business of any Person who is or was a customer or an active prospective customer of Bank or any of the Affiliates during the two (2) year period prior to the Date of Termination; or

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(b)  Request or advise any customers, suppliers, vendors or others who were doing business with Bank or any of the Affiliates during the two (2) year period prior to the Date of Termination, or any other Person, to terminate, reduce, limit or change their business or relationship with Bank or any of the Affiliates; or

(c)  Induce, request or attempt to influence any employee of Bank or any of the Affiliates who was employed by Bank or any Affiliates during the two (2) year period prior to the Date of Termination, to terminate her employment with Bank or any of the Affiliates.

Section 12.  Periods of Noncompliance and Reasonableness of Periods.  Bank and Employee understand, acknowledge and agree that the restrictions and covenants contained in Sections 10 and 11 hereof are reasonable in view of the nature of the business in which Bank and the Affiliates are engaged, Employee’s position with Bank and the Affiliates and Employee’s advantageous knowledge of and familiarity with the business, operations, affairs and customers of Bank and the Affiliates. The time periods during which the restrictions and covenants of Sections 10 and 11 are applicable will be extended by a period of time equal to any period during which Employee is not in compliance with such restrictions and covenants.

Bank’s obligation to pay the amounts otherwise payable to Employee pursuant to this Agreement shall immediately terminate in the event that Employee breaches any of the provisions of Sections 10 and 11 hereof. Notwithstanding the foregoing:

(a)  the covenants of Employee set forth in Sections 10 and 11 hereof shall continue in full force and effect and be binding upon Employee;

(b)  Bank shall be entitled to the remedies specified in Section 14 hereof; and

(c)  Bank shall be entitled to its damages, costs and expenses (including, without limitation, reasonable attorney’s fees and expenses) resulting from or relating to Employee’s breach of any of the provisions of Sections 10 and 11 hereof.

Section 13.  Survival of Certain Provisions.  Upon any termination of Employee’s employment with Bank, Employee hereby expressly agrees that the provisions of Sections 10, 11, 13 and 14 hereof shall continue to be in full force and effect and binding upon Employee in accordance with the respective provisions of such Sections.

Section 14.  Remedies.  Employee agrees that Bank or an Affiliate will suffer irreparable damage and injury and will not have an adequate remedy at law in the event of any actual, threatened or attempted breach by Employee of any provision of Section 10 or 11. Accordingly, in the event of a breach or a threatened or attempted breach by Employee of any provision of Section 10 or 11, in addition to all other remedies to which Bank and Affiliates are entitled at law, in equity or otherwise, Bank and Affiliates may be entitled to a temporary restraining order and a permanent injunction or a decree of specific performance of any provision of Section 10 or 11. The foregoing remedies shall not be deemed to be the exclusive rights or remedies of Bank or an Affiliate for any breach of or noncompliance with this Agreement by Employee but shall be in

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addition to all other rights and remedies available to Bank or an Affiliate at law, in equity or otherwise.

Section 15,  Notice of Termination.  Any termination of Employee’s employment with Bank as contemplated by Section 8 hereof, except in the circumstances of Employee’s death, shall be communicated by written “Notice of Termination” by the terminating party to the other party hereto. Any Notice of Termination pursuant to subsections 8(a), 8(b), 8(c) or 8(e) shall indicate the specific provisions of this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination.

Section 16.  Employee Discipline.

(a)  If Employee is suspended and/or temporarily prohibited from participating in the conduct of Bank’s or any Affiliates’ affairs by a notice from the Comptroller of the Currency or other applicable regulatory body having jurisdiction, Bank’s obligations under this Agreement shall be suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Bank shall (i) pay Employee all or part of the compensation withheld while its obligations under this Agreement were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

(b)  If Employee is removed and/or permanently prohibited from participating in the conduct of Bank’s or any affiliates’ affairs by an order issued from the Comptroller of the Currency or other applicable regulatory body having jurisdiction, all obligations of Bank under this Agreement shall terminate as of the effective date of the Order, although the vested rights of the parties to the Agreement shall not be affected.

