Document:

EX-4.1

 Exhibit 4.1 

Execution Version 

SYNCHRONY FINANCIAL 

AND 
 THE BANK OF NEW
YORK MELLON, 
 as Trustee 
  

 
 FIFTH
SUPPLEMENTAL INDENTURE 
 Dated as of May 9, 2016 

to the 
 INDENTURE

 Dated as of August 11, 2014 
  

 
  

 TABLE OF CONTENTS 

 
  

 

							
	 	  	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	  	Relation to Base Indenture	  	 	2	  
	 Section 1.02.
	  	Definition of Terms	  	 	2	  
	
	ARTICLE 2	  
	GENERAL TERMS AND CONDITIONS OF THE NOTES	  
			
	 Section 2.01.
	  	Designation and Principal Amount	  	 	3	  
	 Section 2.02.
	  	Maturity	  	 	4	  
	 Section 2.03.
	  	Form, Payment and Appointment	  	 	4	  
	 Section 2.04.
	  	Global Notes	  	 	4	  
	 Section 2.05.
	  	Interest	  	 	5	  
	 Section 2.06.
	  	No Sinking Fund	  	 	7	  
	 Section 2.07.
	  	Satisfaction and Discharge	  	 	7	  
	
	ARTICLE 3	  
	REDEMPTION OF THE NOTES	  
			
	 Section 3.01.
	  	No Redemption	  	 	8	  
	
	ARTICLE 4	  
	FORMS OF NOTES	  
			
	 Section 4.01.
	  	Forms of Notes	  	 	8	  
	
	ARTICLE 5	  
	ORIGINAL ISSUE OF NOTES	  
			
	 Section 5.01.
	  	Original Issue of Notes	  	 	8	  
	
	ARTICLE 6	  
	MISCELLANEOUS	  
			
	 Section 6.01.
	  	Ratification of Indenture	  	 	8	  
	 Section 6.02.
	  	Trustee Not Responsible for Recitals	  	 	8	  
	 Section 6.03.
	  	Governing Law	  	 	8	  
	 Section 6.04.
	  	Waiver of Trial by Jury	  	 	9	  
	 Section 6.05.
	  	Table of Contents, Headings, etc.	  	 	9	  
	 Section 6.06.
	  	Execution in Counterparts	  	 	9	  
	 Section 6.07.
	  	Separability; Benefits	  	 	9	  
	 Section 6.08.
	  	Certain Tax Information	  	 	9	  
			
	 EXHIBIT A
	  	 Form of Floating Rate Senior Notes due 2017
	  	 	A-1	  

  
 i 

 THIS FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”), dated
as of May 9, 2016, is between SYNCHRONY FINANCIAL, a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation (the “Trustee”). 

R E C I T A L S 
 WHEREAS, the
Company executed and delivered to the Trustee an Indenture, dated as of August 11, 2014, between the Company and the Trustee (the “Base Indenture”), providing for the issuance from time to time of series of Securities of the
Company; 
 WHEREAS, the Company executed and delivered to the Trustee a First Supplemental Indenture, dated as of August 11, 2014, between
the Company and the Trustee (the “First Supplemental Indenture”), providing for the issuance of the 1.875% Senior Notes due 2017, the 3.000% Senior Notes due 2019, the 3.750% Senior Notes due 2021 and the 4.250% Senior Notes due
2024; 
 WHEREAS, the Company executed and delivered to the Trustee a Second Supplemental Indenture, dated as of February 2, 2015, between
the Company and the Trustee (the “Second Supplemental Indenture”), providing for the issuance of the 2.700% Senior Notes due 2020 and the Floating Rate Senior Notes due 2020; 

WHEREAS, the Company executed and delivered to the Trustee a Third Supplemental Indenture, dated as of July 23, 2015, between the Company and
the Trustee (the “Third Supplemental Indenture”), providing for the issuance of the 4.500% Senior Notes due 2025; 

WHEREAS, the Company executed and delivered to the Trustee a Fourth Supplemental Indenture, dated as of December 4, 2015, between the Company
and the Trustee (the “Fourth Supplemental Indenture,” and the Base Indenture, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental
Indenture and this Fifth Supplemental Indenture, the “Indenture”), providing for the issuance of the 2.600% Senior Notes due 2019; 

WHEREAS, Section 10.01(c) of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base
Indenture to establish the forms or terms of Securities of any series as permitted by Section 2.01 and Section 2.02 of the Base Indenture; 

WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for the issuance of a new series of Securities to be
known as its Floating Rate Senior Notes due 2017 (the “Notes”), the forms and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Fifth Supplemental Indenture; and 

 WHEREAS, the Company has requested that the Trustee execute and deliver this Fifth Supplemental
Indenture, and all requirements necessary to make this Fifth Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the
Trustee, the valid, binding and enforceable obligations of the Company, have been done and performed, and the execution and delivery of this Fifth Supplemental Indenture has been duly authorized in all respects; 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Relation to Base Indenture. This Fifth Supplemental Indenture constitutes an integral part of the Base Indenture.

 Section 1.02. Definition of Terms. For all purposes of this Fifth Supplemental Indenture: 

(a) Capitalized terms used herein without definition shall have the meanings set forth in the Base Indenture; 

(b) a term defined anywhere in this Fifth Supplemental Indenture has the same meaning throughout; 

(c) the singular includes the plural and vice versa; 

(d) headings are for convenience of reference only and do not affect interpretation; 

(e) the following terms have the meanings given to them in this Section 1.02(e): 

“Business Day” shall mean, unless otherwise specified, any calendar day that (i) is not a Saturday, Sunday or a day on which
commercial banking institutions are not required to be open for business in The City of New York, New York and (ii) is a London Business Day. 

“Calculation Agent” shall mean The Bank of New York Mellon, or its successor appointed as such by the Company. 

“DTC” shall have the meaning set forth in Section 2.04(a). 

“Global Notes” shall have the meaning set forth in Section 2.04(a). 

 “Initial Interest Reset Period” shall have the meaning set forth in Section
2.05(a)(ii). 
 “Interest Determination Date” shall mean, with respect to an Interest Reset Period, the second London
Business Day immediately preceding either (a) the original issue date of the Notes, in the case of the Initial Interest Reset Period, or (b) the applicable Interest Reset Date, in the case of any other Interest Reset Period. 

“Interest Payment Date” shall have the meaning set forth in Section 2.05(a)(i). 

“Interest Period” shall have the meaning set forth in Section 2.05(a). 

“Interest Reset Date” shall have the meaning set forth in Section 2.05(a)(ii). 

“Interest Reset Period” shall have the meaning set forth in Section 2.05(a)(ii). 

“London Business Day” shall mean any calendar day on which commercial banks are open for dealings in deposits in U.S. Dollars
in the London interbank market. 
 “Maturity Date” shall have the meaning set forth in Section 2.02. 

“Record Date” shall have the meaning set forth in Section 2.05(a)(i). 

“Reuters LIBOR01 Page” shall mean the display designated as page “LIBOR01” on the Reuters Monitor Money Rates
Service (or such other page as may replace the LIBOR01 page on that service, any successor service or such other service as may be nominated as the information vendor for the purpose of displaying rates or prices comparable to the London Interbank
Offered Rate for U.S. Dollar deposits). 
 “Three-Month LIBOR” shall mean, with respect to any Interest Determination Date,
three-month LIBOR for such Interest Determination Date determined in accordance with Section 2.05(a)(iv). 
 The terms “Base
Indenture,” “Company,” “First Supplemental Indenture,” “Second Supplemental Indenture,” “Third Supplemental Indenture,” “Indenture,”
“Notes,” “Fourth Supplemental Indenture,” “Fifth Supplemental Indenture” and “Trustee” shall have the respective meanings set forth in the recitals to this Fifth Supplemental
Indenture and the paragraph preceding such recitals. 
 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE
NOTES 
 Section 2.01. Designation and Principal Amount. The Notes may be issued from time to time upon written
order of the Company for the authentication and delivery of Notes pursuant to Section 2.03 of the Base Indenture. 
 (a) There is hereby
authorized a series of Securities designated as Floating Rate Senior Notes due 2017, initially limited in aggregate principal amount to U.S. 

 
$500,000,000 (except for Notes authenticated and delivered in accordance with the last paragraph of Section 2.02 of the Base Indenture or upon registration of transfer of, or in exchange for, or
in lieu of, other Notes pursuant to Sections 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture). 
 Section 2.02. Maturity.
The date upon which the Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is November 9, 2017 (the “Maturity Date”). 

Section 2.03. Form, Payment and Appointment. Except as provided in Section 2.04, the Notes shall be issued in fully registered,
certificated form. Principal of, and interest on, the Notes will be payable, the transfer of such Notes will be registrable, and such Notes will be exchangeable for Notes of a like aggregate principal amount bearing identical terms and provisions,
at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee in the Borough of Manhattan, The City of New York; provided,
however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by
the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case
of a payment of interest on the Maturity Date). 
 No service charge shall be made for any registration of transfer or exchange of the
Notes, but the Company may require payment from the holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Security Registrar and paying agent for the Notes shall initially be the Trustee. 

The Specified Currency of the Notes shall be U.S. Dollars. 

Section 2.04. Global Notes. (a) The Notes shall be issued initially in the form of one or more permanent Global Securities in
registered form (each, a “Global Note”). The Depository Trust Company (“DTC”) shall initially act as the Depositary for the Notes. Each Global Note (i) shall be deposited with the Depositary or its custodian and
registered in the name of DTC or DTC’s nominee, (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions, and (iii) shall bear a legend substantially to the effect set forth in Section 2.12 of
the Base Indenture. 
 (b) The aggregate amount of Outstanding Notes represented by any Global Note may from time to time be increased or
decreased to reflect exchanges or other increases or decrease in the principal amount thereof. The Trustee may make any endorsement on a Global Note to reflect the amount, or any increase or decrease in the amount, or changes in the rights of
holders of the Notes represented thereby, in each case in accordance with the terms of the Indenture and the Notes. Each Global Note shall represent the aggregate principal amount of Notes from time to time endorsed thereon. 

