Discover Letterhead]

Terms of Continued Employment –

Term. This letter agreement will be effective on the date hereof (the “Effective Date”) and your employment and compensation pursuant to this letter agreement will commence on April 1, 2025 (the “Start Date”) and continue through the earlier of the Closing (as defined below) or June 30, 2025 (the “Intended Term”), or your earlier termination of employment. You agree that you have committed to serve in the role of Interim Chief Executive Officer and President for the Intended Term.

Position. On the Start Date, you will continue to serve as Interim Chief Executive Officer and President of Discover. In that capacity, you will continue to report directly (and only) to the Board and have all of the customary authorities, duties and responsibilities that accompany these positions. All senior management of Discover shall report to or through you, other than certain limited positions that will report directly to the Board (or a committee) and that will report administratively to or through you. You also will continue to serve as Interim President of Discover Bank and continue to serve as a member of the Board.

Direct Compensation.

Base Salary. Your base salary will be at a monthly rate of $1,750,000 for the month of April, and $750,000 for the months of May and June, in each case prorated for any partial months. The base salary will be paid in accordance with Discover’s customary payroll practices.

Merger Completion Bonus. You will be eligible to receive a one-time cash award of $2,400,000 (the “Merger Completion Bonus”), which will be earned if the merger with Capital One Financial Corporation pursuant to the Agreement and Plan of Merger dated February 19, 2024 including, for the avoidance of doubt, any amendment or modification to such Agreement and Plan of Merger (the “Closing”) occurs on or before June 30 and your employment continues through to the time immediately prior to the Closing. If earned, the Merger Completion Bonus will be paid to you by Discover immediately prior to the Closing.

Existing Equity Awards. For the avoidance of doubt, any existing Discover equity awards which are outstanding and unvested as of the Effective Date shall continue to vest in accordance with their terms.

Benefits. You will be entitled to benefits consistent with the benefits received by senior management of Discover, including medical, dental, vision, short- and long-term disability, life insurance, accidental death and dismemberment insurance, and participation in Discover’s 401(k) plan (including any matching amounts) and paid time off policy, in each case in accordance with applicable Discover policies as in effect from time to time. You will also be eligible for reimbursement of reasonable business expenses in accordance with Discover’s Corporate Expense Policy. In addition, you will be entitled to use Discover’s aircraft for business and commuting travel, will be provided with an apartment in the Riverwoods area and will have access to a car and driver for business and personal use while in Riverwoods. Discover will reimburse you to make you whole for any taxes incurred in connection with your commuting travel. Discover will pay your expenses of advisors in connection with negotiating and documenting this letter agreement and the arrangements it contemplates, up to a maximum of $25,000.

Termination Protection. In the event that, prior to the end of the Intended Term, Discover terminates your employment without Cause or your employment terminates as a result of death or Disability (as such terms are defined in the Discover Change in Control Severance Policy (the “CiC Policy”)) or you terminate employment with Good Reason (as defined below), subject to your (or your estate or beneficiaries) timely signing and delivery of an agreement and release with respect to any and all claims in a form substantially similar to that attached as Exhibit A hereto, (i) Discover shall pay to you (or your beneficiaries or estate, if applicable) any unpaid base salary amounts for the Intended Term under Section 3A when such amounts would otherwise have been paid, and (ii) the Merger Completion Bonus will remain eligible to be earned and shall be paid to you (or your beneficiaries or estate, if applicable) notwithstanding cessation of your continued employment but subject to the condition that the Closing occurs on or before June 30 and less any amounts paid pursuant to clause (i). In all cases, you will be entitled to any earned but unpaid base salary and any accrued reimbursable business expenses through the date of termination, and any benefits due or payable in accordance with the terms of the applicable benefit plans. For the avoidance of doubt, you will not be eligible to participate in the Discover Change in Control Severance Policy or the Discover Severance Plan, or entitled to any severance payments or benefits other than as specifically set forth herein. After your service as Interim Chief Executive Officer and President ends, you will be compensated as a non-employee director in accordance with Discover’s Directors’ Compensation Plan for as long as you continue to serve in such role.

Indemnification and Cooperation. During and after your employment, Discover will indemnify you in your capacity as an officer and a member of the Board (and advance expenses in connection therewith) to the fullest extent permitted by applicable law and Discover’s charter and by-laws and shall cover you under any directors’ and officers’ liability insurance policies applicable to senior management and/or Board members. You agree (whether during or after your employment) to reasonably cooperate with Discover in connection with any litigation or regulatory matter or with any government authority on any matter, in each case, pertaining to Discover and with respect to which you may have relevant knowledge. After your employment terminates, Discover shall pay or reimburse you for all reasonable expenses incurred in such cooperation, including travel reimbursement at the same levels as when you were Interim Chief Executive Officer and Interim President and reasonable legal fees incurred if you in good faith believe independent legal counsel to be reasonably appropriate. You shall not be required to cooperate against your legal interests or the legal interests of any subsequent employer. The term “cooperation” does not mean that you must provide information that is favorable to Discover; it means only that you will provide information within your knowledge and possession upon Discover’s request.

Tax Matters. Tax will be withheld by Discover as required under applicable tax requirements for any payments or deliveries under this letter agreement. This letter agreement is intended to comply with Section 409A of the Code and shall be interpreted by the parties in a manner to so comply to the extent practicable. If the parties agree in good faith that this letter agreement is not in compliance with Section 409A of the Code, the parties shall in good faith attempt to modify this letter agreement (and any related documents) to comply while endeavoring to maintain the intended economics hereunder. To the extent any taxable expense reimbursement or in-kind benefits under this letter agreement is subject to Section 409A of the Code, the amount thereof eligible in one taxable year shall not affect the amount eligible for any other taxable year, in no event shall any expenses be reimbursed after the last day of the taxable year following the taxable year in which you incurred such expenses and in no event shall any right to reimbursement or receipt of in-kind benefits be subject to liquidation or exchange for another benefit. Each payment under this letter agreement will be treated as a separate payment for purposes of Section 409A of the Code.

Miscellaneous Representations. You confirm and represent to Discover, by signing this letter agreement, that: (1) you are under no obligation or arrangement (including any restrictive covenants with any prior employer or any other entity) that would prevent you from becoming an employee of Discover or that would adversely impact your ability to

Governing law/Dispute Resolution: This letter agreement shall be governed by the internal laws of the state of Illinois, without regard to its conflict of laws rules and any disputes shall be adjudicated in the State or Federal courts located in Chicago, Illinois.

Counterparts. This letter agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

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