Section 17.  Tax Payments.  Anything in this Agreement to the contrary notwithstanding, in the event Bank’s independent public accountants determine that any payment by Bank to or for the benefit of Employee, whether paid or payable pursuant to the terms of this Agreement, would be non-deductible by Employer for federal income tax purposes because of Section 280G of the Internal Revenue Code, the amount payable to or for the benefit of Employee pursuant to the Agreement shall be reduced (but not below zero) to the Reduced Amount. For purposes of this Section 17, the “Reduced Amount” shall be the amount which maximizes the amount payable without causing the payment to be non-deductible by Bank because of Section 280G of the Internal Revenue Code.

Section 18.  Successors and Assigns.  This Agreement is binding upon and shall be for the benefit of the successors and assigns of Bank, including any corporation or any other form of business organization with which Bank may merge or consolidate, or to which it may transfer substantially all of its assets. The Bank or Holding Company shall cause this Agreement to be assigned to and assumed by any such successor. This Agreement may not be assigned by Bank without the prior written consent of Employee, which consent shall not be unreasonably withheld. The Agreement will also be binding upon, enforceable against, and inure to the benefit

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of Employee and Employee’s heirs and representatives, and nothing herein is intended to confer any right, remedy or benefit upon any other person. Employee shall not assign her interest in this Agreement or any part thereof.

Section 19.  Consent of Bank.  Any act, request, approval, consent or opinion of Bank under this Agreement, must be in writing and may be authorized, given or expressed only by the Bank’s President or Chief Executive Officer, or by such other person as the Bank’s Board may designate.

Section 20.  Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been given when delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

	 	
(A)

	
If to Employee:

	
Kathie A. DeRuiter

	 	 	 	
206 East Beech St.

	 	 	 	
Three Oaks, MI  49128

	 	 	 	 
	 	
(B)

	
If to Bank:

	
Horizon Bank, N. A.

	 	 	 	
515 Franklin Square

	 	 	 	
Michigan City, IN 46360

	 	 	 	
Attn:  Chief Executive Officer

 

Section 21.  Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana applicable to contracts made and to be performed therein.

Section 22. Enforcement Expenses.  If a dispute arises regarding the termination of Employee pursuant to Sectionn 8 above or as to the interpretation or enforcement of this Agreement and Employee obtains a final judgment in Employee’s favor in a court of competent jurisdiction or Employee’s claim is settled by Bank prior to the rendering of a judgment by such a court, all reasonable legal fees and expenses incurred by Employee in contesting or disputing any such termination or seeking to obtain or enforce any right or benefit provided for in this Agreement or otherwise pursuing her claims shall be paid by Bank (except as otherwise decided in any settlement between the parties) to the extent permitted by law.

Section 23.  Entire Agreement.  This Agreement sets forth the entire understanding of the parties hereto with respect to its subject matter, merges and supersedes all prior and contemporaneous understandings with respect to its subject matter, and may not be waived or modified, in whole or in part, except by a writing signed by each of the parties hereto. No waiver of any provision of this Agreement in any instance shall be deemed to be a waiver of the same or any other provision in any other instance.

 

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Section 24.  Headings.  The headings in this Agreement have been inserted solely for ease of reference and shall not be considered in the interpretation or construction of this Agreement.

Section 25.  Successors.  Bank shall require any successor (whether direct or indirect, by purchase, merger, consolidation share exchange, combination or otherwise) to all or substantially all of the business and/or assets of Bank, to expressly assume and agree, in writing, to perform this Agreement and any successor shall absolutely and unconditionally assume all of Bank’s obligations hereunder. Failure of Bank to obtain such agreement prior to the effectiveness of any such succession shall be a material breach of this Agreement and shall entitle Employee to terminate employment with Bank pursuant to subsection 8(c) hereof. As used in this Agreement, “Bank” shall mean the Bank as hereinbefore defined and any successor to its business and/or assets.