 (c) Unless and until any Global Note is exchanged for Notes in certificated form, such Global
Note may be transferred, in whole but not in part, and any payments on the Notes evidenced by such Global Note shall be made, only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or
to a nominee of such successor Depositary, in each case as the Securityholder of such Notes. 
 Section 2.05. Interest. (a) Interest
payable on any Interest Payment Date or the Maturity Date with respect to the Notes shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly
provided for (or from and including the original issue date of May 9, 2016, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date or the Maturity Date, as the case may be (each, an
“Interest Period”). 
 (i) Interest on the Notes shall accrue from May 9, 2016 and shall be payable
quarterly in arrears on February 9, May 9, August 9 and November 9 of each year (each, an “Interest Payment Date”), beginning on August 9, 2016 to, but excluding, the Maturity Date of the Notes. Interest shall be payable
to the Persons in whose names the relevant Notes are registered at the close of business on the January 25, April 24, July 25 or October 25 (whether or not a Business Day) (each, a “Record Date”), respectively, immediately
prior to each Interest Payment Date, except as provided in Section 2.05(b) hereof and Section 2.04 of the Base Indenture. The amount of interest payable for any full or partial Interest Period for the Notes shall be computed on the basis of the
actual number of days in the period divided by 360. 
 (ii) The interest rate on the Notes shall be reset quarterly on
February 9, May 9, August 9 and November 9 of each year, commencing August 9, 2016 (each, an “Interest Reset Date”). The interest rate on the Notes for the period from, and including, the original issue date of the Notes
to, but excluding, the initial Interest Reset Date (the “Initial Interest Reset Period”), shall be an annual rate equal to Three-Month LIBOR, determined as of the Interest Determination Date prior to such original issue date, plus
1.40% per year. Thereafter, the interest rate on the Notes for each period from, and including, an Interest Reset Date to, but excluding, the immediately succeeding Interest Reset Date (each an “Interest Reset Period”), shall be an
annual rate equal to Three-Month LIBOR, determined as of the applicable Interest Determination Date for such Interest Reset Period, plus 1.40% per year. The interest rate on the Notes for the final Interest Reset Period for the Notes from, and
including, the Interest Reset Date immediately preceding the Maturity Date of the Notes to, but excluding, such Maturity Date, shall be an annual rate equal to Three-Month LIBOR, determined as of the applicable Interest Determination Date for such
Interest Reset Period, plus 1.40% per year. 

 (iii) If any Interest Reset Date for the Notes or scheduled Interest Payment Date
(other than the Maturity Date of the Notes) falls on a day that is not a Business Day, such Interest Reset Date or Interest Payment Date, as the case may be, shall be postponed to the next succeeding day that is a Business Day and interest on the
Notes shall continue to accrue on the payment so deferred, except that if such Business Day is in the next succeeding calendar month, the Interest Reset Date or Interest Payment Date, as the case may be, shall be the immediately preceding Business
Day. If the Maturity Date for any Note falls on a date that is not a Business Day, the related payments of principal and interest shall be made on the next succeeding Business Day, and no additional interest shall accrue on the amount payable for
the period from and after the Maturity Date. 
 (iv) Three-Month LIBOR shall be determined by the Calculation Agent as of the
applicable Interest Determination Date in accordance with the following provisions: 
 (A) Three-Month LIBOR for any Interest
Determination Date shall be the rate for deposits in U.S. dollars having a maturity of three months, commencing on the original issue date of the Notes or the related Interest Reset Date, as applicable, immediately following such Interest
Determination Date, which appears on the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on such Interest Determination Date. If no rate appears on the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on an
Interest Determination Date, then Three-Month LIBOR for such Interest Determination Date shall be determined in accordance with the provisions of paragraph (B) below. 

(B) With respect to an Interest Determination Date on which no rate appears on the Reuters LIBOR01 Page as of approximately
11:00 a.m., London time, on such Interest Determination Date, the Calculation Agent shall request the principal London offices of each of four major reference banks (which may include affiliates of the underwriters of the Notes) in the London
interbank market selected and identified by the Company to provide the Calculation Agent with a quotation of the rate at which deposits of U.S. Dollars having a three-month maturity, commencing on the original issue date of the Notes or the related
Interest Reset Date, as applicable, immediately following such Interest Determination Date, are offered by it to prime banks in the London interbank market as of approximately 11:00 a.m., London time, on such Interest Determination Date in a
principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time. If at least two such quotations are provided, Three-Month LIBOR for such Interest Determination Date
shall be the arithmetic mean of such quotations as calculated by the Calculation Agent. If fewer than two quotations are provided, Three-Month LIBOR for such Interest Determination Date shall be the arithmetic mean of the

 
rates quoted as of approximately 11:00 a.m., New York City time, on such Interest Determination Date by three major banks (which may include affiliates of the underwriters of the Notes) selected
and identified by the Company for loans in U.S. Dollars to leading European banks having a three-month maturity commencing on the original issue date of the Notes or the related Interest Reset Date, as applicable, immediately following such Interest
Determination Date and in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time; provided, however, that if the banks selected by the Company are not
quoting such rates as set forth in this paragraph (B), Three-Month LIBOR for such Interest Determination Date shall be Three-Month LIBOR determined with respect to the immediately preceding Interest Determination Date. 

(v) All percentages resulting from any calculation of any interest rate for the Notes will be rounded, if necessary, to the
nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward and all dollar amounts will be rounded to the nearest cent, with one-half cent being rounded upward. 

(vi) Promptly upon such determination, the Calculation Agent shall notify the Company and the Trustee (if the Calculation Agent
is not the Trustee) of the interest rate for the new Interest Reset Period. Upon request of a holder of the Notes, the Calculation Agent shall provide to such holder the interest rate in effect on the date of such request and, if determined, the
interest rate for the next Interest Reset Period. 
 (vii) All calculations made by the Calculation Agent for the purposes of
calculating interest on the Notes shall be conclusive and binding on the holders of the Notes, the Trustee and the Company, absent manifest error. 

(b) Interest due on the Maturity Date (whether or not an Interest Payment Date) of any Notes will be paid to the Person to whom principal of
such Notes is payable. 
 Section 2.06. No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund. 

Section 2.07. Satisfaction and Discharge. Article 12 of the Base Indenture contains provisions for discharge of the Indenture and
the legal and covenant defeasance of the obligations of the Company with respect to any series of Securities at any time upon compliance by the Company with certain conditions set forth therein, which provisions shall apply to the Notes. 

 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.01. No Redemption. The Notes shall not be redeemable by the Company prior to the applicable Maturity Date. The
provisions of this Article 3 shall supersede any conflicting provisions contained in Article 3 of the Base Indenture. 
 ARTICLE 4 

FORMS OF NOTES 

Section 4.01. Forms of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the forms attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution
thereof. 
 ARTICLE 5 

ORIGINAL ISSUE OF NOTES 

Section 5.01. Original Issue of Notes. The Notes having an aggregate principal amount of U.S. $500,000,000 (subject to the last
paragraph of Section 2.02 of the Base Indenture) may from time to time, upon execution of this Fifth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver said Notes to or upon the written order of the Company pursuant to Section 2.03 of the Base Indenture without any further action by the Company (other than as required by the Base Indenture). 

ARTICLE 6 

MISCELLANEOUS 

Section 6.01. Ratification of Indenture. The Base Indenture, as supplemented by the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Base
Indenture in the manner and to the extent herein and therein provided. 
 Section 6.02. Trustee Not Responsible for
Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
Fifth Supplemental Indenture. 
 Section 6.03. Governing Law. THIS FIFTH SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS FIFTH SUPPLEMENTAL INDENTURE OR ANY NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

 Section 6.04. Waiver of Trial by Jury. EACH OF THE COMPANY, THE TRUSTEE AND EACH
HOLDER OF NOTES, BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE
TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 6.05. Table of Contents, Headings, etc. The table of contents and the titles and
headings of the articles and sections of this Fifth Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

 Section 6.06. Execution in Counterparts. This Fifth Supplemental Indenture may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 Section 6.07.
Separability; Benefits. In case any one or more of the provisions contained in this Fifth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable, in any respect, then, to the extent
permitted by law, such invalidity, illegality or unenforceability of the remaining provisions shall not in any way be affected or impaired thereby. Nothing in this Fifth Supplemental Indenture or in the Notes, expressed or implied, shall give to any
person, other than the parties hereto and their successors hereunder, and the holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Fifth Supplemental Indenture. 

Section 6.08. Certain Tax Information. In order to comply with applicable tax laws, rules and regulations (inclusive of directives,
guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) that a foreign financial institution, or issuer, trustee, paying agent, holder or other institution is or has agreed
to be subject to related to the Indenture, the Company agrees (i) to provide to the Trustee upon its written request such information that is in the Company’s possession about holders of the Notes or other applicable parties and/or transactions
(including any modification to the terms of such transactions) so the Trustee can determine whether it has tax related obligations under Applicable Law, and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments
under the Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability. The terms of this section shall survive the termination of this Fifth Supplemental Indenture. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly
executed, as of the day and year first written above. 
  

