Document:

Second Amended Joint Venture Agreement

 Exhibit 10.12 

SECOND AMENDED TECHNOLOGY LICENSE AGREEMENT 

THIS SECOND AMENDED TECHNOLOGY LICENSE AGREEMENT (the “Agreement”) is made and entered into this
26th of August, 2010 (the “Agreement
Date”), by and between SenCer Inc., a New York corporation (“Licensor”), and GreenCell, Incorporated, a to be formed Florida Corporation (the
“Company”). 
 WITNESSETH: 

WHEREAS, Licensor is the inventor and owner of certain ceramic technology that has applications in a variety of areas including oxygen
sensors for home and automotive use, fuel cell technology, and igniter technology as further described herein; and 
 WHEREAS,
Licensor desires to license the technology to Company under the terms hereof; 
 NOW, THEREFORE, in consideration of the
premises and the mutual promises herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. DEFINITIONS 
 1.1.
“Derivative Technology” means any and all proprietary processes, inventions, discoveries, technology, apparatus, tools, drawings, designs, prototypes, plans, specifications, materials, trade secrets, works of authorship, know-how,
standards, documentation, applications, programs, methods, techniques, formulae, protocols, analyses, information and data in any form (whether or not patentable or copyrightable), and any and all other intellectual property or proprietary
information discovered, derived or developed from or based upon the Licensor Technology, or as a result of the Company’s use of the Licensor Technology. 

1.2. “Licensor Technology” means any and all proprietary processes, inventions, discoveries, technology, apparatus,
tools, drawings, designs, prototypes, plans, specifications, materials, trade secrets, works of authorship, know-how, standards, documentation, applications, programs, methods, techniques, formulae, protocols, analyses, information and data in any
form (whether or not patentable or copyrightable), and any and all other intellectual property or proprietary information, that presently exists or is developed prior to, on or after the date of execution of this Agreement relating in any way to
Licensor’s ceramic composite technology using the UltraTemp, Ceris or Ceros products, including gas igniters, appliance igniters, flue gas sensors, automotive sensor heaters, automotive gas sensors, fuel cell stacks and components, heat and gas
distribution products, but excluding plastic welding for automotive components, and operational capabilities related thereto. 

1.3. “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint
stock company, a trust, a joint venture, an unincorporated organization or other entity, or a government or any branch, department, agency, political subdivision or official thereof. 

1.4 “Fields of Use” means UltraTemp, Ceris or Ceros technology for the transportation or appliance gas ignition markets.

  
  

2. GRANT OF LICENSE 
 2.1
Effective as of the Agreement Date, Licensor hereby grants to Company, a perpetual, irrevocable, exclusive, nontransferable (other than as part of a sale of all or substantially all of the assets of the Company, a merger or consolidation of
the Company, or other transaction or series of transactions constituting a sale of all or substantially all of the Membership Interests in the Company, or as expressly provided in this Agreement), unlimited, unrestricted, worldwide, fully paid up,
royalty-free right and license, to (i) use the Licensor Technology and Derivative Technology (hereinafter, the “Technology”) in any and all transportation applications (the “Fields of Use”) and, (ii) design, develop,
manufacture, have manufactured, use, sell, offer for sale, promote, advertise, import, distribute, test or service products embodying or comprised of (in whole or in part) (x) said applications, and/or (y) the Licensor Technology and/or
Derivative Technology in the Fields of Use. 
 2.2 During the term of this Agreement, Licensor agrees that it (i) shall
have no right to exploit the Technology (in whole or in part) in the Field of Use; and (ii) shall not disclose or license any Technology (in whole or in part) in the Fields of Use to any Person without the prior written consent of the Company.

 2.3 The parties agree that the Company may sublicense its rights hereunder to (i) any
customer or client of the Company, without the prior written consent of Licensor or any other Person, and (ii) to any other Person with the prior written consent of Licensor. 

3. OWNERSHIP OF DERIVATIVE TECHNOLOGY 

3.1 Licensor acknowledges and agrees that the Company shall be the worldwide owner of (i) any and all Derivative Technology made or
developed by Licensor or the Company, alone or jointly with others, during the term and within the Fields of Use, and (ii) any and all intellectual property and proprietary rights in such Derivative Technology in the Fields of Use, including
without limitation the worldwide patents for such Derivative Technology and all subsidiary rights in such Derivative Technology. Licensor hereby assigns, and upon creation of said Derivative Technology does assign, to the Company all of
Licensor’s right, title and interest in and to such Derivative Technology in the Fields of Use, whether made or developed solely by Licensor or jointly with the Company or others. Licensor acknowledges that the decision whether or not to
commercialize, exploit or market any Derivative Technology in the Fields of Use is within the Company’s sole discretion and for the Company’s sole benefit. 