Section 26.  Severability.  If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, this Agreement shall be interpreted and enforceable as if such provision were severed or limited or such payment reduced, but only to the extent necessary to render such provision and this Agreement enforceable.

Section 27.  Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument.

Section 28.  Amendment.  This Agreement may be amended, modified or supplemented only by a written agreement executed by both of the parties hereto.

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

 

	 	
BANK

	 	 	 
	 	 	 
	 	
By:

	 
	 	
Printed:  Craig M. Dwight

	 	
Title:  Chairman and Chief Executive Officer

	 	 	 
	 	 	 
	 	
EMPLOYEE

	 	 	 
	 	 	 
	 	
By:

	 
	 	
Printed:  Kathie A. DeRuiter

	 	
Title: Executive Vice President & Senior Operations Officer

 

 

 

	 	 	 

 

11EX-4.1

 Exhibit 4.1 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS A(2016-4)
TERMS DOCUMENT 
 Dated as of September 21, 2016 

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

for the DiscoverSeries Notes 
 to

 AMENDED AND RESTATED INDENTURE 

Dated as of December 22, 2015 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
		  	 ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  			
	 Section 1.01
	  	Definitions	  	 	1	  
	 Section 1.02
	  	Representations and Warranties of Issuer	  	 	6	  
	 Section 1.03
	  	Representations and Warranties of Indenture Trustee	  	 	7	  
	 Section 1.04
	  	Limitations on Liability	  	 	7	  
	 Section 1.05
	  	Governing Law	  	 	8	  
	 Section 1.06
	  	Counterparts	  	 	8	  
	 Section 1.07
	  	Ratification of Indenture and Indenture Supplement	  	 	8	  
			
		  	 ARTICLE II

THE CLASS A(2016-4) NOTES
	  			
	 Section 2.01
	  	Creation and Designation	  	 	8	  
	 Section 2.02
	  	Adjustments to Required Subordinated Percentages and Amount	  	 	8	  
	 Section 2.03
	  	Interest Payment	  	 	9	  
	 Section 2.04
	  	[Reserved]	  	 	9	  
	 Section 2.05
	  	Payments of Interest and Principal	  	 	9	  
	 Section 2.06
	  	Form of Delivery of Class A(2016-4) Notes; Depository; Denominations	  	 	9	  
	 Section 2.07
	  	Delivery and Payment for the Class A(2016-4) Notes	  	 	10	  
	 Section 2.08
	  	Targeted Deposits to the Accumulation Reserve Account	  	 	10	  
	 Section 2.09
	  	Additional Issuances of Notes	  	 	10	  
	 Section 2.10
	  	Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	11	  
	 Section 2.11
	  	Variable Accumulation Period	  	 	11	  
			
	 EXHIBIT A
	  	FORM OF CLASS A(2016-4) NOTE	  			

  
 -i- 

 THIS CLASS A(2016-4) TERMS DOCUMENT (this “Terms Document”), by and between
DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the
United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of September 21, 2016. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class A Notes of the DiscoverSeries and shall specify the
principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement or the Indenture, either directly or
by reference therein, have the meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted
hereunder means such accounting principles as are generally accepted in the United States of America at the date of such computation; 
 (4)
all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in
the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely with respect to the Class A(2016-4) Notes; 

(6) each capitalized term defined herein shall relate only to the Class A(2016-4) Notes and no other Tranche of Notes issued by the Issuer;

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

 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any
payments, deposits or other allocations made on the Distribution Date related to the prior Due Period and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Accumulation Amount” means $100,000,000; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture
Supplement. 
 “Accumulation Commencement Date” means September 1, 2018, or such later date as the Calculation Agent
on behalf of the Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation Period” has the meaning
set forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided, however, if
the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in the Indenture
Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on behalf of the Issuer
notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right column of the following
table was in effect on the immediately preceding Distribution Date, if such Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date immediately preceding the
earlier to occur of: 
 (x) the Expected Maturity Date for the Class A(2016-4) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2016-4) Notes is paid in full. 