			
	SYNCHRONY FINANCIAL
		
	By:	 	 /s/ Christopher J. Coffey

		 	Name: Christopher J. Coffey
		 	Title: Funding, Liquidity & Investments Leader of the Treasury Function

  
 [Signature Page to
Fifth Supplemental Indenture] 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly
executed, as of the day and year first written above. 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name: Laurence J. O’Brien
		 	Title: Vice President

  
 [Signature Page to
Fifth Supplemental Indenture] 

 EXHIBIT A 

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

SYNCHRONY FINANCIAL 

Floating Rate Senior Note due 2017 

CUSIP: 87165B AK9 
 ISIN:
US87165BAK98 
  

			
	No.         	  	$        

 SYNCHRONY FINANCIAL, a corporation organized and existing under the laws of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to         , or registered assigns, [the
principal sum of $        ]1 on November 9, 2017 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon
from May 9, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on February 9, May 9, August 9 and November 9 of each year (each, an “Interest Payment
Date”), commencing August 9, 2016, until the principal hereof is paid or duly provided for or made available for payment. 

 

	1 	USE THE FOLLOWING LANGUAGE INSTEAD FOR GLOBAL NOTES: [the principal sum as set forth in the Schedule of Increases or Decreases In Note attached hereto] 

  
 A-1 

 The interest rate on the Notes of this series shall be reset quarterly on February 9, May 9,
August 9 and November 9 of each year, commencing August 9, 2016 (each, an “Interest Reset Date”). The interest rate for the period from, and including, the original issue date of the Notes of this series to, but excluding,
the initial Interest Reset Date (the “Initial Interest Reset Period”), shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the Interest Determination Date prior to such original issue date, plus
1.40% per year. Thereafter, the interest rate for each period from, and including, an Interest Reset Date to, but excluding, the immediately succeeding Interest Reset Date (each an “Interest Reset Period”), shall be an annual rate
equal to Three-Month LIBOR (as computed below), determined as of the applicable Interest Determination Date for such Interest Reset Period, plus 1.40% per year. The interest rate for the final Interest Reset Period from, and including, the Interest
Reset Date immediately preceding the Maturity Date to, but excluding, such Maturity Date, shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the applicable Interest Determination Date for such Interest Reset
Period, plus 1.40% per year. If any Interest Reset Date for the Notes of this series falls on a day that is not a Business Day, such Interest Reset Date shall be postponed to the next succeeding day that is a Business Day, except that if such
Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. The term “Business Day” means any calendar day that is not a Saturday, Sunday or a day on which
commercial banking institutions are not required to be open for business in The City of New York, New York, and that is also a calendar day on which commercial banks are open for dealings in deposits in U.S. Dollars in the London interbank market (a
“London Business Day”); and the term “Interest Determination Date” means, with respect to an Interest Reset Period, the second London Business Day immediately preceding either (a) the original issue date of the
Notes of this series, in the case of the Initial Interest Reset Period, or (b) the applicable Interest Reset Date, in the case of any other Interest Reset Period. 

The amount of interest payable for any full or partial Interest Period for the Notes of this series shall be computed on the basis of the
actual number of days in the period divided by 360. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name the relevant Notes, or any
predecessor Notes, are registered at the close of business on the Record Date for such Interest Payment Date; provided that the interest due on the Maturity Date of a Note of this series will be paid to the Person to whom principal of such
Note is payable. In the event that any scheduled Interest Payment Date (other than the Maturity Date) falls on a day that is not a Business Day, such Interest Payment Date shall be postponed to the next succeeding day that is a Business Day and
interest on the Notes of this series shall continue to accrue on the payment so deferred, except that if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day. If the
Maturity Date for the Notes of this series falls on a date that is not a Business Day, the related payments of principal and interest will be made on the next succeeding Business Day, and no additional interest will accrue on the amount payable for
the period from and after the Maturity Date. 

  
 A-2 

 The Bank of New York Mellon, or its successor appointed by the Company, will act as calculation
agent (the “Calculation Agent”). Three-Month LIBOR as of the applicable Interest Determination Date (“Three-Month LIBOR”) shall be determined by the Calculation Agent in accordance with the following provisions:

 (i) Three-Month LIBOR for any Interest Determination Date shall be the rate for deposits in U.S. dollars having a maturity
of three months, commencing on the original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, which appears on the Reuters LIBOR01 Page as of
approximately 11:00 a.m., London time, on such Interest Determination Date. “Reuters LIBOR01 Page” shall mean the display designated as page “LIBOR01” on the Reuters Monitor Money Rates Service (or such other page as may
replace the LIBOR01 page on that service, any successor service or such other service as may be nominated as the information vendor for the purpose of displaying rates or prices comparable to the London Interbank Offered Rate for U.S. Dollar
deposits). If no rate appears on the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on an Interest Determination Date, then Three-Month LIBOR for such Interest Determination Date shall be determined in accordance with the
provisions of paragraph (ii) below. 
 (ii) With respect to an Interest Determination Date on which no rate appears on the
Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on such Interest Determination Date, the Calculation Agent shall request the principal London offices of each of four major reference banks (which may include affiliates of the
underwriters of the Notes of this series) in the London interbank market selected and identified by the Company to provide the Calculation Agent with a quotation of the rate at which deposits of U.S. Dollars having a three-month maturity, commencing
on the original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, are offered by it to prime banks in the London interbank market as of approximately
11:00 a.m., London time, on such Interest Determination Date in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time. If at least two such quotations are
provided, Three-Month LIBOR for such Interest Determination Date shall be the arithmetic mean of such quotations as calculated by the Calculation Agent. If fewer than two quotations are provided, Three-Month LIBOR for such Interest Determination
Date shall be the arithmetic mean of the rates quoted as of approximately 11:00 a.m., New York City time, on such Interest Determination Date by three major banks (which may include affiliates of the underwriters of the Notes of this series)
selected and identified by the Company for loans in U.S. Dollars to leading European banks having a three-month maturity commencing on the original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately

  
 A-3 

 
following such Interest Determination Date and in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such
time; provided, however, that if the banks selected by the Company are not quoting such rates as set forth in this paragraph (ii), Three-Month LIBOR for such Interest Determination Date shall be Three-Month LIBOR determined with respect to
the immediately preceding Interest Determination Date. 
 All percentages resulting from any calculation of any interest rate for the Notes
of this series will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward and all dollar amounts will be rounded to the nearest cent, with one-half cent
being rounded upward. 
 Promptly upon such determination, the Calculation Agent shall notify the Company and the Trustee (if the
Calculation Agent is not the Trustee) of the interest rate for the new Interest Reset Period. Upon request of a holder of the Notes of this series, the Calculation Agent shall provide to such holder the interest rate in effect on the date of such
request and, if determined, the interest rate for the next Interest Reset Period. 
 All calculations made by the Calculation Agent for the
purposes of calculating interest on the Notes of this series shall be conclusive and binding on the holders, the Trustee and the Company, absent manifest error. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose in the
Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account
appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of
the relevant Note in the case of a payment of interest on the Maturity Date). 
 Reference is hereby made to the further provisions of this
Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	SYNCHRONY FINANCIAL
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

					
	Dated:	 	  

	
	THE BANK OF NEW YORK MELLON, as Trustee

					
		
	By:	 	  

		 	Authorized Signatory

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of August 11, 2014, between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any
successor trustee), as amended and supplemented by the First Supplemental Indenture, dated as of August 11, 2014, between the Company and the Trustee (the “First Supplemental Indenture”), the Second Supplemental Indenture, dated as
of February 2, 2015, between the Company and the Trustee (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of July 23, 2015, between the Company and the Trustee (the “Third Supplemental
Indenture”), the Fourth Supplemental Indenture, dated as of December 4, 2015, between the Company and the Trustee (the “Fourth Supplemental Indenture”) and the Fifth Supplemental Indenture, dated as of May 9, 2016, between
the Company and the Trustee (the “Fifth Supplemental Indenture,” and the Base Indenture, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture and the Fifth Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$500,000,000. 
 All terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in
the Indenture. 
 The Notes of this series are not redeemable prior to the Maturity Date. The Notes are not entitled to the benefit of any
sinking fund. 
 The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the
Company with certain conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with
respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive 

  
 A-R-1 

 
and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note. 
 As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this
series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiple of
$1,000 in excess thereof, except as provided for in Section 2.04 of the Fifth Supplemental Indenture. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate
principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Except as provided in Section 8.03 of the Base Indenture, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish a copy of the Indenture to any holder upon written request and without
charge. 

  
 A-R-2 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
 (Insert assignee’s social security or tax
identification number) 
  
  

 
  
  

 
 (Insert address and zip code of assignee) and
irrevocably appoints 
  
  

 
  
  

 
 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him or her. 
  

									
	Date:	 	  
	 		 		 	
					
		 		 		 	Signature:	 	
				
		 		 		 	  

		 		 		 	Signature Guarantee:	 	  

 (Sign exactly as your name appears on the other side of this Note) 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is $[        ]. The following increases or decreases in the
principal amount of this Note have been made: 
  

									
	 Date
	  	Amount of decrease in
principal amount of
this Note	  	Amount of increase in
principal amount of
this Note	  	Principal amount of
this Note following
such decrease or
increase	  	Signature of
authorized signatory
of TrusteeEX-10.1

 Exhibit 10.1 

SPLIT-OFF AGREEMENT 
 This
SPLIT-OFF AGREEMENT, dated as of                  , 2016 (this “Agreement”), is entered into by and among Valeritas Holdings, Inc., (formerly
Cleaner Yoga Mat, Inc.), a Delaware corporation (the “Seller”), CYGM Operating Corp., a Florida corporation (“Split-Off Subsidiary”), and Leisa Swanson (“Buyer”). 