3.2 To the extent any said Derivative Technology is made or developed by Licensor, alone or joint with others, in the Fields of Use,
Licensor agrees to execute all documents requested by the Company and provide assistance to the Company to enable the Company or its designee(s) to secure all rights in and to said Derivative Technology, including the disclosure to the Company of
all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and all other instruments that the Company deems necessary to apply for and obtain such rights and to assign and convey to
the Company and its successors and assigns any patents or other intellectual property and proprietary rights relating thereto. 
 4. TERM AND
PARTIAL ROYALTY 
 This Agreement and the license granted hereunder shall become effective as of the Agreement Date and shall continue
in perpetuity. However, if after a period of 5 years any portion of the technology has not been developed or brought to market the exclusive nature of this License shall be lost as to the specific aspect of the license, and such technology may be
licensed or used elsewhere by SenCer. This License shall continue in a non-exclusive manner as to that technology, and this License shall not be affected as to any applications of the technology that has been developed and brought to market.

 In addition, as a result of SenCer adding additional technologies to this License, i.e. “the Igniter” technology, a
royalty shall be paid to SenCer, on a quarterly basis, of 2% of the gross sales or further 
  

 
 licensing of the Igniter technology, or the sale of
products which include that technology. This royalty shall not be paid on any other aspects of this license, and shall be limited to the Igniter, and any products related thereto. 

5. REPRESENTATIONS AND WARRANTIES 

Licensor represents and warrants to the Company that, as of the date of execution of this Agreement, (i) Licensor is the sole and
exclusive owner of all worldwide right, title and interest in and to the Licensor Technology, free and clear of any liens, claims, security interests, encumbrances or demands of third parties, (ii) Licensor has the full right and authority to
enter into and grant to the Company, all rights granted under this Agreement, (iii) Licensor is not a party to any agreement and has not granted to any Person any right, license, or privilege that conflicts with this Agreement, (iv) the
Licensor Technology is not being infringed and does not infringe the intellectual property or proprietary rights of any Person, (v) the Licensor Technology has not been disclosed to any Person other than the Company, (vi) Licensor has not
received written notice of any judicial, administrative or other proceeding or claim pending, or to Licensor’s knowledge threatened, against or otherwise affecting or relating to any of the Licensor Technology or which calls into question
(expressly or by implication) the right of the Company to exercise any rights granted to it hereunder, (vii) in no event shall the Company be obligated to pay any fees or any amounts to Licensor or any Person for the assignment, use or
exploitation of any Technology, and (viii) upon the request of the Company, Licensor shall, at its own expense, take any and all actions necessary and/or advisable to protect and defend all rights in the Licensor Technology. 

 6. INDEMNIFICATION; LIMITATION OF LIABILITY 

6.1 IN NO EVENT SHALL THE COMPANY, ITS SUBSIDIARIES AND AFFILIATES, OR THEIR RESPECTIVE DIRECTORS, OFFICERS, MEMBERS (OTHER THAN
LICENSOR), EMPLOYEES, AGENTS, TRANSFEREES, SUCCESSORS AND ASSIGNS BE LIABLE TO LICENSOR FOR INCIDENTAL, PUNITIVE, INDIRECT, CONSEQUENTIAL OR SPECIAL DAMAGES, INCLUDING LOST PROFITS, WHETHER FORESEEABLE OR UNFORESEEABLE (AND WHETHER OR NOT ADVISED OF
THE POSSIBILITY THEREOF), ARISING FROM ANY CAUSE OF ACTION WHATSOEVER, INCLUDING CONTRACT, WARRANTY, STRICT LIABILITY, OR NEGLIGENCE, ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

7. INFRINGEMENT 
 7.1 In
the event that Licensor or the Company learns of any claim or act of any Person that constitutes or may constitute or result in an infringement or other violation of any Technology in the Fields of Use, such party shall promptly notify the other
party thereof in writing and provide any available evidence of such infringement. 
 7.2 Licensor shall have the first right, at
its own expense, to institute and prosecute all actions, suits or proceedings against any violation of Licensor Technology in the Fields of Use. The Company shall keep any recovery or damages for infringement derived from any such actions, suits or
proceedings. The Company shall reimburse Licensor for reasonable out-of-pocket costs and expenses actually incurred by Licensor in connection with the initiation and prosecution of any such action, suit and proceeding, provided that all such costs
and expenses were preapproved by the Company in writing prior to Licensor incurring such costs and expenses. Licensor shall provide any and all documentation requested by the Company in connection with any reimbursable costs and expenses incurred.
The Company shall determine the reasonableness of the expenses incurred in its sole discretion. 
  

