Amended and Restated Co-Brand and Private Label Credit Card Agreement



 Exhibit 10.1 

AMENDED AND RESTATED 

CO-BRAND AND PRIVATE LABEL CREDIT CARD 

CONSUMER PROGRAM AGREEMENT 

by and between 
 STEIN
MART, INC. 
 and 

SYNCHRONY BANK 
 DATED
AS OF 
 February 24, 2016 

  
 In this document,
“[***]” indicates that confidential materials have been redacted from this document and filed separately with the Securities and Exchange Commission. 









									
	ARTICLE 1 — CONTINUATION OF CO-BRAND PROGRAM AND PLCC PROGRAM; SCOPE AND OBJECTIVES OF THE PROGRAM	  	 	1	  
				
		 	1.1	  	Continuation of Co-Brand Program and PLCC Program	  	 	1	  
		 	1.2	  	Scope of the Program	  	 	2	  
		
	ARTICLE 2 — RESPONSIBILITIES UNDER THE PROGRAM	  	 	2	  
				
		 	2.1	  	Bank’s Responsibilities	  	 	2	  
		 	2.2	  	Retailer’s Responsibilities	  	 	4	  
		 	2.3	  	Association Rules	  	 	7	  
		 	2.4	  	Credit Approval	  	 	8	  
		 	2.5	  	Allocation of Program Expenses	  	 	8	  
		
	ARTICLE 3 — SETTLEMENT	  	 	8	  
				
		 	3.1	  	Settlement Procedures	  	 	8	  
		 	3.2	  	Settlement via Association Network; Direct Settlement Process	  	 	9	  
		 	3.3	  	Bank Payment Terms	  	 	9	  
		 	3.4	  	Retailer Payment Terms	  	 	9	  
		
	ARTICLE 4 — COMPENSATION	  	 	9	  
				
		 	4.1	  	Compensation	  	 	9	  
		
	ARTICLE 5 — OPERATING COMMITTEE AND RELATIONSHIP MANAGEMENT	  	 	10	  
				
		 	5.1	  	Establishment of an Operating Committee	  	 	10	  
		 	5.2	  	Functions of the Operating Committee	  	 	10	  
		 	5.3	  	Operating Committee Meetings; Dispute Resolution	  	 	11	  
		 	5.4	  	Relationship Managers; Other Designated Bank Employees	  	 	12	  
		 	5.5	  	Expedited Review	  	 	12	  
		 	5.6	  	Formal Proceedings Prior to Dispute Resolution Procedures	  	 	12	  
		
	ARTICLE 6 — MARKETING OF THE PROGRAM	  	 	13	  
				
		 	6.1	  	Semi-Annual Marketing Plans	  	 	13	  
		 	6.2	  	Marketing Fund	  	 	13	  
		 	6.3	  	Additional Bank Marketing Support	  	 	13	  
		 	6.4	  	Responsibility of Retailer to Promote the Program	  	 	13	  
		 	6.5	  	Cardholder Rewards Program	  	 	13	  
		 	6.6	  	Cross-Selling	  	 	13	  
		
	ARTICLE 7 — OTHER AGREEMENTS	  	 	13	  
				
		 	7.1	  	Ownership of Accounts; Credit Losses	  	 	13	  
		 	7.2	  	Ownership and Use of Cardholder Information	  	 	14	  
		 	7.3	  	Cardholder Terms	  	 	14	  
		 	7.4	  	Credit Criteria	  	 	14	  
		 	7.5	  	Operating Procedures	  	 	15	  
		 	7.6	  	Credit Review Point	  	 	15	  
		 	7.7	  	Retailer Financial Reports	  	 	16	  
		 	7.8	  	Inserts and Billing Messages	  	 	17	  
		 	7.9	  	Third Party Participation	  	 	18	  
		 	7.10	  	Use of Names and Marks	  	 	18	  


  
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		 	7.11	  	Intellectual Property	  	 	19	  
		 	7.12	  	Securitization	  	 	19	  
		 	7.13	  	Grant of Security Interest/Precautionary Filing	  	 	19	  
		 	7.14	  	In-Store Payments	  	 	20	  
		 	7.15	  	Periodic Program Reports; Access to Cardholder Data	  	 	21	  
		 	7.16	  	Service Level Standards	  	 	21	  
		 	7.17	  	Maintenance of Bank Webpage and Retailer Website; Fraud Prevention	  	 	22	  
		 	7.18	  	Interchange Regulation	  	 	23	  
		 	7.19	  	Store Closure	  	 	23	  
		 	7.20	  	GOB; Bankruptcy	  	 	23	  
		 	7.21	  	Sales Taxes and Related Record Retention	  	 	25	  
		 	7.22	  	Additional [***]	  	 	26	  
		
	ARTICLE 8 — CHARGEBACKS	  	 	26	  
				
		 	8.1	  	Chargeback Rights	  	 	26	  
		 	8.2	  	Co-Brand Account Chargebacks	  	 	27	  
		 	8.3	  	Settlement of Claims	  	 	27	  
		 	8.4	  	Delivery of Materials Regarding Chargebacks	  	 	27	  
		 	8.5	  	Chargeback Process	  	 	27	  
		
	ARTICLE 9 — EXCLUSIVITY	  	 	27	  
				
		 	9.1	  	Exclusivity	  	 	27	  
		
	ARTICLE 10 — TERM AND TERMINATION	  	 	28	  
				
		 	10.1	  	Program Term	  	 	28	  
		 	10.2	  	Termination of Agreement	  	 	28	  
		
	ARTICLE 11 — EFFECTS OF TERMINATION	  	 	31	  
				
		 	11.1	  	General Effects	  	 	31	  
		 	11.2	  	Purchase of Accounts by Retailer upon Termination	  	 	31	  
		 	11.3	  	Determination of Fair Market Value	  	 	32	  
		 	11.4	  	Bank’s Rights If Retailer Does Not Purchase Accounts	  	 	32	  
		 	11.5	  	Limitation on Retailer’s Right to Purchase Accounts	  	 	32	  
		
	ARTICLE 12 — REPRESENTATIONS AND WARRANTIES	  	 	33	  
				
		 	12.1	  	Representations and Warranties	  	 	33	  
		 	12.2	  	Continuity of Retailer Business	  	 	33	  
		 	12.3	  	Operation of Store Locations	  	 	34	  
		
	ARTICLE 13 — INDEMNIFICATION	  	 	34	  
				
		 	13.1	  	Indemnification by Retailer	  	 	34	  
		 	13.2	  	Indemnification by Bank	  	 	35	  
		 	13.3	  	Indemnification Procedures	  	 	36	  
		
	ARTICLE 14 — AUDIT / ACCESS	  	 	38	  
				
		 	14.1	  	Audit	  	 	38	  
		 	14.2	  	Access	  	 	39	  
		
	ARTICLE 15 — MISCELLANEOUS	  	 	39	  


  
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		 	15.1	  	Confidentiality	  	 	39	  
		 	15.2	  	Binding Effect	  	 	41	  
		 	15.3	  	Assignment	  	 	41	  
		 	15.4	  	Outsourcing; Subcontracting	  	 	41	  
		 	15.5	  	Governing Law; Venue; Waiver of Jury Trial	  	 	41	  
		 	15.6	  	Data Security and Privacy	  	 	41	  
		 	15.7	  	No Third Party Beneficiaries	  	 	43	  
		 	15.8	  	Amendments	  	 	43	  
		 	15.9	  	No Partnership	  	 	43	  
		 	15.10	  	Notices	  	 	43	  
		 	15.11	  	Incorporation of Appendices	  	 	44	  
		 	15.12	  	Nonwaiver; Remedies Cumulative; Severability	  	 	44	  
		 	15.13	  	Damages Waiver	  	 	44	  
		 	15.14	  	Entire Agreement	  	 	44	  
		 	15.15	  	Further Assurances	  	 	45	  
		 	15.16	  	Survival	  	 	45	  
		 	15.17	  	Obligations Subject to Law	  	 	45	  
		 	15.18	  	Multiple Counterparts	  	 	45	  
		 	15.19	  	Internet Gambling	  	 	45	  


  
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 SCHEDULES 
  

			
	Schedule 2.1(d)	  	Bank Program Resources
	Schedule 2.2(h)	  	Submission of Charge Transaction Data
	Schedule 2.5	  	Program Expenses
	Schedule 4.1	  	Compensation
	Schedule 4.1(6)	  	Gain Sharing Terms and Conditions
	Schedule 5.1	  	Members of Operating Committee
	Schedule 5.3(d)	  	Retailer Matters and Bank Matters
	Schedule 5.4	  	Relationship Managers; Other Designated Bank Employees
	Schedule 6.2	  	Marketing Fund
	Schedule 6.2(e)	  	Permissible Marketing Fund Expenditures
	Schedule 6.3	  	Additional Bank Marketing Support
	Schedule 6.4	  	Promotion of Program by Retailer
	Schedule 6.5	  	Cardholder Rewards Program
	Schedule 6.6	  	Cross-Selling
	Schedule 7.2	  	Ownership and Use of Cardholder Information
	Schedule 7.2(b)	  	Privacy Policy
	Schedule 7.3	  	Initial Cardholder Terms
	Schedule 7.4(c)	  	Approval Rates and Credit Lines
	Schedule 7.4(c)(1)	  	Minimum Approval Rate and Minimum Initial Credit Lines
	Schedule 7.10	  	Bank Marks and Retailer Marks
	Schedule 7.15	  	Periodic Program Reports
	Schedule 7.16	  	Service Level Standards
	Schedule 7.18	  	Interchange Regulation
	Schedule 7.19	  	Store Closure
	Schedule 7.22	  	Additional [***]
	Schedule 8.1(e)	  	Presentment Warranties
	Schedule 9.1	  	Exclusivity
	Schedule 10.2(g)	  	Change in Law
	Schedule 10.2(o)	  	Minimum ROI
	Schedule 10.2(p)	  	Financial Covenants
	Schedule 11.2	  	Purchase of Accounts by Retailer Upon Termination
	Schedule 11.2(a)(1)	  	[***]
	Schedule 11.2(a)(2)	  	[***]
	Schedule 11.3	  	Fair Market Value
	Schedule 11.3(1)	  	Fair Market Value Appraisal Guidelines
	Schedule 11.4	  	Bank’s Rights Upon Retailer’s Failure to Purchase Accounts
	Schedule 11.4(1)	  	Competitor Stores
	Schedule 15.3	  	Assignment
	Schedule 15.4	  	Outsourcing; Subcontracting
	Schedule 15.4(1)	  	Geographical Location of Services
	Schedule A-1	  	Credit Review Point
	Schedule A-2	  	Unamortized Signing Bonus


  
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 This AMENDED AND RESTATED CO-BRAND AND PRIVATE LABEL CREDIT CARD CONSUMER PROGRAM
AGREEMENT (the “Agreement”) is made as of February 24, 2016 by and between Stein Mart, Inc. (“Retailer”), with its principal place of business at 1200 Riverplace Boulevard, Jacksonville, FL, 32207, and
Synchrony Bank with its principal place of business at 170 West Election Drive, Suite 125, Draper, Utah 84020 (“Bank”). Certain capitalized terms used in this Agreement are defined in the attached Appendix A. 

WHEREAS, Retailer is in the business of selling consumer goods at retail through the Retailer Sales Channels and the Retailer Website; 

WHEREAS, among other things, Bank establishes programs to extend and service bank card and private label credit programs to qualified consumer
customers for the purchase of products from various merchants; 
 WHEREAS, Bank and Retailer have entered into that certain Amended and
Restated Co-Brand and Private Label Credit Card Consumer Program Agreement dated as of October 3, 2011 (as amended, the “Prior Agreement”), the purpose of which is to provide a co-branded and private label consumer credit card
program in the United States for retail customers of Retailer (the “Prior Program”); 
 WHEREAS, the Prior Agreement will
expire by its terms on September 30, 2018; 
 WHEREAS, Retailer and Bank wish to provide for the continuation of the Prior Program on
the terms and conditions set forth below; and 
 WHEREAS, in connection with their mutual desire to continue the Prior Program, and as a
material condition to the continuation thereof, Bank and Retailer wish to amend and restate the Prior Agreement as set forth herein pursuant to which Bank will provide a co-brand credit card revolving consumer credit program and a private label
revolving consumer credit program to qualified consumer customers of Retailer; 
 NOW, THEREFORE, in consideration of the following terms
and conditions, and for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, Retailer and Bank agree as follows: 

ARTICLE 1 — CONTINUATION OF CO-BRAND PROGRAM AND PLCC PROGRAM; 

SCOPE AND OBJECTIVES OF THE PROGRAM 

1.1 Continuation of Co-Brand Program and PLCC Program. 

(a) Bank and Retailer are entering into this Agreement to continue the Prior Program established under the Prior Agreement to
provide a co-branded revolving consumer credit card program (the “Co-Brand Program”) and a private label revolving consumer credit card program (the “PLCC Program”), each of which is made available to qualified
consumers for the financing of purchases of products and services through Retailer Sales Channels and, in the case of the Co-Brand Program, from other retailers at Non-Retailer Locations, all in accordance with the terms of this Agreement. The PLCC
Program and Co-Brand Program are collectively referred to as the “Program.” Each of 

  
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Bank and Retailer acknowledges and agrees that the Prior Agreement shall continue through the close of business on the day immediately preceding February 1, 2016 (the “Effective
Date”) and, as of the Effective Date, the terms of this agreement shall amend and restate the Prior Agreement in its entirety as provided herein (except as expressly set forth herein). 

(b) [Intentionally Omitted]. 

1.2 Scope of the Program. 

(a) During the Term of the Agreement, Retailer shall make the Program available to its customers, including accepting and
transmitting Account applications and accepting Credit Cards in accordance with the Operating Procedures through all Retailer Sales Channels. Bank will extend credit directly to Cardholders under the Program to finance Co-Brand Purchases and PLCC
Purchases, as well as Non-Retailer Purchases. 
 (b) The Program is intended to be used by Cardholders for purchases made
primarily for personal, family or household use and Bank does not intend to extend credit under the Program primarily for purchases made for commercial and business purposes. 

(c) The parties agree that with respect to the management and administration of the Program, the parties shall be guided by the
following objectives (“Program Objectives”), which shall in no event override or limit any of the express rights or obligations of the parties hereunder: (i) to increase Retailer’s sales and profitability; (ii) to
provide high-quality customer service in order to preserve and enhance good will associated with Retailer’s brand, and build customer loyalty to Retailer; (iii) to provide services tailored to the unique characteristics of the
Retailer’s customer base including through innovative customer relationship management programs; (iv) to generate new Accounts and develop long-term relationships with Cardholders; (v) to successfully develop a competitive rewards
program that complements Retailer’s strategy; (vi) to integrate seamlessly with Retailer’s marketing and provide additional customer insights and analytics; (vii) to operate the Program in a competitive manner; and (viii) to
operate the Program in a manner that is profitable for Bank. 
 ARTICLE 2 — RESPONSIBILITIES UNDER THE PROGRAM 

2.1 Bank’s Responsibilities. During the Term of this Agreement, Bank’s responsibilities in conducting the Program include the
following: 
 (a) Extend consumer credit to qualified customers of Retailer in accordance with this Agreement and the
Cardholder Agreements. 
 (b) Provide all servicing for the Accounts, including customer service and collections. 

(c) Bear all credit and fraud losses as provided in Section 7.1. 

  
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 (d) Provide the dedicated/designated Program team described on
Schedule 2.1(d) to support the Program, with the functions and qualifications identified on Schedule 2.1(d). 

(e) Establish in accordance with the terms of this Agreement the Cardholder Terms as set forth in Section 7.3 hereto. 

(f) Develop, produce and deliver to Retailer at a central location, Bank’s Credit Card Applications and Cardholder
Agreements and other standard Program Materials. 
 (g) Produce and distribute Credit Cards and Credit Card carriers in
accordance with a design provided by Retailer that meets Bank’s specifications. 
 (h) Establish (and modify from time
to time subject to Section 5.3) the credit criteria used to evaluate Credit Card Applications subject to the Minimum Credit Targets outlined on Schedule 7.4(c) hereto. 

(i) Establish (and modify from time to time subject to Section 5.3) the risk management policies for the Program subject
to the Minimum Credit Targets outlined on Schedule 7.4(c) hereto. 
 (j) Continue to make available to Retailer
instant credit facilities for the real time, immediate decisioning and extension of credit to qualifying persons for real-time purchases by such persons. 

(k) Receive and process Credit Card Applications electronically, and to the extent agreed by the parties, by mail, by telephone
and through the internet. 
 (l) Implement and maintain a system whereby Retailer’s customers may submit electronic
Credit Card Applications at the point-of-sale, at the customer service desk, and through Retailer’s website in connection with internet based sales , and receive instant credit decisions subject to the Service Level Standards outlined on
Schedule 7.16 hereto. 
 (m) Assign (and modify from time to time subject to Section 5.3) credit lines (subject
to the Minimum Credit Targets outlined on Schedule 7.4(c) hereto), authorize charges, and service Accounts in accordance with the terms of this Agreement. 

(n) Prepare and deliver Bank inserts and periodic billing statements, and facilitate the placement of Retailer inserts included
with such statements, Privacy Policy notices, and change in terms notices to Cardholders with Active Accounts. 
 (o) Provide
separate, dedicated toll-free numbers for inquiries from customers and Retailer personnel. 
 (p) Receive and post payments,
collect Accounts, and take all further actions Bank deems necessary or appropriate in connection with Account administration. 

  
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 (q) Ensure that all Cardholder Agreements, billing statements and solicitations
conducted by Bank, and all of Bank’s activities in originating and administering Accounts, comply with all Applicable Law. 

(r) Administer the Cardholder Rewards Program in accordance with this Agreement. 

(s) Maintain and operate the Bank Webpage in connection with the Program. 

(t) Maintain a log of all Account Documentation used in the Program as well as record of all changes to such Account
Documentation. 
 (u) Resolve Cardholder disputes pursuant to the dispute resolution policy required by the Association
chargeback rules, the Operating Procedures and/or Article 8, as applicable. 
 (v) Provide to Retailer Cardholder transaction
data, as set forth in Section 7.15, to the extent not prohibited by Applicable Law or Reasonable Financial Services Practices. 

(w) Participate in the testing of Retailer’s disaster recovery plan; provided, that each party shall pay its own
costs in connection with such testing. 
 (x) Safeguard, protect and treat as Confidential Information the Cardholder
Information and all customer lists provided to Bank by Retailer. 
 (y) Promptly forward any complaints regarding Retailer to
Retailer. 
 (z) Comply with Applicable Law related to Bank’s participation in the Program, including preparing Account
Documentation, setting of Cardholder Terms, the Credit Card Application evaluation process, and billing and collection of charges on the Accounts. 

(aa) Conduct and perform all other responsibilities of Bank as set forth in this Agreement. 

2.2 Retailer’s Responsibilities. Retailer’s responsibilities in conducting the Program include the following: 

(a) In consultation with Bank, provide to Bank a design meeting Bank’s specifications for use in producing Credit Cards
(as well as reviewing other Retailer-branded customer communications); provided, however, that Bank shall have the right after consultation with Retailer to make reasonable changes to the design
of such Credit Cards and Retailer-branded customer communications, to the extent necessary to comply with Applicable Law or due to Reasonable Financial Services Practices, or to the extent Bank has made such changes with respect to the Majority of
Comparable Programs. 

  
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 (b) Solicit new Accounts through in-store instant credit procedures including
procedures at point of sale (in accordance with this Agreement) and display of customized store signage, Credit Card Application holders, and other promotional materials provided by Bank and paid for from the Marketing Fund as contemplated in
Schedule 6.2(e) in the Retailer Sales Channels pursuant to the Marketing Plan. 
 (c) Accept Credit Cards and obtain
authorizations from Bank for customer purchases through each Retailer Sales Channel in accordance with and otherwise conduct its activities relating to the Program in compliance with the Operating Procedures. 

(d) Actively promote the Program in its stores and, as appropriate at Retailer’s sole discretion, through media
advertising developed by Retailer as part of its marketing strategy, and actively promote the use of Credit Cards to its customers as the preferred payment vehicle. 

(e) Train relevant personnel sufficiently so as to be able to properly fulfill Retailer’s responsibilities under the
Program, it being understood that Bank shall develop and bear the cost associated with the production of training materials for the Program and that Bank shall administer programs to instruct the trainers responsible for administering the training
contemplated hereunder. 
 (f) Except for Credit Card Applications sent directly to Bank by applicants, transmit Credit Card
Applications to Bank electronically through the establishment of direct connectivity to Bank’s systems and, on a periodic basis, forward to Bank paper Credit Card Applications in accordance with the Operating Procedures. 

(g) Subject to Schedule 5.3(d), at Retailer’s expense, maintain Retailer’s POS technology and related systems
to the extent necessary for the continued integration of such POS technology and related systems with Bank’s instant credit systems. 

(h) Only submit Charge Transaction Data in accordance with the terms and conditions set forth on Schedule 2.2(h) hereto.

 (i) Perform its responsibilities under this Agreement and the Program, and conduct its activities as a Retailer, including
its policies, products, business, point-of-sale and sales practices (including in connection with internet, catalogue and telephone sales), and advertising, in compliance with Applicable Law. 

(j) Only use documents and forms in connection with the Program (other than such documents and forms as are non-public and
internal to Retailer) that were provided to Retailer, or approved in writing, by Bank (and only the latest version of such documents); and refrain from modifying any such approved documents or forms without Bank’s prior consent (which consent
shall not be unreasonably withheld or delayed with respect to the look and feel of customer-facing materials or the use of Retailer Marks in such documents or forms). 

(k) Cooperate in the resolution of any Cardholder disputes, respond within twenty (20) days to any dispute forwarded to
Retailer from Bank, and forward to Bank promptly after receipt by Retailer copies of any communication relating to an Account received from any person. 

  
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 (l) Not seek or obtain any special agreement or condition from, nor discriminate
in any way against, Cardholders or any person with respect to the terms of any Account transaction; and not charge any credit surcharge, application, processing or other Program-related fee to Cardholders; provided, however, Retailer
may impose a surcharge if (i) such surcharge is charged in connection with the acceptance of the Co-Brand Card, (ii) Retailer imposes such surcharge on cardholders of substantially all other similar credit card products of the same
Association, (iii) the parties mutually agree on the manner in which the surcharge will be disclosed on billing statements to comply with Applicable Law and the allocation of costs for any necessary systems changes, (iv) Retailer complies
with all Applicable Law and (v) Retailer provides Bank with at least three (3) months’ advance notice of imposing such surcharge. 

(m) Comply with Bank’s written instructions regarding actions to be taken, or not taken, pursuant to the Program with
respect to compliance with Applicable Law. 
 (n) Maintain a policy for the exchange, return, and adjustment of products and
services which is adequately communicated to customers and is in accordance with all Applicable Laws (in connection therewith Retailer represents and warrants that, as of the Effective Date, the return policy in effect is the same as that delivered
by Retailer to Bank prior thereto); notify Bank in advance of (if practicable), but in any event within fifteen (15) days after, any change in such return policy following the Effective Date; provide a credit to the applicable Account upon the
return of a good or service financed on such Account (but do not credit an Account in any case where the purchased good or service was not originally financed on an Account); and include the resulting credit in the next transmission of Charge
Transaction Data to Bank (but in no event more than one (1) Business Day after the credit was issued). 
 (o) Retain
copies, in electronic or other retrievable format that complies with Applicable Law, all credit and transaction documents (including all charge slips and credit slips) for at least twenty-five (25) months (or such longer period as may be
required by law); except as otherwise provided for herein in connection with disputes or chargebacks, provide copies of any of the foregoing to Bank within twenty (20) days after Bank’s request; and, in consultation with Bank, produce and
use charge slips and credit slips which are able to be captured and reproduced electronically via signature capture technology or other methods. 

(p) Except as otherwise agreed to in writing by Retailer and Bank, Retailer will submit to Bank for approval any credit-related
advertising, disclosures, or other documents, forms, terms and conditions, and other content in connection with the Program that have been prepared by Retailer (or its vendors or contractors) prior to disseminating or otherwise using such materials
(such materials are collectively referred to herein as “Retailer-Generated Materials”), and Bank shall notify Retailer of its decision within five (5) Business Days of Retailer’s submission of such Retailer-Generated
Materials; provided, however, Retailer may use Retailer-Generated Materials 

  
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without seeking additional approval from Bank to the extent such Retailer-Generated Materials conform to templates that were previously approved by Bank for Retailer’s use, and Bank has not
notified Retailer that it has revoked approval of such templates. 
 (q) Comply with Applicable Law related to the operation
of Retailer’s business, including the offering, sale and return of goods and services, and Retailer’s participation in the Program. 

2.3 Association Rules. 

(a) Retailer and Bank agree that, as of the Effective Date, the initial Association for all Co-Brand Credit Cards shall be
MasterCard (the “Initial Association”). Retailer further acknowledges that Bank has entered into an arrangement with the Initial Association through which Bank is obligated to maintain the MasterCard brand on the Co-Brand Credit
Cards issued under the Program through September 30, 2018 (which date, or such earlier date at which Bank is no longer obligated to maintain the MasterCard brand on the Co-Brand Credit Cards issued under the Program is called the
“Branding Expiration Date”), and Retailer agrees that (i) prior to the Branding Expiration Date it shall not rebrand the Co-Brand Credit Cards with the brand of any payment network (e.g., [***]) other than MasterCard,
and (ii) it shall include a requirement in any credit card program agreement or other arrangement with any Nominated Purchaser which acquires the Program Assets prior to the Branding Expiration Date (which Retailer shall use commercially
reasonable efforts to enforce) that such Nominated Purchaser shall maintain the MasterCard brand on the Co-Brand Credit Cards through the Branding Expiration Date. 

(b) Retailer shall have the right to enter into an independent relationship with and change the Association once during the
Term at any time during the [***] following the Branding Expiration Date (i) [***], to [***] or (ii) as mutually agreed by the parties, to any other Association; provided, however, that (x) such
change in Association will not occur in the [***] of the Term or during any holiday IT freeze period; (y) Retailer must provide Bank with notice of its election to change the Association at least [***] the effective date of such a
change; and (z) if such new Association is [***]. Upon Retailer’s request, Bank shall provide to Retailer a [***] of Retailer’s request thereof. Retailer will bear (or cause the new Association to bear) the expense for
Bank’s [***]. Any financial, marketing or other support that Retailer receives from the new Association as a result of the agreement to use such new Association for payment network services for the Program shall belong entirely to
Retailer, and Bank shall have no right in or to such financial, marketing or other support; provided, however, that [***]. 

(c) Each of Bank and Retailer acknowledges and agrees that the Co-Brand Program shall be operated in accordance with the
Association Rules. If either party becomes aware of any material inconsistency between the Association Rules and any provision of this Agreement that applies to the Co-Brand Program, such party shall timely advise the other party of any such
inconsistency. Bank shall have sixty (60) days to negotiate with the Association to resolve such conflict with such Association Rules after a party gives notice to the other party of such conflict. If after the sixty (60)-day


  
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negotiation period, Bank cannot resolve such conflict, the parties shall use commercially reasonable efforts to modify this Agreement to the extent necessary to address such conflicting
Association Rules. The parties further acknowledge and agree that, in the event of any such modification, the modified provision(s) of this Agreement shall preserve, to the extent practicable, the rights and obligations of the parties as
contemplated by this Agreement. 
 2.4 Credit Approval. Subject to Retailer’s obligations below, as of the Effective Date, Bank
shall maintain the capability to permit in-store credit decisions based on Credit Card Applications submitted through Retailer Sales Channels at POS and customer service locations, including the capability to allow Cardholders to immediately utilize
their Accounts for Co-Brand Purchases and PLCC Purchases, as the case may be. Unless otherwise prohibited by Applicable Law or to the extent Applicable Law is unsettled and Retailer obtains reasoned written legal advice from counsel that there is
significant potential liability, Retailer shall maintain and implement its privacy policies and practices in a manner that permits it to provide Bank with the information necessary to permit the legal and effective use of instant credit at POS
locations. 
 2.5 Allocation of Program Expenses. Unless otherwise specifically provided in this Agreement, each party will be
responsible for all costs and expenses incurred by such party in connection with the negotiation of this Agreement, exercising its rights and complying with its obligations under this Agreement. The general allocation of expenses between the parties
is set forth in Schedule 2.5 hereto; provided, however that such schedule will not limit any provision hereof otherwise expressly providing for the specific allocation or reimbursement of expenses between the parties. 

ARTICLE 3 — SETTLEMENT 

3.1 Settlement Procedures. 

(a) Retailer will transmit Charge Transaction Data in respect of PLCC Purchases and Co-Brand Purchases to Bank each Business
Day and otherwise in accordance with the Operating Procedures. If Charge Transaction Data is received by Bank’s processing center before 4:00 a.m. (Eastern Time) on any Business Day, Bank will process the Charge Transaction Data and initiate
payment on the same Business Day. If the Charge Transaction Data is received after 4:00 a.m. (Eastern Time) on any Business Day, or at any time on a day other than a Business Day, Bank will process the Charge Transaction Data and initiate payment on
the next Business Day. 
 (b) Bank will, upon receipt, verification and processing of Charge Transaction Data during the
Term, remit to Retailer in respect of such Charge Transaction Data, an amount equal to (i) the sum of (A) the Retailer Royalty and (B) the total charges identified in such Charge Transaction Data less (ii) the sum of (A) the
total amount of any credits included in such Charge Transaction Data (and the Retailer Royalty corresponding to each such credit); (B) any amounts charged back to Retailer pursuant to Article 8 (and the Retailer Royalty corresponding to each
such charged back amount); (C) the total amount of any In-Store Payments included in such Charge Transaction Data, and (D) at Bank’s option, any other amounts then due and owing from Retailer to Bank


  
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(including such amounts as may be due under Schedule 10.2(p)). Bank shall not be obligated to fund any Charge Transaction Data submitted by Retailer more than fifteen (15) days after
the date of the applicable purchase transaction. 
 3.2 Settlement via Association Network; Direct Settlement Process. 

(a) All Non-Retailer Purchases under the Program shall be processed through the Association pursuant to the terms and
conditions of the Association system and the terms and conditions of any applicable agreement between the merchant accepting the card and its merchant/acquiring bank. 

(b) As of the Effective Date, all Co-Brand Purchases at Store Locations shall be settled through Bank without the imposition of
any interchange fees by any Association (“Direct Settlement Process”). If after the Effective Date, the applicable Association Rules impose any such interchange fees, Bank will rebate to Retailer the amount of such interchange fees
actually received by Bank pursuant to Schedule 4.1. 
 3.3 Bank Payment Terms. 

(a) Bank will transfer funds payable to Retailer under this Agreement via wire transfer to an account maintained in the name of
Retailer, pursuant to written instructions delivered to Bank by Retailer. 
 (b) Notwithstanding any other provision of this
Agreement, Bank shall have all of the rights and remedies to which it is entitled hereunder and under Applicable Law to exercise the rights of set-off and/or recoupment with respect to Retailer’s obligation to pay Bank any amounts due to it
under this Agreement, including chargebacks. Retailer expressly acknowledges that all payment rights between the parties under this Agreement, including Bank’s duty to settle with Retailer for Charge Transaction Data pursuant to
Section 3.1, and Bank’s right to chargeback to Retailer under Section 8.1, shall be deemed to be a “single integrated transaction” for purposes of determining Bank’s right of recoupment. Retailer expressly agrees that
in the event Bank seeks relief from the automatic stay under 11 U.S.C. § 362 to exercise any such right of set-off, that Retailer will consent to the entry of an order granting relief from the stay. Nothing in this Section is intended to limit
either Bank’s or Retailer’s common law right of set-off and/or recoupment. 
 3.4 Retailer Payment Terms. Unless otherwise
provided for elsewhere in this Agreement, any amounts payable by Retailer to Bank under this Agreement will be due when invoiced by Bank and shall be paid in immediately available funds within fifteen (15) days after the date of such invoice.
Unless the parties otherwise agree, Retailer will transfer funds payable to Bank under this Section 3.4 via wire transfer to a deposit account maintained in Bank’s name pursuant to written instructions delivered to Retailer by Bank. 