 

			
	 Distribution Date:
	  	 Condition:

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

  
 2 

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

 provided, however, if at any point the Accumulation Reserve Funding Period has not commenced because no
condition requiring funding has occurred or the Calculation Agent has determined that the Accumulation Period Length will be shortened to one (1) month, and subsequently a condition requiring funding occurs and the Calculation Agent determines
that the Accumulation Period Length will not be so shortened, the Accumulation Reserve Funding Period shall commence on the following Distribution Date. 

“Class A(2016-4) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect
to the Class A(2016-4) Notes or (b) an Event of Default and acceleration of the Class A(2016-4) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess
Spread Early Redemption Cure has occurred, a Class A(2016-4) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2016-4) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class A(2016-4)
Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2016-4) Noteholder” means a Person
in whose name a Class A(2016-4) Note is registered in the Note Register. 
 “Class A(2016-4) Termination Date” means the
earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2016-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and
satisfied pursuant to Article VI thereof. 
 “Excess Spread Percentage” for any Distribution Date means a fraction, the
numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related
Due Period. 

  
 3 

 “Expected Maturity Date” means September 16, 2019. 

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

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

“Initial Dollar Principal Amount” means $1,200,000,000, or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09 hereof. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the
period from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2016-4) Note, from and including the applicable Issuance Date) to but excluding such Interest Payment Date. 

“Interest Payment Date” means the fifteenth day of each month commencing in October 2016, or if such fifteenth day is not a
Business Day, the next succeeding Business Day. 
 “Issuance Date” means September 21, 2016, with respect to all Class
A(2016-4) Notes issued on the date hereof and, with respect to any additional Class A(2016-4) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means March 15, 2022. 

“Note Interest Rate” means 1.39% per annum, calculated on the basis of twelve 30-day months and a 360-day year. 

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

“Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class A
Tranche Interest Allocation for the related Distribution Date. 
 “Required Daily Deposit Target Principal Amount” means,
for any day in a Due Period, (i) if such Due Period is in the Accumulation Period for the Class A(2016-4) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2016-4)
Adverse Event, the Nominal Liquidation Amount of the Class A(2016-4) Notes and (iii) in all other circumstances, zero. 

  
 4 

 “Required Subordinated Amount of Class B Notes” means, for the Class A(2016-4)
Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class B Notes for such
Class A(2016-4) Notes on such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2016-4) Notes on such date of
determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class
A(2016-4) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2016-4) Notes will be the greater of 
 (x) the
amount determined above for such date of determination; and 
 (y) the amount determined above for the date immediately prior to the date on
which such Class A(2016-4) Adverse Event shall have occurred. 
 “Required Subordinated Amount of Class C Notes” means, for
the Class A(2016-4) Notes for any date of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of
Class C Notes for such Class A(2016-4) Notes on such date of determination; and 
 (b) the Nominal Liquidation Amount of such Class
A(2016-4) Notes on such date of determination; 
 provided, however, that for any date of determination on or after the occurrence and during
the continuation of a Class A(2016-4) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2016-4) Notes will be the greater of 

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

(y) the amount determined above for the date immediately prior to the date on which such Class A(2016-4) Adverse Event shall have occurred.

 “Required Subordinated Amount of Class D Notes” means, for the Class A(2016-4) Notes for any date of determination, an
amount equal to the product of 
 (a) the Required Subordinated Percentage of Class D Notes for such Class A(2016-4) Notes on such date of
determination; and 
 (b) the Nominal Liquidation Amount of such Class A(2016-4) Notes on such date of determination; 

provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2016-4) Adverse Event,
the Required Subordinated Amount of Class D Notes for the Class A(2016-4) Notes will be the greater of 
 (x) the amount determined above
for such date of determination; and 

  
 5 

 (y) the amount determined above for the date immediately prior to the date on which the Class
A(2016-4) Adverse Event shall have occurred. 
 “Required Subordinated Percentage of Class B Notes” means, for the Class
A(2016-4) Notes, 6.96202532%, subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of
Class C Notes” means, for the Class A(2016-4) Notes, 8.86075950%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the Class A(2016-4) Notes, 10.75949368%, subject to adjustment
in accordance with Section 2.02. 
 “Specified Rating” means, for the Class A(2016-4) Notes, Aaa(sf) with respect to
Moody’s, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch. 
 “Stated Principal
Amount” means $1,200,000,000 or such higher amount as is specified in any Notice of Additional Issuance under Section 2.09. 