R E C I T A L S: 

WHEREAS, Seller is the owner of all of the issued and outstanding capital stock of Split-Off Subsidiary; Split-Off Subsidiary is a
wholly owned subsidiary of Seller which will acquire all the business assets and liabilities previously held by Seller; and Seller has no other businesses or operations prior to the Merger (as defined herein); 

WHEREAS, contemporaneously with the execution of this Agreement, Seller, Valeritas, Inc. a Delaware corporation
(“PrivateCo”), a newly formed wholly owned subsidiary of Seller, Valeritas Acquisition Corp. (“Acquisition Sub”), and certain other parties thereto, will enter into an Agreement and Plan of Merger and Reorganization
(the “Merger Agreement”) pursuant to which Acquisition Sub will merge with and into PrivateCo with PrivateCo remaining as the surviving entity (the “Merger”); and the equity holders of PrivateCo will receive
securities of Seller in exchange for their equity interests in PrivateCo; 
 WHEREAS, the execution, delivery of this Agreement, and
the consummation of the assignment, assumption, purchase and sale transactions contemplated by this Agreement are conditions to the completion of the Merger pursuant to the Merger Agreement, and Seller has represented to PrivateCo in the Merger
Agreement that the transactions contemplated by this Agreement will be consummated prior to or contemporaneously with the closing of the Merger, and PrivateCo relied on such representation in entering into the Merger Agreement; 

WHEREAS, in connection with and, in furtherance of the closing of the transactions contemplated by the Merger Agreement and the Merger,
including consummation of the transactions contemplated by this Agreement, the Buyer has entered into that certain Split-Off Escrow Agreement, dated                  ,
2016 (the “Split-Off Escrow Agreement) with Montrose Capital Limited, as Buyers’ Representative (as defined in the Split-Off Escrow Agreement) and CKR Law LLP, as the Escrow Agent, and executed and delivered the items required to be
delivered thereunder; 
 WHEREAS, Buyer desires to purchase the Shares (as defined in Section 2.1) from Seller, and to assume, as
between Seller and Buyer, all responsibility for any debts, obligations and liabilities of Seller and Split-Off Subsidiary, on the terms and subject to the conditions specified in this Agreement; and 

WHEREAS, Seller desires to sell and transfer the Shares to Buyer, on the terms and subject to the conditions specified in this
Agreement; 

  
 1 

 NOW, THEREFORE, in consideration of the premises and the covenants, promises and
agreements herein set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending legally to be bound, agree as follows: 

I. ASSIGNMENT AND ASSUMPTION OF SELLER’S ASSETS AND LIABILITIES. 

Subject to the terms and conditions provided below: 

1.1 Assignment of Assets. Seller hereby contributes, assigns, conveys and transfers to Split-Off Subsidiary, and Split-Off
Subsidiary hereby receives, acquires and accepts, all assets and properties of Seller as of the Closing Date (as defined below) immediately after giving effect to the Merger at the Effective Time, including but not limited to the following, but
excluding in all cases (i) the right, title and assets of Seller in, to and under the Transaction Documents), and (ii) the capital stock of PrivateCo and Split-Off Subsidiary: 

(a) all pre-Merger cash and cash equivalents; 

(b) all pre-Merger accounts receivable; 

(c) all pre-Merger inventories of raw materials, work in process, parts, supplies and finished products; 

(d) all right, title and interest, of record, beneficial or otherwise, in and to and stock, membership interests, partnership interests or
other equity or ownership interests in any corporation, limited liability company, partnership or other entity, and all bonds, debentures, notes or other securities; 

(e) all of Seller’s rights, title and interests in, to and under all contracts, agreements, leases, licenses (including software
licenses), supply agreements, consulting agreements, commitments, purchase orders, customer orders and work orders, and including all of Seller’s rights thereunder to use and possess equipment provided by third parties, and all representations,
warranties, covenants and guarantees related to the foregoing (provided that, to the extent any of the foregoing or any claim or right or benefit arising thereunder or resulting therefrom is not assignable by its terms or the assignment thereof
shall require the consent or approval of another party thereto, this Agreement shall not constitute an assignment thereof if an attempted assignment would be in violation of the terms thereof or if such consent is not obtained prior to the Effective
Time, and in lieu thereof Seller shall reasonably cooperate with Split-Off Subsidiary in any reasonable arrangement designed to provide Split-Off Subsidiary the benefits thereunder or any claim or right arising thereunder); 

(f) all intellectual property, including but not limited to issued patents, patent applications (whether or not patents are issued thereon and
whether modified, withdrawn or resubmitted), unpatented inventions, product designs, copyrights (whether registered or unregistered), know-how, technology, trade secrets, technical information, notebooks, drawings, software, computer coding (both
object and source) and all documentation, manuals and drawings related thereto, trademarks or service marks and applications therefor, unregistered trademarks or service marks, trade names, logos and icons and all rights to sue or recover for the
infringement or misappropriation thereof; 

  
 2 

 (g) all fixed assets, including but not limited to the machinery, equipment, furniture, vehicles,
office equipment and other tangible personal property owned or leased by Seller; 
 (h) all customer lists, business records, customer
records and files, customer financial records, and all other files and information related to customers, all customer proposals, all open service agreements with customers and all uncompleted customer contracts and agreements; and 

(i) to the extent legally assignable, all licenses, permits, certificates, approvals and authorizations issued by Governmental Entities and
necessary to own, lease or operate the assets and properties of Seller and to conduct Seller’s business as it is presently conducted; 
 all of the
foregoing being referred to herein as the “Assigned Assets.” 
 1.2 Assignment and Assumption of Liabilities.
Seller hereby assigns to Split-Off Subsidiary, and Split-Off Subsidiary hereby assumes and agrees to pay, honor and discharge all debts, adverse claims, liabilities, judgments and obligations, including tax obligations, of Seller as of the Closing
Date immediately after the Effective Time, whether accrued, contingent or otherwise and whether known or unknown, including those that may arise post-Closing Date but were incurred prior to the Closing Date, and any liabilities associated with the
Assigned Assets, including those arising under any law (including the common law) or any rule or regulation of any Governmental Entity or imposed by any court or any arbitrator in a binding arbitration resulting from, arising out of or relating to
the assets, activities, operations, actions or omissions of Seller, or products manufactured or sold thereby or services provided thereby, or under contracts, agreements (whether written or oral), leases, commitments or undertakings thereof, which
shall include but not be limited to those included on Exhibit A attached hereto, but excluding in all cases the obligations of Seller under the Transaction Documents (all of the foregoing being referred to herein as the
“Assigned Liabilities”). 
 The assignment and assumption of Seller’s assets and liabilities provided for in this
Article I is referred to as the “Assignment.” 
 II. PURCHASE AND SALE OF STOCK. 

2.1 Purchased Shares. Subject to the terms and conditions provided below, Seller shall sell and transfer to Buyer and Buyer
shall purchase from Seller, on the Closing Date (as defined in Section 3.1), all of the issued and outstanding shares of capital stock of Split-Off Subsidiary (the “Shares”), as set forth in Exhibit B attached hereto. 

2.2 Purchase Price. The purchase price for the Shares shall consist of the transfer and delivery by Buyer to Seller of the type
and number of shares of common stock and other securities of Seller that Buyer owns (the “Purchase Price Securities”), as set forth in Exhibit B attached hereto, deliverable as provided in Section 3.3. 

  
 3 

 III. CLOSING. 

3.1 Closing. The closing of the transactions contemplated in this Agreement (the “Closing”) shall take place
prior to or contemporaneously with the closing of the Merger immediately after the Effective Time. The date on which the Closing occurs shall be referred to herein as the “Closing Date.” 

3.2 Transfer of Shares. At the Closing, Seller shall deliver to Buyer certificates representing the Shares purchased by
Buyer, duly endorsed to Buyer or as directed by Buyer, which delivery shall vest Buyer with good and marketable title to such Shares, free and clear of all liens and encumbrances. 

3.3 Payment of Purchase Price. At the Closing, Buyer shall deliver to Seller a certificate or certificates representing
Buyer’s Purchase Price Securities duly endorsed to Seller, which delivery shall vest Seller with good and marketable title to the Purchase Price Securities, free and clear of all liens and encumbrances. 

3.4 Transfer of Records. On or before the Closing, Seller shall transfer to Split-Off Subsidiary all existing corporate books
and records in Seller’s possession relating to Split-Off Subsidiary and its business, including but not limited to all agreements, litigation files, real estate files, personnel files and filings with governmental agencies; provided,
however, when any such documents relate to both Seller and Split-Off Subsidiary, only copies of such documents need be furnished. On or before the Closing, Buyer and Split-Off Subsidiary shall transfer to Seller all existing corporate books and
records in the possession of Buyer or Split-Off Subsidiary relating to Seller, including but not limited to all corporate minute books, stock ledgers, certificates and corporate seals of Seller and all agreements, litigation files, real property
files, personnel files and filings with governmental agencies; provided, however, when any such documents relate to both Seller and Split-Off Subsidiary or its business, only copies of such documents need be furnished. 

3.5 Instruments of Assignment. At the Closing, Seller and Split-Off Subsidiary shall deliver to each other such instruments
providing for the Assignment as the other may reasonably request (the “Instruments of Assignment”). 
 IV.
BUYER’S REPRESENTATIONS AND WARRANTIES. Buyer represents and warrants to Seller and Split-Off Subsidiary that: 

4.1 Capacity and Enforceability. Buyer has the legal capacity to execute and deliver this Agreement and the documents to be
executed and delivered by Buyer at the Closing pursuant to the transactions contemplated hereby. This Agreement and all such documents constitute valid and binding agreements of Buyer, enforceable in accordance with their terms. 

4.2 Compliance. Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated
hereby by Buyer will result in the breach of any term or provision of, or constitute a default under, or violate any agreement, indenture, instrument, order, law or regulation to which Buyer is a party or by which Buyer is bound. 