ARTICLE 4 — COMPENSATION 

4.1 Compensation. The compensation payable by Bank to Retailer shall be as set forth in Schedule 4.1 hereto. 

  
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 ARTICLE 5 — OPERATING COMMITTEE AND RELATIONSHIP MANAGEMENT 

5.1 Establishment of an Operating Committee. Retailer and Bank shall establish a committee of at least five (5) members from each
party consisting of at least two (2) senior managers from each party (the “Operating Committee”). One of the two managers from Bank shall be a senior executive in its credit card business. One of the two managers from Retailer
shall be a senior officer responsible for credit functions. The names of the appointees as of the Effective Date are set out in Schedule 5.1 hereto. The parties may mutually agree in writing on such other number of Operating Committee members
so long as Retailer on one hand and Bank on the other hand are equally represented. Representatives on the Operating Committee shall have overall responsibilities for the Program for their respective organizations. The parties shall endeavor to
maintain continuity in the composition of the Operating Committee. Notwithstanding the preceding sentence, the parties may substitute Operating Committee members provided that each party shall provide the other party with as much prior notice of any
such substitution as is reasonably practicable under the circumstances. 
 5.2 Functions of the Operating Committee. The Operating
Committee shall be responsible for the overall strategic direction of the Program. Additionally, the Operating Committee shall: 

(a) Designate representatives from each party to jointly construct the Marketing Plan for each Program Year, which
representatives shall include the Bank Relationship Manager and Retailer Relationship Manager. 
 (b) Review and approve the
Marketing Plan within thirty (30) days following the Effective Date for the first Program Half-Year and thirty (30) days before the beginning of each Program Half-Year for all subsequent Program Half-Years; 

(c) Review and approve amendments to the Marketing Plan made during the course of any Program Half-Year; 

(d) Review the marketing activities and marketing performance of the Program; 

(e) Subject to Section 7.3, approve changes to the Cardholder Terms as initially set forth in Schedule 7.3 hereto;

 (f) Approve all material modifications to the terms and conditions with respect to the Cardholder Rewards Program set
forth on Schedule 6.5; 
 (g) Review major trends and projections related to the Program in areas such as Credit Card
Applications volume, approval rates, activation rates and credit penetration; 
 (h) Monitor the terms, conditions and
performance of competing co-branded and private label card programs; 
 (i) Review the performance of the Service Level
Standards set forth in Section 7.16 herein; 

  
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 (j) Monitor compliance of the Program with Applicable Law; 

(k) Resolve disputes that may arise between the parties; 

(l) Approve the use of any third-party (e.g., subcontractors or outsourced service providers), other than any affiliate of the
parties, to perform any of the obligations of the parties under the Program after the Effective Date, unless such third party is used by Bank to perform Bank’s obligation in connection with the Majority of Comparable Programs. 

(m) Evaluate and approve changes to any of the following: 

(i) offering of new Credit Cards, form factors or approved ancillary products; 

(ii) material changes to the Operating Procedures; 

(iii) changes to the privacy provisions set forth in Section 15.6 herein and to the Privacy Policy set forth in
Schedule 7.2(b) hereto; and changes or additions to the Service Level Standards applicable to the Program; 
 (n) If
Retailer so requests, review issues raised by Retailer (but excluding the chargeback of individual transactions) with respect to the process through which chargebacks are decisioned by Bank; 

(o) Determine whether (i) Bank should suspend the extension of credit under the Program [***] or (ii) Bank’s
extension of credit under the Program should be reinstated if such a suspension has occurred; and 
 (p) Carry out such other
tasks as are assigned to it by this Agreement or jointly by the parties. 
 5.3 Operating Committee Meetings; Dispute Resolution.

 (a) The Operating Committee shall meet no less than once each calendar quarter. Either party may convene special
meetings other than those regularly scheduled by the Operating Committee. Meetings may be in person or by telephone with each party bearing its own expenses. 

(b) All decisions of the Operating Committee are to be unanimous decisions with each party having one (1) vote. At least
one (1) representative of each party must be present for a quorum of the Operating Committee. 
 (c) If a majority of
the Operating Committee members constituting a quorum at any meeting fail to agree on any matter (a “Disputed Matter”) presented before the Operating Committee within ten (10) Business Days after the relevant initial vote, then
initially a Senior Vice President of the Retail Card Group of Synchrony Bank and the 

  
 11 








 
Chief Financial Officer of Retailer, whether or not on the Operating Committee (or any other similarly ranking officer of Bank or Retailer, as the case may be, who is not an Operating Committee
Member and shall have been designated in writing by Bank or Retailer, as applicable) (collectively, “Senior Officers”) shall in good faith attempt to resolve the Disputed Matter. Any resolution by such Senior Officers shall be
deemed to be the action and approval of the Operating Committee for purposes of this Agreement. If after ten (10) Business Days, the Disputed Matter remains unresolved by such Senior Officers of Bank and Retailer, the failure to agree shall
constitute a deadlock. In the event of a deadlock, the final decision shall rest with Retailer in the case of Retailer Matters and with Bank in the case of Bank Matters, each of which shall, except as otherwise provided herein, exercise its
discretion reasonably and in good faith. If a deadlock should occur with respect to an issue not expressly specified as a Retailer Matter or a Bank Matter, the status quo of the Program shall remain and the Disputed Matter under consideration shall
be deemed not adopted by the Operating Committee. 
 (d) In accordance with and subject to this Section 5.3 and
Schedule 5.3(d), Retailer shall have the ultimate decision making authority with respect to Retailer Matters and Bank shall have the ultimate decision making authority with respect to Bank Matters. 

5.4 Relationship Managers; Other Designated Bank Employees. Bank and Retailer shall designate individuals with responsibility for the
day-to-day management and administration of the Bank/Retailer relationship and the Program as set forth in Schedule 5.4 hereto. 

5.5 Expedited Review. In the event a Disputed Matter concerns any matter that has material economic, risk or compliance implications to
Bank, Retailer or the Program, including the Cardholder Terms or the risk management policies (a “Material Issue”), either Bank or Retailer may request an expedited review of such Material Issue (an “Expedited
Review”). Expedited Review shall consist of the following procedures: 
 (a) A notice to request Expedited Review
(an “Expedited Review Notice”) shall be provided by either party to the other party. 
 (b) The Senior
Officers shall meet in person or by telephone within five (5) Business Days after the receipt of the Expedited Review Notice and will attempt in good faith to resolve any Material Issue. In the event the Senior Officers do not resolve any
Material Issue within five (5) Business Days after the receipt of the Expedited Review Notice, if such Disputed Matter is a Retailer Matter, it will be decided within the sole discretion of Retailer, and if such Disputed Matter is a Bank
Matter, it will be decided within the sole discretion of Bank. 
 5.6 Formal Proceedings Prior to Dispute Resolution Procedures.
Notwithstanding Sections 5.3 and 5.5, (a) in the event of exigent circumstances (including a material breach of this Agreement by Retailer) that would require Bank to take action before the end of the dispute resolution process in
Section 5.3 or the Expedited Review process in Section 5.5 in order to avoid material loss (including to prevent material fraud) or a violation of Applicable Law, Bank may exercise its rights with respect to Bank Matters (including the


  
 12 








 
suspension of Bank’s extension of credit under the Program) upon notice to Retailer without undertaking the dispute resolution procedures in Section 5.3 or the Expedited Review
procedures in Section 5.5, and (b) a party may institute formal proceedings without undertaking the dispute resolution procedures to (i) avoid the expiration of any applicable limitations period, (ii) to preserve a party’s
superior position with respect to another creditor of the other party and (iii) seek any provisional or other remedy including specific performance, injunctive relief or a temporary restraining order from any court of competent jurisdiction, as
may be necessary, in the aggrieved party’s sole discretion, to protect its rights under this Agreement. 
 ARTICLE 6 — MARKETING
OF THE PROGRAM 
 6.1 Semi-Annual Marketing Plans. During the Term, Bank and Retailer will work together in good faith to
formulate and agree upon a Marketing Plan as provided in Section 5.2(b) herein. Bank shall prepare an initial draft of each Marketing Plan and submit it to the Operating Committee for consideration. Each semi-annual Marketing Plan shall fully
support the Retailer’s retail marketing plan and set forth the manner in which amounts in the Marketing Fund (as defined below) will be expended, and which party shall be responsible for any expenditure(s) in excess of the Marketing Fund. The
Operating Committee may from time to time agree on additional specific marketing activities for the Program. 
 6.2 Marketing Fund.
Bank will establish and administer the Marketing Fund in accordance with the provisions set forth on Schedule 6.2 hereto. 
 6.3
Additional Bank Marketing Support. Upon the reasonable request of Retailer from time to time, consistent with the Marketing Plan, Bank shall perform the marketing functions set forth on Schedule 6.3 hereto. 

6.4 Responsibility of Retailer to Promote the Program. Without limiting Retailer’s obligations under the Marketing Plan, Retailer
will actively support and promote the Program in accordance with Schedule 6.4 hereto. 
 6.5 Cardholder Rewards Program.
Retailer shall establish the Cardholder Rewards Program and fund rewards redeemed by Cardholders in accordance with the terms set forth in Schedule 6.5 hereto. 

6.6 Cross-Selling. Bank or its designees may solicit Cardholders for certain products in accordance with the terms set forth in
Schedule 6.6 hereto. 
 ARTICLE 7 — OTHER AGREEMENTS 

7.1 Ownership of Accounts; Credit Losses. 

(a) Bank is and will be the sole and exclusive owner of all Accounts and Account Documentation, except for any interest in
Retailer-licensed marks and co-interest in sales slips and other evidence of charges, and will be entitled to receive all payments made by Cardholders on Accounts except when Retailer has exercised its right to purchase, or to arrange for the
purchase of, the Accounts and the purchase transaction has been closed. Bank shall be identified as the creditor and owner of the Accounts for 

  
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all purposes, and Retailer shall not represent or imply otherwise. Retailer acknowledges that it has no right, title or interest in any Accounts or Account Documentation and will not, at any
time, have any right to any proceeds or payments made under the Accounts unless Retailer subsequently purchases or otherwise acquires such Accounts from Bank. Retailer authorizes and empowers Bank to sign and endorse Retailer’s name upon any
checks, drafts, money orders or other forms of payment in respect of any Account that may have been issued by the Cardholder in Retailer’s name. This limited power of attorney conferred in this Section 7.1 is deemed a power coupled with an
interest and will be irrevocable prior to the Final Liquidation Date. Nevertheless, Bank shall have full liability to Retailer for any misuse of such power of attorney. 

(b) Bank will bear all credit losses and fraud losses on Accounts (other than as permitted by Bank’s chargeback rights in
Article 8 and other than credit losses and fraud losses incurred after the Accounts are purchased or otherwise acquired by Retailer or a third party). 

(c) Consistent with Applicable Law, Reasonable Financial Services Practices and Association Rules, Bank shall maintain a fair
dispute resolution policy with respect to Accounts and will operate such policy so as to maintain, within reason, the goodwill of Bank and Retailer with their customers; provided that Retailer shall cooperate with Bank in the resolution of
disputes pursuant to such policy. 
 7.2 Ownership and Use of Cardholder Information. The ownership and use of Cardholder Information
by the parties shall be governed by the terms of Schedule 7.2 hereto. Bank shall undertake to assure that its disclosure and privacy policies are in full compliance with all Applicable Law. 

7.3 Cardholder Terms. As of the Effective Date, the purchase annual percentage rate, fees and charges and all other key Cardholder
credit terms applicable to the Accounts (the “Cardholder Terms”) are set forth on Schedule 7.3. Retailer acknowledges that Co-Brand Credit Cards and Private Label Credit Cards may be subject to different financial and/or
other Cardholder Agreement terms. The Cardholder Terms shall only be modified upon approval of the Operating Committee and any modifications shall [***]; provided, however, that Bank may modify such Cardholder Terms without the
prior approval of the Operating Committee as required by Applicable Law or Reasonable Financial Services Practices subject to prior notice to Retailer and Retailer’s right to Expedited Review prior to the implementation of such change. 

7.4 Credit Criteria. 

(a) Retailer acknowledges and agrees that Bank may: (i) subject to Section 7.4(e), issue either a Private Label
Credit Card or a Co-Brand Credit Card to any new applicant for an Account; and (ii) issue at any time and from time to time a Co-Brand Credit Card to any existing Cardholder or group of Cardholders as a replacement for an existing Private Label
Credit Card; provided, however, that (x) if a Cardholder requests to keep the Private Label Credit Card, Bank will honor such request and (y) Retailer and Bank agree that decisions to issue Co-Brand Credit Cards as
replacements for existing Private Label Credit Cards on a Program-wide basis (either to individual Cardholders 

  
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based on the use of systemic thresholds or simultaneously to a group of Cardholders) shall be mutually agreed upon in advance by Bank and Retailer. For the avoidance of doubt, nothing contained
in this Section 7.4(a) shall limit Bank’s ability to establish or modify the credit criteria used in evaluating applicants and Cardholders under the Program pursuant to Section 7.4(b). 

(b) Bank shall establish in its discretion and may modify from time to time any or all of the credit criteria used in
evaluating applicants under the Program (including the creditworthiness of individual applicants, the range of credit limits to be made available to individual Cardholders and whether to suspend or terminate the credit privileges of any Cardholder);
provided that Bank shall provide the Operating Committee with prior notice of, and consult with the Operating Committee with respect to, any proposed material modification to the credit criteria or risk management policies, and shall seek
input from Retailer on any communications to Cardholders required in connection with such change prior to implementation. If Retailer has an issue regarding any change to the credit criteria or risk management policies, Bank and Retailer shall
discuss such issue and escalate in accordance with Sections 5.5 and 5.6(a). Bank shall ensure that the credit criteria and risk management policies that Bank utilizes to manage Program risk will be [***]. 

(c) The provisions of Schedule 7.4(c) hereto shall apply with respect to the Minimum Credit Targets for the Program.

 (d) Within sixty (60) days following the Effective Date, Bank and Retailer shall meet and prepare a joint plan to
address ways to materially improve online approval rates, which such plan may include offering the Private Label Credit Card only online. 

(e) Bank agrees to work together with Retailer to develop a post-[***] strategy and plan (“[***]”),
subject to the parties agreeing on a feasibility and implementation plan that will allow implementation within [***] of finalizing such implementation plan, unless otherwise agreed by the parties. This implementation plan will include
estimated expenses which will be approved by Retailer and mutually agreed upon milestones and timelines. Extraordinary costs of implementing a [***] will be treated as a Program expense; provided that costs incurred in adoption of an
existing [***] will not be included as a Program expense, except for direct costs specific to Retailer implementation. Ongoing operational costs for this functionality will be treated as Program expenses. As part of the implementation plan,
the parties will agree [***]. For clarity, Retailer’s desired form of [***] would be based on the existing [***]. 

7.5 Operating Procedures. The Operating Procedures in existence immediately prior to the Effective Date shall remain in effect under
this Agreement as Bank may amend them from time to time upon prior notice to and consultation with Retailer. 
 7.6 Credit Review
Point. Bank shall provide a credit allocation for the Program in the amount of the Credit Review Point. Bank will not be obligated to make any extension of credit under the Program if, after such extension, the aggregate Indebtedness for all
Accounts would exceed the credit line for the Program then in effect. For the avoidance of doubt, all 

  
 15 








 
Indebtedness attributable to both Private Label Accounts and Co-Brand Accounts (including Indebtedness relating to Non-Retailer Purchases) shall be included in the calculations in respect of
Indebtedness and the Credit Review Point under this Section 7.6. If at any time the aggregate Indebtedness with respect to all Accounts equals or exceeds [***] of the Credit Review Point then in effect, then within ninety (90) days
thereafter, Bank will select one of the following options and give Retailer notice of its selection: 
 (a) Bank may increase
the Credit Review Point to an amount that will accommodate the then outstanding Indebtedness, and anticipated growth in such Indebtedness (as applicable) through the remainder of the Term, based on Bank’s good faith projections. If Bank selects
this option, then Bank’s notice to Retailer will include the amount of the increased Credit Review Point. Retailer shall have the option to terminate the Agreement in accordance with the provisions of Section 10.2(h) of the Agreement if
the Bank’s increase does not satisfy Retailer’s good faith projections of Program growth. 
 (b) Bank may elect not
to increase the Credit Review Point, in which case, Retailer will be entitled to terminate this Agreement in accordance with the provisions of Section 10.2(g) of the Agreement. 

7.7 Retailer Financial Reports. 

(a) If at any time during the Term, Retailer ceases to be obligated to file periodic financial reports with the Securities and
Exchange Commission pursuant to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or ceases to timely satisfy such obligations, Retailer
will: 
 (i) As soon as practicable but in any event not more than ninety (90) days after the end of each fiscal year,
deliver to Bank its audited annual financial statements, including its audited consolidated balance sheet, income statement and statement of cash flows and financial position and accompanying notes to such financial statements. 

(ii) As soon as practicable but in any event not more than sixty (60) days after the end of each fiscal quarter, deliver
to Bank its unaudited quarterly financial statements, including its unaudited consolidated balance sheet, income statement and statement of cash flows, and accompanying notes to such financial statements. 

(b) During the Term, Retailer shall notify Bank upon the public disclosure of the occurrence of the following subject to
restrictions under Applicable Law including securities law, if the obligations of Retailer under an existing credit facility shall have been accelerated and declared due and payable in full prior to the stated maturity date as a result of an uncured
material default under such credit facility, and Retailer shall not have satisfied such obligations after notice of demand for payment in accordance with such credit facility. 

  
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 (c) Within sixty (60) days after the end of each fiscal quarter, Bank shall
provide to Retailer Bank’s quarterly call report. 
 7.8 Inserts and Billing Messages. 

(a) For each billing statement sent to Cardholders during a billing cycle during the Term, Bank will make available to Retailer
a space for two (2) customized statement messages on the billing statement and Bank will include up to two (2) Retailer inserts or other advertisements and communications, including onserts printed on the billing statement (collectively,
“Inserts”) into or with each billing statement to the extent possible without causing an increase in postage costs; provided that Bank shall have the right with respect to the billing statements for any month to utilize one
(1) Insert or statement message in order to (i) send a notice required by Applicable Law in such month (or if Bank reasonably believes a notice is necessary or desirable to protect Bank’s interest in the Accounts), or
(ii) promote Enhancement Products or other cross-sell products and services permitted to be offered under Schedule 6.6. Retailer statement messages and Inserts shall take precedence over all Bank communications with the exception of Bank
notices required by Applicable Law or notices that Bank believes to be necessary or desirable to protect Bank’s interest in the Accounts. For any statement messages or Inserts to be included on or in the billing statements for any given month,
Retailer must provide such statement messages or Inserts to Bank at least thirty (30) days prior to such calendar month. Bank shall promptly notify Retailer if the inclusion of such statement messages or Inserts will cause an increase in
postage costs on such billing statements. If Retailer nonetheless wishes Bank to include Retailer’s statement messages or Inserts on or in such monthly billing statements, then Retailer will provide at least fifteen (15) days prior notice
to Bank to enable Bank to adjust its process and Retailer will pay the incremental postage charges resulting therefrom, reduced by the weight of any non-legally required notices. Retailer will provide copies of all statement messages and Inserts to
Bank at its own cost. Retailer shall retain all revenues it receives from all statement messages and Inserts (other than any statement messages or Inserts promoting the Credit Cards or approved ancillary products that Retailer may permit to be
produced and distributed in accordance with the Marketing Plan). Subject to Applicable Law, Reasonable Financial Services Practices and Bank’s right to protect Bank’s interest in the Accounts, each party shall have the right to reject any
statement message or Insert that the other party may wish to include in or on a billing statement if the rejecting party, in good faith, believes that such message is detrimental to the image of the rejecting party or does not comply with Applicable
Law. 
 (b) The form of all statement messages and Inserts will comply with Bank’s specifications as provided to
Retailer from time to time, and Bank shall have the right to reject any statement message or Insert that Bank reasonably believes is detrimental to the image of Bank or the Program. For the avoidance of doubt, for purposes of Retailer’s rights
under this Section 7.8(b), only Inserts and statement messages regarding the Program, goods and services available for purchase from Retailer under the Program, or such other goods and services (other than financial products or services) as
Retailer may reasonably suggest (with respect to which Bank shall not unreasonably withhold its consent) shall qualify for inclusion in Cardholder billing statements. 

  
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 7.9 Third Party Participation. As of the date of this Agreement, Retailer represents and
warrants that no affiliate of Retailer is engaged in the business of selling goods or services to retail consumers other than those affiliates, if any, whose existence and retail consumer sales activities have been disclosed to Bank prior to the
date hereof. After the Effective Date, Retailer shall require any newly acquired affiliate, to the extent such affiliate does not already operate a credit card business or have a credit card through Bank or another issuer, to enter into a written
agreement with Bank to be a “Retailer” hereunder (on such modified terms and conditions as mutually agreed by the parties), provided, however, that nothing in this Section shall require any newly acquired affiliate to
participate in the Program should it decide not to participate in any Retailer-branded credit or charge card program and the provisions of Schedule 9.1 shall govern with respect to any new affiliate which, as of the date of Retailer’s
acquisition thereof, is participating in a credit or charge card program branded with such affiliate’s name or marks. Notwithstanding the prior sentence, Retailer shall require any newly acquired affiliate which intends to participate in the
Program to execute or authorize the filing of such additional documents (including UCC financing statements) as Bank may reasonably require in accordance with Section 7.13. 

7.10 Use of Names and Marks. 

(a) Retailer hereby grants Bank during the Term, except as extended in accordance with Schedule 11.4, a nonexclusive,
non-transferable, royalty-free license to use the Retailer Marks in connection with the establishment, administration and operation of the Program and the ownership and liquidation of the Accounts (including the exercise by Bank of all of its rights
under this Agreement and under Applicable Law, and the fulfillment of all of Bank’s obligations under this Agreement and under Applicable Law). Bank’s use of the Retailer Marks shall be limited to the materials necessary to Bank’s
administration of the Program (including applications, Cardholder Agreements, Credit Cards, billing statements, privacy disclosures and Cardholder correspondence), as well as to printed, electronic and broadcast matter advertising and promotion of
the Program (collectively, “Program Materials”) and as otherwise provided for in this Agreement. Use of the Retailer Marks in connection with any Program Materials shall be subject to Retailer’s prior approval, which approval
shall not be unreasonably withheld or delayed, and such Program Materials shall be used by Bank in all material respects as approved by Retailer; provided, that once such approval is received, and in the absence of a material alteration
thereto or to the context in which such Retailer Marks are being used by Bank, no further review or approval shall be required for the continued use (including re-printing and re-distribution) of such Program Materials by Bank. Bank acknowledges
that the Retailer Marks, all rights therein, and the goodwill associated therewith, are, and shall remain, the property of Retailer. Nothing herein shall give Bank any proprietary interest in or to the Retailer Marks, except the right to use the
Retailer Marks in accordance with this Agreement, and Bank shall not contest Retailer’s title in and to the Retailer Marks as the same exist as of the date of this Agreement. Bank agrees to include Retailer Marks on all billing statements sent
to Cardholders. 
 (b) Without the prior consent of Bank (which consent shall not be unreasonably withheld or delayed),
Retailer may not use Bank’s name (or the name of any affiliate thereof) or any related marks, logos or similar proprietary designations; 

  
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provided, that Retailer may use Bank’s business name, in the nominative sense, in connection with any credit disclosure verbiage included in any advertising of the Program (or any
credit-based promotion offered thereunder) by Retailer. 
 7.11 Intellectual Property. All technology, software, or other material
developed, invented, created or authored by either party in connection with the Program shall belong solely and exclusively to the developing party, including all intellectual property rights relating thereto. 

7.12 Securitization. Bank and its affiliates may securitize, participate or otherwise convey or transfer an interest in, or pledge or
create a lien in respect of, any or all of the Accounts and/or Indebtedness at any time during the Term; provided, however, that (a) Bank shall not purport to grant any rights under this Agreement to a third party in connection
with any such securitization or other financing transaction (including the right to use Retailer Marks), nor shall any third party have any recourse against Retailer or its affiliates with respect to any such securitization or other financing
transaction, (b) Bank shall securitize and enter into other financing transactions only on terms and conditions that permit such arrangements to be unwound in the event that a Nominated Purchaser purchases the Program Assets pursuant to the
terms hereof, and (c) neither Bank nor any person who is a party to such securitization, participation, or other financing transaction involving Indebtedness or any legal or beneficial interest therein shall have the right to use the Retailer
Marks or otherwise refer to Retailer or its affiliates in connection with any securitization, participation, or financing in any disclosure material other than in accordance with traditional and customary standards, or as required under Applicable
Law. If a Nominated Purchaser elects to purchase the Program Assets at the end of the Term, Bank shall transfer the Program Assets to such Nominated Purchaser free and clear of all encumbrances; provided, however, that Bank shall have
one hundred twenty (120) days from the delivery of the Exercise Notice by Retailer to obtain a release of the Program Assets from the securitization or other financing transaction. 

7.13 Grant of Security Interest/Precautionary Filing. 

(a) Both (i) to guard against the possibility that it is determined that Article 9 of the UCC applies or may apply to the
transactions contemplated hereby, and (ii) to secure payment of and performance by Retailer of any and all indebtedness, liabilities or obligations, now existing or hereafter arising pursuant to this Agreement, including indebtedness,
liabilities and obligations that may be deemed to exist in the event of the applicability of Article 9 of the UCC to, and any recharacterization of, any transactions contemplated hereby, Retailer grants to Bank a security interest in all of
Retailer’s right, title and interest, if any, now existing or hereafter arising in all (i) Accounts, Account Documentation and Indebtedness; (ii) all deposits, credit balances and reserves on Bank’s books relating to any such
Accounts; and (iii) all proceeds of any of the foregoing (the “Collateral”). For the avoidance of doubt, Bank’s security interest does not include amounts paid by Bank to Retailer pursuant to this Agreement. 

(b) Retailer represents and warrants that it has not and will not grant any security interest to or authorize the filing of any
financing statement in favor of any person that attaches to or covers any of the Collateral or that would attach to or cover such Collateral, if contrary to the intent of the parties to this Agreement, Retailer was


  
 19 








 
determined to have any rights therein, other than any security interests or financing statements that have lapsed or been terminated. Bank acknowledges that Retailer has entered into, and will
hereafter modify and enter into new credit facilities which are secured by some or all of Retailer’s assets other than the Collateral and that the documents evidencing such credit facilities grant, among other things, the lenders thereunder the
right to set-off against various bank accounts of Retailer. 
 (c) Retailer agrees to cooperate fully with Bank, as Bank may
reasonably request, in order to give effect to the security interests granted by this Section 7.13. Retailer hereby authorizes Bank to file such UCC-l or comparable statements as Bank reasonably deems necessary or appropriate to perfect such
security interests. Retailer represents and warrants that as of the date hereof the following is the true and correct corporate name and state of organization of Retailer: Stein Mart, Inc., a Florida corporation. Retailer agrees to provide Bank with
thirty (30) days’ prior notice of any change in any of the foregoing corporate name, or any state of incorporation. Bank agrees to provide a written explanation of the prophylactic nature of its security interest to any third party
promptly upon Retailer’s request. 
 (d) Unless Bank shall have otherwise consented, Retailer shall not create, assume
or suffer to exist any lien on any of its right, title or interest under this Agreement or in the proceeds thereof. 
 7.14 In-Store
Payments. During the Term, Retailer shall have the ability to accept in-store payments at Store Locations (“In-Store Payments”) from Cardholders on their Accounts on behalf of Bank. Retailer and Bank have jointly developed
additional procedures in the Operating Procedures with respect to the manner in which such In-Store Payments shall be processed. The following terms and conditions shall apply to In-Store Payments: 

(a) Retailer will receive and hold all In-Store Payments in trust for Bank. 

(b) Retailer will accept and process all In-Store Payments in accordance with the Operating Procedures. 

(c) Retailer shall, as necessary, provide proper endorsements on such items. 

(d) Bank shall grant to Retailer a limited power of attorney (coupled with an interest) to sign and endorse Bank’s name
upon any form of In-Store Payment that may have been issued in Bank’s name in respect of any Account. 
 (e) Retailer
shall notify Bank upon receipt of any In-Store Payment, indicate the tender types for In-Store Payments and shall include the Charge Transaction Data related to such In-Store Payment in the net settlement in respect of the day immediately following
such receipt on the same basis as other Charge Transaction Data. 
 (f) Retailer shall issue a receipt for each In-Store
Payment in compliance with Applicable Law. 

  
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 If at any time, based upon either party’s (the “Determining Party”) good faith
interpretation of Applicable Law, the Determining Party determines that, as a result of such Applicable Law, Retailer’s acceptance of In-Store Payments is detrimental to the interests of the Determining Party, then, at the Determining
Party’s request, Retailers shall cease accepting In-Store Payments and shall direct Cardholders to make all payments in respect of Accounts directly to Bank. 

7.15 Periodic Program Reports; Access to Cardholder Data. 

(a) Bank will provide Retailer with the reports set forth on Schedule 7.15 hereto and any other reports as mutually
agreed upon by the parties. 
 (b) Bank will provide Retailer on a monthly basis with an updated copy of Cardholder data as
set forth on Schedule 7.15, including Cardholder contact information, financial information at the Cardholder level and such other information as set forth on Schedule 7.15, to the fullest extent allowed by Applicable Law. 

(c) The specific form and content of any reports required to be made pursuant to this Section 7.15 shall be determined by
Bank and Retailer, subject to Applicable Law and Bank’s available internal customer reporting capabilities as in effect on the Effective Date (as the same may be amended from time to time). 

(d) Bank shall make such disclosures as are required or permitted by Applicable Law or Reasonable Financial Services Practices
to enable Bank to provide the information described above to Retailer. 
 7.16 Service Level Standards. 

(a) Bank shall comply with the individual service level standards (“Service Level Standards”) set forth in
Schedule 7.16. For the avoidance of doubt, the Service Level Standards shall apply to both the Co-Brand Program and the PLCC Program. 

(b) During the Term, and subject to the provisions of Section 7.16(a) and Schedule 7.16 hereto, if Bank fails to
meet any of the Service Level Standards for any calendar month, Bank shall take the actions described in Schedule 7.16. 

(c) If, at any time during the Term, Retailer desires to implement a promotional or other marketing event or program which is
reasonably likely to result in a [***] increase in volume of calls to Bank from Cardholders and/or Retailer personnel during a given period of time (each, a “Planned Promotion”), Retailer shall provide Bank with [***]
prior notice of such Planned Promotion (each, a “Planned Promotion Notice”) specifying the type and term of the Planned Promotion, together with the proposed starting date and time period during which such Planned Promotion will be
in effect (as extended or shortened by Retailer following the date of the applicable Planned Promotion Notice, the “Planned Promotion Period”). Following Bank’s receipt of any Planned Promotion Notice, if Retailer desires to
alter (i) the Planned Promotion in a way which is reasonably likely to increase or decrease by [***] the volume of calls to Bank from Cardholders and/or Retailer personnel during the Planned Promotion Period or (ii) the Planned
Promotion Period for the applicable Planned Promotion as specified in the 

  
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Planned Promotion Notice, Retailer shall notify Bank of such alteration not less than [***] to the commencement of the Planned Promotion Period. The failure of Retailer to comply with any
notice obligation set forth in this Section 7.16(c) in respect of a Planned Promotion shall result, at the option of Bank, in all Cardholder and Retailer personnel calls during the applicable Planned Promotion Period being deemed
“Excluded Calls” for purposes of the Service Level Standards set forth on Schedule 7.16 hereto. 

(d) Notwithstanding anything to the contrary in this Agreement or Schedule 7.16 hereto, in the event Bank does not
comply with any Service Level Standard due to the failure or fault of Retailer or a Retailer’s third party service provider or a third party that is not a Bank Subcontractor under this Agreement (e.g., a telecommunications carrier), such lack
of compliance shall not be deemed a failure to meet a Service Level Standard for purposes of this Section 7.16 and Schedule 7.16 hereto. 

(e) Bank shall designate an experienced, senior level client operations manager who shall be responsible for overseeing
Bank’s compliance with the Service Level Standards and who shall serve as the sole point of contact between Retailer and Bank to answer any questions or address concerns regarding Bank’s compliance with the Service Level Standards. 

