Amendment No. 2 to Discover Financial Services Employee Stock Purchase Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the Discover Financial Services Employee Stock Purchase Plan, effective December 1, 2009. It revises certain language and procedures in the plan, including how rights are granted, how participants can change payroll deductions, the handling of whole and fractional shares, and the process for suspending participation and returning funds. The changes clarify participant rights and administrative processes but do not fundamentally alter the plan's purpose or structure.

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EX-10.2 3 dex102.htm AMENDMENT NO. 2 TO EMPLOYEE STOCK PURCHASE PLAN Amendment No. 2 to Employee Stock Purchase Plan

Exhibit 10.2

Amendment No. 2 to

Discover Financial Services

Employee Stock Purchase Plan

The Discover Financial Services Employee Stock Purchase Plan, as heretofore amended (the “Plan”), is hereby amended, effective as of December 1, 2009, in the following respects:

 

  1. By deleting the phrase “after receiving such right” where it appears in the third paragraph of Section 2 of the Plan and inserting in lieu thereof the phrase “after the right is granted”.

 

  2. By deleting the fourth paragraph of Section 4 of the Plan and inserting in lieu thereof the following:

 

    “Following his or her enrollment in the Plan, a participant may change the amount of his or her payroll deduction effective as of the first day of any payroll period by so directing the Company or its designated agent at the time and in the manner specified by the Committee.”

 

  3. By deleting the phrase “whole and fractional shares” where it appears in the second sentence of the fifth paragraph of Section 4 of the Plan and inserting in lieu thereof the phrase “whole and, unless otherwise provided by the Committee, fractional shares”.

 

  4. By deleting the second and third sentences of Section 7(a) of the Plan and inserting in lieu thereof the following:

 

    “Upon any suspension of participation, the participant’s payroll deductions shall cease, and the cash credited to such participant’s Purchase Account on the date of such suspension shall be delivered as soon as practicable to such participant.”