 
 7.3 If Licensor fails to initiate
proceedings to prevent, or otherwise respond to any such violation of Licensor Technology within six (6) months of learning of such violation or receipt of written notice of such violation from the Company, the Company shall have the right upon
written notice to Licensor to initiate and/or prosecute, at Licensor’s expense, such actions, suits or proceedings as the Company may deem necessary or appropriate to prevent or terminate such infringement or to recover damages in respect
thereof. The Company shall keep any recovery or damages for infringement derived from any such actions, suits or proceedings. 

7.4 Licensor shall, at the request of the Company and at Licensor’s expense, render all reasonable assistance, including without
limitation joining in as a party, providing testimony and all information and documents in its possession, custody and/or control and any witnesses, as is or may be required in the conduct of any actions, suits or proceedings referred to in this
Section 7. 
 7.5 Notwithstanding anything contained in this Agreement, under no circumstances shall Licensor enter into
any settlement or agreement or make any admissions that would affect the rights of the Company with respect to any Technology without first obtaining the written consent of the Company. 

8. BANKRUPTCY 
 The
parties hereto agree that the rights to the Technology licensed by Licensor to the Company under this Agreement constitute “intellectual property” as defined in Section 101 (35A) of the United States Bankruptcy Code and that this
Agreement shall be governed by Section 365(n) of the United States Bankruptcy Code, as applicable, in the event Licensor voluntarily or involuntarily becomes subject to the protection of the United States Bankruptcy Code and Licensor or the
trustee in bankruptcy rejects this Agreement under the United States Bankruptcy Code (“Triggering Event”). Upon the occurrence of a Triggering Event, the Company shall have the right to: (a) treat this Agreement as terminated; or
(b) retain the Company’s rights under this Agreement, specifically including, without limitation, the right to exercise its rights granted herein to the Technology. Failure by the Company to assert its right to retain its benefits to the
intellectual property embodied in the Technology pursuant to Section 365(n) shall not be construed by the courts as a termination of such contract by the Company under Section 365(n). Any attempted assignment of this Agreement by Licensor
or the trustee in bankruptcy to any Person shall be subject to such Person providing “adequate assurance of future performance” (as referenced in Section 365(f) of the United States Bankruptcy Code) to the Company. 

9. GENERAL 
 9.1
Governing Law. This Agreement is made pursuant to and shall be governed by and construed in accordance with the laws of the State of Florida, without regard to the conflict of laws principles thereof. The venue for any suit or proceeding brought as
a result of this Agreement shall be the appropriate federal or state court in Orange County, Florida. 

 9.2 Notices. Any notice required or permitted to be given by either party
shall be given in accordance with the notice provision(s) of the laws of the State of Florida. 
 9.3 Assignment. Subject
to Section 2.1 herein, neither this Agreement nor the license granted or the parties’ respective obligations hereunder may be assigned, delegated, sold or transferred by either party hereto, in whole or in part, without the prior written
consent of the other party (any attempt to do so shall be void), which shall not be unreasonably withheld. Licensor further agrees that Licensor’s right, title and interest in and to the Licensor Technology may be not be assigned, delegated,
sold or transferred by Licensor, in whole or in part, without the prior written consent of the Company. 
  