  
 4 

 4.3 Purchase for Investment. Buyer is financially able to bear the economic
risks of acquiring the Shares and the other transactions contemplated hereby, and has no need for liquidity in his or her investment in the Shares. Buyer has such knowledge and experience in financial and business matters in general, and with
respect to businesses of a nature similar to the business of Split-Off Subsidiary (after giving effect to the Assignment), so as to be capable of evaluating the merits and risks of, and making an informed business decision with regard to, the
acquisition of the Shares and the other transactions contemplated hereby. Buyer is acquiring the Shares solely for his or her own account and not with a view to or for resale in connection with any distribution or public offering thereof, within the
meaning of any applicable securities laws and regulations, unless such distribution or offering is registered under the Securities Act of 1933, as amended (the “Securities Act”), or an exemption from such registration is available.
Buyer has (i) received all the information he or she has deemed necessary to make an informed decision with respect to the acquisition of the Shares and the other transactions contemplated hereby; (ii) had an opportunity to make such
investigation as he or she has desired pertaining to Split-Off Subsidiary (after giving effect to the Assignment) and the acquisition of an interest therein and the other transactions contemplated hereby, and to verify the information which is, and
has been, made available to him or her; and (iii) had the opportunity to ask questions of Seller concerning Split-Off Subsidiary (after giving effect to the Assignment). Buyer acknowledges that Buyer is a director and officer of Seller and Split-Off
Subsidiary immediately prior to the Effective Time and, as such, has actual knowledge of the business, operations and financial affairs of Split-Off Subsidiary (after giving effect to the Assignment). Buyer has received no public solicitation or
advertisement with respect to the offer or sale of the Shares. Buyer realizes that the Shares are “restricted securities” as that term is defined in Rule 144 promulgated by the Securities and Exchange Commission under the Securities Act,
the resale of the Shares is restricted by federal and state securities laws and, accordingly, the Shares must be held indefinitely unless their resale is subsequently registered under the Securities Act or an exemption from such registration is
available for their resale. Buyer understands that any resale of the Shares by him or her must be registered under the Securities Act (and any applicable state securities law) or be effected in circumstances that, in the opinion of counsel for
Split-Off Subsidiary at the time, create an exemption or otherwise do not require registration under the Securities Act (or applicable state securities laws). Buyer acknowledges and consents that certificates now or hereafter issued for the Shares
will bear a legend substantially as follows: 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND QUALIFICATION UNDER THE STATE ACTS OR PURSUANT TO EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING, IN THE CASE OF THE SECURITIES ACT, THE EXEMPTIONS
AFFORDED BY SECTION 4(1) OF THE SECURITIES ACT AND RULE 144 THEREUNDER). AS A PRECONDITION TO ANY SUCH TRANSFER, THE ISSUER OF THESE SECURITIES SHALL BE FURNISHED WITH AN OPINION OF COUNSEL OPINING AS TO THE AVAILABILITY OF EXEMPTIONS FROM SUCH
REGISTRATION AND 

  
 5 

 
QUALIFICATION AND/OR SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY THERETO THAT ANY SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES LAWS. 

Buyer understands that the Shares are being sold to him or her pursuant to the exemption from registration contained in Section 4(1) of
the Securities Act and that Seller is relying upon the representations made herein as one of the bases for claiming the Section 4(1) exemption. 

4.4 Liabilities. Following the Closing, Seller will have no liability for any debts, liabilities or obligations of
Split-Off Subsidiary or its business or activities, or the business or activities of Seller prior to the Closing that are unrelated to the business of PrivateCo, and there are no outstanding guaranties, performance or payment bonds, letters of
credit or other contingent contractual obligations that have been undertaken by Seller directly or indirectly in relation to Split-Off Subsidiary or its business, or the business of Seller prior to the Closing that are unrelated to the business of
PrivateCo, and that may survive the Closing. 
 4.5 Title to Purchase Price Securities. Buyer is the sole record and
beneficial owner of the Purchase Price Securities. At Closing, Buyer will have good and marketable title to the Purchase Price Securities, which Purchase Price Securities are, and at the Closing will be, free and clear of all options, warrants,
pledges, claims, liens and encumbrances, and any restrictions or limitations prohibiting or restricting transfer to Seller, except for restrictions on transfer as contemplated by applicable securities laws. 

V. SELLER’S AND SPLIT-OFF SUBSIDIARY’S REPRESENTATIONS AND WARRANTIES. Seller and Split-Off Subsidiary, as applicable, represent
and warrant to Buyer that: 
 5.1 Organization and Good Standing. Each of Seller and Split-Off Subsidiary is a
corporation duly incorporated, validly existing, and in good standing under the laws of the State of their incorporation. 
 5.2
Authority and Enforceability. The execution and delivery of this Agreement and the documents to be executed and delivered at the Closing pursuant to the transactions contemplated hereby, and performance in accordance with the
terms hereof and thereof, have been duly authorized by Seller and Split-Off Subsidiary and all such documents constitute valid and binding agreements of Seller and Split-Off Subsidiary enforceable in accordance with their terms. 

5.3 Title to Shares. Seller is the sole record and beneficial owner of the Shares. At Closing, Seller will have good
and marketable title to the Shares, which Shares are, and at the Closing will be, free and clear of all options, warrants, pledges, claims, liens and encumbrances, and any restrictions or limitations prohibiting or restricting transfer to Buyer,
except for restrictions on transfer as contemplated by Section 4.3 above. The Shares constitute all of the issued and outstanding shares of capital stock of Split-Off Subsidiary. 

5.4 Representations in Merger Agreement. Split-Off Subsidiary represents and warrants that all of the representations and
warranties by Seller, insofar as they relate to Split-Off Subsidiary, contained in the Merger Agreement are true and correct. 

  
 6 

 VI. OBLIGATIONS OF BUYER PENDING CLOSING. Buyer covenants and agrees that between the date
hereof and the Closing: 
 6.1 Not Impair Performance. Buyer shall not take any intentional action that would cause the
conditions upon the obligations of the parties hereto to effect the transactions contemplated hereby not to be fulfilled, including, without limitation, taking or causing to be taken any action that would cause the representations and warranties
made by any party herein not to be true, correct and accurate as of the Closing, or in any way impairing the ability of Seller to satisfy its obligations as provided in Article VII. 

6.2 Assist Performance. Buyer shall exercise reasonable best efforts to cause to be fulfilled those conditions precedent to
Seller’s obligations to consummate the transactions contemplated hereby which are dependent upon actions of Buyer and to make and/or obtain any necessary filings and consents in order to consummate the transactions contemplated by this
Agreement. 
 VII. OBLIGATIONS OF SELLER AND SPLIT-OFF SUBSIDIARY PENDING CLOSING. Seller and Split-Off Subsidiary covenant and agree
that between the date hereof and the Closing: 
 7.1 Business as Usual. Split-Off Subsidiary shall operate and Seller shall
cause Split-Off Subsidiary to operate in accordance with past practices and shall use best efforts to preserve its goodwill and the goodwill of its employees, customers and others having business dealings with Split-Off Subsidiary. Without limiting
the generality of the foregoing, from the date of this Agreement until the Closing Date, Split-Off Subsidiary shall (a) make all normal and customary repairs to its equipment, assets and facilities, (b) keep in force all insurance, (c) preserve in
full force and effect all material franchises, licenses, contracts and real property interests and comply in all material respects with all laws and regulations, (d) collect all accounts receivable and pay all trade creditors in the ordinary course
of business at intervals historically experienced, and (e) preserve and maintain Split-Off Subsidiary’s assets in their current operating condition and repair, ordinary wear and tear excepted. From the date of this Agreement until the Closing
Date, Split-Off Subsidiary shall not (i) amend, terminate or surrender any material franchise, license, contract or real property interest, or (ii) sell or dispose of any of its assets except in the ordinary course of business. Neither Split-Off
Subsidiary nor Seller shall take or omit to take any action that results in Buyer incurring any liability or obligation prior to or in connection with the Closing. 

7.2 Not Impair Performance. Seller shall not take any intentional action that would cause the conditions upon the
obligations of the parties hereto to effect the transactions contemplated hereby not to be fulfilled, including, without limitation, taking or causing to be taken any action which would cause the representations and warranties made by any party
herein not to be materially true, correct and accurate as of the Closing, or in any way impairing the ability of Buyer to satisfy his obligations as provided in Article VI. 

7.3 Assist Performance. Seller shall exercise its reasonable best efforts to cause to be fulfilled those conditions precedent to
Buyer’s obligations to consummate the transactions contemplated hereby which are dependent upon the actions of Seller and to work with Buyer to make and/or obtain any necessary filings and consents. Seller shall cause Split-Off Subsidiary to
comply with its obligations under this Agreement. 

  
 7 

 7.4 Indemnification of the Escrow Agent. In consideration of the benefits to be
derived by Seller from the Split-Off Escrow Agreement, as a third-party beneficiary under the Split-Off Escrow Agreement, Seller shall, from and at all times after the date of the Split-Off Escrow Agreement, indemnify and hold harmless the Escrow
Agent and each partner, director, officer, employee, attorney, agent and affiliate of Escrow Agent (collectively, the “Indemnified Parties”), to the fullest extent permitted by law and to the extent provided herein, against any and all
actions, claims (whether or not valid), losses, damages, liabilities, costs and expenses of any kind or nature whatsoever (including without limitation reasonable attorney’s fees, costs and expenses) incurred by or asserted against any of the
Indemnified Parties from and after the date hereof, whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action, or proceeding (including any inquiry or investigation) by any
person, including without limitation the parties to the Split-Off Escrow Agreement, whether threatened or initiated, asserting a claim for any legal or equitable remedy against any person under any statute or regulation, including, but not limited
to, any federal or state securities laws, or under any common law or equitable cause or otherwise, arising from or in connection with the negotiation, preparation, execution, performance or failure of performance of the Split-Off Escrow Agreement or
any transaction contemplated herein, whether or not any such Indemnified Party is a party to any such action or proceeding, suit or the target of any such inquiry or investigation; provided, however, that no Indemnified Party shall have the right to
be indemnified hereunder for liability finally determined by a court of competent jurisdiction, subject to no further appeal, to have resulted from the gross negligence or willful misconduct of such Indemnified Party. The obligations of the parties
under this section shall survive any termination of this Agreement. 
 VIII. SELLER’S AND SPLIT-OFF
SUBSIDIARY’S CONDITIONS PRECEDENT TO CLOSING. The obligations of Seller and Split-Off Subsidiary to close the transactions contemplated by this Agreement are subject to the satisfaction at or prior to
the Closing of each of the following conditions precedent (any or all of which may be waived by Seller and PrivateCo in writing): 
 8.1
Representations and Warranties; Performance. All representations and warranties of Buyer contained in this Agreement shall have been true and correct, in all material respects, when made and shall be true and correct, in all
material respects, at and as of the Closing, with the same effect as though such representations and warranties were made at and as of the Closing. Buyer shall have performed and complied with all covenants and agreements and satisfied all
conditions, in all material respects, required by this Agreement to be performed or complied with or satisfied by Buyer at or prior to the Closing. 