7.17 Maintenance of Bank Webpage and Retailer Website; Fraud Prevention. 

(a) The parties acknowledge that the infrastructure required for internet applications and purchases (each, an
“Internet Transaction”) is dynamic and agree to cooperate in implementing enhancements and developments with respect to the operation and security of Internet Transaction processing under the Program. During the Term, Retailer shall
use reasonable efforts to conform the Retailer Website to be reasonably compatible with the Bank Webpage and any payment authorization technology selected by Bank, and Bank shall provide to Retailer prior notification of planned changes in the Bank
Webpage or such payment authorization technology to permit Retailer to make any required changes in the Retailer Website; provided, however, that Bank shall cooperate with Retailer in an effort to minimize the costs and difficulty of
any such changes to the Retailer Website. 
 (b) Retailer shall not permit any link to the Bank Webpage to exist (i) on
the Retailer Website at any time other than during the Term, or (ii) on any internet website (other than the Retailer Website) maintained, operated or controlled by Retailer or under any Retailer Mark. 

(c) Retailer shall maintain and operate the Retailer Website so that all Internet Transactions processed through the Retailer
Website, if any, will be transmitted on a secure basis which ensures, among other things, that such information cannot be altered, viewed, or captured by an unauthorized party. Bank agrees that the direct access medium or method used to store,
present or transmit Internet applications, terms and conditions, and/or Account information will be secured in a manner which ensures that such information cannot be altered, viewed or captured by an unauthorized party. Retailer and


  
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Bank agree to cooperate in a commercially reasonable manner by committing systems and other resources, and by providing information with respect to the development, establishment and
implementation of fraud mitigation strategies in connection with Internet Transactions. Retailer and Bank further agree to use commercially reasonable efforts to implement such mitigation strategies as are developed from time to time. 

(d) Retailer shall have the sole right to determine the design and content of the Retailer Website; provided,
however that Bank shall have the right to approve: (i) the usage of Bank Marks on the Retailer Website, (ii) any terms and conditions and legal disclosures regarding the Program on the Retailer Website, and (iii) subject to
Schedule 5.3(d), the look and feel of any advertising, marketing, or information regarding the Program on the Retailer Website. 

(e) Sales through the Retailer Website using the Credit Cards will be settled through the Direct Settlement Process and the
Retailer Website will be deemed a Retailer Sales Channel for all purposes of this Agreement. 
 7.18 Interchange Regulation. If at
any time there occurs a decline in the interchange rate received by Bank from the Association, the parties shall have the rights and obligations set forth on Schedule 7.18 hereto. 

7.19 Store Closure. If at any time Retailer sells or closes a Store Location, the parties shall have the rights and obligations set
forth on Schedule 7.19 hereto. 
 7.20 GOB; Bankruptcy. 

(a) Retailer shall provide Bank with thirty (30) days prior notice of any of the following (each a “Significant
Event”) (it being agreed that (x) any such notice shall constitute Confidential Information of Retailer and be subject to the provisions of Section 15.1 and (y) such requirement shall be subject to any conflicting requirement
of a duly entered bankruptcy court order): (i) the public announcement of any closure of Store Locations that will cause the number of existing Retailer Store Locations to fall below [***] Store Locations; (ii) public announcement
of any GOB Sale in connection with Retailer’s operations, which, following the completion thereof, will result in the number of existing Stores falling below [***] Store Locations, or (iii) other than a reorganization of Retailer,
the filing in any bankruptcy case in which Retailer is a debtor of any notice or motion relating to any matter described in clause (i) or (ii) (including a notice or motion under Bankruptcy Code sections 363 or 365). 

(b) Bank shall have the right, but not the obligation, to take any or all of the following actions (in each case in a manner
not in violation of Applicable Law) if a Significant Event occurs under Section 7.20(a): (i) cease accepting new credit applications for Accounts; (ii) cease authorizing transactions on Accounts, (iii) cease accepting Charge
Transaction Data for charges or credits (or both) on Accounts; (iv) request Retailer to cease performing Account look-ups; (v) subject to the limitations and conditions set forth in Schedule 11.4, liquidate or sell any or all
Accounts other than to those competitor stores listed in Group 2 of Schedule 11.4(1); or (vi) subject to the 

  
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limitations and conditions set forth in Schedule 11.4, convert any or all Accounts to another credit or charge program maintained by Bank or any of its affiliates other than to those
competitor stores listed in Group 2 of Schedule 11.4(1). Without limiting the foregoing, if Retailer conducts a GOB Sale which is not an Authorized Liquidation Sale at any Store Location, as of the initiation of such GOB Sale, Bank shall have
the rights set forth in clauses (i), (ii), (iii) and (iv) above with respect to such Store Location, or if such GOB Sale is an Authorized Liquidation Sale, the rights set forth in clause (i) above. 

(c) Subject to Section 12.3, Retailer, or any licensee, subtenant, Liquidator, or other third party operating in, from or
through any Retailer Sales Channel, shall not seek an authorization from Bank for a transaction on an Account in connection with a Prohibited Transaction or any GOB Sale which is not an Authorized Liquidation Sale, and shall not submit to Bank any
Charge Transaction Data on an Account arising from any Prohibited Transaction or any such GOB Sale which is not an Authorized Liquidation Sale. Any GOB Sale by Retailer, including any Authorized Liquidation Sale, whether or not approved by any
court, shall comply with all federal, state and local laws and regulations concerning such sales. 
 (d) Retailer shall not
enter into any agreement with a Liquidator (or solicit bids from a Liquidator for any agreement) that would permit the Liquidator to seek an authorization from Bank for a transaction on an Account in connection with a Prohibited Transaction, or to
submit to Bank any Charge Transaction Data on an Account arising from any Prohibited Transaction. Any agreement between Retailer and a Liquidator shall expressly prohibit the Liquidator from seeking such authorizations from Bank and submitting such
Charge Transaction Data to Bank. For the avoidance of doubt, actions by a Liquidator in consulting with, or overseeing a GOB Sale which is an Authorized Liquidation Sale, and actions by a Liquidator in fulfilling such role shall not violate this
provision. 
 (e) The parties acknowledge and agree that the rights of Bank under this Section 7.20, including the
rights to receive notice under Section 7.20(a), are a material inducement to Bank to provide the Program and are necessary for Bank to manage its credit and other risks in operating the Program. In addition to any other rights Bank may have
under this Agreement or Applicable Law, Bank shall be entitled to terminate this Agreement immediately upon notice to Retailer if there occurs a Significant Event or Retailer breaches any obligation under this Section 7.20. 

(f) The parties conclusively agree that, in the event of a filing under the Bankruptcy Code with respect to Retailer, this
Agreement is an executory contract under 11 U.S.C. § 365 and is not a financial accommodation or an agreement to provide credit to Retailer. If requested by Bank, Retailer shall file a motion to assume this Agreement within thirty
(30) days following the filing of any voluntary petition for bankruptcy. Retailer agrees that any failure to do so shall be “cause” for Bank to seek immediate relief from the automatic stay to seek any remedies, including immediate
termination of this Agreement. Retailer agrees to consent to such relief from the stay. 

  
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 (g) Bank and Retailer further agree that in order to assume this Agreement,
Retailer shall provide adequate assurance of future performance, and that the parties stipulate that the standard to be used to establish such assurance shall include reasonable cash reserves, letter of credit, collateral or other similar credit
arrangements for reasonably foreseeable chargebacks, costs, and expenses which may arise from the assumption and continued use of the Accounts, including any termination fees or repayment of any incentive bonus or similar obligation that may be
required upon termination of the assumed Agreement. 
 (h) Retailer further agrees that, within fifteen (15) days of any
bankruptcy filing, to file an appropriate “first day motion” or other motion seeking court approval that will permit the settlement procedures for payment hereunder to continue in accordance with their terms. Retailer further agrees, at
the request of the Bank, that it shall immediately seek any necessary court approval, as part of its first day motions, or otherwise, to ensure that all gift cards, to the extent offered by Retailer, are honored, returns are accepted in accordance
with the standard return policy, warranties are honored, and any “reward” program certificates or coupons previously issued and not yet expired are honored, in the same manner as before any bankruptcy filing. The failure to seek such
approval, and any failure to so honor gift cards, if applicable, warranties, unexpired reward program certificates or coupons issued or to accept returns, shall be deemed a material breach and an event of default and will entitle Bank to terminate
this Agreement immediately and/or will constitute sufficient grounds for Bank to obtain an order compelling rejection of this Agreement. 

(i) In the event that any bankruptcy court determines that this Agreement is a financial accommodation or agreement to make a
loan, then in such event the parties agree that any further performance hereunder by Bank shall be deemed to be the providing of credit post petition under 11 U .S.C. §364 and Retailer may not require further performance unless and until
Retailer files an appropriate motion under 11 U.S.C. § 364 and agrees to provide adequate protection for any losses arising hereunder, including the granting of an administrative expense claim having, allowable under 11 U.S.C. § 503(b)(1),
with priority over any and all administrative expenses of the kind specified in section 503(b) or 507 of the Code; a lien on collateral not otherwise encumbered; and inclusion of a reserve or budget item in any applicable debtor in possession
financing, the posting of a letter of credit to protect against losses from continuing to make post petition advances, including losses from chargebacks or failure to pay any termination fees or repay any incentive bonus or similar obligation. 

7.21 Sales Taxes and Related Record Retention. Retailer will pay when due any sales taxes relating to the sale of goods or services
financed on Accounts. Retailer agrees that Bank shall be [***]. Retailer shall cooperate with Bank in making reasonable efforts to recover any and all such taxes in connection with actual charge offs, including executing any and all forms or
other documentation reasonably necessary or required by any taxing authority, and timely producing all supporting documentation and data relative to such Accounts then in Retailer’s possession; provided that the content and format of any
data requested by Bank from Retailer shall be mutually acceptable to both parties. Retailer and Bank shall jointly gather the documentation and information necessary for them to pursue, analyze, file, defend and/or litigate


  
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sales tax refunds, deductions, credits and/or audit offsets arising from the charged-off Accounts; provided that (i) Retailer shall not be obligated to file any document in any state
where it believes there is an unreasonable risk that such filing is not in conformance with requirements of Applicable Law, (ii) Retailer shall not be obligated to commingle any filing for sales tax recapture with any other tax filings, and
(iii) Bank shall provide Retailer with sufficient information to enable Retailer to respond, if needed, to any state tax audit (including information allowing Retailer to identify the transactions that are the subject of the tax filing). Each
party shall bear its own costs in complying with this Section 7.21. Retailer shall [***]. 
 7.22 Additional [***]. Bank
commits to evaluating solutions and developing implementation plans for certain processes as set forth on Schedule 7.22. These plans will include estimated expenses which will be approved by Retailer and mutually agreed upon milestones and
timelines. The costs for Bank’s development of general functionality of these processes will not be included as a Program expense. Ongoing operational costs for these functionalities will be treated as Program expenses. Bank will provide
Retailer regularly scheduled updates on the progress of completing the requirements and implementation plans. 
 ARTICLE 8 —
CHARGEBACKS 
 8.1 Chargeback Rights. Subject to the remaining Sections of this Article 8, Bank will have the right to chargeback
to Retailer any Indebtedness pertaining to a PLCC Purchase or a Co-Brand Purchase if Bank is entitled under the Association Rules to affect such chargeback as a bankcard issuer or, if with respect to the corresponding charge or credit or the related
Charge Transaction Data or the underlying transaction: 
 (a) The Cardholder disputes a charge and (i) Retailer cannot
provide Bank with evidence of the terms of the charge that resolves the dispute (including the date of the charge, a masked or truncated Account number, products purchased and purchased amount) within twenty (20) days after Bank’s request,
or (ii) Bank determines that the merchandise was shipped to an address other than the then-current billing address for the Cardholder as reflected in Bank’s records; provided, however, that any such dispute constitutes a bona
fide claim presented by the Cardholder in good faith in the reasonable opinion of Bank; provided, further, that Bank shall have no obligation to re-charge the Cardholder for a charge where Retailer could not provide Bank with evidence
of the terms of the charge that resolves the dispute within the above-referenced twenty (20) day period, but Retailer subsequently locates or otherwise finds evidence of such terms; 

(b) The Cardholder disputes the amount of an Account and/or refuses to pay such amount alleging dissatisfaction with products
or services received or failure to receive products or services, a breach of any warranty or representation by Retailer in connection with the transaction, or an offset or counterclaim based on an act or omission of Retailer, the product
manufacturer or any third-party service provider; provided, however, that any such dispute constitutes a bona fide claim presented by a Cardholder in good faith in the reasonable opinion of Bank; 

(c) Retailer failed to comply with any Operating Procedure(s) with respect to any charge, credit, or Account, or Bank
determines in good faith that any charge, credit or Account was subject to any acts of fraud performed by or in collusion with Retailer’s and/or its affiliates’ employees, contractors or agents; 

  
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 (d) (i) The Cardholder asserts that the Cardholder or an authorized user did not
make or authorize the purchase in dispute; (ii) the Cardholder or any other person asserts that such person’s name, social security number or other identifying information was used to make any purchase (or to open an Account on which such
purchase was made) and that such person did not make or authorize the purchase or open the Account in dispute; or (iii) Bank determines in good faith that a purchase was transacted or an Account was opened in a fraudulent manner; or 

(e) Bank determines in good faith that any presentment warranty set forth on Schedule 8.1(e) hereof was false or
inaccurate in any respect when made. 
 8.2 Co-Brand Account Chargebacks. Bank shall have the right to charge back to Retailer any
Indebtedness on any Co-Brand Account (i) involving Retailer’s employee fraud with respect to such Co-Brand Account, or (ii) with respect to which Retailer did not comply with the Operating Procedures in opening an Account. Except as
provided in the preceding sentence, Bank shall have no chargeback rights against Retailer for any Non-Retailer Purchases. 
 8.3
Settlement of Claims. In its reasonable discretion, after consultation with Retailer, Bank may compromise and settle any claim made by any Cardholder (including claims made on behalf of an authorized user) relating to such Cardholder’s
Account. No such compromise or settlement will impair Bank’s right to chargeback under Article 8 any portion of such Account not paid pursuant to any such settlement or compromise. If the full amount or any portion of any charge is charged
back, Bank will assign, without recourse, all rights to payment for the amount charged back to Retailer upon the request of Retailer. 

8.4 Delivery of Materials Regarding Chargebacks. Retailer shall deliver to Bank any correspondence or other materials reasonably
requested by Bank, or otherwise required in connection with the processing of any chargeback, via such electronic transmission mode as Bank shall designate. 

8.5 Chargeback Process. Without limiting Bank’s chargeback rights under the provisions of Section 8.1, prior to effecting a
chargeback pursuant to such Section, Bank shall employ its ordinary course dispute resolution procedures applicable to chargebacks (which procedures will be no less favorable in any material respect to Retailer than the dispute resolution procedures
generally used by Bank with respect to its other private label and co-brand program partners) to assess the claims of the Cardholder and Retailer’s response thereto. Bank shall designate a representative of Bank to facilitate such process,
including working with Retailer in any case in which Retailer reasonably believes the basis for a particular chargeback is invalid or has been corrected (in either case, based on new or additional information not previously requested by Bank). 

ARTICLE 9 — EXCLUSIVITY 

9.1 Exclusivity. The parties shall be bound by the exclusivity provisions set forth in Schedule 9.1 hereto. 

  
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 ARTICLE 10 — TERM AND TERMINATION 

10.1 Program Term. This Agreement shall commence upon the Effective Date and continue until the close of business on January 31,
2026 (the “Initial Renewal Term”). The Agreement shall renew automatically without further action of the parties for successive one (1) year terms (each a “Renewal Term”) unless either party provides notice of
termination at least one hundred eighty (180) days prior to the expiration of the Initial Renewal Term or current Renewal Term, as the case may be. The Initial Renewal Term and any subsequent Renewal Term are collectively referred to herein as
the “Term”. 
 10.2 Termination of Agreement. Notwithstanding anything in Section 10.1 to the contrary, this
Agreement may be terminated prior to the end of any Term as provided below: 
 (a) If either party breaches any covenant or
agreement contained in this Agreement (other than for a failure to meet (i) Service Level Standards, which shall be governed by Section 10.2(k), (ii) the Minimum Credit Targets, which shall be governed by Section 10.2(l), or
(iii) the Financial Covenants, which shall be governed by Schedule 10.2(p) and Section 10.2(p)), (x) which does not involve the payment of money to the other party hereto and such breach continues for a period of thirty
(30) days after the non-breaching party has given notice of the breach, or (y) which involves the payment of money (not reasonably in dispute) to the other party hereto and such breach continues for a period of five (5) days after the
non-breaching party has given notice of the breach, then, in either case, the non-breaching party shall have the right to terminate this Agreement. The foregoing clause (y) notwithstanding, the failure of a party to make a payment due hereunder
shall not give rise to a termination right in the other party if the amount which such party has failed to pay is less than fifty thousand dollars ($50,000) and such party, acting in good faith, has delivered a notice to the other party contesting
its obligation to make such payment. In any case, to be effective, a termination notice must be delivered within [***] after the expiration of the applicable notice periods. This Agreement will terminate [***] after delivery of such
notice of termination. 
 (b) If any representation or warranty made by a party proves knowingly not to have been true and
correct in all material respects as of the date when made, and such representation or warranty materially affects the party’s ability to perform under the Agreement, then the other party shall have the right to terminate this Agreement. In
order to be effective, the notice of termination must be delivered within [***] after the date such other party first becomes aware that such representation or warranty is not true and correct. This Agreement will terminate [***] after delivery of
such notice of termination. 
 (c) If a party (i) is no longer Solvent; (ii) generally does not pay its debts as
such debts become due, or admits in writing its inability to pay its debts generally; (i) makes a general assignment for the benefit of its creditors; (iv) has any proceeding instituted by or against it seeking to adjudicate it bankrupt or
insolvent or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency, or reorganization or relief of debtors, or seeking the
entry of an order for relief or the 

  
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appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property (provided that if a proceeding is commenced against such party and not
consented to or acquiesced by such party, then such proceeding is not withdrawn or dismissed within [***]; or (v) takes any corporate action which authorizes any of the actions set forth above in (i) through (iv) above, then
the other party shall have the right to terminate this Agreement. In order to be effective, the notice of termination must be delivered within [***] after such other party becomes aware of the occurrence of such event; provided, that
in the case of an occurrence under clause (iv), this Agreement shall terminate automatically unless the parties shall mutually agree in writing to continue the Program. In any case in which notice is required for termination, this Agreement will
terminate upon delivery of such notice. 
 (d) If there is a Change in Control with respect to Retailer, then Bank shall have
the right to terminate this Agreement; provided that Bank’s right to terminate this Agreement due to such Change in Control shall exist only if the surviving entity materially alters the Retailer Marks used at [***] of Store
Locations, or that the surviving entity materially alters the merchandise mix in existence at such stores. In order to be effective, the notice of termination must be delivered within [***] after Bank becomes aware of the occurrence of such
event. This Agreement will terminate [***] after delivery of such notice of termination. 
 (e) If a party is in
default under any indenture or other instrument relating to any indebtedness for borrowed money in excess of [***] dollars ($[***]) and such default gives any person, either with or without notice and without giving effect to any extension of any
grace period, the right to accelerate such indebtedness and such person does in fact accelerate such indebtedness, then the non-defaulting party hereunder shall have the right to terminate this Agreement. In order to be effective, the notice of
termination must be delivered within [***] after such non-defaulting party becomes aware of the occurrence of such event. This Agreement will terminate [***] after delivery of such notice, unless the underlying default is cured during such [***]
period. 
 (f) If a material adverse change has occurred in the operations, financial condition, business or prospects of a
party hereto, which the other party has reasonably determined, in good faith, has had, or is reasonably likely to have, a material adverse effect on the ongoing operation or continued viability of the Program, then such other party shall have the
right to terminate this Agreement. In order to be effective, the notice of termination must be delivered within [***] after the terminating party makes such determination. This Agreement will terminate [***] after delivery of such notice of
termination. 
 (g) Bank shall have the right to terminate this Agreement upon not less than [***] prior notice if at
any time there is a CIL Decline; provided that Bank has first sought to engage Retailer in a good faith renegotiation of the terms of this Agreement and the parties have not agreed within [***] on modifications sufficient to offset the
effect of the CIL Decline, including any CIL Decline resulting from any new limits on Bank’s rights and/or increased obligations under the Program resulting from the applicable Change in Law. This Agreement will terminate [***] after
delivery of Bank’s notice of termination pursuant to this Section 10.2(g). Additional terms and conditions applicable to Bank’s termination right under this Section are set forth on Schedule 10.2(g). 

  
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 (h) If the increase made by Bank to the Credit Review Point does not satisfy the
Retailer’s good faith projections of Program growth pursuant to Section 7.6(a) or Bank declines to increase the Credit Review Point then in effect pursuant to Section 7.6(b) then Retailer may terminate this Agreement. In order to be
effective, the notice of termination must be delivered within [***] after Bank notifies Retailer pursuant to Section 7.6. This Agreement will terminate [***] after Retailer’s delivery of such notice of termination. 

(i) Either Bank or Retailer shall have the right to terminate the Agreement upon notice to the other party hereto, if the
performance by the other party of its obligations under this Agreement is prevented or materially impeded, without ability to cure, for a period of not less than [***] by a Force Majeure Event. Any such failure to perform shall not be considered a
breach of this Agreement (giving rise to a damage claim) if the disabled party promptly advises the other party in writing that it is unable to perform due to such a Force Majeure Event, setting forth: (i) the nature of the event; (ii) its
expected effect(s) and duration; (iii) any expected development which may further affect performance hereunder; and (iv) the efforts which will be made to cure such Force Majeure Event or provide substitute performance. 

(j) [Intentionally omitted.] 

(k) Retailer shall have the right to terminate the Agreement, if Bank fails to meet Service Level Standards as provided in
Schedule 7.16. 
 (l) Retailer shall have the right to terminate the Agreement, if Bank fails to meet the Minimum
Credit Targets set forth on Schedule 7.4(c)(1), as provided in Schedule 7.4(c). 
 (m) [Intentionally omitted.]

 (n) If there is a Change in Control with respect to Bank or Synchrony Financial then Retailer shall have the right to
terminate this Agreement; provided, however, that Retailer’s termination right with respect to a Change in Control of the Bank shall not apply where, after the consummation of all transactions constituting such Change in Control,
Synchrony Financial continues to beneficially own fifty percent (50%) or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of Bank or of any entity acquiring the
ownership or assets of Bank pursuant to such Change in Control. In order to be effective, the notice of termination must be delivered within [***] after Retailer becomes aware of the occurrence of such event. This Agreement will terminate
[***] after delivery of such notice of termination. 
 (o) [***], upon prior notice (“Shortfall
Notice”) to Retailer, Bank shall have the right to request that Retailer enter into good faith negotiations to change the financial terms of this Agreement if the Rolling ROI for any Rolling ROI Measurement Period is


  
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less than the “Rolling ROI Minimum” (as defined on Schedule 10.2(o)) (an “Annual ROI Shortfall”) other than due to a Change in Law (as defined on Schedule
10.2(g) or any decline in interchange rate fees received by Bank from an Association. If Retailer and Bank have not agreed within [***] after Bank’s delivery of the Shortfall Notice on changes to the financial terms of the Program
that would have been necessary to reduce the Annual ROI Shortfall to [***] during such Rolling ROI Measurement Period, then the terms and conditions set forth on Schedule 10.2(o) shall apply. 

(p) Bank shall have the right to terminate the Agreement, if Retailer fails to meet the financial covenants set forth on
Schedule 10.2(p) or shall otherwise fail to comply with the terms of Schedule 10.2(p). 
 ARTICLE 11 — EFFECTS OF
TERMINATION 
 11.1 General Effects. 

(a) Upon the expiration or any termination of this Agreement, the parties shall have any rights or remedies available to such
party under this Agreement or in law or at equity. Upon such expiration or termination, all obligations of the parties under this Agreement shall cease, except that the provisions specified in Section 15.16 shall survive. 

(b) All solicitations, marketing and advertising of the Program, other than acceptance of applications through Retailer
Channels in the ordinary course of business consistent with past practice, shall cease either upon notice to Bank from Retailer of Retailer’s intent not to purchase the Accounts following termination of this Agreement by either party or the
failure of Retailer to exercise its Purchase Option prior to the expiration of the time period in which Retailer may provide an Exercise Notice to Bank as set forth in Schedule 11.2, except as the parties may otherwise mutually agree. The
parties shall continue to operate the Program and service the Accounts in good faith and in the ordinary course of their respective businesses, subject to the terms of this Agreement, including Schedules 11.2, 11.3, and 11.4,
and Bank shall continue to market and advertise the Program following termination of this Agreement by either party until the later of the (i) Closing Date if Retailer provides an Exercise Notice to Bank or (ii) date upon which Retailer
notifies Bank of Retailer’s intent not to purchase the Accounts or the last date upon which Retailer may exercise its Purchase Option as set forth in Schedule 11.2 if Retailer has failed to provide an Exercise Notice to Bank subject in
all cases to Bank’s rights under this Agreement with respect to Bank Matters. The parties shall cooperate to ensure the orderly wind-down or transition of the Program. 

(c) Except as set forth in Schedule 7.18, the expiration or any termination of this Agreement shall apply to both the
PLCC Program and the Co-Brand Program and neither Bank nor Retailer shall have the right to terminate the PLCC Program or the Co-Brand Program separately. 

11.2 Purchase of Accounts by Retailer upon Termination. Upon notice of termination or non-renewal of this Agreement by either party,
Retailer shall have the right to purchase, or to arrange for the purchase, of not less than all the Program Assets in accordance with Schedule 11.2 hereto. 

  
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 11.3 Determination of Fair Market Value. In the event this Agreement expires or terminates
and Retailer notifies Bank that it, or its Nominated Purchaser, shall purchase the Program Assets, the parties shall determine the fair market value thereof in accordance with Schedule 11.3 hereto. 

11.4 Bank’s Rights If Retailer Does Not Purchase Accounts. If Retailer does not exercise its option to purchase, or arrange for
the purchase, of the Program Assets pursuant to Section 11.2 and Schedule 11.2, Bank shall have the rights set forth in Schedule 11.4. 

11.5 Limitation on Retailer’s Right to Purchase Accounts. Notwithstanding anything in this Agreement, if (a) a Significant
Event shall have occurred and the Agreement expires or is terminated, or (b) this Agreement is terminated in any manner other than as provided in Article 10, Bank’s rights under Schedule 11.4 shall apply; provided that,
subject to the exercise by Bank of any of Bank’s rights pursuant to Schedule 11.4 (including the right to convert any or all of the Accounts to another credit or charge program subject to the restrictions therein), Retailer shall have
the right to purchase or arrange for the purchase of the Accounts (other than Accounts that have been written-off by Bank) on the terms and conditions set forth in Schedule 11.2 except as follows: 

(i) The purchase price for the Accounts shall be equal to [***]. 

(ii) If either (x) Retailer fails to exercise its Purchase Option prior to the expiration of the time period in which
Retailer may provide an Exercise Notice to Bank as set forth in Schedule 11.2 or (y) Retailer or the Nominated Purchaser does not complete the purchase within the time period set forth in Schedule 11.2 after the delivery of the
Exercise Notice, Bank may enter into a binding commitment to sell the Accounts to a third party in accordance with Schedule 11.4, and Retailer’s (or its Nominated Purchaser’s) right to purchase such Accounts pursuant to this
Section 11.5 shall immediately expire. 
 (iii) Bank shall use reasonable efforts to notify Retailer upon the
commencement of any negotiations between Bank and a third party regarding the sale of such Accounts pursuant to this Section 11.5 which Bank deems reasonably likely to result in a sale transaction and prior to entering into a binding commitment
for such sale. Bank shall provide Retailer notice that Bank and such third party are close to finalizing the terms of a sale, and Retailer shall have the right, but not the obligation, to present to Bank no later than five (5) Business Days
following receipt of such notice, a viable alternate purchaser for the Accounts (it being agreed that Bank is under no obligation to enter into a binding commitment with either the third party engaged by Bank or any alternate purchaser presented by
Retailer); provided, however, that Retailer shall use good faith efforts to notify Bank as soon as possible after the initial notice if Retailer does not plan on pursuing an alternate purchaser and as soon as possible following the
second notice if they do not think they will be able to find a viable purchaser in such five (5) Business Day period. 

  
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 ARTICLE 12 — REPRESENTATIONS AND WARRANTIES 

12.1 Representations and Warranties. Each party makes the following representations and warranties to the other party at all times
during the Term (except with respect to (i) any representation and warranty related to the execution and delivery of the Agreement, and (ii) Sections 12.1(e)(ii) and 12.1(f), which each party represents only as of the Effective Date) as
follows: 
 (a) Such party is duly organized, validly existing, and in good standing under the laws of its state of
incorporation or organization, as the case may be; 
 (b) Such party has the requisite organizational power and authority to
conduct its business as presently conducted and hereafter contemplated to be conducted and to execute, deliver and perform this Agreement; 

(c) This Agreement has been duly executed and delivered by such party, and constitutes the legal, valid, and binding obligation
of such party, enforceable against such party in accordance with its terms; 
 (d) The execution and delivery of this
Agreement by such party and the consummation of the transactions contemplated hereby do not and will not (i) conflict with the organizational documents of such party, (ii) conflict with, or result in a breach of any provisions of, or
constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under any material agreement of such party; or (iii) constitute a violation of any material order, judgment or decree to which such party
is bound. No consent, approval, permit, waiver, authorization, notice or filing is required to be made or obtained in connection with the execution, delivery and performance by such party of this Agreement; 

(e) All (i) material written reports issued by a party to another party under this Agreement and (ii) other
information furnished by such party to the other for purposes of or in connection with this Agreement, is true and correct in all material respects and no such report or information omits to state a material fact necessary to make the information so
furnished not misleading; and 
 (f) Except as disclosed to the other party, there is no fact known to such party (including
threatened or pending litigation) that could materially and adversely affect the financial condition, business, property, or prospects of such party. 

12.2 Continuity of Retailer Business. Retailer represents and warrants that it will continue to sell the type of goods and services
generally similar to those sold by Retailer as of the Effective Date and Retailer further acknowledges that Bank’s obligation to continue to extend credit under the Program is contingent on the continuing validity of this representation and
warranty. Notwithstanding anything herein to the contrary, Retailer shall be in compliance with the requirements of this Section 12.2 if Retailer expands its business to include new and 

  
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unrelated products or services provided that such new products or services do not materially adversely affect the Program. In the event Bank reasonably determines in its sole discretion that an
expansion of Retailer’s business as contemplated hereunder has or will have a material adverse effect on the Program, the parties agree to negotiate in good faith to modify the terms of the Program to address the expansion in Retailer’s
business. 
 12.3 Operation of Store Locations. Retailer represents and warrants as of the date of this Agreement and throughout the
Term of the Agreement, that Stein Mart, Inc. owns and operates (or leases and operates) all Store Locations and all other Retailer Sales Channels except to the extent provided in Section 15.3; provided, however, that sub-leasing
or other arrangements with respect to certain areas within Store Locations (such as the shoe departments or fragrance departments) to third parties (each a “Third Party Participant”) for operation of such departments shall not
violate this provision. Except for Third Party Participants, Retailer will not permit any licensee, subtenant or third party operating in or from a Store Location to accept Credit Cards for purchases by Cardholders. No later than thirty
(30) days after the Effective Date, Retailer shall notify Bank of any existing Third Party Participants and thereafter shall promptly provide Bank with notice of any changes in the Third Party Participants. With respect to each Third Party
Participant, Retailer acknowledges and agrees that (i) it shall be responsible for all acts and omissions of such Third Party Participant in connection with the Program (and each of the sub-sections of Section 13.1 shall apply to each
Third Party Participant as if such Third Party Participant and Retailer were one and the same), (ii) it shall otherwise ensure that such Third Party Participant complies with the terms and conditions of this Agreement applicable to Retailer,
and (iii) any failure of any Third Party Participant to comply with such terms and conditions shall be deemed to be a breach by Retailer hereunder (subject to any notice or cure rights that would be applicable to Retailer hereunder) to the same
extent as if Retailer had directly breached this Agreement, and shall be subject to the same rights and remedies (including indemnification) of Bank as provided for herein. Without limiting the foregoing, all sales of goods and services by Third
Party Participants financed on Accounts shall be treated as a sale of goods and services from Retailer under this Agreement and all such sales, and any related credits or other adjustments, shall be (x) settled between Bank and Retailer
pursuant to Section 3.1 and (y) subject to the chargeback provisions of Article 8. 
 ARTICLE 13 — INDEMNIFICATION 

13.1 Indemnification by Retailer. Retailer agrees to indemnify and hold harmless Bank, its affiliates, and their respective employees,
officers, directors, agents and licensees, from and against any and all Damages to the extent such Damages arise out of or result from: 

(a) Any breach by Retailer of any of the terms, covenants, representations, warranties or other provisions contained in this
Agreement; 
 (b) Any products or services sold by Retailer or its licensees (including any failure to provide the service as
promised, any product defects, or product liability or warranty claims relating thereto); 
 (c) Any act or omission, where
there was a duty to act, by Retailer or its employees, officers, directors, agents or licensees (including any assignee or delegate of Retailer contemplated by Section 15.3) including the failure of Retailer to comply with Applicable Law; 

  
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 (d) Any advertisements, solicitations or other promotions of the Program or of
goods or services eligible for purchase under the Program conducted by or on behalf of Retailer (other than Program-related disclosures included therein and approved by Bank); 

(e) The acquisition by Retailer from Bank, in connection with a charge or credit to an Account, of a Cardholder’s Account
number by telephone or by some other means; 
 (f) Bank’s use of the Retailer Marks in accordance with the terms of this
Agreement; 
 (g) Any activities, acts or omissions of any third party to whom Cardholder Information is transferred or made
available by or on behalf of Retailer, including information transferred or made available to a third party by Bank at Retailer’s express request (including requests that require ongoing, periodic transfers by Bank on Retailer’s behalf);

 (h) The Cardholder Rewards Program, except for any act or omission where there was a duty to act by Bank in connection
with its administration of the Cardholder Rewards Program; 
 (i) Any activities, acts or omissions of any Retailer employee
working at Bank’s facilities (other than those activities, acts or omissions performed at the direction or instruction of Bank); or 

(j) Failure to comply with the data security and privacy provisions in Section 15.6 applicable to Retailer or its agents.