 
 9.4 Survival. The terms and
conditions set forth in Sections 3, 5, 6 and 7 shall survive any termination of this Agreement. 
 9.5 Miscellaneous. This
Agreement constitutes the entire agreement between the parties hereto concerning the subject matter hereof and supersedes all prior negotiations, understandings, undertakings or agreements (whether oral or written) between the parties. This
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective transferees, successors and permitted assigns. The waiver or failure of a party hereto to require performance of any provision of this Agreement
shall not be construed as a waiver of that party’s right to insist on performance of that same provision, or any other provision, at some other time. Any amendment or modification of this Agreement, or any waiver of its terms, in order to be
binding, must be written and signed by both Licensor and the Company. If any provision of this Agreement shall be deemed invalid or unenforceable, in whole or in part, or as applied to any circumstance, then such provision shall be deemed to be
modified or restricted to the extent and in the manner necessary to render the same valid and enforceable, or shall be deemed excised from this Agreement, as the case may require, and this Agreement shall then be construed and enforced to the
maximum extent permitted by law. This Agreement may be executed in counterparts, each of which shall be deemed an original, but which together shall constitute one and the same agreement, but no counterpart shall be binding unless an identical
counterpart shall have been executed and delivered by each of the other parties hereto. 
 IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed as of the Agreement Date first written above. 
  

									
	 SENCER INC.
	 		 	GREENCELL, INCORPORATED.
					
	By:	 	 /s/ David D. Burt
	 		 	By:	 	 /s/ Dan Valladao

	Name:	 	David D. Burt	 		 	Name:	 	Dan Valladao
	Title:	 	President	 		 	Title:	 	CEOClass A(2010-2) Terms Document

 Exhibit 4.1 

 
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and

 U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 

CLASS A(2010-2) TERMS DOCUMENT 

Dated as of September 20, 2010 

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

for the DiscoverSeries Notes 

to 
 INDENTURE

 Dated as of July 26, 2007 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	ARTICLE I
	
	Definitions and Other Provisions of General Application
			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Representations and Warranties of Issuer	  	7
	Section 1.03	  	Representations and Warranties of Indenture Trustee	  	8
	Section 1.04	  	Limitations on Liability	  	8
	Section 1.05	  	Governing Law	  	9
	Section 1.06	  	Counterparts	  	9
	Section 1.07	  	Ratification of Indenture and Indenture Supplement	  	9
	
	ARTICLE II
	
	The Class A(2010-2) Notes
			
	Section 2.01	  	Creation and Designation	  	9
	Section 2.02	  	Adjustments to Required Subordinated Percentages and Amount	  	9
	Section 2.03	  	Interest Payment	  	10
	Section 2.04	  	Notification of LIBOR	  	10
	Section 2.05	  	Payments of Interest and Principal	  	10
	Section 2.06	  	Form of Delivery of Class A(2010-2) Notes; Depository; Denominations	  	11
	Section 2.07	  	Delivery and Payment for the Class A(2010-2) Notes	  	11
	Section 2.08	  	Targeted Deposits to the Accumulation Reserve Account	  	11
	Section 2.09	  	Additional Issuances of Notes	  	11
	Section 2.10	  	Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes	  	12
	Section 2.11	  	Variable Accumulation Period	  	12

 Exhibit 

 

			
	 Exhibit A
	  	Form of Class A Note

 THIS CLASS A(2010-2) TERMS DOCUMENT (this “Terms Document”), by and between
DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the
United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of September 20, 2010. 

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(2010-2) Notes; 

(6) each capitalized term defined herein shall relate only to the Class A(2010-2) Notes and no other Tranche of Notes issued by the
Issuer; 
 (7) “including” and words of similar import will be deemed to be followed by “without
limitation”; and 
 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a)

 
include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any payments, deposits or other allocations
made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other allocations made on the related
Distribution Date. 
 “Accumulation Amount” means $50,000,000; 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, 2014, or such later date as the Calculation Agent on behalf of
the Issuer determines in accordance with Section 2.11 hereof. 
 “Accumulation Period” has the meaning set
forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.11 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in
the Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on
behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right
column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date
immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class A(2010-2) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2010-2) Notes is paid in full. 

 

			
	 Distribution Date:
	  	 Condition:

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

  

 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(2010-2) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with
respect to the Class A(2010-2) Notes or (b) an Event of Default and acceleration of the Class A(2010-2) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an
Excess Spread Early Redemption Cure has occurred, a Class A(2010-2) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class A(2010-2) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class
A(2010-2) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2010-2)
Noteholder” means a Person in whose name a Class A(2010-2) Note is registered in the Note Register. 
 “Class
A(2010-2) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2010-2) Notes is paid in full, (b) the Legal Maturity Date and (c) the
date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 
 “Class Expected Final Payment
Date” with respect to Series 2009-SD of the Master Trust has the meaning set forth in the Series 2009-SD Supplement. 

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

 

 3 

 “Expected Maturity Date” means September 15, 2015. 