8.2 Additional Documents. Buyer shall deliver or cause to be delivered such additional documents as may be necessary in
connection with the consummation of the transactions contemplated by this Agreement and the performance of their obligations hereunder. 

8.3 Release by Split-Off Subsidiary. At the Closing, Split-Off Subsidiary shall execute and deliver to Seller a general
release which in substance and effect releases Seller and 

  
 8 

 
PrivateCo from any and all liabilities and obligations that Seller and PrivateCo may owe to Split-Off Subsidiary in any capacity, and from any and all claims that Split-Off Subsidiary may have
against Seller, PrivateCo or their respective managers, members, officers, directors, stockholders, employees and agents (other than those arising pursuant to this Agreement or any document delivered in connection with this Agreement). 

8.4 Completion of Merger. The closing of the Merger pursuant to the Merger Agreement, and all of the transactions
contemplated thereby, shall occur simultaneously. 
 IX. BUYER’S CONDITIONS PRECEDENT TO CLOSING. The obligation of Buyer to close
the transactions contemplated by this Agreement is subject to the satisfaction at or prior to the Closing of each of the following conditions precedent (any and all of which may be waived by Buyer in writing): 

9.1 Representations and Warranties; Performance. All representations and warranties of Seller and Split-Off Subsidiary
contained in this Agreement shall have been true and correct, in all material respects, when made and shall be true and correct, in all material respects, at and as of the Closing with the same effect as though such representations and warranties
were made at and as of the Closing. Seller and Split-Off Subsidiary shall have performed and complied with all covenants and agreements and satisfied all conditions, in all material respects, required by this Agreement to be performed or complied
with or satisfied by them at or prior to the Closing. 
 X. OTHER AGREEMENTS. 

10.1 Expenses. Each party hereto shall bear its expenses separately incurred in connection with this Agreement and with the
performance of its obligations hereunder. 
 10.2 Confidentiality. Buyer shall not make any public announcements
concerning this transaction without the prior written agreement of PrivateCo, other than as may be required by applicable law or judicial process. If for any reason the transactions contemplated hereby are not consummated, then Buyer shall return
any information received by Buyer from Seller or Split-Off Subsidiary, and Buyer shall cause all confidential information obtained by Buyer concerning Split-Off Subsidiary and its business to be treated as such. 

10.3 Brokers’ Fees. In connection with the transaction specifically contemplated by this Agreement, no party to this
Agreement has employed the services of a broker and each agrees to indemnify the other against all claims of any third parties for fees and commissions of any brokers claiming a fee or commission related to the transactions contemplated hereby. 

10.4 Access to Information Post-Closing; Cooperation. 

(a) Following the Closing, Buyer and Split-Off Subsidiary shall afford to Seller and its authorized accountants, counsel and other designated
representatives, reasonable access (and including using reasonable efforts to give access to persons or firms possessing information) and duplicating rights during normal business hours to allow records, books, contracts, instruments, computer data
and other data and information (collectively, “Information”) within the possession or control of Buyer or Split-Off Subsidiary insofar as such 

  
 9 

 
access is reasonably required by Seller. Information may be requested under this Section 10.4(a) for, without limitation, audit, accounting, claims, litigation and tax purposes, as well as for
purposes of fulfilling disclosure and reporting obligations and performing this Agreement and the transactions contemplated hereby. No files, books or records of Split-Off Subsidiary existing at the Closing Date shall be destroyed by Buyer or
Split-Off Subsidiary after Closing but prior to the expiration of any period during which such files, books or records are required to be maintained and preserved by applicable law without giving Seller at least 30 days’ prior written notice,
during which time Seller shall have the right to examine and to remove any such files, books and records prior to their destruction. 
 (b)
Following the Closing, Seller shall afford to Split-Off Subsidiary and its authorized accountants, counsel and other designated representatives reasonable access (including using reasonable efforts to give access to persons or firms possessing
information) and duplicating rights during normal business hours to Information within Seller’s possession or control relating to the business of Split-Off Subsidiary insofar as such access is reasonably required by Buyer. Information may be
requested under this Section 10.4(b) for, without limitation, audit, accounting, claims, litigation and tax purposes as well as for purposes of fulfilling disclosure and reporting obligations and for performing this Agreement and the transactions
contemplated hereby. No files, books or records of Split-Off Subsidiary existing at the Closing Date shall be destroyed by Seller after Closing but prior to the expiration of any period during which such files, books or records are required to be
maintained and preserved by applicable law without giving Buyer at least 30 days’ prior written notice, during which time Buyer shall have the right to examine and to remove any such files, books and records prior to their destruction. 

(c) At all times following the Closing, Seller, Buyer and Split-Off Subsidiary shall use their reasonable efforts to make available to the
other on written request, the current and former officers, directors, employees and agents of Seller or Split-Off Subsidiary for any of the purposes set forth in Section 10.4(a) or (b) above or as witnesses to the extent that such persons may
reasonably be required in connection with any legal, administrative or other proceedings in which Seller or Split-Off Subsidiary may from time to be involved. 

(d) The party to whom any Information or witnesses are provided under this Section 10.4 shall reimburse the provider thereof for all
out-of-pocket expenses actually and reasonably incurred in providing such Information or witnesses. 
 (e) Seller, Buyer, Split-Off
Subsidiary and their respective employees and agents shall each hold in strict confidence all Information concerning the other party in their possession or furnished by the other or the other’s representative pursuant to this Agreement with the
same degree of care as such party utilizes as to such party’s own confidential information (except to the extent that such Information is (i) in the public domain through no fault of such party or (ii) later lawfully acquired from any other
source by such party), and each party shall not release or disclose such Information to any other person, except such party’s auditors, attorneys, financial advisors, bankers, other consultants and advisors or persons to whom such party has a
valid obligation to disclose such Information, unless compelled to disclose such Information by judicial or administrative process or, as advised by its counsel, by other requirements of law. 

(f) Seller, Buyer and Split-Off Subsidiary shall each use their best efforts to forward promptly to the other party all notices, claims,
correspondence and other materials which are received and determined to pertain to the other party. 

  
 10 

 10.5 Guarantees, Surety Bonds and Letter of Credit Obligations. In the event
that Seller is obligated for any debts, obligations or liabilities of Buyer or Split-Off Subsidiary by virtue of any outstanding guarantee, performance or surety bond or letter of credit provided or arranged by Seller or Buyer on or prior to the
Closing Date, Buyer and Split-Off Subsidiary shall use their best efforts to cause to be issued replacements of such bonds, letters of credit and guarantees and to obtain any amendments, novations, releases and approvals necessary to release and
discharge fully Seller from any liability thereunder following the Closing. Buyer and Split-Off Subsidiary, jointly and severally, shall be responsible for, and shall indemnify, hold harmless and defend the Seller Indemnified Parties (as defined in
Section 12.1 below) from and against, any Losses (as defined in Section 12.1 below) incurred by such Seller Indemnified Parties arising from such bonds, letters of credit and guarantees and any liabilities arising therefrom and shall reimburse such
Seller Indemnified Parties for any payments that such Seller Indemnified Parties may be required to pay pursuant to enforcement of its obligations relating to such bonds, letters of credit and guarantees. 

10.6 Filings and Consents. Buyer, at her risk, shall determine what, if any, filings and consents must be made and/or obtained
prior to Closing to consummate the purchase and sale of the Shares. Buyer shall indemnify the Seller Indemnified Parties against any Losses incurred by such Seller Indemnified Parties by virtue of the failure to make and/or obtain any such filings
or consents. Recognizing that the failure to make and/or obtain any filings or consents may cause Seller to incur Losses or otherwise adversely affect Seller, Buyer and Split-Off Subsidiary confirm that the provisions of this Section 10.6 will not
limit Seller’s right to treat such failure as the failure of a condition precedent to Seller’s obligation to close pursuant to Article VIII above. 

10.7 Insurance. Buyer acknowledges that on the Closing Date, effective as of the Closing, any insurance coverage and bonds
provided by Seller for Buyer or for Split-Off Subsidiary, and all certificates of insurance evidencing that Buyer or Split-Off Subsidiary maintain any required insurance by virtue of insurance provided by Seller, will terminate with respect to any
insured damages resulting from matters occurring subsequent to Closing. 
 10.8 Agreements Regarding Taxes. 