 The foregoing indemnity obligation of Retailer shall not apply to any Damages of Bank to the extent caused by (i) the gross negligence, willful
misconduct or illegal acts of Bank or (ii) any violation or failure to comply with this Agreement by Bank. 
 13.2 Indemnification
by Bank. Bank agrees to indemnify and hold harmless Retailer, its affiliates, and their respective employees, officers, directors and agents, from and against any and all Damages to the extent such Damages arise out of or result from: 

(a) Any breach by Bank of any of the terms, covenants, representations, warranties or other provisions contained in this
Agreement; 
 (b) Any act or omission, where there was a duty to act, by Bank or its employees, officers, directors, or
agents (including any assignee or delegatee of Bank contemplated by Section 15.3), including the failure of Bank to comply with Applicable Law; 

  
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 (c) Any failure of the Account Documentation as prepared by Bank or Bank’s
activities in administering the Program to comply with the Consumer Credit Protection Act, the Truth in Lending Act, the Fair Debt Collection Practices Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act
or other Applicable Law or the regulations implementing each of them; 
 (d) Any advertisements, solicitations or other
promotions of the Program by or on behalf of Bank (other than those materials included therein and approved by Retailer); 

(e) Any activities, acts or omissions of any third party to whom Cardholder Information is transferred or made available by or
on behalf of Bank; 
 (f) Retailer’s use of Bank’s business name (or any of Bank’s related marks, logos or
similar proprietary designations, to the extent permitted herein) in accordance with the terms of this Agreement; 
 (g)
Claims for indemnity against Retailer asserted by a person indemnified by Retailer under the Association rules or Association application for claims arising in connection with the Program if such claims are not based, and to the extent such claims
are not based, on actual or alleged actions or inactions by Retailer in breach of its obligations under this Agreement or the Association rules or Association application; or 

(h) Any activities, acts or omissions of any Bank employee working at Retailer’s facilities (other than those activities,
acts or omissions performed at the direction or instruction of Retailer); 
 (i) Failure to comply with the data security and
privacy provisions in Section 15.6 applicable to Bank or its agents; or 
 (j) Any Enhancement Products offered by Bank
to Cardholders. 
 The foregoing indemnity obligation of Bank shall not apply to any Damages of Retailer to the extent caused by (i) the gross
negligence, willful misconduct or illegal acts of Retailer or (ii) any violation or failure to comply with this Agreement by Retailer. 

13.3 Indemnification Procedures. 

(a) Notice. If a party receives notice of any Third-Party Claim for which indemnification may be available under this
Agreement (the “Indemnified Party”), the Indemnified Party must promptly notify the other party (the “Indemnifying Party”) in writing of such Third-Party Claim, including, if possible, the amount or estimate of the
amount of liability arising from it. The Indemnified Party shall use its commercially reasonable efforts to provide notice to the Indemnifying Party no later than fifteen (15) days after receipt by the Indemnified Party in the event a suit or
action is commenced, or thirty (30) days under all other circumstances; provided, however, that (i) such Indemnified Party shall provide notice to the Indemnifying Party earlier when the fifteen (15) day period would
cause a default or other prejudicial action in the defense of such 

  
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Third-Party Claim and (ii) the failure to give such notice shall not relieve an Indemnifying Party of its obligation to indemnify except to the extent the Indemnifying Party is materially
prejudiced by such failure. 
 (b) Right to Defend Third-Party Claims; Coordination of Defense. 

(i) The Indemnifying Party shall have the right to defend any such Third-Party Claim at its expense and in the name of the
Indemnified Party and shall select the counsel for the defense of such Third-Party Claim as approved by the Indemnified Party, such approval not to be unreasonably withheld, conditioned or delayed, and shall reasonably cooperate with the Indemnified
Party in the conduct of the defense against such Third-Party Claim. The Indemnified Party may participate, at its own expense, in such defense and in any settlement discussions directly or through counsel of its choice on a monitoring,
non-controlling basis, or at the Indemnifying Party’s expense and with full control to the extent that the Indemnifying Party does not fulfill its obligations to defend the Indemnified Party in accordance herewith. The parties agree to
cooperate in good faith to coordinate the defense of any Third-Party Claim that may give rise to indemnification obligations of more than one (1) party or that may include allegations that are not subject to indemnification. 

(ii) Notwithstanding the foregoing, the Indemnifying Party shall not have the right to defend any such Third-Party Claim if:
(1) it refuses to acknowledge fully its obligations to the Indemnified Party (but only as to the obligations specific to the Indemnifying Party in the event a Third-Party Claim gives rise to indemnification obligations of more than one party);
(2) it contests (in whole or in part), its indemnification obligations (but only as to the obligations specific to the Indemnifying Party in the event a Third-Party Claim gives rise to indemnification obligations of more than one party);
(3) it fails to employ appropriate counsel approved by the Indemnified Party to assume the defense of such Third-Party Claim or refuses to replace such counsel upon the Indemnified Party’s reasonable request, as provided for herein;
(4) the Indemnified Party reasonably determines that there are issues which raise possible conflicts of interest between the Indemnifying Party and the Indemnified Party; or (5) such Third-Party Claim seeks an injunction, cease and desist
order, or other equitable relief against the Indemnified Party that is separate from or in addition to any relief requested from the Indemnifying Party. In each such case described in clauses (1) through (5) above, the Indemnified Party
shall have the right to direct the defense of the Third-Party Claim and, to the extent reasonably necessary, retain its own counsel to be approved by the Indemnifying Party (which approval shall not be unreasonably withheld, conditioned or delayed),
and the Indemnifying Party shall pay the cost of such defense, including reasonable attorneys’ fees and expenses. 
 (c)
Settlement of Third-Party Claims. The Indemnifying Party may, upon prior notice to and consultation with the Indemnified Party, compromise or enter into a settlement agreement that involves solely the payment of money by the Indemnifying


  
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Party, if: (i) such settlement includes a complete, unconditional, irrevocable release of the Indemnified Party with respect to such Third-Party Claim; and (ii) in the good faith
judgment of the Indemnified Party, such settlement is not likely to establish a precedential custom or practice adverse to the continuing business interests of the Indemnified Party. 

(d) Judgments and Subrogation. The Indemnifying Party shall be subrogated to any third party claims or rights of the
Indemnified Party as against any other persons with respect to any amount paid to the Indemnifying Party under this Article 13. The Indemnified Party shall reasonably cooperate with the Indemnifying Party, at the Indemnifying Party’s expense,
in the assertion by the Indemnifying Party of any such claim against such other persons. 
 (e) Indemnification
Payments. Amounts owing under this Article 13 shall be paid promptly upon written demand for indemnification containing reasonable detail the facts giving rise to such liability. 

(f) Apportionment of Costs. The parties recognize and acknowledge that Third-Party Claims may be made as part of an
action, suit, investigation or proceeding that may give rise to the indemnification obligations of more than one party or that may include allegations that are not subject to indemnification, and the parties agree that they shall cooperate in good
faith to fairly apportion the Damages relating to such Third-Party Claims. Damages incurred in defending Third-Party Claims shall be apportioned to the respective party who has responsibility for each specific Third-Party Claim, but only to the
extent that those Damages directly arise from such Third-Party Claim. 
 ARTICLE 14 — AUDIT / ACCESS 

14.1 Audit. 

(a) Once a year or at any time that a party disputes the amount of any material monies owed by either party to the other
hereunder, such party (the “Auditing Party”), subject to this Section 14.1(b), at its sole cost and expense and upon reasonable prior notice to the other party (the “Audited Party”), may conduct an audit of
those of the Audited Party’s records that are under the control and/or direction of the Audited Party and relate to the Program or can be reasonably segregated. Such audit shall be conducted during normal business hours in accordance with
generally accepted auditing standards and the auditing party shall employ such reasonable procedures and methods as necessary and appropriate in the circumstances, minimizing interference with the Audited Party’s normal business operations. The
Audited Party shall use reasonable commercial efforts to facilitate the Auditing Party’s review, including making reasonably available such personnel of the Audited Party to assist the Auditing Party as reasonably requested. The Audited Party
shall deliver any document or instrument reasonably necessary for the Auditing Party to obtain such records from any person maintaining records for the Audited Party and shall maintain records pursuant to its regular record retention policies. For
purposes of this provision, the Audited Party also shall be required to provide records relating to the Program held by persons performing services in connection with the 

  
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Program at the Auditing Party’s request. Notwithstanding the generality of the foregoing, however, an Audited Party shall not be required to provide access to records to the extent that
(i) such access is prohibited by Applicable Laws, (ii) such records are legally privileged, (iii) such records are company planning documents of such party or any of its affiliates, operating budgets (unless such records relate solely
to the Program), management reviews or employee records, and (iv) such records relate to other customers or operations of such party other than the Program or to personnel records not normally disclosed in connection with audits. 

(b) In the event that an audit performed pursuant to this Section 14.1 reveals any systemic error, operational deficiency
or material discrepancy, the Audited Party shall correct such error, make any necessary adjustments and in addition pay for the Auditing Party’s costs in connection with conducting such audit up to the amount of the impact of such error or
adjustment. 
 14.2 Access. Retailer will permit Bank’s representatives to visit Retailer stores during normal business hours
with reasonable advance notice. Retailer also authorizes Bank, at Bank’s expense, to monitor administration and promotion of the Program through mystery shopping and by other reasonable means. Retailer will allow access to its stores and/or
records relating to the Program to Bank’s regulators to the extent such access is requested by Bank’s regulators. 
 ARTICLE 15
— MISCELLANEOUS 
 15.1 Confidentiality. 

(a) Except as provided in this Section 15.1, “Confidential Information” means any of the following:
(i) all material and information supplied by one party to another party in connection with the Program or with the transactions contemplated by this Agreement, (ii) information concerning a party and its businesses, customers and employees
obtained in connection with the Program, including marketing plans, objectives or financial results, business systems, methods and processes and (iii) the terms and conditions of this Agreement and all documents and information generated
pursuant to this Agreement. 
 (b) Confidential Information will not include information that is sourced from information
that: (i) is already rightfully known to such party at the time it obtains Confidential Information from the other party; (ii) is or becomes generally available to the public other than as a result of disclosure in breach of this Agreement
or any other confidentiality obligations; (iii) is lawfully received on a non-confidential basis from a third party not known to be bound by an obligation of confidentiality, and without breach of this Agreement; or (iv) is developed by a
party without the use of any proprietary, non-public information provided by the other party under this Agreement. 
 (c) If
a party (the “Receiving Party”) receives Confidential Information of the other party (the “Disclosing Party”), the Receiving Party shall do the following with respect to such Confidential information: (i) keep
the Confidential Information of the Disclosing Party secure and confidential; (ii) treat all Confidential Information of the 

  
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Disclosing Party with the same degree of care as it accords its own Confidential Information, but in no event less than a reasonable degree of care; and (iii) implement and maintain
commercially reasonable physical, electronic, administrative and procedural security measures with respect to such Confidential Information. 

(d) Nothing in Section 15.1 will prohibit the Receiving Party or its employees, officers, directors, representatives,
agents, third-party service providers and advisors, including its accountants, consultants, independent auditors or attorneys (collectively, its “Representatives”) from disclosing Confidential Information: (i) as required by
Applicable Law; (ii) to those of its respective affiliates, and its and their respective Representatives who reasonably require such Confidential Information in connection with providing advice to the Receiving Party, including with respect to
the Receiving Party’s exercise of its rights or performance of its obligations under this Agreement and each of which is bound by an obligation of confidentiality consistent with this Section 15.1; (iii) as required to be disclosed in
response to interrogatories, subpoenas, civil investigative demands, compulsory process or otherwise required by Applicable Law in connection with any judicial or arbitral process or public securities filing requirements (on condition that
(A) the Receiving Party, subject to such Applicable Law, uses commercially reasonable efforts to avoid such disclosure and to notify the Disclosing Party of any such use or requirement prior to disclosure of any Confidential Information in
order to afford the Receiving Party an opportunity to seek a protective order to prevent or limit disclosure of the Confidential Information to third parties; and (B) such information is disclosed only to the extent required by such Applicable
Law); (iv) to the extent necessary, in exercising or enforcing its rights or performing its obligations under this Agreement; or (v) as may be agreed upon in writing by the Disclosing Party. 

(e) Upon written request after the Final Liquidation Date, each party will destroy or return to the party providing such
Confidential Information all such Confidential Information in its possession or control, provided, however, Bank or Retailer may retain a copy of any such Confidential Information it reasonably determines it must maintain to satisfy
Applicable Law or any regulatory authority and may retain Cardholder Information as otherwise provided in this Agreement. 

(f) Section 15.1(a) to the contrary notwithstanding, if Retailer is obligated to file periodic reports with the Securities
and Exchange Commission, then Retailer shall have the right to file a copy of this Agreement with the applicable commission or governmental agency to the extent necessary, in Retailer’s reasonable opinion, to comply with any applicable
disclosure laws or regulations (including any reporting requirement of the Securities Exchange Commission), or any listing requirement of any stock exchange, including NASDAQ, applicable to Retailer; provided, that Retailer shall
(i) notify Bank in writing not less than thirty (30) days prior to any such filing of this Agreement (or such shorter period as is required to permit Retailer to comply with applicable SEC rules); (ii) redact or move to schedules such
terms of this Agreement as Bank may reasonably request prior to any such filing; and (iii) file a confidential treatment request reasonably acceptable to Bank with respect to such redacted document as part of any such filing. 

  
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 15.2 Binding Effect. This Agreement is binding upon and inures to the benefit of the
parties hereto and their respective successors and permitted assigns. 
 15.3 Assignment. Neither Bank nor Retailer may assign its
rights or delegate its obligations under this Agreement without the prior consent of the other party except as set forth in Schedule 15.3 hereto. 

15.4 Outsourcing; Subcontracting. Bank and Retailer may outsource or subcontract their respective obligations under the Program as set
forth in Schedule 15.4 hereto. 
 15.5 Governing Law; Venue; Waiver of Jury Trial. Except to the extent superseded by federal
law applicable to banks or savings associations, this Agreement and all rights and obligations hereunder, including matters of construction, validity and performance, shall be governed by and construed in accordance with the laws of the State of
Delaware. Each party agrees that any legal action or proceeding arising out of or in connection with this Agreement shall be brought in the United States District Court for the District of Delaware (or, should such federal court lack competence to
hear such legal action or proceeding, in a state court with competent jurisdiction in New Castle County). THE PARTIES HERETO WAIVE THEIR RIGHT TO REQUEST A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING IN ANY COURT OF LAW, TRIBUNAL, OR OTHER LEGAL
PROCEEDING ARISING OUT OF OR INVOLVING THIS AGREEMENT, OR ANY DOCUMENT DELIVERED IN CONNECTION HEREWITH, OR RELATING TO ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

15.6 Data Security and Privacy. 

(a) Retailer and Bank will only use, maintain and/or disclose Cardholder Information in compliance with all applicable privacy
and security laws and with the policies set forth in Schedule 7.2 and this Section 15.6 and related disclosures made by Bank (collectively, the “Bank Privacy Disclosures”), and each will ensure that persons to whom it
transfers Cardholder Information do the same. Retailer acknowledges that it is subject to the reuse and redisclosure provisions of the Gramm-Leach-Bliley Act (the “Gramm-Leach-Bliley Act” as defined in Title V, Subtitle A of 15 U.S.C. 6801
et seq. (as it may be amended from time to time) and the implementing privacy and security regulations issued pursuant to the Gramm-Leach-Bliley Act (as the same may be amended from time to time)), and that it will ensure that Cardholder Information
received from Bank is used only as permitted by the terms of this Agreement, including Section 6 of Schedule 7.2 and Section 7.8 and for no other purpose. Bank will ensure that persons to whom it transfers Cardholder Information
(other than at the direction of Retailer) will use the Cardholder Information only as permitted by the terms of this Agreement. 

(b) Retailer and Bank will each establish and maintain appropriate administrative, technical and physical safeguards to protect
the security, confidentiality and integrity of the Cardholder Information, including, as applicable, by complying with PCI DSS with respect to the Private Label Program (as if the Private Label Cards were Co-Brand Cards) and the Co-Brand Program.
These safeguards will be designed to comply with Applicable Law and to protect the security, confidentiality and integrity of 

  
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the Cardholder Information, ensure against any anticipated threats or hazards to its security and integrity, and protect against unauthorized access to or use of such information or associated
records which could result in substantial harm or inconvenience to any Cardholder or applicant. 
 (c) Retailer and Bank will
each ensure that any third party to whom it transfers or discloses Cardholder Information signs a written contract with the transferor in which such third party agrees to (i) restrict its use of Cardholder Information to the use specified in
the written contract; (ii) to comply with all Applicable Laws (including privacy and security laws and the reuse and redisclosure provisions of the Gramm-Leach-Bliley Act) and the Bank Privacy Disclosures, and (iii) implement and maintain
appropriate safeguards as stated in paragraph (b) above. Information transferred by Bank on Retailer’s behalf and at Retailer’s express direction (including requests that require ongoing, periodic transfers by Bank on Retailer’s
behalf) will be considered information transferred by Retailer hereunder. Retailer agrees to transfer or make available to third parties only such Cardholder Information as is reasonably necessary to carry out the contemplated task. 

(d) Retailer and Bank shall promptly notify the other party (except in instances where notice is prohibited by Applicable Law
or a Governmental Authority requests that notice be withheld or delayed) following discovery or notification of any actual or threatened breach of security of the systems maintained by the Retailer and Bank, respectively. The party that suffers the
breach of security (the “Affected Party”) agrees to take action immediately, at its own expense, to investigate the actual or threatened breach, to identify and mitigate the effects of any such breach and to implement reasonable and
appropriate measures in response to such breach and prevent further breaches. The Affected Party also will provide the other party with all available information regarding such breach to assist such other party in implementing its information
security response program. The Affected Party shall (i) assist the other party and any forensic firm retained by the other party in investigating, remedying and taking any other action the other party reasonably deems necessary regarding any
breach of security to the extent that it impacts such other party’s systems and any dispute, inquiry or claim that concerns such breach of security and (ii) provide the other party with assurance satisfactory to the other party that any
breach of security or potential breach of security will not recur. Unless prohibited by Applicable Law, the Affected Party shall also notify the other party of any third-party legal process relating to any breach of security, including any legal
process initiated by any Governmental Authority. The Affected Party, in consultation with the other party, shall provide any notices to Cardholders required by Applicable Law or that the Affected Party reasonably determines are appropriate under the
circumstances, and shall bear the cost and expense of any such notice to Cardholders. For the purposes of this subsection (d), the term “breach of security” or “breach” means the unauthorized access to or acquisition of any
record containing personally identifiable information relating to a Cardholder, whether in paper, electronic, or other form, in a manner that renders misuse of the information reasonably possible or that otherwise compromises the security,
confidentiality, or integrity of the information. 

  
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 (e) Notwithstanding anything else contained in this Agreement, neither Bank nor
Retailer will, and neither of them will be obligated to, take any action that either of them believes in good faith would violate, or is reasonably likely to cause either of them to violate, any Applicable Law (including privacy and security laws
and the reuse and redisclosure provisions of the Gramm-Leach-Bliley Act) or the Bank Privacy Disclosures, or that would cause either of them to become a “consumer reporting agency” for purposes of the federal Fair Credit Reporting Act, as
it may be amended from time to time. 
 (f) Retailer and Bank, respectively, will use reasonable measures designed to
properly dispose of all records containing personally identifiable information relating to Cardholders, whether in paper, electronic, or other form, including adhering to policies and procedures that require the destruction or erasure of electronic
media containing such personally identifiable information so that the information cannot practicably be read or reconstructed. 

(g) Notwithstanding anything else contained in this Agreement, Retailer acknowledges and agrees that it shall not be entitled
to obtain any personally identifiable, non-public, personal information regarding Non-Retailer Purchases and other transactions at Non-Retailer Locations. Bank may, in its sole discretion, provide Retailer with aggregate, non-personally identifiable
information regarding Non-Retailer Purchases and other transactions involving the use of a Co-Brand Credit Card. In the event Retailer obtains any personally identifiable non-public, personal information regarding such
Non-Retailer Purchases or other transactions at Non-Retailer Locations or otherwise, the use and safeguarding of such information by Retailer shall be governed by this Section 15.6 and Section 7.2
hereof. 
 15.7 No Third Party Beneficiaries. Except as otherwise expressly set forth in this Agreement, this Agreement does not
confer upon any person, other than the parties, any rights or remedies under this Agreement. 
 15.8 Amendments. This Agreement may
not be amended except by written instrument signed by Retailer and Bank. 
 15.9 No Partnership. Nothing contained in this Agreement
will be construed to constitute Retailer and Bank as partners, joint venturers, principal and agent, or employer and employee. 
 15.10
Notices. All notices and communications given under this Agreement must be in writing and must be sent by hand, by facsimile (with verbal confirmation of receipt), by certified mail, return receipt requested, or by nationally recognized
overnight courier service addressed to the party to whom such notice or other communication is to be given or made as such party’s address as set forth below and will be deemed given one (1) Business Day after being sent, as follows: 

  
 43 









			
	 if to Retailer:
  

Stein Mart, Inc.
 1200 Riverplace Boulevard

Jacksonville, FL 32207
 Attn: Chief Financial Officer
	  	 if to Bank:
  

Synchrony Bank
 170 West Election Drive, Suite 125

Draper, Utah 84020
 Attn: President

		
	 with a copy to:
 Kirschner & Legler,
P.A.
 1431 Riverplace Blvd., Suite 910
 Jacksonville, FL
32207
 Attn: Mitchell W. Legler, Esq.
	  	 with a copy to:
 Synchrony Bank – Retail
Finance
 777 Long Ridge Road
 Stamford, CT 06902

Attn: General Counsel


 provided, however, that (i) a party may notify the other party in writing (in accordance with the notice
provisions in this Section 15.10) from time to time of an alternative address for notices under this Section 15.10 and, in such case, notices hereunder will be effective if sent to the last address so designated and (ii) a party may
provide approval of advertisements and marketing materials and other Program-related materials using electronic mail. 
 15.11
Incorporation of Appendices. Each of the Appendices attached hereto is hereby incorporated by reference. 
 15.12 Nonwaiver; Remedies
Cumulative; Severability. All remedies are cumulative and not exclusive, and no delay in exercising a right will be deemed a waiver thereof. If any provision of this Agreement is held to be invalid, void or unenforceable, all other provisions
will remain valid and be enforced and construed as if such invalid provision were never a part of this Agreement. 
 15.13 Damages
Waiver. Notwithstanding anything to the contrary in this Agreement, Bank and Retailer shall not be liable to the other under or in connection with this Agreement or the Program for any indirect or consequential or other damages relating to
prospective profits, income, anticipated sales or investments, or goodwill, or for any punitive or exemplary damages; provided, that the damages limitation set forth in this Section 15.13 shall not apply to any Damages arising out of the
failure of the parties under Schedules 7.2 [Ownership and Use of Cardholder Information], 15.1 [Confidentiality] or 15.6 [Data Security and Privacy] or from Damages which result from an obligation of Bank or Retailer to pay any third party
damages claims to the extent such third party claims otherwise fall under Bank’s or Retailer’s respective indemnity obligations hereunder. 

15.14 Entire Agreement. This Agreement (together with the schedules, exhibits and appendices attached to this Agreement) is the entire
agreement of the parties with respect to the subject matter of this Agreement and supersedes all other prior understandings, writings and agreements whether written or oral, including the Prior Agreement and all amendments thereto. Without limiting
the generality of the foregoing, and with respect to those Accounts (as such term is defined in the Prior Agreement) established under the Prior Agreement, and with respect to all related indebtedness and account documentation, Bank and Retailer
each acknowledge and reaffirm that from and after the Effective Date, such Accounts, indebtedness and related account 

  
 44 








 
documentation, and each party’s rights and obligations with respect thereto, shall be governed by the provisions of this Agreement, including the termination provisions set forth in Article
10, and the indemnification provisions of Article 13. 
 15.15 Further Assurances. Retailer and Bank agree to execute all such
further documents and instruments and to do all such further things as any other party may reasonably request in order to give effect to and to consummate the transactions contemplated by this Agreement. 

15.16 Survival. 

(a) Except as is expressly provided to the contrary in this Agreement, all of the terms, conditions and covenants of this
Agreement (including the applicable provisions of Section 2.2 that relate to Retailer’s retail practices, Cardholder transactions, billing, customer servicing, settlement, chargeback and dispute handling) will continue in effect following
the expiration or termination of the Term of this Agreement until the Purchase Expiration Date. 
 (b) In addition, the
following provisions will continue in effect following the Purchase Expiration Date: clause (2) of Schedule 4.1 (Royalty Payments) (during any Tail Period), Section 6.5 and Schedule 6.5 (Cardholder Rewards Program) (during
any Tail Period), Section 7.1 (Ownership of Accounts; Credit Losses); Section 7.2 and Schedule 7.2 (Ownership and Use of Cardholder Information), Section 7.11 (Intellectual Property), Section 7.13 (Grant of Security
Interest) (until Final Liquidation Date), Section 7.14 (In-Store Payments) (during any Tail Period), Section 7.21 (Sales Taxes and Related Record Retention) (until the Final Liquidation Date), Article 8 (chargebacks) and Schedule
8.1(e) (Presentment Warranties) (for six (6) months after Retailer ceases to accept Credit Cards under this Agreement), Section 11.4 and Schedule 11.4 (Bank’s Rights Upon Retailer’s Failure to Purchase Accounts),
Article 13 (Indemnification), Section 14.2 (during any Tail Period), Article 15 (Miscellaneous) other than Section 15.4 and Schedule 15.4 (Outsourcing; Subcontracting), and the provisions of the Agreement relating to acceptance of
Credit Cards, including settlement and dispute resolution with respect thereto (during any Tail Period) 
 15.17 Obligations Subject to
Law. All obligations of either party hereunder shall be subject to all Applicable Laws including any changes or amendments thereto and either party may take any actions that it in good faith believes are appropriate and are required by then
Applicable Law or the direction of any regulatory authority or, in Bank’s case, to prevent the occurrence of an “unsafe or unsound” banking practice (as defined in 12 U.S.C. § 1818, as may be amended). 

15.18 Multiple Counterparts. This Agreement may be executed in any number of multiple counterparts, all of which will constitute but
one and the same original. 
 15.19 Internet Gambling. Retailer covenants that it shall not permit any transaction through any
Retailer Sales Channel or the Retailer Website, and shall not submit any Charge Transaction Data, with respect to which any Credit Card was used to place, receive, or otherwise 

  
 45 








 
knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in the State
or Tribal lands in which the bet or wager is initiated, received, or otherwise made. 

  
 46 








 IN WITNESS WHEREOF, Retailer and Bank have caused this Agreement to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

			
	RETAILER:
	
	STEIN MART, INC.
		
	By: 	 	 /s/ Gregory W. Kleffner

		 	    Name:  Gregory W. Kleffner
		 	    Title:    EVP and CFO of Stein Mart, Inc.
	
	BANK:
	
	SYNCHRONY BANK
		
	By:	 	 /s/ Tom Qundlen

		 	    Name:  Tom Qundlen
		 	    Title:    EVP and CEP Retail of Synchrony                  Financial


  
 Signature Page to
Program Agreement 








 Appendix A 

Definitions and Construction 
 I.
Definitions. As used in this Agreement, the following terms will have the following meanings: 
 “Account” means the legal relationship
established by and between a Cardholder and Bank pursuant to a Cardholder Agreement, together with all Indebtedness owing thereunder from time to time and any current or future guaranties, security or other credit support therefore. The term Account
shall include both Private Label Accounts and Co-Brand Accounts. 
 “Account Documentation” means
any and all Account information, credit applications, Cardholder Agreements and change in terms notices, Charge Transaction Data, charge slips, credit slips, payments, credit information and documents or forms of any type and in any media relating
to the Program, excluding materials used for advertising or solicitations. 
 “Active Account” means, as of any given date, any Account
(other than an Account that has been written off in accordance with Bank’s write-off policies) that had a debit or credit balance at any time after the beginning of the complete billing cycle immediately preceding such date. 

“Affected Party” has the meaning given to in Section 15.6(d). 

“Affiliated Credit Product” has the meaning given to it in Schedule 9.1. 

“Aggregate Outstanding Indebtedness” means, as of any date of determination, an amount equal to the aggregate amount of Indebtedness on all
Accounts (other than Accounts that have been written off by Bank or should have been written off by Bank pursuant to Bank’s risk management policies for the Program) as of such date. 

“Agreement” means this Co-Brand and Private Label Credit Card Consumer Program Agreement, including all schedules and appendices, as it may
be amended from time to time. 
 “Annual ROI Shortfall” has the meaning given to it in Section 10.2(p). 

“Applicable Law” means, to the extent applicable to the Program or either party, any federal, state and local laws, statutes, regulations,
written or oral regulatory guidance, orders or directives, and examination report comments, as may be amended and in effect from time to time during the Term, including: (i) the Truth in Lending Act and Regulation Z; (ii) the Equal Credit
Opportunity Act and Regulation B; (iii) the Fair Debt Collection Practices Act; (iv) the Fair Credit Reporting Act; (v) the Gramm-Leach-Bliley Act and its implementing regulations; (vi) the PATRIOT Act and its implementing
regulations; (vii) the Unfair and Deceptive Trade Practices Act; (viii) the Credit Card Accountability Responsibility and Disclosure Act of 2009; and (ix) interpretations by Bank relating to bank regulatory or legal requirements
regarding safety and soundness, [***]. 
 “Association” means the card network or card association under which Bank issues the
Co-Brand Credit Cards. 

  
 48 








 “Association Rules” means the rules imposed for bankcard programs by the Association as the same
may be amended from time to time by the Association. 
 “Audited Party” has the meaning given to it in Section 14.1(a). 

“Auditing Party” has the meaning given to it in Section 14.1(a). 