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

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

“Initial Dollar Principal Amount” means $600,000,000, 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(2010-2) Note, from and including the applicable Issuance Date) to but excluding such Interest Payment
Date. 
 “Interest Payment Date” means the fifteenth day of each month commencing in October 2010, or if such
fifteenth day is not a Business Day, the next succeeding Business Day. 
 “Issuance Date” means
September 20, 2010 with respect to all Class A(2010-2) Notes issued on the date hereof and, with respect to any additional Class A(2010-2) Notes issued pursuant to Section 2.09 hereof, any Issuance Date specified in the Notice of
Additional Issuance delivered thereunder. 
 “Legal Maturity Date” means March 15, 2018. 

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

 

 4 

 “LIBOR Business Day,” if applicable, shall mean a day other than a Saturday
or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed. 

“LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest
Accrual Period. 
 “Note Interest Rate” means LIBOR + 0.58% per annum, calculated on the basis of the
actual number of days elapsed and a 360-day year. 
 “Notice of Additional Issuance” has the meaning set forth
in Section 2.09 hereof. 
 “Required Daily Deposit Target Finance Charge Amount” means, for any day in a
Due Period, an amount equal to the Class A Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the
Class A Tranche Interest Allocation cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class A
Tranche Interest Allocation determined based on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in
the Accumulation Period for the Class A(2010-2) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class A(2010-2) Adverse Event, the Nominal Liquidation Amount of the Class A(2010-2)
Notes, and (iii) in all other circumstances, zero. 
 “Required Subordinated Amount of Class B Notes”
means, for the Class A(2010-2) Notes for any date of determination, an amount equal to the product of 
 (a) the Required
Subordinated Percentage of Class B Notes for such Class A(2010-2) Notes on such date of determination and 
 (b) the Nominal
Liquidation Amount of such Class A(2010-2) Notes on such date of determination; 
 provided however, that for any date of determination
on or after the occurrence and during the continuation of a Class A(2010-2) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2010-2) Notes will be the greater of 

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

(y) the amount determined above for the date immediately prior to the date on which such Class A(2010-2) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class C Notes” means, for the Class A(2010-2) Notes for any date
of determination, an amount equal to the product of 
  

 5 

 (a) the Required Subordinated Percentage of Class C Notes for such Class A(2010-2) Notes on
such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2010-2) Notes on such date of
determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of
a Class A(2010-2) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2010-2) Notes will be the greater of 

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

(y) the amount determined above for the date immediately prior to the date on which such Class A(2010-2) Adverse Event shall have
occurred. 
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2010-2) Notes for any date
of determination, an amount equal to the product of 
 (a) the Required Subordinated Percentage of Class D Notes for such Class
A(2010-2) Notes on such date of determination and 
 (b) the Nominal Liquidation Amount of such Class A(2010-2) Notes on such
date of determination; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of
a Class A(2010-2) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2010-2) Notes will be the greater of 
  

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

  

	 	(y)	the amount determined above for the date immediately prior to the date on which the Class A(2010-2) Adverse Event shall have occurred. 

“Required Subordinated Percentage of Class B Notes” means, for the Class A(2010-2) Notes, 7.284768%, subject to
adjustment in accordance with Section 2.02; provided, however, that prior to the Class Expected Final Payment Date for Series 2009-SD, the Required Subordinated Percentage of Class B Notes for the Class A(2010-2) Notes will be 7.142857%,
subject to adjustment in accordance with Section 2.02. 
 “Required Subordinated Percentage of Class C
Notes” means, for the Class A(2010-2) Notes, 9.271523%, subject to adjustment in accordance with Section 2.02; provided, however, that prior to the Class Expected Final Payment Date for Series 2009-SD, the Required Subordinated
Percentage of Class C Notes for the Class A(2010-2) Notes will be 9.090909%, subject to adjustment in accordance with Section 2.02. 

“Required Subordinated Percentage of Class D Notes” means, for the Class A(2010-2) Notes, 15.894040%, subject to
adjustment in accordance with Section 2.02; provided, however, that prior to the Class Expected Final Payment Date for Series 2009-SD, the Required 

 

 6 

 
Subordinated Percentage of Class D Notes for the Class A(2010-2) Notes will be 13.636364%, subject to adjustment in accordance with Section 2.02. 