(a) Tax Sharing Agreements. Any tax sharing agreement between Seller and Split-Off Subsidiary is terminated as of the Closing Date
and will have no further effect for any taxable year (whether the current year, a future year or a past year). 
 (b) Returns for Periods
Through the Closing Date. Seller will include the income and loss of Split-Off Subsidiary (including any deferred income triggered into income by Reg. §1.1502-13 and any excess loss accounts taken into income under Reg. §1.1502-19) on
Seller’s consolidated federal income tax returns for all periods through the Closing Date and pay any federal income taxes attributable to such income. Seller and Split-Off Subsidiary agree to allocate income, gain, loss, deductions and credits
between the period up to Closing (the “Pre-Closing Period”) and the period after Closing (the “Post-Closing Period”) based on a closing of 

  
 11 

 
the books of Split-Off Subsidiary, and both Seller and Split-Off Subsidiary agree not to make an election under Reg. §1.1502-76(b)(2)(ii) to ratably allocate the year’s items of income,
gain, loss, deduction and credit. Seller, Split-Off Subsidiary and Buyer agree to report all transactions not in the ordinary course of business occurring on the Closing Date after Buyer’s purchase of the Shares on Split-Off Subsidiary’s
tax returns to the extent permitted by Reg. §1.1502-76(b)(1)(ii)(B). Buyer agrees to indemnify Seller for any additional tax owed by Seller (including tax owed by Seller due to this indemnification payment) resulting from any transaction
engaged in by Split-Off Subsidiary or Seller (not related to the Merger) during the Pre-Closing Period or on the Closing Date before Buyer’s purchase of the Shares. Split-Off Subsidiary will furnish tax information to Seller for inclusion in
Seller’s consolidated federal income tax return for the period which includes the Closing Date in accordance with Split-Off Subsidiary’s past custom and practice. 

(c) Audits. Seller will allow Split-Off Subsidiary and its counsel to participate at Split-Off Subsidiary’s expense in any audit
of Seller’s consolidated federal income tax returns to the extent that such audit raises issues that relate to and increase the tax liability of Split-Off Subsidiary. Seller shall have the absolute right, in its sole discretion, to engage
professionals and direct the representation of Seller in connection with any such audit and the resolution thereof, without receiving the consent of Buyer or Split-Off Subsidiary or any other party acting on behalf of Buyer or Split-Off Subsidiary,
provided that Seller will not settle any such audit in a manner which would materially adversely affect Split-Off Subsidiary after the Closing Date unless such settlement would be reasonable in the case of a person that owned Split-Off Subsidiary
both before and after the Closing Date. In the event that after Closing any tax authority informs Buyer or Split-Off Subsidiary of any notice of proposed audit, claim, assessment or other dispute concerning an amount of taxes which pertain to
Seller, or to Split-Off Subsidiary during the period prior to Closing, Buyer or Split-Off Subsidiary must promptly notify Seller of the same within 15 calendar days of the date of the notice from the tax authority. In the event Buyers or Split-Off
Subsidiary do not notify Seller within such 15 day period, Buyer and Split-Off Subsidiary, jointly and severally, will indemnify Seller for any incremental interest, penalty or other assessments resulting from the delay in giving notice. To the
extent of any conflict or inconsistency, the provisions of this Section 10.8 shall control over the provisions of Section 12.2 below. 
 (d)
Cooperation on Tax Matters. Buyer, Seller and Split-Off Subsidiary shall cooperate fully, as and to the extent reasonably requested by any party, in connection with the filing of tax returns pursuant to this Section and any audit, litigation
or other proceeding with respect to taxes. Such cooperation shall include the retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such audit, litigation or other
proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. Split-Off Subsidiary shall (i) retain all books and records with respect to tax matters
pertinent to Split-Off Subsidiary and Seller relating to any taxable period beginning before the Closing Date until the expiration of the statute of limitations (and, to the extent notified by Seller, any extensions thereof) of the respective
taxable periods, and abide by all record retention agreements entered into with any taxing authority, and (ii) give Seller reasonable written notice prior to transferring, destroying or discarding any such books and records and, if Seller so
requests, Buyer agrees to cause Split-Off Subsidiary to allow Seller to take possession of such books and records. 

  
 12 

 10.9 ERISA. Effective as of the Closing Date, Split-Off Subsidiary shall
terminate its participation in, and withdraw from, any employee benefit plans sponsored by Seller, and Seller and Buyer shall cooperate fully in such termination and withdrawal. Without limitation, Split-Off Subsidiary shall be solely responsible
for (i) all liabilities under those employee benefit plans notwithstanding any status as an employee benefit plan sponsored by Seller, and (ii) all liabilities for the payment of vacation pay, severance benefits, and similar obligations, including,
without limitation, amounts which are accrued but unpaid as of the Closing Date with respect thereto. Buyer and Split-Off Subsidiary acknowledge and agree that Split-Off Subsidiary is solely responsible for providing continuation health coverage, as
required under the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”), to each person, if any, participating in an employee benefit plan subject to COBRA with respect to such employee benefit plan as of the
Closing Date, including, without limitation, any person whose employment with Split-Off Subsidiary is terminated after the Closing Date. 
 XI.
TERMINATION. This Agreement may be terminated at, or at any time prior to, the Closing by mutual written consent of Seller, Buyer and PrivateCo. 

If this Agreement is terminated as provided herein, it shall become wholly void and of no further force and effect and there shall be no
further liability or obligation on the part of any party except to pay such expenses as are required of such party. 
 XII. INDEMNIFICATION.

 12.1 Indemnification by Buyer and Split-Off Subsidiary. Buyer and Split-Off Subsidiary, jointly and
severally, covenant and agree to indemnify, defend, protect and hold harmless Seller and PrivateCo, and their respective officers, directors, employees, stockholders, agents, representatives and Affiliates (collectively, the “Seller
Indemnified Parties”) at all times from and after the date of this Agreement from and against all losses, liabilities, damages, claims, actions, suits, proceedings, demands, assessments, adjustments, costs and expenses (including
specifically, but without limitation, reasonable attorneys’ fees and expenses of investigation), whether or not involving a third party claim and regardless of any negligence of any Seller Indemnified Party (collectively,
“Losses”), incurred by any Seller Indemnified Party as a result of or arising from (i) any breach of the representations and warranties of Buyer set forth herein or in certificates delivered in connection herewith, (ii) any breach
or nonfulfillment of any covenant or agreement (including any other agreement of Buyer to indemnify set forth in this Agreement) on the part of Buyer under this Agreement, (iii) any Assigned Asset or Assigned Liability or any other debt, liability
or obligation of Split-Off Subsidiary or Buyer, (iv) the conduct and operations, (A) prior to Closing, of the business of Seller unrelated to the assets that are the subject of the Merger, (B) whether before or after Closing, of (X) the business of
Seller pertaining to the Assigned Assets and Assigned Liabilities or (Y) the business of Split-Off Subsidiary, (v) claims asserted (including claims for payment of taxes), whether before or after Closing, (A) against Split-Off Subsidiary or Buyer or
(B) pertaining to the Assigned Assets and Assigned Liabilities or to the business of Seller prior to the Closing, or (vi) any federal or state income tax payable by Seller or PrivateCo and attributable to the transactions contemplated by this
Agreement, the business of Seller, or to the Buyer prior to the Closing. For the purposes of this Agreement, an “Affiliate” is a person or entity that directly, or indirectly through one or more intermediaries, controls or is
controlled by, or is under common control with, another specified person or entity. 

  
 13 

 12.2 Third Party Claims. 

(a) Defense. If any claim or liability (a “Third-Party Claim”) should be asserted against any of the Seller
Indemnified Parties (the “Indemnitees”) by a third party after the Closing for which Buyer has an indemnification obligation under the terms of Section 12.1, then the Indemnitee shall notify Buyer (collectively, the
“Indemnitor”) within 20 days after the Third-Party Claim is asserted by a third party (said notification being referred to as a “Claim Notice”) and give the Indemnitor a reasonable opportunity to take part in any
examination of the books and records of the Indemnitee relating to such Third-Party Claim and to assume the defense of such Third-Party Claim and, in connection therewith, to conduct any proceedings or negotiations relating thereto and necessary or
appropriate to defend the Indemnitee and/or settle the Third-Party Claim. The expenses (including reasonable attorneys’ fees) of all negotiations, proceedings, contests, lawsuits or settlements with respect to any Third-Party Claim shall be
borne by the Indemnitor. If the Indemnitor agrees to assume the defense of any Third-Party Claim in writing within 20 days after the Claim Notice of such Third-Party Claim has been delivered, through counsel reasonably satisfactory to Indemnitee,
then the Indemnitor shall be entitled to control the conduct of such defense, and any decision to settle such Third-Party Claim, and shall be responsible for any expenses of the Indemnitee in connection with the defense of such Third-Party Claim so
long as the Indemnitor continues such defense until the final resolution of such Third-Party Claim. The Indemnitor shall be responsible for paying all settlements made or judgments entered with respect to any Third-Party Claim the defense of which
has been assumed by the Indemnitor. Except as provided in subsection (b) below, both the Indemnitor and the Indemnitee must approve any settlement of a Third-Party Claim. A failure by the Indemnitee to timely give the Claim Notice shall not excuse
Indemnitor from any indemnification liability except only to the extent that the Indemnitor is materially and adversely prejudiced by such failure. 

(b) Failure to Defend. If the Indemnitor shall not agree to assume the defense of any Third-Party Claim in writing within 20 days
after the Claim Notice of such Third-Party Claim has been delivered, or shall fail to continue such defense until the final resolution of such Third-Party Claim, then the Indemnitee may defend against such Third-Party Claim in such manner as it may
deem appropriate and the Indemnitee may settle such Third-Party Claim, in its sole discretion, on such terms as it may deem appropriate; provided however, that the Indemnitor shall, in the Indemnitee’s sole discretion, (i) promptly reimburse
the Indemnitee for the amount of all settlement payments and expenses, legal and otherwise, incurred by the Indemnitee in connection with the defense or settlement of such Third-Party Claim, or (ii) pay, in advance of any settlement or proceedings
and in installments as reasonably agreed to by the parties, such sums and expenses reasonably expected to be incurred in connection with the defense of the Third-Party Claim and any settlement thereof. If no settlement of such Third-Party Claim is
made, then the Indemnitor shall satisfy any judgment rendered with respect to such Third-Party Claim before the Indemnitee is required to do so, and pay all expenses, legal or otherwise, incurred by the Indemnitee in the defense against such
Third-Party Claim. 