“Authorized Liquidation Sale” means, with respect to any Store Location, any sale that otherwise qualifies as a GOB Sale, but with respect to
which all of the following apply: (i) including the GOB Sale at such Store Location, no more than [***] percent ([***]%) of Retailer’s Store Locations have conducted GOB Sales during the [***] period prior to the
commencement of such GOB Sale, (ii) such GOB Sale is conducted by Retailer’s employees and does not involve the use of any outside Liquidator (other than in an advisory or administrative capacity), and (iii) such GOB Sale only
involves the sale of Retailer’s goods (including goods from other Store Locations) and does not include any goods supplied (or sold to Retailer) by an aggregator, Liquidator or a similar entity. For the avoidance of doubt, if more than [***]
percent ([***]%) of Retailer’s Store Locations have conducted GOB Sales during any [***] period, no GOB Sale from and after the date such threshold is crossed shall be deemed an Authorized Liquidation Sale (including such
sales that are in process) and Bank shall have all rights available to it with respect to such GOB Sales under this Agreement. Notwithstanding the foregoing, (i) the parties may mutually agree in writing in advance of any proposed GOB Sale to
increase the number of GOB Sales that will qualify as Authorized Liquidation Sales during any [***] period, which agreement shall not be unreasonably withheld or delayed, and (ii) if a Store Location is being closed for the purpose of
being relocated within [***] miles from the closed location within [***] following such closing, such closing and GOB Sale shall not be included as a GOB Sale for purposes of determining the number of permitted GOB Sales in this
definition, and notice of which shall be included in the notice of the closure of such location pursuant to Schedule 7.19. 
 “Average
Cardholder Indebtedness” means the sum of the Indebtedness on the last day of each month in any twelve (12) Fiscal Month period or any Rolling ROI Measurement Period, as applicable, divided by twelve (12). 

“Average Loss Reserve Balance” means the sum of the Program loss reserve balance for the Accounts on the last day of each month during any
twelve (12) Fiscal Month period or any Rolling ROI Measurement Period, as applicable, divided by twelve (12). 
 “Bank” has the
meaning given to it in the recitals. 
 “Bank Marks” means the trademarks, tradenames, service marks, logos and other proprietary
designations of Bank listed on Schedule 7.10 and licensed to Retailer under Section 7.10 hereof. 
 “Bank Matters” has the
meaning given to it in Section 2 of Schedule 5.3(d). 
 “Bank Privacy Disclosure” has the meaning given to it in
Section 15.6(a). 
 “Bank Relationship Manager” has the meaning given to it in Section 1 of Schedule 5.4. 

  
 49 








 “Bank Subcontractor” means any third party that has directly contracted with Bank to perform
services relating to Bank’s credit card business or specifically relating to the Program and/or Agreement. For the avoidance of doubt, the term Bank Subcontractor shall not include third parties with whom Bank has contracted for the provision
of generalized services such as utility and telecommunication providers. 
 “Bank Webpage” means a website hosted by Bank or Bank’s
agent for use in connection with the Program. For the avoidance of doubt, Bank shall have the sole right to determine the design and content of the Bank Webpage. Retailer shall have the right to approve the usage of its marks on the Bank Webpage.

 “beneficial owner” has the meaning given to it in Rule 13d-3 of the Exchange Act, and determinations of “beneficial ownership”
and whether a person “beneficially owns” a security shall be made pursuant thereto. 
 “Branding Expiration Date” has the meaning
given to it in Section 2.3(a). 
 “Business Days” means any day other than a Saturday, Sunday or legal holiday on which Retailer and
Bank are both open for business. 
 “Cardholder” means any natural person who has entered into a Cardholder Agreement with Bank or which is
or may become obligated under or with respect to an Account. 
 “Cardholder Agreement” means the open-end revolving credit agreement, in
either tangible or electronic form, between Bank and each Cardholder pursuant to which such Cardholder and its authorized user(s), if any, may make purchases through the Retailer Sales Channels and/or Non-Retailer Locations, as the case may be, on
credit provided by Bank under the Program. 
 “Cardholder Rewards Program” has the meaning given to it in Section 1,
paragraph (a) of Schedule 6.5. 
 “Cardholder Information” has the meaning given to it in Schedule 7.2. 

“Cardholder Terms” has the meaning given to it in Section 7.3. 

“Change in Control” means, with respect to any person, a transaction or series of related transactions as a result of which (i) any
other person or group of persons acquires, after the date of this Agreement, beneficial ownership of fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of such person entitled to vote generally in
the election of directors; (ii) the stockholders of such person approve a reorganization, merger or consolidation (each a “Reorganization”), in each case through which the persons who were the respective beneficial owners of
the voting securities of such person immediately prior to such Reorganization do not beneficially own, following such Reorganization, more than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled
to vote generally in the election of directors of such person, as a result of such Reorganization; (iii) all or substantially all of the assets or property of such person are sold or otherwise disposed of; or (iv) with respect to Bank, a
sale of any portion of Bank’s Retail Card Group that includes the Program. 

  
 50 








 “Change in Law” has the meaning given to it in Schedule 10.2(g). 

“Charge Transaction Data” means Account and related Cardholder and/or authorized user identification and transaction information transmitted
by Retailer to Bank with regard to a charge or a credit to an Account. 
 “CIL Decline” has the meaning given to it in Schedule
10.2(g). 
 “Closing Date” has the meaning given to it in Section 5 of Schedule 11.2. 

“Co-Brand Account” means an Account with respect to which a Co-Brand Credit Card has been issued. 

“Co-Brand Credit Card” means a Credit Card bearing Retailer’s name or logo, and which is intended for use by Cardholders designated by
Bank (a) in connection with the Program, through any of the Retailer Sales Channels, and (b) at Non-Retailer Locations, in connection with the Program. 

“Co-Brand Program” has the meaning given to it in Section 1.1(a). 

“Co-Brand Purchase” means the purchase of goods and/or services through any of the Retailer Sales Channels financed on a Co-Brand Account.

 “Collateral” has the meaning given to it in Section 7.13(a). 

“Confidential Information” has the meaning given to it in Section 15.1. 

“Core Value Proposition” has the meaning given to it in paragraph (c) of Schedule 6.5. 

“Credit Card” means the plastic card or other device or form factor issued by Bank under the Program and pursuant to a Cardholder Agreement
for use with the Program (including a Private Label Credit Card or a Co-Brand Credit Card) which evidences the right of a Cardholder and, if the Cardholder has so designated, any authorized user(s) to make purchases through the Retailer Sales
Channels and/or Non-Retailer Locations, as the case may be, under the Program and, with respect to Co-Brand Credit Cards, to obtain, use or effect cash advances, convenience checks and balance transfers. 

“Credit Card Application” means Bank’s credit application which must be completed and submitted for review to Bank by individuals who
wish to become Cardholders. 
 “Credit Product” has the meaning given to it in Schedule 9.1. 

“Credit Review Point” has the meaning provided in Schedule A-1. 

“Cross-Selling Net Revenue” shall mean: (a) the gross amount of fees billed to Cardholders with respect to Enhancement Products; minus
(b) the sum of all (i) cancelled products (e.g. products that have been purchased and that customer requests to be cancelled); (ii) waived fees; (iii) direct fulfillment expenses related to such products; and (iv) benefit
claims. Notwithstanding the foregoing, Bank shall not deduct any general overhead expenses allocated to Enhancement Products in the calculation of Cross-Selling Net Revenue. 

  
 51 








 “Cure Month” has the meaning given to it in Schedule 7.4(c). 

“Damages” means any and all losses, liabilities, costs, and expenses (including reasonable attorneys’ fees and expenses, reasonable
out-of-pocket costs, interest and penalties), settlements, equitable relief, judgments, damages, claims (including counter and cross-claims, and allegations whether or not proven) demands, offsets, defenses, actions, or proceedings by whomsoever
asserted. 
 “Debt Cancellation Program” means any program which may be offered through Bank pursuant to Schedule 6.6 under which
Bank, any affiliate of Bank, or any third party makes available debt cancellation coverage to Cardholders. 
 “Debt to Equity Ratio” has
the meaning given to it in Schedule 10.2(g). 
 “Determining Party” has the meaning given to it in Section 7.14. 

“Direct Settlement Process” has the meaning given to it in Section 3.2(b). 

“Disclosing Party” has the meaning given to it in Section 15.1(c). 

“Disputed Matter” has the meaning given to it in Section 5.3(c). 

“Dodd-Frank Act” has the meaning given to it in Schedule 10.2(g). 

“Effective Date” has the meaning given to it in Section 1.1(a). 

“Eligibility Threshold” has the meaning given to it in Schedule 7.4(c)(1). 

“Eligible Application” has the meaning given to it in Schedule 7.4(c)(1). 

“Enhancement Product” has the meaning provided in Section 1 of Schedule 6.6. 

“Excluded Calls” has the meaning given to it in Section 7.16(c). 

“Exercise Notice” means the notice given by Retailer to Bank of Retailer’s intent to purchase or arrange for the purchase of the
portfolio pursuant to Section 2(b) of Schedule 11.2. 
 “Expedited Review” has the meaning given to it in
Section 5.5. 
 “Expedited Review Notice” has the meaning given to it in Section 5.5(a). 

“Final Liquidation Date” means, if Retailer does not exercise its Purchase Option as set forth in Schedule 11.2, the day on which all
indebtedness on the Accounts is repaid. 
 “Financial Covenants” has the meaning given to it in Schedule 10.2(p). 

  
 52 








 “Fiscal Month” means a fiscal month of Bank. 

“Fiscal Year Average Net Investment” has the meaning given to it in Schedule 4.1(6). 

“Force Majeure Event” means any of the following: acts of God, fire, earthquake, explosion, accident, terrorism, war, nuclear disaster,
and/or riot, rendering it illegal, impossible or untenable for such party to perform as contemplated in, or to offer the Program on the terms contemplated under, this Agreement. 

“Funded Debt” has the meaning given to it in Schedule 10.2(g). 

“GAAP” has the meaning given to it in Schedule 10.2(g). 

“Gain Sharing Payment” has the meaning given to it in Schedule 4.1. 

“Gain Sharing Statement” has the meaning given to it in Schedule 4.1. 

“Generally Accepted” has the meaning given to it in Schedule 9.1. 

“GOB Sale” means any sale of goods which is advertised or presented to the public as a liquidation or “going out of
business” sale. 
 “Governmental Authority” means any federal, state or local domestic, foreign or supranational governmental,
regulatory or self-regulatory authority, agency, court, tribunal, commission or other governmental, regulatory or self-regulatory entity. 
 “Gross
Program Revenue” has the meaning given to it in Schedule 10.2(g). 
 “Indebtedness” means any and all amounts owing from
time to time with respect to an Account whether or not billed, including any unpaid balance, finance charges (inclusive of finance charges subject to possible reversals due to unexpired credit-based promotions), late charges, and NSF fees less the
amount of any credit balances owing by Bank to Cardholders, including in respect of any payments and any credits associated with returns of goods and/or services and other credits and adjustments, whether or not billed. 

“Indemnified Party” has the meaning given to it in Section 13.3(a). 

“Indemnifying Party” has the meaning given to it in Section 13.3(a). 

“Initial Association” has the meaning given to it in Section 2.3(b). 

“Initial Renewal Term” has the meaning given to it in Section 10.1. 

“In-Store Payments” has the meaning given to it in Section 7.14. 

“Inserts” has the meaning given to it in Section 7.8(a). 

“Intangible Assets” has the meaning given to it in Schedule 10.2(g). 

  
 53 








 “Internet Purchases” has the meaning given to it in Schedule 8.1(e). 

“Internet Transaction” has the meaning given to it in Section 7.17(a). 

“Operating Committee” has the meaning given to in Section 5.1. 

“Liquidator” means, a third party sales agent or similar party not an affiliate of Retailer selling the goods of Retailer, on behalf of or as
agent for Retailer, at Store Locations which are liquidating in connection with a GOB Sale or similar sale, and which may include the sale of goods delivered on consignment or goods belonging to any similar party. 

“Majority of Comparable Programs” means more than [***] (measured by number of programs) of the lesser of: (i) [***] or
(ii) [***]. Bank shall provide Retailer with [***] at the time Bank seeks to effectuate any right premised on the above threshold as to [***] the applicable “Majority of Comparable Programs”. [***]. 

“Marketing Fund” has the meaning given to it in Section 1 of Schedule 6.2. 

“Marketing Plan” means the plan approved by the Operating Committee pursuant to Section 5.2(b). 

“MasterCard” means MasterCard International Incorporated. 

“Master File Information” has the meaning given to it in Section 4 of Schedule 11.2. 

“Material Issue” has the meaning given to it in Section 5.5. 

“Measurement Month” has the meaning given to it in Schedule 7.4(c)(1). 

“Measurement Period” has the meaning given to it in Schedule 7.4(c)(1). 

“Minimum Approval Rate Targets” has the meaning given to it in Schedule 7.4(c)(1). 

“Minimum Credit Line Targets” has the meaning given to it in Schedule 7.4(c). 

“Minimum Credit Targets” has the meaning given to it in Schedule 7.4(c). 

“Minimum Tangible Net Worth” has the meaning given to it in Schedule 10.2(g). 

“Minimum Threshold” has the meaning given to it in Schedule 7.4(c)(1). 

“Net Purchase Volume” means with respect to any Account during the calculation period, the dollar amount of purchases of goods and services
(including any applicable sales tax, delivery fees, or other service fees), after deducting the amount of any credits associated with returns of goods and services and similar credits and adjustments (other than payments with respect to such
Accounts); provided, however, such Net Purchase Volume shall not include balance transfers, cash advances, convenience checks, fraudulent or unauthorized purchases or credits or any other types of fees and charges that do not represent
the purchase of goods and services. 

  
 54 








 “Newly Activated Bounty Account” has the meaning given to it in Schedule 4.1. 

“New Store Certification” has the meaning given to it in Schedule 7.19. 

“New Store Opening Time Period” has the meaning given to it in Schedule 7.19. 

“New [***] Credit Product” has the meaning given to it in Schedule 9.1. 

“Net Worth” has the meaning given to it in Schedule 10.2(g). 

“Nominated Purchaser” has the meaning given to it in Section 1 of Schedule 11.2. 

“Non-Retailer Locations” means any retail location (including through catalogs and the Internet), other than the Retailer Sales Channels,
which accepts Association-branded credit cards in payment for goods and services purchased at such location. 
 “Non-Retailer Purchase”
means the purchase of goods and services at Non-Retailer Locations financed on a Co-Brand Account. 
 “Non-Retailer Royalty” has the
meaning given to it in Schedule 4.1. 
 “Operating Procedures” means procedures developed by Bank governing the flow of application
information and Charge Transaction Data, the logistics and specific procedures involved in the establishment and maintenance of Accounts under the Program and settlement procedures for charges submitted to Bank. 

“Origination Activities” has the meaning given to it in Schedule 9.1. 

“Outside Buying Information” has the meaning given to it in Section 2 of Schedule 7.2. 

“PCI DSS” means the data security standards adopted by the PCI Security Standards Council, LLC. 

“Permitted Credit Products” has the meaning given to it in Schedule 9.1. 

“Permitted Promotions” has the meaning given to it in Schedule 9.1. 

“Planned Promotion” has the meaning given to in Section 7.16(c). 

“Planned Promotion Notice” has the meaning given to in Section 7.16(c). 

“Planned Promotion Period” has the meaning given to in Section 7.16(c). 

“PLCC Program” has the meaning given to it in Section 1.1(a). 

“PLCC Purchase” means the purchase of goods and/or services through any Retailer Sales Channel financed on a Private Label Account. 

“Portfolio Data” has the meaning given to it in Section 2 of Schedule 11.2. 

  
 55 








 “Portfolio Data Delivery Date” has the meaning given to it in Section 2(a) of Schedule
11.2. 
 “[***]” has the meaning given to it in Section 7.4(e). 

“Preferred Customers” means Retailer customers designated as “VIP” and customers enrolled in the Retailer’s card-based
loyalty program. 
 “Prior Program” has the meaning given to it in the recitals. 

“Prior Program Agreement” has the meaning given to it in the recitals. 

“Privacy Policy” means the privacy policy and associated disclosures to be provided by Bank to Cardholders in connection with the Program as
set forth on Schedule 7.2(b). 
 “Private Label Account” means any Account with respect to which a Private Label Credit Card has
been issued. 
 “Private Label Credit Card” means a Credit Card bearing Retailer’s name or logo for use by Cardholders designated by
Bank to make purchases exclusively through Retailer Sales Channels. 
 “Program” has the meaning given to it in Section 1.1. 

“Program Assets” means the Co-Brand Accounts, PLCC Accounts, Account Documentation, Cardholder Information, solicitation materials and all
Aggregate Outstanding Indebtedness. 
 “Program Materials” has the meaning given to it in Section 7.10(a). 

“Program Half-Year” means either the first consecutive six months or the second consecutive six months of a Program Year. 

“Program Year” means the twelve (12) month period between February 1 to January 31. The first Program Year shall begin on
February 1, 2016. 
 “Program Year Average Net Investment” has the meaning given to it in Schedule 4.1(6). 

“Prohibited Transactions” means, any sale of goods or services that are: (i) sold in violation of any applicable federal, state or local
law or regulation pertaining to a general liquidation of the assets of Retailer, GOB Sale or similar sale; or (ii) sold in a sale involving a Liquidator which is not an Authorized Liquidation Sale. 

“Purchase Expiration Date” means the latest of (i) the Closing Date if Retailer provides an Exercise Notice to Bank, (ii) the date
upon which Retailer notifies Bank of Retailer’s intent not to purchase the Accounts, or (iii) last date upon which Retailer may exercise its Purchase Option as set forth in Schedule 11.2 if Retailer has failed to provide an Exercise
Notice to Bank. 
 “Purchase Option” has the meaning given to it in Section 1 of Schedule 11.2. 

“Reasonable Financial Services Practices” means practices reasonably determined by Bank to be necessitated in order to comply with Applicable
Law. 

  
 56 








 “Receiving Party” has the meaning given to it in Section 15.1(c). 

“Relationship Manager” means the Bank Relationship Manager or the Retailer Relationship Manager, as such terms are defined in Sections 1 and
2 of Schedule 5.4. 
 “Renewal Term” has the meaning given to it in Section 10.1. 

“Repeat Change in Law” has the meaning given to it in Schedule 10.2(g). 

“Representatives” has the meaning given to it in Section 15.1(d). 

“Remediation Period” has the meaning given to it in Schedule 10.2(g). 

“Retailer” has the meaning given to it in the recitals. 

“Retailer-Generated Materials” has the meaning given to it in Section 2.2(p). 

“Retailer Marks” means the names and any related marks, tradestyles, trademarks, service marks, logos or similar proprietary designations as
the same currently exist and as they may be amended or adopted by Retailer or its affiliates from time to time hereafter. As of the date hereof, the Retailer Marks include those listed on Schedule 7.10. 

“Retailer Matters” has the meaning given to it in Section 1 of Schedule 5.3(d). 

“Retailer Royalty” has the meaning given to it in Schedule 4.1. 

“Retailer Sales Channel(s)” means the sales channels through which Retailer sells its good and services to consumers, which, as of the
Effective Date shall mean its Store Locations. To the extent Retailer develops the capability during the Term to sell goods via any other sales channel, subject to the mutual agreement of Bank and Retailer, such sales channel shall be considered a
Retailer Sales Channel for purposes of this Agreement. 
 “Retailer Website” means the internet website with the internet address
www.steinmart.com, and any other internet website maintained, operated or controlled by Retailer for the purposes of selling goods and services that Bank agrees in writing may constitute the Retailer Website. 

“Rolling ROI” means, for any Rolling ROI Measurement Period, the “Return on Investment” or “ROI” as defined in
Schedule 4.1(6); provided, however, that in calculating the Rolling ROI, all income from Debt Cancellation Programs and any other Enhancement Products shall be excluded, and all income from sales tax recoveries pursuant to
Section 7.21 of this Agreement shall be included. 
 “Rolling ROI Measurement Period” means any period of four consecutive
fiscal quarters beginning with the first period of four full consecutive fiscal quarters of the Bank following the Effective Date. 
 “Rolling ROI
Minimum” has the meaning given to it in Schedule 10.2(o). 
 “Second Look Program” has the meaning given to it in
Schedule 9.1. 

  
 57 








 “Senior Officers” has the meaning given to it in Section 5.3(c). 

“Service Level Standards” has the meaning given to in Section 7.16(a). 

“Significant Event” has the meaning given to it in Section 7.20. 

“Signing Bonus” has the meaning given to it in Schedule 4.1, 

“Solvent” means, as to any person, (i) that the present fair salable value of such person’s assets exceeds the total amount of its
liabilities; (ii) that such person is generally able to pay its debts as they come due; and (iii) that such person does not have unreasonably small capital to carry on such person’s business as theretofore operated and as thereafter
contemplated. The phrase “present fair salable value of such person’s assets” means that value that could be obtained if such person’s assets were sold within a reasonable time in one or more arm’s-length transactions in an
existing and not theoretical market. 
 “Shortfall Notice” has the meaning given to it in Section 10.2(p). 

“Store Location” means those retail stores owned or operated by Retailer within the United States and the Retailer Website. 

“Store Transaction Information” has the meaning given to it in Section 2 of Schedule 7.2. 

“Tail Period” has the meaning given to it in Schedule 11.4. 

“Tangible Net Worth” has the meaning given to it in Schedule 10.2(g). 

“Term” has the meaning given to it in Section 10.1. 

“Third Party” has the meaning given to it in Schedule 7.2. 

“Third-Party Claim” means any action, suit, proceeding, arbitration, claim or demand that is instituted or asserted by a third party,
including a Governmental Authority, against an Indemnified Party pursuant to which the Indemnified Party makes a claim for indemnification under this Agreement. 

“Third Party Participant” has the meaning given to in Section 12.3. 

“Through-The-Door Applicants” has the meaning given to it in Schedule 7.4(c)(1). 

“Transaction Information” has the meaning given to it in Section 2 of Schedule 7.2. 

“Unamortized Signing Bonus” has the meaning given to it in Schedule A-2. 

II. Construction. As used in this Agreement, the following rules of construction apply: 

(i) all references to the plural number shall include the singular number (and vice versa); 

  
 58 








 (ii) all references to the masculine gender shall include the feminine gender
(and vice versa); 
 (iii) the terms “include” and “including” are meant to be illustrative and not
exclusive, and shall be deemed to mean “include without limitation” or “including without limitation;” 

(iv) the word “or” is disjunctive, but not necessarily exclusive, except where clearly indicated by the context; 

(v) the word “and” is conjunctive only, except where clearly indicated by the context; 

(vi) the words “herein,” “hereof,” “hereunder” and words of like import shall refer to this
Agreement as a whole (including its Schedules and Exhibits), unless the context clearly indicates to the contrary (for example, where a particular Section, Schedule or Exhibit is the intended reference); 

(vii) where specific language is used to clarify or illustrate by example a general statement contained herein, such specific
language shall not be deemed to modify, limit or restrict the construction of the general statement which is being clarified or illustrated; 

(viii) text enclosed in parentheses has the same effect as text that is not enclosed in parentheses; 

(ix) all references made in this Agreement to a statute or statutory provision shall mean such statute or statutory provision
as it has been amended through the date as of which the particular portion of this Agreement is to take effect, or to any successor statute or statutory provision relating to the same subject as the statutory provision so referred to in this
Agreement, and to any then applicable rules or regulations promulgated thereunder, unless otherwise provided; 
 (x) all
references in this Agreement to an Article, Section or Schedule is to the Article of, Section of, or Schedule to this Agreement unless otherwise expressly provided; 

(xi) all references to an Article or Section in this Agreement shall, unless the context clearly indicates to the contrary,
refer to all sub-parts or sub-components of any said article or section; 
 (xii) all references to “notice,”
“notification,” “approval” or “consent” shall be deemed to include the words “in writing” unless otherwise specifically noted; 

(xiii) all references to “days” mean calendar days unless otherwise indicated through the use of the phrase
“Business Day;” 

  
 59 








 (xiv) the construction of this Agreement shall not take into consideration the
party who drafted or whose representative drafted any portion of this Agreement, and no canon of construction shall be applied against a party on the basis that such party was the drafter; 

(xv) any Article, Section, Subsection, Paragraph or Subparagraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement; 
 (xvi) unless the context
otherwise requires or unless otherwise provided herein, all references in this Agreement to a particular agreement, instrument, or document also shall refer to all schedules or exhibits, renewals, extensions, modifications, amendments and
restatements of such agreement, instrument, or document; 
 (xvii) references to any amount as on deposit or outstanding on
any particular date means such amount at the close of business on such day; 
 (xviii) if a day on or by which an obligation
must be performed or an event must occur is not a Business Day, the obligation must be performed or the event must occur on or by the next Business Day; 

(xix) “dollars” and “$” mean United States dollars; 

(xx) a reference to time is to New York local time (i.e., Eastern Time in the United States); and 

(xxi) reference to “oral” with respect to regulatory guidance, orders or directives shall be deemed to require a
written certification signed by an officer of Bank that a Governmental Authority has provided such guidance, order, directive or instruction orally. 

References herein to a “person” or “persons” shall be deemed to be references to an individual, corporation, limited
liability company, partnership, trust, unincorporated association, joint venture, joint-stock company, or any other form of entity. 
 Captions of the
sections of this Agreement are for convenience of reference only and are not intended as a summary of such sections and do not affect, limit, modify or construe the contents thereof. 

  
 60 








 SCHEDULE 2.1(d) 

Bank Program Resources 
  

					
	 Position
	  	 Number of Staff
	  	 Specifications

	 Relationship
 [***]
	  	[***]	  	 •    Overall responsibility for [***]. Permanently physically
located at [***].

			
	Marketing [***]	  	[***]	  	 •    Overall responsibility for [***]. Permanently physically
located at [***].

			
	Risk [***]	  	[***]	  	 •    Overall responsibility for [***].

			
	Operations [***]	  	[***]	  	 •    Overall responsibility for [***].

			
	Database [***]	  	[***]	  	 •    Responsible for providing [***].


 [***]. 
 Bank shall provide all
required tools, equipment, seats, and licenses for all Bank employees relating to the Program, including those that may be physically located on Retailer’s premises. 

Bank will cause its employees and subcontractors at Retailer’s facilities to comply with Retailer’s safety, security, and confidentiality rules and
other rules applicable to those working in Retailer’s facilities, and access to and security of any Retailer computer system to which Bank may have access. Bank will cooperate with authorized employees or third party agents or subcontractors of
Retailer at Retailer’s facilities. 

  
 61 








 SCHEDULE 2.2(h) 

Submission of Charge Transaction Data 

Retailer shall only submit Charge Transaction Data in respect of products or services reasonably related to the types of products or services
offered for sale by Retailer through the Retailer Sales Channels as of the Effective Date. Notwithstanding the foregoing, Retailer may expand its business to add new and unrelated products or services provided that such new products or services do
not materially adversely affect the Program. In the event Bank reasonably determines that an expansion of Retailer’s business as contemplated hereunder has or will have a material adverse effect on the Program, the parties agree to negotiate in
good faith to modify the terms of the Program to address the expansion in Retailer’s business. 

  
 62 








 SCHEDULE 2.5 

Program Expenses 
  

			
	 Synchrony Expenses
	  	Stein Mart Expenses
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	
	 [***]
	  	


  
 63 








 SCHEDULE 4.1 

Compensation 

1. Signing Bonus. As an incentive for Retailer to enter into this Agreement (including the provisions of Article 9), within five
(5) Business Days of the date of execution of this Agreement, Bank will pay to Retailer [***]. 
 2. Royalty Payments and
the Calculation Thereof. Bank shall pay to Retailer the royalty payments as set forth below. 
 (a) The royalty
payment in the case of all Co-Brand Purchases and PLCC Purchases shall be an amount equal to the product of Net Purchase Volume applicable to Co-Brand Purchases and PLCC Purchases and (i) [***] and (ii) [***] (the “Retailer
Royalty”). 
 (b) The royalty payment in the case of all Non-Retailer Purchases shall be an amount equal to the
product of Net Purchase Volume applicable to Non-Retailer Purchases and [***] (the “Non-Retailer Royalty”). 
 3.
Cross-Selling Revenue. 
 (a) Each month, to the extent permitted by Applicable Law, Bank shall pay to Retailer an
amount equal to [***] of the Cross-Selling Net Revenue derived from the sale of Enhancement Products pursuant to Schedule 6.6 to the Agreement, excluding Debt Cancellation Programs. 

(b) Each month, to the extent permitted by Applicable Law, Bank shall pay to Retailer an amount equal to [***] of the
Cross-Selling Net Revenue derived from the sale of Debt Cancellation Programs pursuant to Schedule 6.6 to the Agreement. 
 4.
Interchange. [***]. 
 5. Tracking and Payment for SPIFs. Bank shall track the accumulation of SPIFs
provided that Retailer submits to Bank tracking data related to such SPIFs. Following each month, Bank shall pay Retailer for the payment of SPIFs an amount equal to [***] as provided for in Schedule 6.4 of the Agreement.
Notwithstanding the foregoing, Bank’s obligation to pay such SPIFs pursuant to this paragraph 5 shall be subject to Retailer’s demonstration to Bank’s reasonable satisfaction that Retailer is directly awarding the proceeds of such
SPIFs to employees as an incentive for promoting the Program. Retailer’s employee incentive program with respect to the Program shall be subject to approval by Bank solely with respect to compliance with Applicable Law and risk management
practices. 
 6. Gain Sharing. Each Program Year, Bank shall make the payment due to Retailer, if any, as provided for in and
calculated in accordance with Schedule 4.1(6) hereto. 
 7. Field Sales Support. To the extent that Retailer has
a field sales team actively facilitating the promotion of the Program, each Program Year, Bank shall pay to Retailer [***]. 

  
 64 








 8. In-Store Payments. Bank shall pay to Retailer an amount equal to the product of
(a) the actual number of separate In-Store Payments processed by Retailer in accordance with Section 7.14 during the prior month and (b) [***]. 

9. Store Grand Opening Payments. With respect to any Store Location opened by Retailer on or after the Effective Date, Bank
shall pay to Retailer [***]. 
 10. Acquisition Bounty Payments. Bank shall pay to Retailer the following amount for
each Newly Activated Bounty Account [***]: 
  

					
		  	[***]	 	[***]
	 Co-Brand Account
	  	[***]	 	[***]
	 Private Label Account
	  	[***]	 	[***]

 For purposes of this Schedule 4.1, “Newly Activated Bounty Account” means a Co-Brand Account or
Private Label Account which meets each of the following conditions: (a) opened on or after the Effective Date and (b) for which at least one purchase, of any amount, at a Retailer Sales Channel or Non-Retailer Location was processed in the
[***] following the opening of such Co-Brand Account or Private Label Account. 
 11. Payment. Amounts owing under
paragraphs 2(b), 3, 4(a), 5, 8, 9 and 10 of this Schedule 4.1 shall be paid within fifteen (15) Business Days following the end of each month during the Term. Amounts owing under paragraph 2(a) shall be paid each Business Day in
accordance with Section 3.1. Amounts owing under paragraph 6 and 7 herein shall be paid within forty-five (45) calendar days after the end of each Program Year following the Effective Date during the Term. 

  
 65 








 SCHEDULE 4.1(6) 

Gain Sharing Terms and Conditions 

(a) Bank shall provide Retailer with an annual actual gain sharing statement, prepared in accordance with the formula set forth below (each
such statement is referred to as a “Gain Sharing Statement”), the form for which is shown in Exhibit A to this Schedule 4.1(6). Bank shall also provide Retailer with a forecasted annual Gain Sharing Statement for each Program
Year by the end of February of each Program Year, and shall update such forecasted statement quarterly during the Program Year. Within forty-five (45) days after the end of each Program Year, Bank shall pay to Retailer the gain sharing amount
computed as described in this Schedule 4.1(6) (the “Gain Sharing Payment”), if such amount is a positive number. The parties acknowledge and agree that (x) any Gain Sharing Payment is intended to be based on a
calculation as of the end of each applicable Program Year, which takes into account the revenues, expenses and investment (as more fully described below in X, Y and Z, respectively) applicable to such Program Year, and (y) a Gain Sharing
Payment will only be payable with respect to a Program Year if [***]. 
 The Gain Sharing Payment shall be calculated as follows:

 [(ROI x Z) — ([***] x Z)] x [***]. 

“Return on Investment” or “ROI” as of the end of any Program Year shall mean an amount calculated in
accordance with the following formula: 
 ROI=(X—Y)/Z 

Where X, Y and Z are equal to the following amounts, in each case calculated at the end of such Program Year in accordance with GAAP (unless
otherwise specified): 
  

					
		 	X =	  	total revenues derived from the Program during such Program Year, calculated as follows: (1) interest charges net of waivers and reversals, plus (2) all fees, including late fees, pay-by- phone fees and interchange
fees, net of waivers and reversals, plus (3) any other revenue recognized for the Program in the ordinary course in connection with the Program; provided that all such revenues included in “X” for purposes of calculating Gain
Sharing Payments shall exclude any revenues or net income derived from any Debt Cancellation Programs and any other Enhancement Products approved by the parties pursuant to Schedule 6.6.
			