“Reuters Screen LIBOR01” means the display page currently so designated on the Reuters Screen (or such other page as may
replace that page on that service for the purpose of displaying comparable rates or prices). 
 “Series 2009-SD
Supplement” means the Series 2009-SD Series Supplement to the Pooling and Servicing Agreement dated as of September 23, 2009, by and between Discover Bank as Master Servicer, Servicer and Seller and U.S. Bank National Association as
Trustee, as amended by that certain Amendment to Specified Series Supplements, dated as of June 4, 2010, and as may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Specified Rating” means, for the Class A(2010-2) Notes, AAA(sf)* with respect to Standard & Poors and AAAsf*
with respect to Fitch. 
 “Stated Principal Amount” means $600,000,000 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(2010-2) Notes as of the close of business on
the last day of the related Due Period or (ii) any other amount designated by the Calculation Agent on behalf of the Issuer. 

Section 1.02 Representations and Warranties of Issuer. The Issuer represents and warrants that: 

(a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of
Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

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

 

	*	An “(sf)” in the Standard & Poors rating and an “sf” in the Fitch rating in each case denotes an identification for structured finance product
ratings that was implemented by Standard & Poors and Fitch for ratings of structured finance products as of September 2010. 

  

 7 

 (d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with
any law or governmental regulation or court decree applicable to it; 
 (e) the Issuer is not required to be registered under
the Investment Company Act; 
 (f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for
purposes of or in connection with this Terms Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or
based on reasonable estimates on the date as of which such information is stated or certified; and 
 (g) to the best knowledge
of the Issuer, there are no proceedings or investigations pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting
the invalidity of this Terms Document, (B) seeking to prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially
and adversely affect the performance by the Issuer of its obligations under this Terms Document or the validity or enforceability of this Terms Document. 

Section 1.03 Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor
trustee shall represent and warrant that: 
 (a) The Indenture Trustee is organized, existing and in good standing under the
laws of the United States of America; 
 (b) The Indenture Trustee has full power, authority and right to execute, deliver and
perform this Indenture, 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, 
  

 8 

 
warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 

(b) None of the Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any
Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged to secure these Class A(2010-2) Notes
under the Indenture, the Indenture Supplement and this Terms Document. 
 Section 1.05 Governing Law. THIS TERMS DOCUMENT
WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF
ANY OTHER STATE. 
 Section 1.06 Counterparts. This Terms Document may be executed in any number of counterparts, each of
which when so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 1.07 Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and
the Indenture Supplement is in all respects ratified and confirmed and the Indenture as supplemented by the Indenture Supplement and this Terms Document shall be read, taken and construed as one and the same instrument. 

ARTICLE II 
 The
Class A(2010-2) Notes 
 Section 2.01 Creation and Designation. There is hereby created a Tranche of Class A Notes
to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class A(2010-2) Notes.” 

Section 2.02 Adjustments to Required Subordinated Percentages and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class B Notes, the
Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2010-2) Notes, without the consent of any Noteholders; provided that the Issuer has received written
confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

(b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of
Class B Notes, the Required Subordinated Amount of Class C Notes or the Required Subordinated Amount of Class D Notes, in each case for the Class A(2010-2) Notes with a different form of credit enhancement (including, without

  

 9 

 
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. 

Section 2.03 Interest Payment. For each Interest Payment Date, the amount of interest due with respect to the Class A(2010-2)
Notes shall be an amount equal to 
  

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

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

  

	 	(ii)	the Outstanding Dollar Principal Amount of the Class A(2010-2) Notes determined as of the first date of such related Interest Accrual Period, plus

 any Class A Tranche Interest Allocation Shortfall for such Class A(2010-2) Notes for the immediately preceding
Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day
year. 
 Section 2.04 Notification of LIBOR. On each LIBOR Determination Date, the Indenture Trustee shall send to the
Issuer, the Beneficiary, each applicable Master Servicer and any stock exchange on which the Class A(2010-2) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of
LIBOR for the following Interest Accrual Period. 
 Section 2.05 Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class A(2010-2) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class A(2010-2) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class A(2010-2) Notes shall be made as set forth in Section 1101 of the Indenture. 

(b) The right of the Class A(2010-2) Noteholders to receive payments from the Issuer will terminate on the Class A(2010-2) Termination
Date. 
  

 10 

 (c) All payments of principal, interest or other amounts to the Class A(2010-2) Noteholders
will be made pro rata based on the Stated Principal Amount of their Class A(2010-2) Notes. 
 Section 2.06 Form of
Delivery of Class A(2010-2) Notes; Depository; Denominations. 
 (a) The Class A(2010-2) Notes shall be delivered in the
form of a Global Note which shall be a Registered Note as provided in Section 204 of the Indenture. The form of the Class A(2010-2) Notes is attached hereto as Exhibit A. 