  
 14 

 12.3 Non-Third-Party Claims. Upon discovery of any claim for which Buyer has
an indemnification obligation under the terms of Section 12.1 which does not involve a claim by a third party against the Indemnitee, the Indemnitee shall give prompt notice to Buyer of such claim and, in any case, shall give Buyer such notice
within 30 days of such discovery. A failure by Indemnitee to timely give the foregoing notice to Buyer shall not excuse Buyer from any indemnification liability except to the extent that Buyer is materially and adversely prejudiced by such failure.

 12.4 Survival. Except as otherwise provided in this Section 12.4, all representations and warranties made by Buyer,
Split-Off Subsidiary and Seller in connection with this Agreement shall survive the Closing. Anything in this Agreement to the contrary notwithstanding, the liability of all Indemnitors under this Article XII shall terminate on the third (3rd)
anniversary of the Closing Date, except with respect to (a) liability for any item as to which, prior to the third (3rd) anniversary of the Closing Date, any Indemnitee shall have asserted a Claim in writing, which Claim shall identify its basis
with reasonable specificity, in which case the liability for such Claim shall continue until it shall have been finally settled, decided or adjudicated, (b) liability of any party for Losses for which such party has an indemnification obligation,
incurred as a result of such party’s breach of any covenant or agreement to be performed by such party after the Closing, (c) liability of Buyer for Losses incurred by a Seller Indemnified Party due to breaches of its representations and
warranties in Article IV of this Agreement, and (d) liability of Buyer for Losses arising out of Third-Party Claims for which Buyer has an indemnification obligation, which liability shall survive until the statute of limitation applicable to any
third party’s right to assert a Third-Party Claim bars assertion of such claim. 
 XIII. MISCELLANEOUS. 

13.1 Definitions. Capitalized terms used herein without definition have the meanings ascribed to them in the Merger
Agreement. 
 13.2 Notices. All notices and communications required or permitted hereunder shall be in writing and deemed
given when received by means of the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, or personal delivery, or overnight courier, as follows: 

 

	 	(a)	If to Seller, addressed to: 

 Valeritas Holdings, Inc 

750 Route 202 South, Suite 600 

Bridgewater, New Jersey 08807 

Main: 908-927-9920

Attn: John Timberlake, CEO 

With a copy to (which shall not constitute notice hereunder): 

Morgan, Lewis & Bockius LLP 

502 Carnegie Center 
 Princeton,
New Jersey 08540-6241 
 Main: 609-919-6600 

Attn: Emilio Ragosa 

  
 15 

	 	(b)	If to Buyer or Split-Off Subsidiary, addressed to: 

 Leisa Swanson 

1370 Sawleaf Ct. 
 San Luis
Obispo, CA 93401 
 or to such other address as any party hereto shall specify pursuant to this Section 13.2 from time to time. 

13.3 Exercise of Rights and Remedies. Except as otherwise provided herein, no delay of or omission in the exercise of any
right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or
default, or of any similar breach or default occurring later; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

13.4 Time. Time is of the essence with respect to this Agreement. 

13.5 Reformation and Severability. In case any provision of this Agreement shall be invalid, illegal or unenforceable, it
shall, to the extent possible, be modified in such manner as to be valid, legal and enforceable but so as to most nearly retain the intent of the parties, and if such modification is not possible, such provision shall be severed from this Agreement,
and in either case the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 

13.6 Further Acts and Assurances. From and after the Closing, Seller, Buyer and Split-Off Subsidiary agree that each will
act in a manner supporting compliance, including compliance by its Affiliates, with all of its obligations under this Agreement and, from time to time, shall, at the request of another party hereto, and without further consideration, cause the
execution and delivery of such other instruments of conveyance, transfer, assignment or assumption and take such other action or execute such other documents as such party may reasonably request in order more effectively to convey, transfer to and
vest in Buyer, and to put Split-Off Subsidiary in possession of, all Assigned Assets and Assigned Liabilities, and to convey, transfer to and vest in Seller and Buyer, and to them in possession of, the Purchase Price Securities and the Shares
(respectively), and, in the case of any contracts and rights that cannot be effectively transferred without the consent or approval of another person that is unobtainable, to use its best reasonable efforts to ensure that Split-Off Subsidiary
receives the benefits thereof to the maximum extent permissible in accordance with applicable law or other applicable restrictions, and shall perform such other acts which may be reasonably necessary to effectuate the purposes of this Agreement.

 13.7 Entire Agreement; Amendments. This Agreement contains the entire understanding of the parties relating to the
subject matter contained herein. This Agreement cannot be amended or changed except through a written instrument signed by all of the parties hereto and by PrivateCo. No provisions of this Agreement or any rights hereunder may be waived by any party
without the prior written consent of PrivateCo. 

  
 16 

 13.8 Assignment. No party may assign his, her or its rights or obligations
hereunder, in whole or in part, without the prior written consent of the other parties. 
 13.9 Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts or choice of laws thereof. 

13.10 Counterparts. This Agreement may be executed in one or more counterparts, with the same effect as if all parties had
signed the same document. Each such counterpart shall be an original, but all such counterparts taken together shall constitute a single agreement. In the event that any signature is delivered by facsimile transmission, such signature shall create a
valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature page was an original thereof. 

13.11 Section Headings and Gender. The section headings used herein are inserted for reference purposes only and shall not
in any way affect the meaning or interpretation of this Agreement. All personal pronouns used in this Agreement shall include the other genders, whether used in the masculine, feminine or neuter and the singular shall include the plural, and vice
versa, whenever and as often as may be appropriate. 
 13.12 Third-Party Beneficiary. Each of Seller, Buyer and Split-Off
Subsidiary acknowledges and agrees that this Agreement is entered into for the express benefit of PrivateCo, and that PrivateCo is relying hereon and on the consummation of the transactions contemplated by this Agreement in entering into and
performing its obligations under the Merger Agreement, and that PrivateCo shall be in all respects entitled to the benefit hereof and to enforce this Agreement as a result of any breach hereof. 

13.13 Specific Performance; Remedies. Each of the parties to this Agreement acknowledges and agrees that, if any provision
of this Agreement is not performed in accordance with its specific terms or is otherwise breached, irreparable damages would be incurred by the other parties to this Agreement and by PrivateCo. Accordingly, the parties to this Agreement agree
that any party or PrivateCo will be entitled to seek an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and its terms and provisions in any action instituted in any court
of the United States or any state thereof having jurisdiction over the parties and the matter, subject to Section 13.9, in addition to any other remedy to which they may be entitled, at law or in equity. Except as expressly provided herein, the
rights, obligations and remedies created by this Agreement are cumulative and are in addition to any other rights, obligations or remedies otherwise available at law or in equity, and nothing herein will be considered an election of remedies. 

13.14 Submission to Jurisdiction; Process Agent; No Jury Trial. 

(a) Each party to the Agreement hereby submits to the jurisdiction of any state or federal court sitting in the Borough of Manhattan, City and
State of New York, in any action arising out of or relating to this Agreement, and agrees that all claims in respect of the action 

  
 17 

 
may be heard and determined in any such court. Each party to the Agreement also agrees not to bring any action arising out of or relating to this Agreement in any other court. Each party to the
Agreement agrees that a final judgment in any action so brought will be conclusive and may be enforced by action on the judgment or in any other manner provided at law or in equity. Each party to the Agreement waives any defense of inconvenient
forum to the maintenance of any action so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. 

(b) EACH PARTY TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR
ANY OTHER AGREEMENTS RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY. The scope of this waiver is intended to be all encompassing of any and all actions that may be filed
in any court and that relate to the subject matter of the transactions, including contract claims, tort claims, breach of duty claims and all other common law and statutory claims. Each party to the Agreement hereby acknowledges that this waiver is
a material inducement to enter into a business relationship and that they will continue to rely on the waiver in their related future dealings. Each party to the Agreement further represents and warrants that it has reviewed this waiver with its
legal counsel, and that each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR
IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. In the event of commencement of any action, this Agreement may be filed as a
written consent to trial by a court. 
 13.15 Construction. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party because of the authorship of any provision of this Agreement. Any reference to any federal, state, local or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context
requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty or covenant contained herein in any respect, the fact that there
exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which that party has not breached will not detract from or mitigate the fact that such party is in breach of
the first representation, warranty or covenant. 
 [Signature page follows this page.] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Split-Off Agreement as of the day
and year first above written. 
  

			
	SELLER:
	
	Valeritas Holdings, Inc. (formerly known as Cleaner Yoga Mat, Inc.)
		
	By:	 	 /s/ Leisa Swanson

	Name:	 	Leisa Swanson
	Title:	 	President
	
	SPLIT OFF SUBSIDIARY:
	
	CYGM OPERATING CORP.
		
	By:	 	 /s/ Leisa Swanson

	Name:	 	Leisa Swanson
	Title:	 	President
	
	BUYER:
	
	LEISA SWANSON
	
	 /s/ Leisa Swanson

 [Signature Page to the Split-Off Agreement] 

 EXHIBIT A 

Liabilities 

 EXHIBIT B 

Capital Stock of Split-Off Subsidiary 
  

							
	 Buyer
	  	Purchase Price
Security	  	Number of Shares	  	Certificate No(s).
		  	Common Stock	  		  	
				
	 Split-Off Subsidiary
	  	Shares	  	Number of Shares	  	Certificate No(s).
		  	Common Stock

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