		 	Y =	  	total expenses (not including taxes), net of any reimbursements from Retailer, directly incurred or allocated, under the Program during such Program Year, including:

  

	 	(1)	 all operating costs and expenses (including compensation and benefits for employees of Synchrony Financial and




  
 66 









	 	
Bank supporting the Program, Program- related systems expenses, and Program-related hiring and training expenses); plus 


 

	 	(2)	the cost of debt funding for the Program, which shall be calculated, with respect to each Fiscal Month during each of such Program Years, at the applicable fixed and floating interest rates [***]; plus


  

	 	(3)	payments to or for the account of Retailer under the Program including royalty payments (including any payments resulting from royalty rate adjustments) and bounties, but excluding any amount paid from the Marketing
Fund or any amount paid for store grand openings under Section 9 of Schedule 4.1 that are otherwise covered by clause (6) below or the Signing Bonus; plus 


 

	 	(4)	actual net credit losses and fraud losses (provided, that net credit losses shall exclude any sales tax recoveries contemplated by Section 7.21 of the Agreement); plus 


 

	 	(5)	any change (an increase being a positive number and a decrease being a negative number for the purposes of this calculation) to the provision for credit losses with respect to the Program above a base provision of
[***], such provision to be calculated consistent with Bank’s methodology applied across Bank’s Retail Cards business, the calculation of which will be provided to Retailer on an annual basis; plus 


 

	 	(6)	(i) acquisition and portfolio marketing costs, including amounts actually incurred and applicable to the Marketing Fund, but excluding amounts credited to the Marketing Fund (and not yet expended), and (ii) amounts
paid for store grand openings under Section 9 of Schedule 4.1; plus 

  

	 	(7)	reasonable expenses allocated to the Program by Synchrony Financial, Bank and/or by Bank’s Retail Cards business and their parent companies, including administrative expenses of Synchrony Financial, Bank and/or
Bank’s Retail Cards business, as well as the headquarters expenses of such entities, in each case consistent with Bank’s methodology applied across Bank’s Retail Cards business. 


 

					
		 	Z =	  	“Program Year Average Net Investment”.

 The “Program Year Average Net Investment” shall be determined as the net of (1) below less (2)
below, divided by twelve (12) (or, in the case of any early 

  
 67 








 
termination of the Term, the net of (1) below less (2) below for any Program Year, divided by the number of Fiscal Months elapsed in such Program Year through the date of such termination). 

 

	 	(1)	the sum, for all of the Fiscal Months during such Program Year, of the Aggregate Outstanding Indebtedness as of the last day of each Fiscal Month during such Program Year; 


 

	 	(2)	the sum of the Fiscal Month end balances of the Program loss reserve for each Fiscal Month in such Program Year, calculated in accordance with GAAP; 


The “Fiscal Month Average Net Investment” for any Fiscal Month shall be determined as the net of (1) below less
(2) below. 
  

	 	(1)	the sum of the Aggregate Outstanding Indebtedness as of the opening of the first day of such Fiscal Month, plus the Aggregate Outstanding Indebtedness as of the close of the last day of such Fiscal Month,
divided by two; less 

  

	 	(2)	the sum of the Program loss reserve as of the opening of the first day of such Fiscal Month, plus the Program loss reserve as of the close of the last day of such Fiscal Month, divided by two. 


(b) In the event of the expiration or early termination of this Agreement, the Gain Sharing Payment with respect to the number of months since
the previous Gain Sharing Payment shall be paid to Retailer within forty-five (45) days after (x) the end of each Program Year in which such Gain Sharing Payment is due, in the event of expiration of this Agreement, or (y) the date of
termination in the event of an early termination of this Agreement, on a pro-rata basis for the portion of the Program Year preceding the effective date of termination, based on the calculation above. 

(c) If, within one hundred eighty (180) days after the applicable Program Year end, Bank or Retailer discovers that the Gain Sharing
Statement contains any errors that would change the amount of the Gain Sharing Payment, if any, for such Program Year, then Bank and Retailer agree in good faith to recalculate the Gain Sharing Payment correcting any such errors. Bank shall pay to
Retailer any shortfall determined in the Gain Sharing Payment upon such recalculation, and Retailer shall refund to Bank any overpayment of the Gain Sharing Payment upon such recalculation. 

(d) At any time during the Term, the Management Committee may agree to additions to or deletions from the listing of revenue and expense items
in this Schedule 4.1(6). 
 (e) All revenues, costs, and expenses derived from Debt Cancellation Programs and any other Enhancement
Products shall be excluded, and all revenues, costs, and expenses derived from sales tax recoveries pursuant to Section 7.21 of the Agreement shall be included, in X and Y for purposes of calculating the Gain Sharing Payment. 

  
 68 








 (f) In the event Retailer exercises its purchase right pursuant to Schedule 11.5, upon the
consummation of the acquisition of the Program Assets, Bank shall recalculate the last Gain Sharing Payment related to this Agreement to reflect the reversal of the then existing loss reserves in Y(5) above (but only with respect to amounts in
excess of [***]) and shall make any incremental Gain Sharing Payment, if any, to Retailer resulting from such reversal; provided, that if no such acquisition occurs, then no such reversal will occur for purposes of the calculation of
such last Gain Sharing Payment. 
 (g) Bank shall calculate the final gain share calculation in accordance with the requirements of the
Prior Agreement for the period of October 1, 2015 through January 31, 2016, and make such Gain Sharing Payments within forty-five (45) calendar days after January, 31, 2016, but in no event will Bank be required to make such payment
before five (5) Business Days after the date that both parties execute this Agreement. 

  
 69 








 EXHIBIT A 

TO SCHEDULE 4.1(6) 
  

			
	Sample Gain Sharing Statement	  	
		  	[***]
		  	[***]
	Z	  	[***]
		  	
		  	Profit & Loss Statement
	X(1)	  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	
	X(2)	  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	
	X(3)	  	[***]
		  	[***]
		  	
	X	  	[***]
		  	
	Y(2)	  	[***]
		
	Y(3)	  	[***]
		  	[***]
		  	[***]
		  	
	(X-Y(2)-Y(3))	  	[***]
		  	[***]
		  	[***]
		  	[***]
		  	
	Y(4)	  	[***]
		
	X-Y(2)-Y(3)-Y(4)	  	[***]
		  	
	Y(5)	  	[***]    


  
 70 









			
	X-Y(2)-Y(3)-Y(4)-Y(5)	  	[***]
		  	
	Y(6)	  	[***]
	Y(1)+Y(7)	  	[***]
	Y(1)+Y(6)+Y(7)	  	[***]
		  	
	Y	  	[***]
		  	
	X-(Y(1)+Y(2)+Y(3)+Y(4)+Y(5)+Y(6)+Y(7))	  	[***]
		  	
	ROI	  	[***]
		  	
	Gain Sharing Payment	  	[***]


  
 71 








 SCHEDULE 5.1 

Members of Operating Committee 

Bank Operating Committee Members: 
  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***]  

  

	 	•	 	[***] 

 Retailer Operating Committee Members: 

 

	 	•	 	Senior Executive Member: Greg Kleffner 

  

	 	•	 	Gary Pierce 

  

	 	•	 	Glori Katz 

  

	 	•	 	Hunt Hawkins 

  

	 	•	 	Donna Mills 


  
 72 








 SCHEDULE 5.3(d) 

Retailer Matters and Bank Matters 

1. Retailer Matters. In accordance with and subject to this Section 1 of this Schedule 5.3(d), Retailer shall
have the ultimate decision making authority with respect to any unapproved matters in respect of the following matters (the “Retailer Matters”): 

(a) content and implementation of the Marketing Plan in Retailer Sales Channels and the Retailer Website; 

(b) the look, feel and marketing message, and changes thereto, of the Credit Cards, Credit Card Applications, Cardholder
Agreements, billing statements, solicitation materials including media, and the Bank Webpage devoted to the Program or any other website space devoted to the Program, other than content or changes that are required or prohibited by Applicable Law or
Reasonable Financial Services Practices; 
 (c) all usage of Retailer Marks or other Retailer intellectual property; 

(d) any maintenance of, and improvements to, any systems of Retailer used in connection with the Program, including any capital
expenditures of Retailer and its affiliates for maintenance of, and improvements to, systems in connection with the Program; 

(e) any other capital expenditures of Retailer or its affiliates; 

(f) the approval, in the sole discretion of Retailer, of any new credit card products which have not been agreed upon prior to
the Effective Date as set forth in Schedule 6.6 to the Agreement, or any products subject to the annual review of the Operating Committee pursuant to Section 1, paragraph (b) of Schedule 6.6 to the Agreement, including new
credit card products, Enhancement Products, or other products and services proposed to be offered by Bank to Cardholders and, in each case, the approval of any compensation payable to Retailer in respect thereof; provided, that the products or
services, the economic terms and compensation arrangements related to such new products or services shall be acceptable to both parties; 

(g) [***]; 

(h) the description of any Retailer products or services; 

(i) the approval of any products or services being marketed to Cardholders; 

(j) management and retention of Retailer personnel; and 

(k) [***]. 

  
 73 








 2. Bank Matters. In accordance with and subject to this Section 2 of this
Schedule 5.3(d), Bank shall have the ultimate decision making authority with respect to any unapproved matters in respect of the following matters (the “Bank Matters”): 

(a) changes to risk management policies for the Program; 

(b) changes to the Cardholder Terms set forth in Schedule 7.3 that are [***]; 

(c) changes to the Operating Procedures that are [***] Majority of Comparable Programs; 

(d) changes to privacy provisions of Section 15.6 of the Agreement or to the Privacy Policy that are required by
Applicable Law or Reasonable Financial Services Practices; 
 (e) capital expenditures for maintenance of, and improvements
to, the Bank systems used in connection with the Program; 
 (f) content of Credit Cards, Credit Card Applications,
Cardholder Agreements, billing statements, solicitation materials including media, and the Bank Webpage or any website space devoted to the Program [***]; 

(g) any materials bearing only Bank Marks or which are solely Bank’s intellectual property; 

(h) any maintenance of, and improvements to, any systems of Bank used in connection with the Program, including any capital
expenditures of Bank and its affiliates for maintenance of, and improvements to, systems in connection with the Program; 

(i) any other capital expenditures of Bank or its affiliates; 

(j) management and retention of Bank personnel; 

(k) [***]; and 

(l) [***]. 

  
 74 








 SCHEDULE 5.4 

Relationship Managers; Other Designated Bank Employees 

1. Bank shall designate an individual with responsibility for the day-to-day management and administration of the Bank/Retailer relationship
and the Program (“Bank Relationship Manager”). The Bank Relationship Manager shall be dedicated solely to the Program and shall be located at Bank’s Charlotte, North Carolina location or such other Bank location as the parties
mutually agree. 
 2. Retailer shall designate an individual with responsibility for the day-to-day management and administration of the
Retailer/Bank relationship and the Program (“Retailer Relationship Manager” and together with Bank Relationship Manager, the “Relationship Managers”). 

3. Each Relationship Manager shall have sufficient authority to facilitate decision-making on behalf
of his or her respective party and shall have sufficient knowledge and experience to effectively and efficiently perform his or her responsibilities. Each Relationship Manager shall make available a sufficient amount of his or her working time,
attention, skill, and efforts necessary to furthering the interests of the Program, it being understood that the Bank Relationship Manager shall be dedicated solely to the Program. 

4. Either party may replace its Relationship Manager at any time upon reasonable notice to the other party, so long as the replacement
Relationship Manager meets the foregoing qualifications. Each party shall consult the other party regarding the appointment of such party’s replacement Relationship Manager. Notwithstanding the foregoing sentence, the appointment of individuals
to serve as a party’s replacement Relationship Manager shall rest solely in the discretion of the respective appointing party. 
 5.
The performance review of Bank’s Relationship Manager shall take into account the overall performance of the Program during the period in which such individual served as Relationship Manager. 

6. Without limiting any other rights expressed in this Section, in considering the appointment and/or replacement of Relationship Managers,
each party shall endeavor to maintain a level of stability and continuity in the personnel managing the Program. 
 7. In addition to the
Bank Relationship Manager, Bank shall designate [***]. 
 8. Bank shall designate [***] to serve as the [***] the Program on a [***] basis.

 9. Bank shall designate [***] to serve as the [***] for the Program, and [***] to serve as the [***] for the Program, it being understood
that [***]. 
 10. Bank shall designate [***] to serve as a [***] database [***] to the Program who shall serve as a resource for Retailer
in providing [***] to Retailer pursuant to Section 7.15 herein, it being understood that the database [***]. 

  
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 SCHEDULE 6.2 

Marketing Fund 
 1.
Bank will establish (by creation of a record maintained by Bank) and administer a marketing fund (“Marketing Fund”) to be used to execute marketing activities pursuant to the Marketing Plan, including [***], as defined below,
or other activities as approved by the Operating Committee. 
 2. During the Term of this Agreement, [***], Bank shall allocate [***]. 

3. Bank will be the exclusive owner of the Marketing Fund, and Retailer acknowledges and agrees that it will have no right, title or interest
in or to the Marketing Fund except to enforce the terms of this Agreement relating to the use of such funds. Any amounts previously allocated to the Marketing Fund but not spent as of the end of any Program Year shall carry forward as part of the
Marketing Fund for the subsequent Program Year(s). Any amounts previously allocated to the Marketing Fund but not used as of the date when this Agreement expires or terminates, may be withdrawn and retained by Bank for its own account without
obligation to account therefor to Retailer. For clarity, any amounts allocated to the “Marketing Fund” established under the Prior Agreement shall be allocated to the Marketing Fund created hereunder. 

4. The out-of-pocket cost and expenses, as set forth in Schedule 6.2(e) to the Agreement, of all marketing promotions provided for in
the Marketing Plan will be reimbursed out of any then available funds in the Marketing Fund as determined by the Operating Committee. Neither party shall have any obligation to pay more for any marketing promotion than the amount allocated at such
time to the Marketing Fund; provided, that the parties may mutually agree to share or otherwise allocate the out-of-pocket costs of implementing any marketing promotion (whether or not set forth in the Marketing Plan) to the extent the
out-of-pocket cost of such marketing promotion is expected to exceed the funds then available in the Marketing Fund. 
 5. In developing and
adopting the Marketing Plan and determining expenditures to be made from the Marketing Fund, the Operating Committee shall plan expenditures taking into account that Retailer’s fiscal year begins in February and that sufficient funds must be
allocated for the holiday shopping season. 

  
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 SCHEDULE 6.2(e) 

Permissible Marketing Fund Expenditures 

The Marketing Fund may be used to pay for expenses related to the following items: 
  

	 	•	 	Store Signage 

  

	 	•	 	Periodic bonuses under the Cardholder Rewards Program 

  

	 	•	 	Tabling events 

  

	 	•	 	Direct mail solicitations (e.g., invitations to apply for Accounts) 

  

	 	•	 	Credit Card application holders 

  

	 	•	 	Collateral material such as brochures and fliers promoting the Program 

  

	 	•	 	Re-activation mailings 

  

	 	•	 	Near loyalty programs (notification to Cardholders that are nearing rewards benefits) 

  

	 	•	 	Lifecycle marketing 

  

	 	•	 	Bank-generated prescreens 

  

	 	•	 	Program marketing and promotion on Retailer Website (excluding costs for placement on Retailer Website) 


  
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 SCHEDULE 6.3 

Additional Bank Marketing Support 

1. Additional Bank Marketing Support. Upon the reasonable request of Retailer from time to time, consistent with the Marketing
Plan, Bank shall perform the following marketing functions at no cost or expense to Retailer: 
 (a) subject to
Applicable Law and any contractual prohibitions, including Bank’s Privacy Policy, to which Bank is subject, Bank shall use (i) Bank’s databases and Bank’s consumer prospect database which, as of the Effective Date, is maintained
by Axciom; (ii) certain data that Bank obtains about Cardholders as set forth on Schedule 7.15; (iii) aggregated summary level data regarding Cardholder purchases at Non-Retailer Channels; (iv) analytic support and tools; and
(v) Bank’s marketing support services, for the purpose of assisting Retailer in its marketing and promotion of Retailer Sales Channels, Retailer goods and services and the Program; 

(b) periodically collaborate with Retailer to identify, research and test new marketing initiatives to promote the Program and
Retailer Sales Channels; 
 (c) provide models and modeling support, which may include Cardholder attrition models, prospect
marketing models and other tools designed to improve Program performance; and 
 (d) facilitate discussion between Retailer
and Bank’s United States consumer finance affiliates for purpose of exploring cross-selling opportunities for Retailer goods and services. 

  
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 SCHEDULE 6.4 

Promotion of Program by Retailer 

1. Responsibility of Retailer to Promote the Program. Without limiting Retailer’s obligations under the Marketing Plan,
Retailer will actively support and promote the Program by, among other things: 
 (a) encouraging the establishment
and use of Accounts as the preferred method of payment for Retailer’s products and services, such as, by way of example, instructing Retailer employees to ask customers if they would like to pay for in-store purchases using their Credit Card;

 (b) utilizing credit advertisements, promotional inserts, statement messages, Internet website promotions, direct mail
promotions in the course of its general retail direct mail campaigns, take one applications as provided and paid for by Bank, and other marketing materials promoting the Program in accordance with the Marketing Plan and as funded by the Marketing
Fund; 
 (c) maintaining a logo advertisement in a prominent position on the home page of the Retailer Website which promotes
the Co-Brand Credit Card and the Private Label Credit Card and contains an embedded, direct link (with no intermediate links) to the Bank Webpage subject to Bank’s prior approval of the usage of such logo advertisement; 

(d) providing incentives and performance goals for Retailer personnel with respect to the Program such as incentive contests at
the Store Location level and SPIFFs, to be funded by Bank; 
 (e) providing a first purchase discount of ten percent
(10%) to new Cardholders who use their Credit Card at Retailer Sales Channels for their first purchase upon opening an Account; 

(f) provide Retailer’s customer lists (including Retailer’s Preferred Customer list) to Bank for purposes of direct
mail solicitations by Bank for Credit Cards; provided that Bank shall conduct a direct mail solicitation to some portion or all of Retailer’s customer lists for Credit Cards and/or other products mutually agreed upon by the parties consistent
with the Marketing Plan only with Retailer’s prior consent; moreover, Bank shall first offer Retailer the opportunity to conduct the mailing itself; and 

(g) fund the redeemed rewards for the Cardholder Rewards Program pursuant to the terms of Schedule 6.5 to the Agreement.


  
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 SCHEDULE 6.5 

Cardholder Rewards Program 

(a) Retailer shall maintain during the Term a Cardholder rewards program and fund rewards redeemed by Cardholders as part of
the rewards program connected to Credit Card and Account use under the Program (the “Cardholder Rewards Program”). During the Term, except for Retailer’s Preferred Customer loyalty program and any successor program thereof,
Retailer shall not promote any other loyalty program that detracts from the participation by Cardholders in the Cardholder Rewards Program. 

(b) Bank shall be responsible for administration, servicing and mailing via statements of reward certificates issued under the
Cardholder Rewards Program, but shall not be required to fund the rewards component of the program, such rewards funding being the sole responsibility of Retailer as set forth in Section 1, paragraph (g) of Schedule 6.4. 

(c) Subject to Schedule 5.3(d), the overall value of the Cardholder Rewards Program to Cardholders shall be at least
[***] percent ([***]%) of [***] on Co-brand Purchases, and [***] percent ([***]%) of [***] on Non-Retailer Purchases, and holders of the Co-Brand Credit Cards and the Private Label Credit Cards will be
entitled to participate in at least [***] in each calendar year (the “Core Value Proposition”); provided that Retailer shall [***]. Retailer agrees to have a minimum cardholder value proposition at all times
during the Term even if the multi-tender loyalty program is eliminated. Rewards “points” awarded pursuant to the Cardholder Rewards Program shall not be redeemable for cash and shall only be redeemable for Retailer merchandise at the then
current purchase price of the merchandise. 
 (d) In connection with the Cardholder Rewards Program, Bank shall provide to
Cardholders who reach a certain rewards points threshold, as determined by the Operating Committee, rewards redeemable at all Retailer Sales Channels in an amount to be determined by the Operating Committee. 

(e) Retailer shall be entitled to retain all breakage from the Cardholder Rewards Program and shall not be required to fund any
unredeemed rewards points; provided, however, that Retailer shall comply with all applicable unclaimed property laws, including laws relating to escheatment. 

(f) All other terms and conditions of the Cardholder Rewards Program and any modifications thereto shall be established by the
Operating Committee. 
 (g) Retailer shall comply with the terms and conditions of the Cardholder Rewards Program as provided
to Cardholders and shall honor all non-expired outstanding rewards certificates issued under the Cardholder Rewards Program offered to Cardholders subject to the terms thereof. 

  
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 (h) All materials related to the Cardholder Rewards Program, including the terms
and conditions thereto, shall comply with Applicable Law and shall clearly state that the Cardholder Rewards Program is a program operated by Retailer and the funding liability under such program shall be the sole responsibility of Retailer. Such
materials shall state that Retailer reserves the right to cancel the Cardholder Rewards Program at any time upon a minimum of ninety (90) days’ notice to Cardholders, and that after such notice period, all unredeemed points shall expire.
Notwithstanding the foregoing, Retailer shall not cancel the Cardholder Rewards Program without prior consent of the Operating Committee during the Term, and in the event of such cancellation, Retailer shall continue to honor outstanding rewards
certificates as contemplated in subsection (g) above. 
 (i) At Retailer’s request, Bank shall timely provide
Retailer with such reports regarding the Cardholder Rewards Program as Retailer shall reasonably request such as certificate issuance reports, loyalty liability and loyalty transaction reports. 

(j) Upon the termination of this Agreement, subject in all respects to Schedule 11.2 and Bank’s election to
implement a Tail Period, Retailer shall have the option to either (i) subject to subsection (h) of this Section, terminate the Cardholder Rewards Program upon ninety (90) days’ notice and cancel all unredeemed points after such
date; (ii) at Retailer’s expense, cause Bank to issue rewards certificates to Cardholders based on criteria determined by Retailer; or (iii) cause Bank to transfer electronically all pertinent information relating to the Cardholder
Rewards Program to another credit card issuer in conjunction with the completion of the purchase of the Program Assets. 

  
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 SCHEDULE 6.6 

Cross-Selling 
 1.
Bank (or its designees) may, consistent with this Agreement, solicit Cardholders for, and offer to Cardholders (or arrange for a third party to solicit and/or provide), by means of solicitations the form of which is mutually agreed by the parties,
the following products (each, an “Enhancement Product” and collectively, “Enhancement Products”): 

(a) credit card debt cancellation or credit insurance products, and credit reporting and fraud alert services (including
identity theft); 
 (b) upon mutual agreement by the parties, deposit products offered by Bank or its affiliates; and 

(c) product inserts for “non-competing products” (which term, for the avoidance of doubt, shall refer to any products
which do not compete with any products or services offered by Retailer through any Retailer Sales Channel), and any other ancillary credit card products or financial services as approved by the Operating Committee. 

2. The Enhancement Products contemplated by this Schedule 6.6 shall be marketed through channels as mutually agreed by the parties. For
the avoidance of doubt, the parties hereby agree that Bank (or its designees) shall have the right to solicit and offer to Cardholders the Enhancement Products specified in Section 1, paragraphs (a) and (b) of this Schedule 6.6
for the duration of the Term. Bank (or its designees) shall have the right to solicit and offer to Cardholders the Enhancement Products specified in Section 1, paragraph (c) of this Schedule 6.6 subject to the approval by the
Operating Committee of such products and subject to the Operating Committee’s annual review and re-approval of such products in each Program Year during the Term. 

3. Bank shall compensate Retailer for such cross-selling activity in accordance with Section 3 of Schedule 4.1 to the Agreement or
as otherwise mutually agreed upon by the parties. 
 4. In addition to any Enhancement Products listed in Section 1 of this Schedule
6.6 Bank (or its designees) may also solicit (or arrange for a third party to solicit and/or provide) such other non-competing financial or non-financial products and services, subject to approval by the Operating Committee (which may be
financed on Accounts or purchased by other means). Retailer will have the right to share in the proceeds of the sale of other goods and services referred to in this Section 4 of this Schedule 6.6 to the extent approved by the Operating
Committee. 
 5. All cross-selling solicitations contemplated by this Schedule 6.6 shall be made in accordance with Bank Privacy
Disclosure as well as Retailer’s privacy policies and contact management policies with regard to Retailer’s Preferred Customers and Retailer employees. 

6. In the event the parties mutually agree that the cross-selling of credit card debt cancellation or credit insurance products contemplated
in Section 1 of this Schedule 6.6 has, or could reasonably be expected to have, a material adverse effect on the Program or Retailer’s business, the parties shall work in good faith to mitigate such material adverse effect. 

  
 82 








 SCHEDULE 7.2 

Ownership and Use of Cardholder Information 

1. Bank is the sole and exclusive owner of all information that is obtained by or on behalf of Bank in connection with processing a Credit
Card Application or making a pre-screened offer for an Account, extending credit on or servicing or collecting on an Account, or otherwise operating the Program, including (a) information provided by an applicant, a Cardholder or a third party
in connection with an Account or Credit Card Application, and (b) lists of Cardholders and applicants generated by the Program (including names, addresses, telephone numbers, e-mail addresses, dates of birth, social security and similar
numbers, and account and similar access numbers) (the “Cardholder Information”); provided that Bank shall not have any further rights in or to any Cardholder Information after the closing of the purchase of the Program Assets
by Retailer or its Nominated Purchaser in accordance with Section 11.2 and Schedule 11.2. Notwithstanding the foregoing, Bank may retain (i) Cardholder Information as required to comply with Applicable Law and (ii) Cardholder
Information used in Bank’s models and business analysis to the extent that any such Cardholder Information is aggregated, anonymized and cannot be reasonably anticipated to provide Bank or any third party with access to any insights into the
performance or attributes of the Retailer credit card portfolio or to Retailer’s business. For the avoidance of doubt, except as may relate to the Program (including the exercise of Bank’s rights under this Agreement to sell or liquidate
the Accounts), no information shall be provided by Bank to a third party which identifies Retailer or can be reasonably traced to Retailer. 

2. During the Term, Bank may capture information regarding: (i) specific purchases by individual Cardholders at Retailer Sales Channels
(“Store Transaction Information”); and/or (ii) information regarding general buying habits by Cardholders at Non-Retailer Locations (“Outside Buying Information”). Retailer and Bank shall each own Store
Transaction Information to the extent that Retailer and Bank receive such information in connection with Credit Card transactions, and Bank shall provide Store Transaction Information to Retailer (to the extent Bank maintains such information)
within a reasonable time after Retailer’s request therefor. Bank shall also work with Retailer to provide Retailer with the benefit of the Outside Buying Information, either by providing such information to Retailer, or by conducting or
collaborating with Retailer on mailings to targeted Cardholder segments (for instance, making a luggage offer to a list of Cardholders who may be frequent travelers). All activities described in this paragraph shall be subject to Applicable Law and
the Privacy Policy. Notwithstanding the foregoing, Bank shall only use such information as specified in Section 4 of this Schedule 7.2 and Retailer shall only use such information as set forth in Section 6 of this Schedule
7.2. For purposes of this Agreement, Store Transaction Information and Outside Buying Information shall collectively be referred to as “Transaction Information.” 

3. The Privacy Policy applicable to the Cardholder Information and Transaction Information is attached as Schedule 7.2(b) hereto.
Subject to Section 2 of Schedule 5.3(d), any modifications to the Privacy Policy shall be approved by the Operating Committee; provided that the Privacy Policy shall comply with Applicable Law at all times; and provided
further, that the Privacy Policy shall provide Retailer and its affiliates with the maximum availability and use of Cardholder Information and Transaction Information, but only to the extent that (a) disclosure of


  
 83 








 
such Cardholder Information and Transaction Information would not cause Bank to become a “consumer reporting agency” for purposes of the federal Fair Credit Reporting Act, (b) Bank
shall not be required to implement any opt-in processes, (c) Bank shall not be required to disclose to Retailer any social security number information; and (d) Bank shall not be required to provide Outside Buying Information that is
identifiable to particular merchants. 
 4. During the Term, Bank shall not use the Cardholder Information or Transaction Information, or
permit Cardholder Information or Transaction Information to be used by others besides Retailer to whom Bank provides such information. except as provided in this Schedule 7.2. Bank may use such information in compliance with Applicable Law
and the Privacy Policy solely (i) for purposes of soliciting or marketing (as provided in this Agreement) or servicing customers listed in the Cardholder Information for Credit Cards, Debt Cancellation Programs, Enhancement Products, and any
other products and services approved by the Operating Committee, (ii) as otherwise necessary to carry out its obligations or exercise its rights hereunder; (iii) with respect to the administration and liquidation (including any conversion
or sale) of Accounts after the expiration or earlier termination of the Term; (iv) as required by Applicable Law or Bank’s internal risk management purposes or (v) in Bank’s models and business analysis for the benefit of the
Program or to the extent that any such Cardholder Information or Transaction Information is aggregated, anonymized and cannot be reasonably anticipated to provide Bank or any third party with access to any insights into the performance or attributes
of the Retailer credit card portfolio or to Retailer’s business. Bank has no rights to use the Cardholder Information or Transaction Information for marketing purposes except as expressly provided herein; provided, however, that
notwithstanding anything in this Schedule 7.2, Bank shall be authorized to use models and business analysis that satisfy the requirements of clause (v) above in connection with the Program as permitted by this Agreement or as long as
such use does not involve personally identifiable information obtained by Bank in connection with the Program. 
 5. Bank shall not
disclose, or permit to be disclosed, the Cardholder Information or Transaction Information, except as provided in this Schedule 7.2. Bank shall not, directly or indirectly, sell or otherwise transfer any right in or to the Cardholder
Information or Transaction Information (to the extent Bank has such right) other than to Retailer or one of its affiliates. Bank may disclose the Cardholder Information or Transaction Information in compliance with Applicable Law and the Privacy
Policy solely: 
 (a) to its authorized subcontractors in connection with a permitted use of such information under this
Schedule 7.2, provided that each such authorized subcontractor agrees in a written agreement reasonably satisfactory to Bank to maintain all such information as strictly confidential and not to use or disclose such information to any Person
other than Bank or Retailer, except as required by Applicable Law or Governmental Authority (after giving Bank, who shall in turn promptly give to Retailer, prior notice and an opportunity to defend against such disclosure); provided,
further, that each such authorized subcontractor maintains, and agrees in writing to maintain, an information security program that is designed to meet all requirements of Applicable Law and the PCI DSS with respect to the Private Label
Program (as if the Private Label Cards were Co-Brand Cards) and the Co-Brand Program , including, at a minimum, maintenance of an information security program that is designed to: (A) ensure the


  
 84 








 
security and confidentiality of such information; (B) protect against any anticipated threats or hazards to the security or integrity of such information; (C) protect against
unauthorized access to or use of such information; and (D) ensure the proper disposal of such information; and provided, further, that each such authorized subcontractor of Bank agrees to promptly notify Bank, who shall in turn promptly notify
Retailer, of any unauthorized disclosure, use, or disposal of, or access to, such information and to cooperate with Bank and Retailer in any investigation thereof and remedial action with respect thereto; 

(b) to its affiliates, and its and such affiliates’ employees, attorneys, accountants and advisors with a need to know
such information in connection with a permitted use of such information under this Schedule 7.2; provided that (A) any such Person is bound by terms substantially similar to this Schedule 7.2 as a condition of employment or of
access to such information or by professional obligations imposing comparable terms; and (B) Bank shall be responsible for the compliance by each such Person with the terms of this Schedule 7.2; 

(c) to any Governmental Authority with authority over Bank in connection with (i) an examination of Bank or other
communication with a Governmental Authority with supervisory authority over Bank that is not covered by clause (ii), or (ii) an investigation by a Governmental Authority into compliance with Applicable Law, including pursuant to compulsory
legal process; provided that Bank seeks the full protection of confidential treatment for any disclosed Cardholder Information or Transaction Information to the extent available under Applicable Law governing such disclosure, and with respect to
clause (ii) or any other matter in which the Program is the primary focus of the discussion and there is a reasonable possibility that the Governmental Authority will take an action adverse to Retailer, to the extent permitted by Applicable
Law, Bank (A) provides at least ten (10) Business Days’ prior notice of such proposed disclosure to Retailer if reasonably possible under the circumstances, and (B) seeks to redact such information to the extent reasonably
necessary to protect the interests of Retailer; or 
 (d) to the extent permitted in the risk management policies for the
Program and Operating Procedures, to any consumer reporting agency in accordance with the federal Fair Credit Reporting Act. 
 Bank shall remain
responsible for any violations of the confidentiality terms of this Agreement by any third party to which Cardholder Information or Transaction Information has been disclosed by Bank (other than at the express request of Retailer, including requests
that require ongoing, periodic transfers by Bank on Retailer’s behalf). 
 6. Nothing herein shall limit Retailer’s rights in or
use of any customer list of Retailer to the extent the information on the customer list therein is generated by Retailer independently of the Program. Notwithstanding Bank’s ownership interest in the Cardholder Information and subject to the
requirements of Applicable Law and Bank’s Privacy Policy, Retailer may: (i) use the contact information included in the Cardholder Information during the Term to promote the Program and to promote the products and services sold by Retailer
under 

  
 85 








 
the Program; (ii) use (or through a third party service provider use) the Outside Buying Information (to the extent provided by Bank under the terms of this Agreement) for its internal
analysis and marketing purposes and (iii) use Store Transaction Information for any purpose during the Term and, except as expressly provided in this Agreement, following expiration or termination of this Agreement whether or not Retailer
exercises its Purchase Option; provided that Retailer shall not sell any Cardholder Information obtained from Bank to any third party or permit any such Cardholder Information to be used in violation of Applicable Law, the Privacy Policy or
Retailer’s privacy policies, or to market financial goods or services of the type offered by Bank. For the avoidance of doubt, this Agreement does not govern Retailer’s use of information captured by Retailer independently of the Program
(including, for example, through the Cardholder Rewards Program) even if such information is the same or similar to Cardholder Information. 

