SEC Contract Filing

Filing Date: 2019-02-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.62
<SEQUENCE>2
<FILENAME>dfsex106212312018.htm
<DESCRIPTION>AMENDMENT NO. 7 TO THE DIRECTORS' COMPENSATION PLAN OF DISCOVER FINANCIAL SERVIC
<TEXT>
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<div><a name="s8f7caf4dbe6f4a55ab21a6576fb6c457"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;font-weight:bold;">Exhibit 10.62</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:Times New Roman;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;font-weight:bold;text-decoration:underline;">Amendment No. 7 to the Discover Financial Services</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;font-weight:bold;text-decoration:underline;">Directors&#8217; Compensation Plan</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">Effective January 1, 2019, the Discover Financial Services Directors&#8217; Compensation Plan (the &#8220;Plan&#8221;), is hereby amended in the following respects:</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">The Plan is amended by replacing the text of Subsection 5(a)(ii) </font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;text-decoration:underline;">Subsequent Awards</font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">&#32;in Section 5 </font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;font-weight:bold;">Initial and Annual Awards</font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">&#32;in its entirety with the following:</font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">(ii)&#160;&#160;&#160;&#160;</font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;text-decoration:underline;">Subsequent Awards</font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">. As of the date of each Annual Meeting, each Eligible Director, including, without limitation, any Eligible Director who becomes a member of the Board by reason of being elected to the Board at such Annual Meeting, shall be entitled to receive a number of Restricted Stock Units equal to the number obtained by dividing $150,000 by the Fair Market Value of a share of Stock on such day; </font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">provided, however, </font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">that such Eligible Director continues to serve as a director of the Company after such Annual Meeting. Notwithstanding the foregoing, if a person becomes an Eligible Director on a date other than the date of an Annual Meeting, the equity award provided for in this Section 5(a)(ii) shall be granted on the date that such person becomes an Eligible Director, using the Fair Market Value of a share of Stock on such date;</font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">&#32;provided, however,</font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">&#32;that such award shall be adjusted on a pro-rata basis by multiplying such award by a fraction where the numerator is the number of months between the date that such person becomes an Eligible Director and the date of the next Annual Meeting and the denominator is twelve (12). </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;">The Plan is amended by replacing the text of Subsection 7(a) </font><font style="font-family:Futura LT Medium,sans-serif;font-size:10pt;text-decoration:underline;">Board Members</font><