(b) The Depository for the Class A(2010-2) Notes shall be The Depository Trust Company, and the Class A(2010-2) Notes shall initially be
registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2010-2) Notes will be issued in minimum
denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 
 Section 2.07 Delivery and Payment for
the Class A(2010-2) Notes. The Issuer shall execute and deliver the Class A(2010-2) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2010-2) Notes when authenticated, each in accordance with
Sections 203 and 303 of the Indenture. 
 Section 2.08 Targeted Deposits to the Accumulation Reserve Account. The deposit
targeted to be made to the Accumulation Reserve Subaccount for the Class A(2010-2) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus
any amount on deposit in the Accumulation Reserve Subaccount for the Class A(2010-2) Notes. 
 Section 2.09 Additional
Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class A(2010-2) Notes, so long as the following conditions precedent
are satisfied: 
 (a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class
A(2010-2) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	the Issuance Date of such additional Class A(2010-2) Notes; 

  

	 	(ii)	the amount of such additional Class A(2010-2) Notes being offered and the resulting Initial Dollar Principal Amount and Stated Principal Amount of Class A(2010-2)
Notes; 

  

	 	(iii)	the date from which interest on such additional Class A(2010-2) Notes will accrue (which may be a date prior to the date of issuance thereof); 

 

	 	(iv)	the first Interest Payment Date on which interest will be paid on such additional Class A(2010-2) Notes; and 

 

 11 

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class A(2010-2) Notes to clarify the rights of Holders of such additional Class
A(2010-2) Notes or the effect of such issuance of additional Class A(2010-2) Notes on any calculations to be made with respect to the Class A(2010-2) Notes, Class A, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class A(2010-2) Notes;

 (b) no Class A(2010-2) Adverse Event has occurred and is continuing; and 

(c) either (i) the issuance of such additional Class A(2010-2) Notes would be treated as part of the same issue as the outstanding
Class A(2010-2) Notes under Treasury Regulation Sections 1.1275-1(f)(1) or 1.1275-2(k), or (ii) such additional Class A(2010-2) Notes are not issued with “original issue discount” for purposes of Section 1273 of the Code.

 The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an
issuance of additional Class A(2010-2) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class A(2010-2) Notes; provided, however, that the Issuer shall have to deliver to the Indenture
Trustee a Master Trust Tax Opinion and an Issuer Tax Opinion with respect to such issuance. 
 Section 2.10 Designation of
Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such
Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all
Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the Class
A(2010-2) Notes and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections
allocated to such Series will be so deposited (including Series 2009-SD), is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 

Section 2.11 Variable Accumulation Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture
Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class A(2010-2) Notes and determine a new Accumulation Commencement Date, subject
to the conditions set forth in this Section 2.11; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class A(2010-2) Notes.
Any such delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in
the commencement of the Accumulation Period pursuant to this Section 2.11). 
  

 12 

 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(2010-2) Notes will
not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date; (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement relating to any Additional Collateral
Certificate; and (iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be required to obtain confirmation from the
applicable Note Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of such delay there is a Tranche of
Outstanding DiscoverSeries Notes, which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to Section 4.02 of the Indenture Supplement.
If such confirmation from the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event that the commencement of the Accumulation
Period for the Class A(2010-2) Notes is delayed pursuant to this Section 2.11. 
 [Remainder of page intentionally blank;
signature page follows] 
  

 13 

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

					
	 DISCOVER CARD EXECUTION NOTE TRUST,
as Issuer

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

		
	By:	 	  

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

		
	By:	 	  

		 	Name:	 	Patricia M. Child
		 	Title:	 	Vice President

 [Signature Page to
Class A(2010-2) Terms Document] 

 FORM OF DISCOVERSERIES CLASS A(2010-2) NOTE 

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

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

			
	REGISTERED	 	$[—] *
	No. 1	 	CUSIP NO. 254683AN5

 DISCOVER
CARD EXECUTION NOTE TRUST 
 Floating Rate 

DISCOVERSERIES CLASS A(2010-2) NOTE 

DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein referred to as the
“Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, subject to the following provisions, a principal sum of
$[—] ([—] dollars) payable on the September 15, 2015 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 15, 2018 Payment Date (the
“Legal Maturity Date”). Interest will accrue on this Note at the rate of one-month LIBOR + 0.58% per annum, as more specifically set forth in the Class A(2010-2) Terms Document dated as of September 20, 2010 (the
“Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), and shall be due and
payable on each Interest Payment Date from and including the previous Interest Payment Date (or, in the case of the first Interest Payment Date for any Class A(2010-2) Notes, from and including the applicable Issuance Date) to but excluding such
Interest Payment Date. Interest will be computed on the basis of the actual number of days elapsed and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount of the Class A(2010-2) Notes is
$600,000,000. 
 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. 