7. Except as expressly provided in this Agreement, the limitations on Bank’s use of Cardholder Information shall cease to apply after the
expiration or termination of this Agreement to the extent that Retailer or its Nominated Purchaser do not purchase the Accounts. 
 8. The
following shall apply to each third party that holds Cardholder Information on behalf of Retailer or is provided access to Cardholder Information by or through Retailer (a “Third Party”): (a) Retailer will use reasonable
efforts to train the Third Party regarding the data security requirements of this Agreement that apply to Retailer under this Agreement with respect to Cardholder Information; (b) Retailer shall use reasonable efforts to provide Bank access to
the Third Party to conduct reasonable data security audits; and (c) Retailer shall cease to allow the Third Party to hold or have access to Cardholder Information if Bank reasonably determines, after consultation with Retailer, that the Third
Party is unable or unwilling to comply with the data security requirements that apply to Retailer under this Agreement with respect to such Cardholder Information. 

  
 86 








 SCHEDULE 7.2(b) 

Privacy Policy 
  





 
 IMPORTANT NOTICE 

SYNCHRONY BANK 
 STEIN
MART PLATINUM MASTERCARD® 
 CONSUMER CREDIT CARD PROGRAM 

PRIVACY POLICY 
 Rev. 3/16

  

			
	 FACTS
	  	 WHAT DOES SYNCHRONY BANK DO WITH YOUR PERSONAL
INFORMATION?

	Why?	  	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your
personal information. Please read this notice carefully to understand what we do.
		
	What?	  	 The types of personal information we collect and share depend on the product or service you have with us. This information can
include:
  
 •    Social
Security number and income
  

•    Account balances and payment history

 
 •    Credit history and
credit scores

		
	How?	  	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the
reasons Synchrony Bank chooses to share; and whether you can limit this sharing.

  

					
	 Reasons we can share your personal information
	  	 Does Synchrony

Bank share?
	  	 Can you limit
this
sharing?

			
	 For our everyday business purposes –

such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
	  	Yes	  	No
			
	 For our marketing purposes –
 to
offer our products and services to you
	  	Yes	  	No
			
	For joint marketing with other financial companies	  	Yes	  	No
			
	 For our affiliates’ everyday business purposes –

information about your transactions and experiences
	  	Yes	  	No
			
	 For our affiliates’ everyday business purposes –

information about your creditworthiness
	  	Yes	  	Yes
			
	For our affiliates to market to you	  	Yes	  	Yes
			
	For nonaffiliates to market to you	  	Yes	  	Yes*


  
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	To limit our sharing	  	 •    Call 1-866-864-2151 – our menu will prompt you through
your choice(s)
  
 Please note:

 
 If you are a new customer, we can begin sharing your information 30 days from the date we
sent this notice. When you are no longer our customer, we continue to share your information as described in this notice.
 However, you can contact us at
any time to limit our sharing.

		
	Questions?	  	Call 1-866-864-2149

  

			
	Page 2	  	
	
	What we do
		
	How does Synchrony Bank protect my personal information?	  	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
		
	How does Synchrony Bank collect my personal information?	  	 We collect your personal information, for example, when you
  

•    open an account or give us your contact information

 
 •    provide account
information or pay your bills
  

•    use your credit card

 
 We also collect your personal information from others, such as credit bureaus, affiliates,
or other companies.

		
	Why can’t I limit all sharing?	  	 Federal law gives you the right to limit only
  

•    sharing for affiliates’ everyday business purposes—information about your
creditworthiness
  

•    affiliates from using your information to market to you

 
 •    sharing for
nonaffiliates to market to you
  
 State laws and individual companies may give you
additional rights to limit sharing. See below for more on your rights under state law.

		
	What happens when I limit sharing for an account I hold jointly with someone else?	  	Your choices will apply to everyone on your account.
		
	Definitions	  	
		
	Affiliates	  	 Companies related by common ownership or control. They can be financial and nonfinancial companies.

 
 •    Our affiliates
include Synchrony Financial and its subsidiaries, including Retail Finance Credit Services, LLC and CareCredit LLC.

		
	Nonaffiliates	  	 Companies not related by common ownership or control. They can be financial and nonfinancial companies.

 
 •    Nonaffiliates we
share with can include the retailer named on your account and direct marketing companies.

		
	Joint marketing	  	A formal agreement between nonaffiliated financial companies that together market financial products or services to you.


  
 88 









			
		  	 •    Our joint marketing partners include insurance
companies.

	
	Other important information
	
	We follow state law if state law provides you with additional privacy protections. For instance, if (and while) your billing address is in Vermont, we will treat your account as if you had exercised the opt-out choice
described above and you do not need to contact us to opt out. If you move from Vermont and you wish to restrict us from sharing information about you as provided in this notice, you must then contact us to exercise your opt-out choice.

  

	*	Please keep in mind that, as permitted by federal law, if you opt out of sharing with nonaffiliates, your opt-out will not prohibit us from sharing your information with Stein Mart, Inc. (and its affiliates) in
connection with maintaining and servicing the Stein Mart Platinum MasterCard® program, including marketing of such programs. 


The above notice applies only to consumer Stein Mart Platinum MasterCard® Accounts with Synchrony
Bank and does not apply to any other accounts you have with us. It replaces our previous privacy notice disclosures to you. We can change our privacy policy at any time and will let you know if we do if/as required by applicable law. 

For helpful information about identity theft, visit the Federal Trade Commission’s (FTC) consumer website at https://www.identitytheft.gov/. 

  
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 SCHEDULE 7.3 

Initial Cardholder Terms 
  

					
	 Component
	  	 Co-Brand
	  	 Private Label

			
	Standard APR	  	P+ 22.74%	  	P+ 22.74%
			
	Delinquent APR (with trigger to cause and cure)	  	N/A	  	N/A
	Compounding Methodology	  	Daily periodic rate applied to daily balance	  	Daily periodic rate applied to daily balance
			
	Billing Methodology	  	The purchase balance subject to a finance charge is daily balance of the Account (including new purchases)	  	The purchase balance subject to a finance charge is daily balance of the Account (including new purchases)
			
	Minimum Payment	  	 Sum of the following:
  

The greater of either:
  

a)   $27, or $37 if at least the total minimum payment not made by the due date in any of the prior 6
billing periods,
  
 b)   The sum
of (i) any past due amounts, (ii) 1% of the new balance (iii) any late payment fees charged to the Account in the billing period and (iv) all finance charges charged to the Account in the billing period.
	  	 Sum of the following:
  

The greater of either:
  

a)   $27, or $37 if at least the total minimum payment not made by the due date in any of the prior 6
billing periods,
  
 b)   The sum
of (i) any past due amounts, (ii) 1% of the new balance (iii) any late payment fees charged to the Account in the billing period and (iv) all finance charges charged to the Account in the billing period.

			
	Minimum Finance Charge	  	$2.00	  	$2.00
			
	Due Date Calculation	  	Bill date plus 23 days	  	Bill date plus 23 days
			
	Cash APR	  	P + 25.74%	  	N/A
			
	Cash APR Cap	  	None	  	N/A
			
	Late Fee Amount	  	Up to $37**	  	Up to $37**
			
	Late Fee Grace Period	  	None	  	None
			
	NSF Fee	  	None	  	None


  
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	 Component
	  	 Co-Brand
	  	 Private Label

			
	Overlimit Fee	  	None	  	None
			
	Cash Access Fee (ATM)	  	$10 or 4% of amount of transaction, whichever is each greater	  	N/A
			
	Convenience Check Fee	  	N/A	  	N/A
			
	Convenience Check Fee Cap	  	N/A	  	N/A
			
	Balance Transfer Fee	  	$10 or 4% of amount of each transfer, whichever is greater	  	N/A
			
	Balance Transfer Fee Cap	  	None	  	N/A
			
	Live Customer Service Pay by Phone Fee	  	$15	  	$15
			
	International Transaction Fee	  	3% of each transaction	  	N/A

  

	**	Changes to the Late Fee as a result of changes in the safe harbor amounts in Regulation Z shall not require the consent of Retailer. 


  
 91 








 SCHEDULE 7.4(c) 

Approval Rates and Credit Lines 

1. [Intentionally Omitted] 
 2.
Following the Effective Date: 
 (a) Notwithstanding anything in Section 7.4(b) of the Agreement to the contrary, and subject to the
requirements of Applicable Law or changes made to the Majority of Comparable Programs, the following targets shall apply to the Program commencing from the first full month following the Effective Date: (i) the Minimum Approval Rate Targets
determined in accordance with Schedule 7.4(c)(1), and (ii) the minimum initial credit line amounts for the Program as set forth on Schedule 7.4(c)(1) hereto (the “Minimum Credit Line Targets” and together with the
Minimum Approval Rate Targets, the “Minimum Credit Targets”). 
 (b) If, at the end of any calendar month during the Term,
Bank fails to meet the Minimum Approval Rate Target for the applicable Measurement Period [***], Bank shall have the opportunity to implement a cure in the following month (the “Cure Month”) without penalty. If at the end of
any calendar month during the [***] immediately following a Cure Month, Bank fails to meet the Minimum Approval Rate Target for the applicable Measurement Period [***], Bank shall make a penalty payment in the amount of [***],
such payment to be made on an alternating basis into the Marketing Fund or directly to Retailer (first payment shall be made into the Marketing Fund). 

(c) If, at the end of any calendar month during the Term, Bank fails to meet the Minimum Approval Rate Target for the applicable Measurement
Period [***], Bank shall have the opportunity to cure such failure in the month following such period of non-compliance. If, at the end of any calendar month during the [***] thereafter, Bank fails to meet the Minimum Approval Rate for the
applicable Measurement Period [***], Retailer shall have the right to terminate this Agreement. 
 (d) In the event Bank fails to meet the
Minimum Credit Line Targets for any Account (subject to Schedule 7.4(c)(1)), upon notice from Retailer to Bank of such failure, Bank shall increase the minimum credit line of the applicable Account to the applicable amount. 

(e) Notwithstanding the foregoing, the targeted Minimum Credit Targets and penalty payments under this Schedule 7.4(c) shall only apply
if Retailer has fully performed its responsibilities under the Program and there do not exist any facts that would give rise to Bank’s right to terminate this Agreement pursuant to Article 10. 

(f) Notwithstanding anything herein to the contrary, the remedies provided by this Schedule 7.4(c) shall be Retailer’s sole and
exclusive remedy for Bank’s failure to meet the Minimum Credit Targets contemplated in Schedule 7.4(c)(1). 

  
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 (a) Bank’s compliance with the Minimum Credit Line Targets shall be evidenced by a
certificate as to such compliance delivered by Bank to Retailer pursuant to Schedule 7.15. 

  
 93 








 SCHEDULE 7.4(c)(1) 

Minimum Approval Rate and Minimum Initial Credit Lines 
  


	1.	Minimum Approval Rate: (Note 1) 

  

	 	(a)	[***] 

  

	 	(i)	[***] 

  

	 	(ii)	[***] 

  

	 	(iii)	[***] 

  

	 	(b)	[***] 

  

	 	(c)	[***] 

  

	 	(d)	[***] 

 [***] 
  

	 	(i)	[***] 

  

	 	(ii)	[***] 

  

	 	(iii)	[***] 

  

	 	(iv)	[***] 

  

	 	(v)	[***] 

  

	 	(vi)	[***] 

 [***] 

[***] 
 [***] 

 

	2.	Minimum Initial Credit Lines: (Note 2 and Note 3) 

  

	[***]	

  

	 	(a)	[***] 

  

	 	(b)	[***] 

 [***] 

[***] 

  
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 SCHEDULE 7.10 

Bank Marks 
 SYNCHRONY - U.S.
Application No. 86/180,679 
 S and design - U.S. Application No. 86/216,819 

SYNCHRONY FINANCIAL and design - U.S. Application No. 86/240,164 

SYNCHRONY BANK and design - U.S. Application No. 86/240,216 

ENGAGE WITH US - U.S. Application No. 86/276,645 

QUICKSCREEN - U.S. 2887459 
 Retailer Marks

 



 

  
 95 








 SCHEDULE 7.15 

Periodic Program Reports 
 Bank
will prepare and send to Retailer mutually agreed upon Program-level management reports tracking the performance of the Program on store, district, regional, divisional and departmental levels as outlined below. 

All reports will be accessible through paper or e-mail or Bank could post reports onto a client site if so required. The reports shall include and/or track:

  

									
	 Report Name
	  	 Frequency
	  	 Objective
	  	 Key Metrics
	  	 Format of Report

					
	Applications Report by Region	  	Daily	  	Measure and Rank Performance by Store, District and Region against Goal. List of Top 10 Stores and Closed Stores	  	Apps	  	Excel - worksheets for each region
					
	Daily Apps Summary Report	  	Daily	  	Measure Application performance by Channel by Day, Month, year and PTD vs. Goal	  	Apps, Approval Rate, Apps per Store/Day	  	Excel
					
	Daily Sales Report	  	Daily	  	Measure Total sales by day for in-store and world	  	 In-store Sales,
 World Sales. In/Out
Mix
	  	Excel
					
	MTD Apps Report	  	Weekly (Monday)	  	Ranks Apps by Store, Region and District vs. Goal	  	Apps	  	Excel
					
	Baseline Reporting	  	Weekly (Monday)	  	Measure the App performance of field sales manager markets to Goal	  	Apps	  	Excel
					
	Rewards Report	  	Monthly (5th of Monday)	  	Track # of Issued Certificates by Month	  	Certificates Issued	  	Excel
					
	Reward Point Forfeiture	  	Monthly (5th of Monday)	  	Track the # of accts that are 18 months inactive and forfeited reward points	  	Reward Points	  	Excel


  
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	 Report Name
	  	 Frequency
	  	 Objective
	  	 Key Metrics
	  	 Format of Report

					
	Month End Summary Report	  	Monthly (First Monday)	  	Track the top performing stores by District, Region and Store against goal	  	Apps vs. Goal	  	Excel, PPT
					
	Executive Summary	  	Monthly (Second Monday)	  	Measure Monthly Performance across key metrics: Apps, new accts, sales, transactions, closures, activation	  	Apps, sales, new accts, activation	  	Excel
					
	Financial Report	  	Monthly (First Monday)	  	In and Out Mix	  	Sales and New Accts	  	Excel
					
	Double Points Event Tracking	  	Monthly (First Monday)	  	Track Sales by Transaction Date to align with key event dates	  	Sales	  	Excel
					
	MC Category & Retailer Report	  	Quarterly (First Monday)	  	Track SMMC World Spend for the Top 20 Retailers	  	Sales	  	Excel
					
	SPIF Reporting	  	Monthly	  	Track SPIF Activity by Store	  	Apps	  	Excel, PPT
					
	Ad Hoc	  	Weekly/ Monthly	  	Pulsing, SPIF, Contest Reporting, Test Stores	  	Apps	  	Excel, PPT
					
	Applicant Distribution	  	Monthly	  	Track applicant distribution for in-store and online channels for the past 24 months	  	Apps, Approval Rate	  	Excel
					
	FICO Score	  	Monthly	  	Track new Accounts by FICO score band for in-store and online channels for the past 24 months	  	Apps, Approval Rate	  	Excel
					
	Gain Share Forecast	  	Quarterly	  	Track estimated Gain Sharing Payments for the current Program Year	  	Gain Share	  	Excel


  
 97 








 SCHEDULE 7.16 

Service Level Standards 
  

							
	 SLA
	  	 SLA Target
	  	 Description of SLA
	  	 Measurement

	 Operations
	  		  		  	
	Telephone Average Speed of Answer (Cardholder)	  	      [***]      	  	      [***]      	  	      [***]      
	Telephone Average Speed of Answer (Stores)	  	[***]	  	[***]	  	[***]
	Telephone Abandon Rate	  	[***]	  	[***]	  	[***]
	Take One / Mailed Application Processing	  	[***]	  	[***]	  	[***]
	Plastics Issuance	  	[***]	  	[***]	  	[***]
	Payment Processing	  	[***]	  	[***]	  	[***]
	Payment Processing Accuracy	  	[***]	  	[***]	  	[***]
	Statement Production	  	[***]	  	[***]	  	[***]
	Statement Accuracy	  	[***]	  	[***]	  	[***]
	POS Application Processing	  	[***]	  	[***]	  	[***]
	Authorization System Uptime	  	[***]	  	[***]	  	[***]
	Call Blockage	  	[***]	  	[***]	  	[***]
	E-mail Requests	  	[***]	  	[***]	  	[***]
	Transaction Processing	  	[***]	  	[***]	  	[***]
	Authorization Referrals	  	[***]	  	[***]	  	[***]

 Bank shall report to Retailer monthly, in a mutually agreed upon format, Bank’s performance under each of the Service
Level Standards set forth in this Schedule 7.16. If Bank fails to meet any Service Level Standard, Bank shall immediately report to Retailer the reasons for such failure and promptly take corrective action to prevent recurrence of such
failure. Such shall include, but not be limited to: (a) within fifteen (15) days of such report, proposing a remediation plan for taking such action as Bank deems necessary to correct and prevent recurrence of such failure(s); and
(b) subject to agreement by Retailer, which agreement shall not be unreasonably withheld, implementing the remediation plan as soon as practicable. 

If after implementing the remediation plan contemplated above, Bank fails to meet the same Service Level Standard in any [***] during the
following [***] period following implementation of such remediation plan, or if Bank fails to meet any [***] Service Level Standards within any  

  
 98 








 
[***] period during the Term, Bank shall be subject to the following penalties set forth below for Service Level Standard failures. Bank shall pay [***] of such penalty to Retailer and [***] of
such penalty to the Marketing Fund. 
  

							
	 	  	Difference in Target Service Level Standards from Actual Service
Level Standards achieved in basis
points
		  	      [***]      	  	      [***]      	  	      [***]      
	Service Level Standard	  	      [***]      	  	      [***]      	  	      [***]      

 Retailer shall have the right to terminate the Agreement, if Bank fails to meet any combination of Service Level Standards
[***] in any rolling [***] period by more than [***] and such failures have a materially adverse effect on the Program. In order to be effective, the notice of termination must be delivered within: (i) [***] of the
end of the month in which Bank fails to meet the [***] Service Level Standard; or (ii) [***] after Retailer learns of such [***] consecutive month failure, whichever is later. This Agreement will terminate [***]
after Retailer’s delivery of such notice of termination. Notwithstanding anything to the contrary herein, the penalties and remedies set forth in this Schedule 7.16 shall be Retailer’s sole and exclusive remedy for Bank’s
failure to meet the Service Level Standards contemplated hereunder. For avoidance of doubt, the limitation on remedies set forth in this Schedule 7.16 shall not apply to Bank’s obligation to indemnify Retailer for any Third-Party Claims
to the extent set forth in Section 13.2. 

  
 99 








 SCHEDULE 7.18 

Interchange Regulation 

If at any time during the Term there occurs a decline of [***] or more in the interchange rate received by Bank from the Association
with respect to Non-Retailer Purchases, as benchmarked against a weighted average interchange rate of [***], then Bank and Retailer shall engage in a good-faith renegotiation of the terms of this Agreement that Bank reasonably believes are
necessary to mitigate such material adverse effect; provided, that if the parties have not agreed to such modified terms within thirty (30) days after the initiation of such renegotiation, Bank reserves the right to (a) stop
originating any new Co-Brand Accounts, and (b) at Bank’s option, either maintain the then-existing Co-Brand Accounts or convert such Co- Brand Accounts to Private Label Accounts (it being understood that if Bank elects to stop originating
Co-Brand Accounts hereunder and to convert such Co-Brand Accounts to Private Label Accounts, the provisions of this Agreement relating solely to the Co-Brand Program shall cease to apply). If Bank elects to exercise its rights under either of
clauses (a) or (b) of this Schedule 7.18, Bank shall notify Retailer in advance of such election. 

  
 100 








 SCHEDULE 7.19 

Store Closure 
 If
at any time, Retailer sells or closes a Store Location and (i) there is not another Store Location within [***] of the sold or closed Store Location and (ii) Retailer has not delivered to Bank a written certification (“New
Store Certification”) that a new Store Location within [***] miles of the sold or closed Store Location will be opened within [***] of the sale or closure of such Store Location (“New Store Opening Time
Period”), then with respect of any Account for which at least [***][***]%) of the Co-Brand Purchases or PLCC Purchases, as the case may be, were made at the closed Store Location in the [***] billing cycles preceding the
earlier of the date on which the Store Location was closed or sold or the date upon which notice thereof is given by Retailer to Bank, Bank will have the right (but not the obligation) to liquidate any or all such Accounts in a manner consistent
with Bank’s post-termination Account liquidation rights set forth in Schedule 11.4; provided, however, that the foregoing shall not apply to (x) any Account used to finance a purchase at any Retailer Sales Channel or
the Retailer Website (to the extent Bank can reasonably determine) during the [***] period subsequent to the closure of the relevant Store Location and (y) to the extent Bank can reasonably determine, any Account on which [***]
([***]%) or more of the Co-Brand Purchases or PLCC Purchases, as the case may be, were made at the Retailer Website in the [***] billing cycles preceding the earlier of the date on which the Store Location was closed or sold or the
date upon which notice thereof is given by Retailer to Bank. If with respect to any such Account there is not another Store Location within [***] miles of the sold or closed Store Location, then Bank may request that Retailer waive the
[***] period contemplated in the preceding sentence, which Retailer may waive in its reasonable discretion. Retailer shall provide to Bank (a) at least [***] prior notice of any closure or sale of any Store Location after the date
hereof, which notice shall include the location of the nearest Store Location and, if applicable, the New Store Certification, and (b) promptly following the end of each fiscal quarter, a report setting forth the number of Store Locations that
were closed or sold during the quarter and not located within [***] of another Store Location. For the avoidance of doubt, if a new Store Location is not opened within the New Store Opening Time Period, Bank’s rights under this
Schedule 7.19 shall apply. 

  
 101 








 SCHEDULE 7.22 

Additional [***] 
  

	 	•	 	[***] 

  

	 	•	 	[***] 

  

	 	•	 	[***] 


  
 102 








 SCHEDULE 8.1(e) 

Presentment Warranties 

With respect to each submission of Charge Transaction Data to Bank, Retailer represents and warrants as follows with respect to such Charge
Transaction Data and each underlying transaction: 
 (a) All purchases included in the Charge Transaction Data constitute bona fide,
arms-length sales by Retailer of the goods or services described therein in the ordinary course of Retailer’s business (and do not include any purchases conducted in connection with any GOB Sale that is not an Authorized Liquidation Sale);
Retailer has delivered all the products and fully performed all the services covered by the Charge Transaction Data; 
 (b) The charges
included in the Charge Transaction Data did not involve a cash advance or goods or services not listed in the applicable invoice, purchase order, purchase confirmation or receipt; only goods and services sold by Retailer are included in the Charge
Transaction Data; the charges represent the entire purchase price of the goods and services identified in the Charge Transaction Data other than a bona fide down payment, deposit, or similar payment paid by cash or check, or financed by any means
other than the Account; 
 (c) No other credit provider has financed a portion of any sales transaction included in the Charge Transaction
Data other than a bona fide down payment, deposit, or similar payment; 
 (d) For each charge included in the Charge Transaction Data,
Retailer has (i) with respect to such charge (other than any charge pertaining to a purchase transacted through the internet (“Internet Purchases”)), prior to the submission of such Charge Transaction Data to Bank, obtained a
signed invoice or receipt executed by the Cardholder or the authorized user, or (ii) to the extent such charge pertains to an Internet Purchase, (x) obtained proof of the applicable purchase (in the form of a receipt, an order form,
internet “screen shot” or such other proof reasonably acceptable to Bank) and (y) obtained or will obtain, no later than twenty (20) days after the submission of such Charge Transaction Data to Bank, proof of delivery;
provided, however, that nothing in this subparagraph (e) shall limit Bank’s right to charge back to Retailer any Indebtedness pursuant to any applicable provision of Section 8.1; 

(e) All purchases included in the Charge Transaction Data occurred no earlier than five (5) days prior to the submission of such Charge
Transaction Data; and all transactions included in the Charge Transaction Data were conducted in accordance with the Operating Procedures, this Agreement and all Applicable Law; and 

(f) Each invoice or receipt included in the Charge Transaction Data is not invalid, or in any material respect illegible, inaccurate or
incomplete and has not been materially altered since being signed or submitted by the Cardholder; the masked or truncated Account number has been accurately printed on each charge slip, purchase order or purchase confirmation and has been included
in each transmission of Charge Transaction Data; subject only to any “floor limit” set forth in the Operating Procedures, which is applicable in any case in which Bank’s authorization system is unavailable, Retailer has obtained a
valid authorization from Bank for each purchase (unless otherwise waived by Bank). 

  
 103 








 SCHEDULE 9.1 

Exclusivity 

(a) Definitions. For purposes of this Schedule, the following terms shall have the meanings indicated below: 

“Generally Accepted” means accepted as a means [***]. 

“Credit Product” means a charge or credit card or program, an on-line, digital wallet or mobile credit or charge account, or
other credit or charge device regardless of form and whether accessed online or offline or where the relevant account information is stored. For avoidance of doubt, this term does not include debit products with an incidental credit feature. 

“Origination Activities” means: [***]. 

“Permitted Promotions” means [***]. 

(b) Issuance and Origination of Credit Products. Except as provided in this Schedule 9.1, Bank shall be the exclusive
issuer of co-brand credit cards and private label credit cards bearing Retailer’s Marks during the Term within the United States. Retailer shall not, during the Term engage in any Origination Activities, other than in connection with Credit
Products offered through any program offered by Bank or an affiliate of Bank.  
 (c) Permitted Credit Products.
[***] (collectively, “Permitted Credit Products”): (i) [***]; (ii) [***]; (iii) a traditional “lay-away” or “flex pay” plan operated by Retailer whether or not bearing Retailer
Marks; and (iv) [***]. For the avoidance of doubt, this subsection (c) does not apply to the acceptance of any forms of payment as set forth in subsection (e) below. 

(d) Permitted Promotions. Nothing in this Schedule 9.1 shall limit or restrict the ability of Retailer to participate in
Permitted Promotions; provided that Retailer shall not participate in Permitted Promotions that, in the aggregate, would have a material adverse effect on the Program. 

(e) Acceptance of Forms of Payment. Nothing in this Schedule 9.1 shall limit or restrict the ability of Retailer to
accept any and all forms of payment for goods and services at any time and at any Retailer Sales Channel and in any medium and the display of customary acceptance identification in Retailer Sales Channels (including through any point-of-sale signs,
decals or displays) which forms of payment may include any Credit Product. 
 (e) New Credit Products. If at any time
during the Term, the parties [***] (each a “New [***] Credit Product”), then the parties shall [***] New [***] Credit Product [***]. If such New [***] Credit
Product is [***], then the [***] New [***] Credit Product. Bank will work with Retailer to [***].  

(f) Transition. Nothing in this Agreement shall restrict Retailer from negotiating and entering into during the Term an
agreement with a third party to issue, offer or market, in each case subsequent to the Term, any Credit Product. 

  
 104 








 (g) Affiliates. The provisions of [***]. 

(h) Debit Card. If at any time during the Term Retailer decides to participate in the issuance of a debit card or device,
Retailer shall offer Bank the opportunity to make a proposal regarding such debit card issuance and shall reasonably consider such offer; provided, that nothing in this subsection (h) shall preclude Retailer from rejecting Bank’s
proposal. 
 (i) Promotion of Credit Cards. Retailer shall use commercially reasonable efforts to ensure that the
Credit Cards are promoted more prominently in the aggregate over time than any other payment product or promotion contemplated under this Schedule 9.1, including for avoidance of doubt, Affiliated Credit Products, Permitted Credit Products,
Permitted Promotions and the offering of debit cards. 

  
 105 








 SCHEDULE 10.2(g) 

Change in Law 
 For the purposes of
Section 10.2(g), “Change in Law” means any of the events or circumstances specified in subsections (a) through (c) below: 

(a) the enactment or promulgation of (i) a new federal, state or local statute, law or regulation, or a modification to any such new (or
existing) statute, law or regulation, in each case binding on Bank or Retailer, or (ii) any implementing regulations or interpretations issued under any such statute, law or regulation referred to in clause (i) that are binding on Bank or
Retailer; 
 (b) the issuance, enactment or promulgation of a written or oral directive, guidance, order or interpretation with respect to a
statute, law or regulation by a Governmental Authority that has jurisdiction, authority or control over Bank or Retailer, as the case may be, which directive, guidance, order or interpretation is either (i) specifically directed at and binding
upon Bank or Retailer; or (ii) while not specifically directed at Bank or Retailer, either (A) is directed at and binding upon institutions similarly situated to Bank or Retailer (e.g., OCC directive to all banks over which the OCC
exercises authority) or (B) would, based upon a legal opinion delivered by Bank’s counsel, be likely in the opinion of such counsel to subject Bank to monetary liability or a disciplinary, enforcement or similar regulatory action by a
Governmental Authority if Bank or Retailer were to fail to comply with such directive, guidance, order or interpretation subject to prior notice to Retailer and Retailer’s right to Expedited Review after such legal opinion has been delivered;
or 
 (c) a decision, order, decree, ruling or opinion of a United States federal or state court containing an interpretation of a statute,
law or regulation applicable to one or more jurisdictions within which Bank is operating the Program; but only to the extent that one or more of the following applies: either (A) such decision, order decree, ruling or opinion is specifically
directed at and binding upon institutions similarly situated to Bank or Retailer (e.g., is specifically applicable to all federal savings bank), (B) Bank is advised pursuant to a legal opinion of Bank’s counsel that such decision, order
decree, ruling or opinion is (or is likely to be) binding on Bank’s or Retailer’s business and operations, or (C) such decision, order decree, ruling or opinion would, based upon a legal opinion delivered by Bank’s counsel, be
likely in the opinion of such counsel to subject Bank to monetary liability or a disciplinary, enforcement or similar regulatory action by a Governmental Authority were Bank or Retailer to fail to comply with the substance of such decision, order
decree, ruling or opinion subject to prior notice to Retailer and Retailer’s right to Expedited Review after such legal opinion has been delivered. 