“Targeted Accumulation Reserve Subaccount Deposit” means, with respect to any Distribution Date during the Accumulation
Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2016-4) Notes as of the close of business on the last day of the related Due Period or (ii) any other amount designated by the
Calculation Agent on behalf of the Issuer. 
 Section 1.02 Representations and Warranties of Issuer. The Issuer represents and
warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the
State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b) the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary limited liability
company and statutory trust proceedings of the Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority and do not and will not conflict with any material provision of the Certificate of Trust
or the Trust Agreement of the Issuer; 
 (c) this Terms Document is the valid, binding and enforceable obligation of the Issuer, except as
the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

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

  
 6 

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

Section 1.03 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor
trustee shall represent and warrant that: 
 (a) the Indenture Trustee is organized, existing and in good standing under the laws of the
United States of America; 
 (b) the Indenture Trustee has full power, authority and right to execute, deliver and perform this Terms
Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 
 (c)
this Terms Document has been duly executed and delivered by the Indenture Trustee. 
 Section 1.04 Limitations on Liability.

 (a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as
creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any
Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the
Indenture Trustee, the Owner Trustee, the Calculation Agent, the Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect
to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2016-4) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

  
 7 

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

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

The Class A(2016-4) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes to be issued pursuant to this Terms
Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class A(2016-4) Notes.” 

Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2016-4) Notes, without the consent of any Noteholders; provided that the Issuer has received written
confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class B
Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2016-4) Notes with a different form of credit enhancement (including, without limitation, a cash collateral
account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall
be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a
Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

  
 8 

 Section 2.03 Interest Payment. For the first Interest Payment Date, October 17,
2016, the amount of interest due with respect to the Class A(2016-4) Notes is $1,112,000. For each Interest Payment Date following the first Interest Payment Date for any Class A(2016-4) Note, the amount of interest due with respect to the Class
A(2016-4) Notes shall be an amount equal to 
  

	 	(i)	(A) a fraction, the numerator of which is 30 and the denominator of which is 360, times 

  

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

  

	 	(ii)	the Outstanding Dollar Principal Amount of the Class A(2016-4) Notes determined as of the first date of such related Interest Accrual Period, 

plus any Class A Tranche Interest Allocation Shortfall for such Class A(2016-4) Notes for the immediately preceding Distribution Date, together
with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of twelve 30-day months and a 360-day year. 

Section 2.04 [Reserved] 

Section 2.05 Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class A(2016-4) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2016-4) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2016-4) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class A(2016-4) Noteholders to receive payments from the Issuer will terminate on the Class A(2016-4) Termination Date.

 (c) All payments of principal, interest or other amounts to the Class A(2016-4) Noteholders will be made pro rata based on the
Stated Principal Amount of their Class A(2016-4) Notes. 
 Section 2.06 Form of Delivery of
Class A(2016-4) Notes; Depository; Denominations. 
 (a) The Class A(2016-4) Notes shall be delivered in the form of a Global Note which
shall be a Registered Note as provided in Section 204 of the Indenture. The form of the Class A(2016-4) Notes is attached hereto as Exhibit A. 

  
 9 

 (b) The Depository for the Class A(2016-4) Notes shall be The Depository Trust Company, and the
Class A(2016-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2016-4) Notes will
be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07 Delivery
and Payment for the Class A(2016-4) Notes. The Issuer shall execute and deliver the Class A(2016-4) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2016-4) Notes when authenticated, each in
accordance with Sections 203 and 303 of the Indenture. 
 Section 2.08 Targeted Deposits to the Accumulation Reserve
Account. The deposit targeted to be made to the Accumulation Reserve Subaccount for the Class A(2016-4) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve
Subaccount Deposit minus any amount on deposit in the Accumulation Reserve Subaccount for the Class A(2016-4) Notes. 