 

 2 

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

					
	 DISCOVER CARD EXECUTION NOTE TRUST,
as Issuer

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

		 		 	Name:
		 		 	Title:
			
		 		 	Date:  

  

 3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
		 	 Date:

  

 4 

 REVERSE OF NOTE 

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

The Class A(2010-2) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 Principal of the Class A(2010-2) Notes will be payable on the Expected Maturity Date
in an amount described on the face hereof except as otherwise provided in the Indenture or the Indenture Supplement. 
 As
described above, the entire unpaid principal amount of this Class A(2010-2) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A(2010-2) Notes shall be due and
payable on the date on which an Event of Default relating to the Class A(2010-2) Notes shall have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable
Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have declared the Class A(2010-2) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided,
however, that such acceleration of the entire unpaid principal amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

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

 5 

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

On each Payment Date, the Paying Agent shall distribute to each Holder of Class A(2010-2) Notes of record on the related Record Date
(except for the final distribution with respect to this Class A(2010-2) Note) such Holder’s pro rata share of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the
Class A Notes. 
 Payments of interest on this Class A(2010-2) Note due and payable on each Payment Date, together with any
installment of principal, if any, to the extent not in full payment of this Class A(2010-2) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class A(2010-2) Note on the Note Register as of the
close of business on each Record Date, except that with respect to Class A(2010-2) Notes registered on the Record Date in the name of the nominee of the clearing agency (initially, such nominee to be CEDE & CO.), payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Class A(2010-2) Note be submitted for notation of payment. Any reduction in the principal amount of this Class A(2010-2) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall
be binding upon all future Holders of this Class A(2010-2) Note and of any Class A(2010-2) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Class A(2010-2) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class
A(2010-2) Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made,
details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer in Schedule A hereto. 
 As provided
in the Indenture and subject to certain limitations set forth therein and as set forth in the first legend on the face hereof, the transfer of this Class A(2010-2) Note may be registered on the Note Register upon surrender of this Class A(2010-2)
Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is
located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Class A(2010-2) Notes of authorized denominations and in the same aggregate principal amount
will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class A(2010-2) Note, but the transferor may be required to pay a sum

  

 6 

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

To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class A(2010-2) Note or, in the case
of a Note Owner, a beneficial interest in a Class A(2010-2) Note, covenants and agrees that by accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for
registration of transfer of this Class A(2010-2) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class A(2010-2) Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class A(2010-2) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to
the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification
of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal
Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class A(2010-2) Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Class A(2010-2) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Class A(2010-2) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class A(2010-2) Note includes any successor to the Issuer under the Indenture.

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the
Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class A(2010-2) Notes are issuable only in registered
form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
  

 7 

 THIS CLASS A(2010-2) NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

No reference herein to the Indenture and no provision of this Class A(2010-2) Note or of the Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class A(2010-2) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent,
officer, director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class A(2010-2) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture
Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class A(2010-2) Note. 

 

 8 

 ASSIGNMENT 

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

 

															
	  
	 		 		 		 		 		 		 	

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

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

 

									
	Dated:	 	  
	 		 	  
	 	*
		 		 		 	Signature Guaranteed:	 	

  

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

  

 9 

 SCHEDULE A 

PART I 

INTEREST PAYMENTS 
  

									
	 Interest
Payment Date
	 	Date of
Payment	 	Total Amount
of Interest
Payable	 	Amount of
Interest Paid	 	 Confirmation of

payment by or on

behalf of the Note Issuance
Trust

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

  

 10 

 PART II 

PRINCIPAL PAYMENTS 
  

									
	 Principal
Payment Date
	 	Date of
Payment	 	Total Amount
of Principal
Payable	 	Total Amount
Paid	 	 Confirmation of

payment by or on

behalf of the Note Issuance
Trust

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

  

 11

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