Notwithstanding the foregoing subsections (a) through (c), the effectiveness or implementation of any statute, law, regulation, written directive,
guidance, order or interpretation, or any decision, order, decree, ruling or opinion implementing any of the foregoing, shall not be a Change in Law if such statute, law, regulation, written directive, guidance, order or interpretation shall have
been enacted or adopted and, in either case, issued or otherwise released to the public, prior to the Effective Date (even if it shall not have become effective or shall not have been implemented prior to the Effective Date). For example, if the
CARD Act’s guidance on late fees had been publicly issued prior to the Effective Date, but mandatory compliance had not been 

  
 106 








 
effective until after the Effective Date, a Change in Law would not have been deemed to have occurred for purposes of this Schedule. However, for the avoidance of doubt, and by way of example, if
legislation was passed prior to the Effective Date (e.g., the Dodd-Frank Act), but such legislation’s implementing statutes, regulations, directives, guidance, orders or interpretations are not effective, enacted or adopted and, in any such
case, issued or otherwise publicly released until after the Effective Date, then the enactment, adoption or effectiveness and public issuance or release of such implementing statutes, regulations, directives, guidance, orders or interpretations
after the Effective Date would be a Change in Law for purposes of this Schedule if it meets the requirements of subsections (a), (b) or (c) above. 

“CIL Decline” means, as of any date, the existence of all of the following conditions: 

(i) A Change in Law (other than a Repeat Change in Law (as defined below)) (A) has occurred as of such date, and
(B) remains in effect as of such date. 
 (ii) The effect of applying such Change in Law (as further discussed below)
for the twelve (12) calendar month period following such date (relative to the actual experience under the Program for the twelve (12) calendar month period immediately preceding such date) is reasonably determined by Bank to result in a
decrease in Bank’s Gross Program Revenue of more than [***] percent ([***]%). Without otherwise limiting the foregoing, if the parties agree upon an offset to the impact caused by a Change in Law, but such offset does not compensate Bank for
all components of such Change in Law, unless the parties have agreed otherwise as part of the negotiation for any prior offset, Bank shall retain its termination right hereunder (and any incremental impact of such additional components shall be
added to the impact of all prior components) until all components of such Change in Law have been implemented and the impact of all such components is the subject of a mutually agreeable offset. However, if the Parties agree upon an offset that
expressly accounts for the projected impact of the components to a particular Change in Law that have not been implemented in addition to any that have already been implemented, then regardless of the actual impact of such components not yet
implemented, Bank shall be deemed to have waived its termination right (or any further offset) with respect to the portions of such Change in Law that were offset on a projected basis. For clarity, if a Change in Law is comprised of three components
having a negative impact on Gross Program Revenue of (X) [***]%, (Y) [***]% and (Z) [***]%, then Bank shall continue to have a termination right hereunder until: (i) the entire [***]% impact has been offset, (ii) the parties
have agreed that Bank shall not have a termination right for any future component as part of the negotiation with respect to the offset for a prior component, or (iii) an estimated offset has been agreed upon in advance of the implementation of
(Z). 
 (iii) Bank shall have delivered a written certification to Retailer with respect to the foregoing. 

  
 107 








 Any change in any Applicable Law that reduces the interchange revenue payable to Bank with respect to the Program
shall not be taken into account when determining a CIL Decline (instead, interchange reductions shall be governed by Section 7.18). 
 If Bank does not
notify Retailer of a Change in Law within twelve (12) months after the latest effective date of the component of the Change in Law that causes a decrease in Bank’s annual Gross Program Revenue of greater than [***] percent
([***]%), Bank shall be precluded from terminating this Agreement based on the particular Change in Law. For instance, if a series of related changes constituting a Change in Law take place over a period of two years, Bank’s failure to
trigger its termination rights under Section 10.2(g) until after the latest component of the related changes takes effect will not prevent Bank from including the impact of the earliest components of the Change in Law that are not Repeat
Changes in Law in its calculations of a CIL Decline. Additionally, this preclusion will not prejudice Bank’s right to terminate this Agreement in connection with a later Change in Law, whether or not the later change includes some aspects of
the earlier change (such as multiple changes to finance charge rates) that are not Repeat Changes in Law. Also, for clarity (and anything in the definition of Change in Law or any of the provisions of this Schedule 10.2(g) to the contrary
notwithstanding), it is understood that Bank has not factored into the economics under this Agreement changes in law which may result from the loss of preemption as the law may develop under the Dodd-Frank Act’s preemption provisions. The
Parties agree that the mere effectiveness of the changes in preemption standards enacted by the Dodd-Frank Act on the “designated transfer date” as defined in the Dodd-Frank Act, without further action, development, or regulatory
pronouncement, shall not by itself be considered a Change in Law, but that regulatory or judicial guidance or interpretation relating to preemption may constitute Changes in Law. 

“Dodd-Frank Act” means Pub. L. 111-203 (July 21, 2010). 

“Repeat Change in Law” means any Change in Law as to which the substantive requirements thereof applicable to Bank or Retailer, as the case
may be, shall have been the subject of a prior certification pursuant to this Schedule 10.2(g). For example, in the event that Bank shall have certified upon enactment of a particular statute as to a CIL Decline, implementation of such
statute or regulation implementing or interpreting the requirements of such statute would be a Repeat Change in Law and would not be considered a Change in Law for purposes of clause (i) of the definition thereof. However, if a particular
statute is enacted with multiple provisions (e.g. the CARD Act), then certification of one such provision of such statute as to a CIL Decline shall not be deemed a certification as to all such provisions (or a certification of any subsequent
interpretations thereof or guidance thereon), such that later certification of any additional provisions (or any new interpretations or guidance which have not previously been the subject of such a certification) from the same statute shall not be
considered a Repeat Change in Law, so long as the pro forma effect reflected by Bank with respect to such later certification shall be limited to such additional provisions (and the incremental impact thereof) and shall exclude the pro forma effect
of any Change in Law that was previously subject to a prior certification; by way of example, if, in the event that Bank shall certify upon enactment of a particular statute (e.g., the CARD Act) as to a CIL Decline for one such provision of the
newly enacted statute (e.g., required POS disclosures), but does not yet certify as to a CIL Decline for another provision of such statute (e.g., late fee guidance) or any subsequent interpretation thereof, Bank’s later certification as to that
additional provision (or any subsequent interpretation thereof) would not be a Repeat Change in Law and would instead be considered a Change in Law. 

  
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 “Gross Program Revenue” means, [***]. 

  
 109 








 SCHEDULE 10.2(o) 

Minimum ROI 
 1. This paragraph 1
applies to the first time during the Term that the Rolling ROI for any Rolling ROI Measurement Period is less than [***] (the “Rolling ROI Minimum”). If Retailer and Bank have not agreed within [***] after Bank’s
delivery of the Shortfall Notice on changes to the financial terms of the Program that would have been necessary to reduce the Annual ROI Shortfall to [***] during such Rolling ROI Measurement Period, then Bank may reduce the Retailer Royalty
and/or the Non-Retailer Royalty by an amount necessary to reduce the Annual ROI Shortfall to [***] during such Rolling ROI Measurement Period. 
 2.
If the Retailer Royalty and the Non-Retailer Royalty are adjusted pursuant to paragraphs 1 or 3 and (i) such Retailer Royalty is reduced to: [***], and (ii) such Non-Retailer Royalty is reduced to [***] as a result of such
reductions, Retailer may terminate this Agreement by providing Bank at least [***] prior notice; provided that, in order to be effective, any such notice must be delivered by Retailer within [***] after the date on which both of
the circumstances in the preceding clauses (i) and (ii) have occurred. Without limiting the foregoing, if both the Retailer Royalty and the Non-Retailer Royalty are reduced to [***] as a result of reductions by Bank pursuant to this
Schedule 10.2(o), then either party may terminate this Agreement by providing the other party at least [***] prior notice; provided that, in order to be effective, any such notice must be delivered by Retailer or by Bank, as the
case may be, within [***]after the date on which both the Retailer Royalty and the Non-Retailer Royalty are reduced to [***]. 
 3. This
paragraph 3 applies to any subsequent Rolling ROI Measurement Period after an initial reduction of the Retailer Royalty or the Non-Retailer Royalty pursuant to paragraph 1. [***]. 

4. Notwithstanding anything in this Schedule 10.2(o), in no event shall the Retailer Royalty or the Non-Retailer Royalty be reduced to less than
[***] pursuant to this Schedule 10.2(o) or result in the obligation of Retailer to make payments to Bank. 

  
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 SCHEDULE 10.2(p) 

Financial Covenants 
 A.
“Financial Covenants”: 
 Debt to Equity Ratio: Retailer shall maintain on a consolidated basis, as of the end of
each fiscal quarter of Retailer, a Debt to Equity Ratio of not more than 3.5 to 1.0. 
 Minimum Tangible Net Worth: The Tangible Net
Worth of Retailer on a consolidated basis, as of the end of each fiscal quarter of Retailer, shall not be less than $50,000,000. 
 B.
Definitions: As used in this Schedule 10.2(p), the following terms have the following meanings: 
 “Debt to Equity
Ratio” means, with respect to any entity as of any date, the ratio of (a) such entity’s Funded Debt as of such date, to (b) shareholders’ equity in such entity, as determined in accordance with GAAP, as of such date.

 “Funded Debt” means, with respect to any entity and for any period, the sum of (a) indebtedness under any working
capital or similar credit facility with respect to which such entity is the borrower, plus (b) all other debt of such entity for borrowed money (whether by loan or the issuance and sale of debt securities or for the deferred purchase
price of property), plus (c) obligations of such entity under capitalized leases, plus (d) such entity’s obligations in respect of banker’s acceptances or standby letters of credit, or similar instruments
issued or accepted by banks and other financial institutions for the account of such entity. 
 “GAAP” means generally
accepted accounting principles applicable in the United States, consistently applied; provided, however, that if at any time any change in GAAP would affect the definition or computation of any financial ratio or requirement set forth
in this Agreement, and either Retailer or Bank shall so request, Retailer and Bank shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until
so amended, (i) such definition, ratio or requirement shall continue to be interpreted and/or computed in accordance with GAAP prior to such change therein and (ii) Retailer shall provide to Bank financial schedules setting forth a
reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

“Intangible Assets” means, with respect to any entity and as of any date of determination, the sum of (a) all of such
entity’s assets which should be classified as intangible assets (such as goodwill, patents, trademarks, copyrights, franchises, and deferred charges including unamortized debt discount and research and development costs) in accordance with
GAAP, (b) cash held in a sinking or other similar fund established for the purpose of redemption or other retirement of capital stock, and (c) to the extent not already deducted from total assets, reserves for depreciation, depletion,
obsolescence or amortization of properties and other reserves or appropriations of retained earnings which have been or should be established in connection with business operation. 

  
 111 








 “Net Worth” means, with respect to any entity and as of any date of
determination, all items which should be included as assets of such entity, less all items which should be included as liabilities of such entity, in each case, determined in accordance with GAAP. 

“Remediation Period” means a [***] period beginning after Retailer’s failure to satisfy either of the Financial
Covenants and throughout which period Retailer has been in full compliance with such Financial Covenants. 
 “Tangible Net
Worth” means, with respect to any entity and as of any date of determination, the Net Worth of such entity, less the amount of such entity’s Intangible Assets. 

C. Reporting: In order to establish compliance with the financial covenants set forth above, Retailer shall deliver to Bank: (i) within forty five
(45) days after the end of each fiscal quarter of Retailer (other than Retailer’s fourth fiscal quarter), a certificate (including all calculations), signed by Retailer’s Chief Financial Officer, establishing Retailer’s
compliance or non-compliance with the financial covenants for such fiscal quarter, and (ii) within ninety (90) days after the end of Retailer’s fourth fiscal quarter during each fiscal year, a certificate (including all calculations),
signed by Retailer’s Chief Financial Officer, establishing Retailer’s compliance or non-compliance with the financial covenants for such fiscal quarter. Unless otherwise specifically set forth to the contrary, all financial calculations
contemplated herein shall be performed in accordance with GAAP. 
 D. Effect of Non-Compliance. 

(1) Bank shall have the right to terminate the Agreement if the financial covenants set forth in paragraph A above (the “Financial
Covenants”) are not met as of the end of any fiscal quarter pursuant to Section 10.2(p) which failure is not cured by posting the applicable Reserve Amount as provided in (2) below. 

(2) Without limiting the foregoing, if Retailer fails to satisfy either Financial Covenant, Retailer may cure such failure by notifying Bank
that Retailer intends to transfer to Bank [***] (collectively, the “Reserve Amount”). The Reserve Amount shall be determined by Bank acting reasonably and shall be communicated to Retailer, including therewith a commercially
reasonable detail regarding Bank’s determination of the Reserve Amount. For the avoidance of doubt, [***] with respect to: [***]. In the event that the Reserve Amount is reasonably determined by Bank to be in excess of Bank’s
actual exposure, Bank shall, from time to time as it makes any such reasonable determination, pay any such excess to Retailer. Upon receipt of the full amount of the Reserve Amount, then, as to the specific reporting period within which Retailer
failed to satisfy either of the Financial Covenants, such default shall be deemed cured and Bank shall have no right to terminate this Agreement pursuant to Section 10.2(p) with respect to such default. In order to be effective as a cure for
Retailer’s failure to satisfy either Financial Covenant, Retailer must make the election to effect such a cure and transfer the Reserve Amount to Bank (or notify Bank of its right to withhold such amount from settlement payments) within
[***] after Bank’s notification of the applicable Reserve Amount. 
 (3) Bank shall hold the Reserve Amount in an account on
Bank’s books (the “Reserve Account”) and such Reserve Amount shall secure Retailer’s full and prompt payment 

  
 112 








 
of all further amounts due hereunder. If Retailer fails to pay any amounts hereunder when due, Bank may immediately, and without prior notice to Retailer, debit any such unpaid amount from any
amounts then remaining in the Reserve Account. Bank’s security interest in the Reserve Account shall be in addition to any right of setoff or recoupment that Bank may otherwise have under the Agreement or Applicable Law. 

(4) Bank’s rights under this Schedule 10.2(p) shall apply at all times until the [***]. The foregoing notwithstanding, if
after Bank shall have surrendered the Reserve Amount to Retailer pursuant to the preceding sentence following the successful completion by Retailer of a Remediation Period, Retailer shall again fail to satisfy the Financial Covenants set forth in
this Schedule 10.2(p), the provisions of Section 10.2(p) and this Schedule 10.2(p) shall again apply. 

  
 113 








 SCHEDULE 11.2 

Purchase of Accounts by Retailer Upon Termination 

1. Except as provided in Section 11.5, upon notice of termination of this Agreement by either party, Retailer will have the option,
exercisable as provided below, to purchase, or to arrange for the purchase by a third party nominated by Retailer (its “Nominated Purchaser”), of not less than all of the Accounts and related Indebtedness (other than Accounts that
have been written-off, or should have been written off, by Bank in accordance with Bank’s risk management policies for the Program), free and clear of all liens, encumbrances, claims, third party rights, mortgages, restrictions, security
interests or other similar kind of right upon the termination or expiration of this Agreement. 
 2. The purchase price for such Accounts
shall be payable in immediately available funds in an amount equal to: [***] (the “Purchase Option”). Retailer’s Purchase Option may be exercised as provided in this Schedule 11.2. 

3. Beginning [***] (i) [***] prior to the expiration of the Term or (ii) upon any notice of termination by either
party, Retailer may request and Bank will provide Portfolio Data for purposes of Retailer exercising its Purchase Option. Portfolio Data shall include information that is reasonably required in a typical RFP process to allow Retailer, its advisors
and participants in such RFP process to conduct due diligence investigations on the Program, value the portfolio and provide Retailer with RFP proposals. “Portfolio Data” shall be [***] the portfolio data [***]. Bank
shall [***]. 
 (a) Bank will provide the Portfolio Data to Retailer for purposes of exercising its Purchase Option
(such date, the “Portfolio Data Delivery Date”): (i) within [***] of Bank delivering a notice of termination, (ii) within [***] of Retailer delivering a notice of termination or (iii) within [***]
after Retailer’s request which is made or delivered [***] prior to the expiration of the Term. 
 (b) Retailer
shall notify Bank in writing of Retailer’s exercise of its Purchase Option (the “Exercise Notice”): 

(i) if this Agreement is expiring pursuant to either party’s decision not to allow it to automatically renew under
Section 10.1, within [***] following the date on which a party provided notice of non-renewal of this Agreement pursuant to Section 10.1; 

(ii) if this Agreement terminates pursuant to Section 10.2 following the delivery of a termination notice by Retailer,
within [***] following the Portfolio Data Delivery Date; and 
 (iii) if this Agreement terminates pursuant to
Section 10.2 following the delivery of a termination notice by Bank, within [***] following the Portfolio Data Delivery Date. 

  
 114 








 Retailer’s Purchase Option shall expire and be of no effect if Purchaser does not provide an Exercise Notice
to Bank within the time period required under this Section 3. 
 4. Within [***] of receipt of the Exercise Notice from
Retailer, Bank will provide [***] Nominated Purchasers with masterfile account level data [***] customarily provided to participants in an RFP process for a third party to complete diligence with a copy of such data provided to
Retailer at the same time [***] (the “Master File Information”). In the event that the designated Nominated Purchaser decides not to purchase the Program Assets, [***]. 

5. Retailer may use and disclose to its Representatives and prospective and actual Nominated Purchasers (including payment networks) the
(a) Portfolio Data, (b) provisions of the Purchase Option process including Schedule 11.2, Schedule 11.3 and Schedule 11.3(1) and (c) subject to Section 4, Master File Information in order to assist in better
understanding the Program Assets, identifying prospective Nominated Purchasers or assessing the value and evaluating a potential purchase of the Program Assets. The Portfolio Data and Master File Information shall be used and disclosed by Retailer
and any other party receiving such data or information solely as authorized by this Section 5. Retailer, any prospective or actual Nominated Purchaser or other person or entity receiving the Portfolio Data or Master File Information must
execute, prior to receipt of any such data or information, confidentiality and non-disclosure agreement containing industry standard provisions and naming Bank as a third party beneficiary. 

6. If the Purchase Option is exercised pursuant to Section 3 of this Schedule 11.2, Retailer or the Nominated Purchaser must
complete the purchase with a simultaneous close and conversion as soon as reasonably practicable but in no event later than (such date, the “Closing Date”): 

(a) if this Agreement expires pursuant to Section 10.1, the[***]; 

(b) if this Agreement terminates pursuant to Section 10.2 following the delivery of a termination notice by Retailer,
within [***] after such notice; and 
 (c) if this Agreement terminates pursuant to Section 10.2 following the
delivery of a termination notice by Bank, within [***] after such notice of termination; 
 provided that upon notice by
Retailer no later than [***] prior to the then Closing Date, Retailer shall be granted an extension of the Closing Date for a period of up to [***] (or such longer period as may be mutually agreed by the parties) if (i) Retailer
or its Nominated Purchaser experiences delay in obtaining all necessary regulatory approvals or rating agency consents (after exercising good faith efforts to do so) or (ii) Retailer or its Nominated Purchaser requires additional time to
complete necessary conversion activities (after exercising good faith efforts to do so). 
 7. If Retailer exercises its Purchase Option
under Section 3 of this Schedule 11.2: 
 (a) Retailer and Bank agree to work in good faith to prepare the
necessary purchase documents on terms and conditions that are reasonable and customary for the industry. 

  
 115 








 (b) Each party will bear their own expenses related to transfer and conversion of
the Accounts and Indebtedness to Retailer or its Nominated Purchaser. 
 (c) Bank shall have no obligation to extend further
credit under the Program after the closing of the sale of the Accounts and Indebtedness to Retailer or its designee. 
 (d)
Retailer shall no longer use Bank’s name and must re-brand the Credit Cards within [***] after the date upon which the transfer and conversion of the Accounts and Indebtedness is completed. In addition, if Retailer exercises its Purchase
Option, Bank shall have no rights to use the Cardholder Information or Transaction Information or any list derived therefrom except as expressly provided in this Agreement; provided, however, that Bank may use other lists developed
independently by Bank that may contain one or more of such Cardholders. 
 (e) Bank shall cooperate with reasonable
conversion and transition activities following Retailer’s designation of a Nominated Purchaser in order to permit a simultaneous close and customary conversion of the Accounts and Indebtedness, including by providing customary conversion data,
reasonable access to Bank’s card processor, and allocation of a designated and responsive resource to effect a transition by the Closing Date. 

(f) The parties shall not unreasonably withhold or delay execution of such purchase agreement or any other documents reasonably
necessary to effectuate such sale. The Parties shall use reasonable efforts to ensure that the purchase date occurs as promptly as reasonably practicable following the execution of such purchase agreement. 

  
 116 








 SCHEDULE 11.2(a)(1) 

[***] 
 [***] 

 

	 	1.	[***] 

  

	 	a.	[***] 

  

	 	b.	[***] 

  

	 	c.	[***] 

  

	 	d.	[***] 

  

	 	e.	[***] 

  

	 	f.	[***] 

  

	 	g.	[***] 

  

	 	h.	[***] 

  

	 	i.	[***] 

  

	 	2.	[***] 

  

	 	a.	[***] 

  

	 	b.	[***] 

  

	 	3.	[***] 

  

	 	a.	[***] 

  

	 	4.	[***] 

  

	 	a.	[***] 

  

	 	5.	[***] 

  

	 	a.	[***] 

  

	 	b.	[***] 

  

	 	c.	[***] 

  

	 	6.	[***] 

  

	 	a.	[***] 

  

	 	7.	[***] 

  

	 	8.	[***] 

  

	 	a.	[***] 

  

	 	b.	[***] 

  

	 	c.	[***] 

  

	 	d.	[***] 

  

	 	e.	[***] 

  

	 	f.	[***] 

  

	 	9.	[***] 


  
 117 









	 	a.	[***] 

  

	 	b.	[***] 


  
 118 








 SCHEDULE 11.2(a)(2) 

[***] 
 [***] 

  
 119 








 SCHEDULE 11.3 

Fair Market Value 
 1. [***]
after Retailer provides Bank with notice of the actual Nominated Purchaser, Bank and the actual Nominated Purchaser shall enter into good faith negotiations for a period of [***] to determine the fair market value of the Program Assets, based
on the assumptions set forth in Schedule 11.3(1) and the type of data set forth in Schedule 11.2(a)(1). Fair market value shall be expressed as a percentage and shall equal the dollar amount of the Indebtedness plus any premium or
minus any discount, as applicable, divided by the dollar amount of the Indebtedness. In the event that such Nominated Purchaser decides not to purchase the Program Assets after determination of the fair market value pursuant to this Schedule
11.3, Retailer shall have the right to designate another third party as Nominated Purchaser; provided, that (a) the fair market value previously determined pursuant to paragraphs 2 and 3 of this Schedule 11.3 shall be the fair
market value applicable with respect to such new Nominated Purchaser and (b) the time period for closing the purchase and sale of the Accounts shall be extended only on the mutual agreement of the parties. 

2. If the Bank and the actual Nominated Purchaser cannot reach such agreement within such [***] period, each of Bank and the actual Nominated Purchaser
shall within [***] of the end of such period nominate an appraiser who together shall select a third appraiser to value the Program Assets. In such case, the fair market value shall be the average of the two closest valuations (expressed as a
percentage as set forth above) provided by the three appraisers; provided, however, if the median valuation is within plus or minus [***] of the mean of the three valuations, the fair market value shall be the mean. 

3. In determining the fair market value of the Program Assets, (a) each of Bank and the actual Nominated Purchaser shall instruct the appraisers to
follow the guidelines set forth in Schedule 11.3(1) hereto, (b) Bank shall provide identical information to each appraiser as is necessary to provide a valuation, and (c) each of Bank and the actual Nominated Purchaser shall
instruct the appraisers to complete their respective valuations within [***] after receiving the relevant information from Bank. 
 4. The parties
acknowledge that Retailer may be the actual Nominated Purchaser with the rights and obligations as the Nominated Purchaser as set forth in this Schedule 11.3. 

5. Bank shall not restrict the Nominated Purchaser from disclosing to Retailer the status of the negotiations between Bank and the Nominated Purchaser
regarding the determination of the fair market value of the Program Assets. 

  
 120 








 SCHEDULE 11.3(1) 

Fair Market Value Appraisal Guidelines 

Each appraiser shall be given the following instructions for preparing their valuations: 

 

	 	(i)	Instructions regarding the number of Accounts being purchased, whether the Accounts represent all Program Accounts or a specified group of Program Accounts, and if a specified group, the nature of the group, and any
applicable information regarding the exclusion of Excluded Accounts; 

  

	 	(ii)	Assume a [***] ongoing endorsement of the existing Program by Retailer (for existing Accounts only); 

  

	 	(iii)	Assume no new Account acquisition marketing shall occur following the purchase of the Program Assets (i.e., no new accounts to be added to the Program); and 


 

	 	(iv)	Assume historical attrition rates and charge-offs, the then-existing value proposition, revenue sharing, rewards program funding as provided by Retailer, and product pricing for the Program shall remain in effect over
the entire [***] term of the ongoing endorsement of existing accounts for purposes of the valuation. 


  
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 SCHEDULE 11.4 

Bank’s Rights Upon Retailer’s Failure to Purchase Accounts 

If Retailer does not exercise its option to purchase, or arrange for the purchase of, the Accounts and Indebtedness under Schedule
11.2, and without limiting any other right of Bank hereunder, upon the expiration or early termination of the Agreement, (a) Retailer shall repay to Bank within ten (10) Business Days after the effective date of such expiration or
termination, the Unamortized Signing Bonus; and (b) Bank will have the right, in addition to and without waiving any other rights it may have under the terms of this Agreement or Applicable Law, to: (i) subject to Applicable Law, notify
Cardholders that Bank shall cease providing credit under the Accounts and require repayment of all amounts outstanding on all Accounts until all associated receivables have been repaid; (ii) convert any or all of the Accounts to another credit
or charge program maintained by Bank or any of its affiliates that is not a competitor store listed in Group 2 of Schedule 11.4 (1), including to a Synchrony Bank-branded credit card (which card and related documentation (including marketing
material) must not bear any Retailer Mark and cannot have a look and feel that is confusingly similar to any Account Documentation, Credit Card, Cardholder Rewards Program or materials used for advertising or solicitation); (iii) sell any or
all of the Accounts, whether by securitization or otherwise to any third party that is not a competitor store listed in Group 2 of Schedule 11.4(1) and will ensure that any third party purchaser or the Accounts does not remarket to or
re-brand the Accounts with the trademarks of a competitor store listed in Group 2 of Schedule 11.4(1); or (iv) upon notice by Bank, require that Retailer continue to accept Accounts at and through Retailer Sales Channels for a period
designated by Bank but not to [***] after the later of the termination or expiration of Retailer’s right to purchase the Accounts and Indebtedness (the “Tail Period”). During the Tail Period, Bank shall continue to make
the Retailer Royalty and the Non-Retailer Royalty set forth in Section 2 of Schedule 4.1. In addition, all obligations of the parties with respect to the Cardholder Rewards Program pursuant to Schedule 6.4 shall continue during
the Tail Period. 
 Retailer will cooperate with Bank and take any action reasonably requested by Bank in connection with the provisions of
the foregoing paragraph. Within [***] after: (i) Retailer either gives notice that it shall not exercise its option referred to in Schedule 11.2 or the time period for Retailer to exercise such option shall have expired; or
(ii) termination of this Agreement, whichever occurs later, Bank shall no longer use any of Retailer Marks (or any other trademarks or source indicators confusingly similar thereto) and must re-brand the Accounts; provided that (x) if Bank
elects to implement a Tail Period, then such [***] period shall run from the expiration thereof, and (y) after the expiration of any such [***] period, Bank may continue to use the Retailer Marks solely to the extent necessary to
identify the Accounts in connection with the billing and collection thereof as described in clause (b)(i) above, and as otherwise required by Applicable Law for no longer than [***], or may make nominative use of Retailer’s name (or the
Program name) to the extent necessary to identify the Program in connection with any conversion or substitution, or in connection with the billing and collection of the Accounts as described in clause (b)(i) above. 

Unless Retailer exercises its option to purchase the Accounts and Indebtedness, Retailer shall have no rights to use the Cardholder
Information or Transaction Information or any list derived therefrom for a period of [***] to solicit new Credit Products; provided, however, that 

  
 122 








 
Retailer may use other lists developed by Retailer independently of the Program that may contain one or more of such Cardholders in connection with any new Credit Products or the solicitation
thereof. 

  
 123 








 SCHEDULE 11.4(1) 

Competitor Stores[***] 
 Group
1: 
  

	1.	[***] 

  

	2.	[***] 

  

	3.	[***] 

  

	4.	[***] 

 Group 2: 
  

	1.	[***] 

  

	2.	[***] 

  

	3.	[***] 

  

	4.	[***] 

  

	5.	[***] 

  

	6.	[***] 

 [***] 

  
 124 








 SCHEDULE 15.3 

Assignment 

Neither Bank nor Retailer may assign its rights or delegate its obligations under this Agreement without the prior consent of the other party,
which consent will not be unreasonably withheld, provided that (A) Bank may, without such consent (i) assign all or part of its rights and delegate some or all of its obligations under this Agreement to an affiliate; (ii) subject to
Section 5.2(l) of this Agreement herein, engage third parties to perform some or all of Bank’s obligations under this Agreement, including the servicing and administration of Accounts; and (iii) assign all or some of its rights
hereunder to any person acquiring any or all Accounts after the termination or expiration of this Agreement; and (B) Retailer may, without such consent, but subject in all respects to the limitations set forth in Schedule 9.1
(i) assign all or part of its rights and delegate some or all of its obligations under this Agreement to an affiliate; (ii) engage third parties to perform some or all of Retailer’s obligations under this Agreement, including the
servicing and administration of its obligations under the Cardholder Rewards Program; and (iii) assign all or some of its rights hereunder to any person acquiring any or all Accounts after termination or expiration of this Agreement.
Notwithstanding any assignment pursuant to this Section, the assigning party will remain liable for all of its obligations under this Agreement. Subject to Retailer’s rights under Section 7.9 of this Agreement as such relate to newly
acquired affiliates and not affiliates arising as a result of a corporate restructuring or reorganization, Retailer agrees not to undertake a corporate restructuring or reorganization, unless it ensures that all entities resulting from such
restructuring or reorganization that own or operate Retailer Sales Channels become parties to this Agreement. 

  
 125 








 SCHEDULE 15.4 

Outsourcing; Subcontracting 

1. As specified in Schedule 15.4(1), Bank agrees that in the performance of all customer-facing functions, including customer service
functions for Cardholders and Retailer Stores, Bank will utilize its or its affiliates’ facilities and employees located in the United States or the Philippines; provided, however that Skip Tracing, bi-lingual servicing and
overnight/after-hours servicing functions shall be provided from locations outside the United States. In the event [***] for the Majority of Comparable Programs [***]. 

2. As specified in Schedule 15.4(1), Bank and Retailer agree that Bank may perform certain collection activities and non-customer
facing functions, including data entry, remittance processing and printing, through the use of third parties whether within the United States or in other locales, including India and Mexico, provided that such third parties are subject to the same
Service Level Standards as Bank, provided further that Retailer shall approve the use of such third parties, such approval not to be unreasonably withheld. 

  
 126 








 SCHEDULE 15.4(1) 

Geographical Location of Services 

Bank currently performs services in the geographic locations as specified in the tables and list below. 

Customer and Store Facing Activities: 
  

			
	 Activity
	  	 Location

	Call Center Customer Service (Cardholders and Stores)	  	[***]
	Collections	  	[***]
	Recovery	  	[***]
	Fraud Investigation	  	[***]
	Manual Underwriting	  	[***]

 Non-Customer and Non-Store Facing Activities: 
  


			
	 Activity
	  	 Location

	FDR Partnership	  	[***]
	Collection Processes	  	[***]
	Recovery	  	[***]
	Risk Processes	  	[***]
	Customer Service Back-line Processing	  	[***]


  
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 SCHEDULE A-1 

Credit Review Point 

The Credit Review Point shall be [***] or such other higher amount as Bank, in its sole discretion, may from time to time specify to
Retailer in writing. 

  
 128 








 SCHEDULE A-2 

Unamortized Signing Bonus 

The Unamortized Signing Bonus, shall mean, on any date, an amount equal to (x) one-one
hundred twentieth (1/120th) of $[***], multiplied by (y) the number of months, if any, rounded up to the next integer, remaining before the one hundred twenty (120) month anniversary of the Effective Date;
provided, that (i) in the event this Agreement is terminated by Retailer pursuant to Section 10.2(a), (b), (c), (e), (f), (h), (i), (k), or (l) the Unamortized Signing Bonus shall be deemed to be [***]
dollars ($[***]); and (ii) in the event this Agreement is terminated by Bank pursuant to Section 10.2(g) or (o), the Unamortized Signing Bonus shall be deemed to be [***] dollars
($[***]). 

  
 129