Section 2.09 Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Section 2.02 and
Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2016-4) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class A(2016-4) Notes (the “Notice
of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 
  

	 	(i)	the Issuance Date of such additional Class A(2016-4) Notes; 

  

	 	(ii)	the amount of such additional Class A(2016-4) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2016-4) Notes; 

 

	 	(iii)	the date from which interest on such additional Class A(2016-4) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2016-4) Notes; and 

  

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2016-4) Notes to clarify the rights of Holders of such additional Class A(2016-4) Notes or the effect of such issuance of
additional Class A(2016-4) Notes on any calculations to be made with respect to the Class A(2016-4) Notes, the Class A Notes or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A(2016-4) Notes; 

(b) no Class A(2016-4) Adverse Event has occurred and is continuing; and 

  
 10 

 (c) either (i) the issuance of such additional Class A(2016-4) Notes would be treated as
part of the same issue as the outstanding Class A(2016-4) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k) or (ii) such additional Class A(2016-4) Notes are not issued with “original issue discount” for purposes
of Section 1273 of the Code. 
 The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in
connection with an issuance of additional Class A(2016-4) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2016-4) Notes; provided, however, that the Issuer shall have to
deliver to the Indenture Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 
 Section 2.10
Designation of Additional Amounts to Be Included in the Excess Spread Amount for the DiscoverSeries Notes. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections
allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal
to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including
the Class A(2016-4) Notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that
provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 

Section 2.11 Variable Accumulation Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture
Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class A(2016-4) Notes and determine a new Accumulation Commencement Date, subject
to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class A(2016-4) Notes.
Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in
the commencement of the Accumulation Period pursuant to this Section 2.11). 
 The Calculation Agent on behalf of the Issuer shall
cause such delay if the Calculation Agent determines in good faith that each of the following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the
Calculation Agent on behalf of the Issuer reasonably believes that, based on the payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period
for the Class A(2016-4) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date (as defined in the applicable Terms Document); (ii) such delay is permitted under the Series 2007-CC Series
Supplement or any other applicable agreement relating to any Additional Collateral Certificate; and (iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been

  
 11 

 
adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the applicable Note Rating Agencies that such delay in the commencement of the
Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of Outstanding DiscoverSeries Notes, which were issued prior to January 1, 2009 and
for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement. If such confirmation from the applicable Note Rating Agency is not required, the
Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation Period for the Class A(2016-4) Notes is delayed pursuant to this Section 2.11.

 [Remainder of page intentionally blank; signature page follows] 

  
 12 

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

					
	 DISCOVER CARD EXECUTION NOTE TRUST, as Issuer

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

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

  

					
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Indenture Trustee

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

  
 [Signature Page to Class
A(2016-4) Terms Document] 

 EXHIBIT A 

FORM OF CLASS A(2016-4) NOTE 

 DISCOVERSERIES CLASS A(2016-4) NOTE 

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

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

			
	 REGISTERED
 No. [•]
	  	 $[•]*

CUSIP NO. 254683 BV6

 DISCOVER CARD EXECUTION NOTE TRUST 

1.39% 
 DISCOVERSERIES
CLASS A(2016-4) NOTE 
 DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein
referred to as the “Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of $[•]
([•] dollars) payable on the September 2019 Payment Date (the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the March 2022 Payment Date (the “Legal Maturity Date”). Interest will accrue on this Note at the rate of 1.39% per annum, as more
specifically set forth in the Class A(2016-4) Terms Document dated as of September 21, 2016 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”, which term includes any successor Indenture Trustee under the Indenture), and shall be due and payable on each Interest Payment Date for the period from and including the previous Interest Payment Date (or, in the case of the
first Interest Payment Date for any Class A(2016-4) Notes, from and including the applicable Issuance Date) to but excluding such Interest Payment Date. Interest will be computed on the basis of twelve 30-day months and a 360-day year (or, in the
case of the first Interest Payment Date, based on a 24-day period and a 360-day year). Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

