UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 9, 2020

51-0020270

(IRS Employer Identification No. of

the sponsor and depositor)

47-4047337

(IRS Employer Identification No. of

the depositor)

(302) 323-7315

(Telephone, including area code)

Former name or former address, if changed since last report: Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Class B(2020-2) Notes. On December 9, 2020, Discover Card Execution Note Trust entered into the Class B(2020-2) Terms Document, dated as of December 9, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.

Class B(2020-3) Notes. On December 9, 2020, Discover Card Execution Note Trust entered into the Class B(2020-3) Terms Document, dated as of December 9, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.

Class B(2020-4) Notes. On December 9, 2020, Discover Card Execution Note Trust entered into the Class B(2020-4) Terms Document, dated as of December 9, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.

Class C(2020-3) Notes. On December 9, 2020, Discover Card Execution Note Trust entered into the Class C(2020-3) Terms Document, dated as of December 9, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.

Class C(2020-4) Notes. On December 9, 2020, Discover Card Execution Note Trust entered into the Class C(2020-4) Terms Document, dated as of December 9, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.

Class C(2020-5) Notes. On December 9, 2020, Discover Card Execution Note Trust entered into the Class C(2020-5) Terms Document, dated as of December 9, 2020, between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee.

Unregistered Sale of Class B(2020-2) Notes, Class B(2020-3) Notes, Class B(2020-4) Notes, Class C(2020-3) Notes, Class C(2020-4) Notes and Class C(2020-5) Notes. On December 9, 2020, Discover Card Execution Note Trust sold $350,000,000 principal amount of the DiscoverSeries Class B(2020-2) Notes, $350,000,000 principal amount of the DiscoverSeries Class B(2020-3) Notes, $350,000,000 principal amount of the DiscoverSeries Class B(2020-4) Notes, $380,000,000 principal amount of the DiscoverSeries Class C(2020-3) Notes, $380,000,000 principal amount of the DiscoverSeries Class C(2020-4) Notes and $380,000,000 principal amount of the DiscoverSeries Class C(2020-5) Notes (collectively, the “Notes”) in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The Notes were sold at a discount for $2,160,324,183, with no applicable underwriting discounts or commissions, and will not bear interest prior to their expected maturity. In connection with this issuance, the investor interest in receivables represented by the collateral certificate issued by the Discover Card Master Trust I that secures the DiscoverSeries Notes was increased by $2,190,000,000. Discover Card Execution Note Trust paid the net proceeds from the issuance to Discover Bank in exchange for the increase in the investor interest in receivables represented by the collateral certificate.

Increase in Principal Amount of Class D(2009-1) Notes. On December 9, 2020, Discover Bank, pursuant to Section 2.03 of the Amended and Restated Note Purchase Agreement (the “Note Purchase Agreement”), dated as of January 1, 2016, among Discover Card Execution Note Trust, as Issuer, Discover Bank, as Sponsor, Discover Funding LLC, as Transferor, and the purchasers named therein and Section 2.06 of the Class D(2009-1) Terms Document, dated as of July 2, 2009, by and between Discover Card Execution Note Trust, as Issuer, and U.S. Bank National Association, as Indenture Trustee, increased the Outstanding Dollar Principal Amount of the Class D(2009-1) Notes. The increase in the

Outstanding Dollar Principal Amount of the Class D(2009-1) Notes was in the amount of $203,442,623, resulting in an Outstanding Dollar Principal Amount of the Class D(2009-1) Notes of $1,461,256,832. The Class D(2009-1) Notes were sold to purchasers in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The Notes were sold at par value for cash, with no applicable underwriting discounts or commissions. In connection with this increase, the investor interest in receivables represented by the collateral certificate issued by the Discover Card Master Trust I that secures the DiscoverSeries Notes was increased by $203,442,623. Discover Card Execution Note Trust paid the net proceeds from the issuance to Discover Bank in exchange for the increase in the investor interest in receivables represented by the collateral certificate.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: December 11, 2020