Kelly R. Welsh - 01 Apr 2025 Form 4 Insider Report for Discover Financial Services (DFS)

Role: EVP, Interim CLO and GC
Signature: /s/ Efie Vainikos as Attorney-In-Fact for Kelly R. Welsh
Issuer symbol: DFS
Transactions as of: 01 Apr 2025
Net transactions value: -$2,077,494
Form type: 4
Filing time: 03 Apr 2025, 16:40:42 UTC
Previous filing: 10 Dec 2024
Next filing: 19 May 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DFS	Common Stock	Options Exercise		+12,184			12,184	01 Apr 2025	Direct	F1
transaction	DFS	Common Stock	Disposed to Issuer	$2,077,494	-12,184	-100%	$170.51	0	01 Apr 2025	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DFS	Phantom Stock	Options Exercise		-12,184	-100%		0	01 Apr 2025	Common Stock	12,184		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each share of phantom stock was the economic equivalent of one share of the Issuer's common stock. The shares of phantom stock were settled in cash.