The principal and interest may be payable monthly, and may be payable earlier or later than the Expected Maturity Date, following an Event of
Default or while an Early Redemption Event has occurred and is continuing. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount of the Class A(2016-4) Notes is $1,200,000,000.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though
fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee
whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to on the reverse hereof, or be valid or obligatory for any purpose. 

 

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

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

					
	 DISCOVER CARD EXECUTION NOTE TRUST,

as Issuer

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

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
		 	Date:                , 20        

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
		 	Date:                , 20        

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its 1.39% Class A(2016-4) DiscoverSeries Notes
(herein called the “Class A(2016-4) Notes”), all issued under an Amended and Restated Indenture dated as of December 22, 2015 (such Indenture, as may be further amended, restated, amended and restated, supplemented, replaced or
otherwise modified from time to time, is herein called the “Indenture”), as supplemented by a Second Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of December 22, 2015 (such Indenture
Supplement, as may be further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between the Issuer and Indenture Trustee, to which
Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class A(2016-4) Notes are subject to all terms of
the Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class A(2016-4) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the meanings assigned to them in or pursuant to
the Indenture, the Indenture Supplement and the Terms Document. 
 The Class B Notes, the Class C Notes and the Class D Notes of the
DiscoverSeries and other tranches of Class A Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class A(2016-4) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2016-4) Notes will be payable on the Expected Maturity Date in an amount
described on the face hereof except as otherwise provided in the Indenture or the Indenture Supplement. 
 As described above, the entire
unpaid principal amount of this Class A(2016-4) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2016-4) Notes shall be due and payable on the date on which an
Event of Default relating to the Class A(2016-4) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable Series, Class or Tranche of
Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2016-4) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided, however, that such
acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

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

 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note
Issuance Trust, may from time to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 

On each Payment Date, the Paying Agent shall distribute to each Holder of Class A(2016-4) Notes of record on the related Record Date (except
for the final distribution with respect to this Class A(2016-4) Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class A
Notes. 
 Payments of interest on this Class A(2016-4) Note due and payable on each Payment Date, together with any installment of
principal, if any, to the extent not in full payment of this Class A(2016-4) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2016-4) Note on the Note Register as of the close of business
on each Record Date, except that with respect to Class A(2016-4) Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in
immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring
that this Class A(2016-4) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2016-4) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Class A(2016-4) Note and of any Class A(2016-4) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided
in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A(2016-4) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class A(2016-4) Note at the
Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 

As provided in the Indenture and subject to certain limitations set forth therein and as set forth in the first legend on the face hereof, the
transfer of this Class A(2016-4) Note may be registered on the Note Register upon surrender of this Class A(2016-4) Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company
located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and
thereupon one or more new Class A(2016-4) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or
exchange of this Class A(2016-4) Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

 To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance
of a Class A(2016-4) Note or, in the case of a Note Owner, a beneficial interest in a Class A(2016-4) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust
or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master
Trust or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the
Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the
due presentment for registration of transfer of this Class A(2016-4) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2016-4) Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A(2016-4) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding
Dollar Principal Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class
A(2016-4) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class A(2016-4) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent or waiver is made upon this Class A(2016-4) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued
thereunder. 
 The term “Issuer” as used in this Class A(2016-4) Note includes any successor to the Issuer under the
Indenture. 
 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class A(2016-4) Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations therein set forth. 

 THIS CLASS A(2016-4) NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

No reference herein to the Indenture and no provision of this Class A(2016-4) Note or of the Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2016-4) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2016-4) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2016-4) Note. 

 ASSIGNMENT 

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

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
  

									
	Dated:	  	 	  		  	 	 	*
		  		  		  	Signature Guaranteed:	 	

  

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

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