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Document

Exhibit 4.17

DESCRIPTION OF REGISTRANT’S SECURITIES 
As of the date of the Annual Report on Form 10-K of which this Exhibit is a part, Synchrony Financial, a Delaware corporation, had two classes of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended: Common Stock, par value $0.001 per share (the “common stock”) and depositary shares, each representing a 1/40th interest in a share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “depositary shares”).  The following summary provides a brief description of our common stock and depositary shares, as well as certain additional information. 
This description does not purport to be complete and is qualified in its entirety by reference to the full text of our amended and restated certificate of incorporation (our “certificate of incorporation”), amended and restated bylaws (our “bylaws”) and deposit agreement (as defined below). You should read the full text of our certificate of incorporation, bylaws and deposit agreement, as well as the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”). 
References in this exhibit to “we,” “us” and “our” refer to SYNCHRONY FINANCIAL and not to any of its subsidiaries. 
General 
Under our certificate of incorporation, we have authority to issue (i) 4,000,000,000 shares of common stock, par value $0.001 per share, and (ii) 300,000,000 shares of preferred stock, par value $0.001 per share. 
Description of Common Stock
Voting Rights 
Holders of common stock are entitled to one vote per share with respect to each matter presented to our stockholders on which the holders of common stock are entitled to vote. Holders of common stock do not have cumulative voting rights in the election of directors. 
Dividend Rights 
Subject to the prior rights of holders of preferred stock, if any, holders of common stock are entitled to receive, on a pro rata basis, such dividends and distributions, if any, as may be lawfully declared from time to time by our board of directors. Declaration and payment of dividends are subject to the discretion of our board of directors. 
Other Rights 
Upon any liquidation, dissolution or winding up of us, whether voluntary or involuntary, holders of common stock will be entitled to receive such assets as are available for distribution to stockholders after there shall have been paid or set apart for payment of the full amounts necessary to satisfy any preferential or participating rights to which the holders of any outstanding series of preferred stock are entitled by the express terms of such series. 
Preferred Stock 
Our board of directors has the authority, without stockholder approval, to issue preferred stock in one or more series and to fix the preferences, limitations and rights of the shares of each series, including: 
 
												
		•		the designation of the series;
		•		the number of shares constituting the series;
		•		dividend rights;
		•		conversion or exchange rights; and
		•		the terms of redemption and liquidation preferences.

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Exhibit 4.17

Anti-Takeover Effects of Provisions of the DGCL, Federal Reserve Board Regulations and Our Certificate of Incorporation and Bylaws 
The DGCL, Federal Reserve Board regulations and our certificate of incorporation and bylaws contain provisions that may delay, deter, prevent or render more difficult a takeover attempt that our stockholders might consider to be in their best interests. Even in the absence of a takeover attempt, these provisions may also adversely affect the prevailing market price for our common stock if they are viewed as limiting the liquidity of our common stock or discouraging takeover attempts in the future. 
Federal Reserve Board Requirements 
Under Federal Reserve Board regulations, takeover attempts, business combinations and certain acquisitions of our common stock may require the prior approval of or notice to the Federal Reserve Board. If an entity seeks to acquire, either acting alone or in concert with others, 25% or more of any class of our voting stock, acquire control of the election or appointment of a majority of the directors on our board of directors, or exercise a controlling influence over our management or policies, it would be required to obtain the prior approval of the Federal Reserve Board. An existing bank holding company generally would need to obtain the Federal Reserve Board’s approval before acquiring 5% or more of any class of our voting stock. In addition, under other Federal Reserve Board regulations, if any individual or entity seeks to acquire, either acting alone or in concert with others, 25% or more of any class of our voting stock, the individual or entity generally is required to provide 60 days’ prior notice to the Federal Reserve Board. An individual or entity is presumed to control us, and therefore generally required to provide 60 days’ prior notice to the Federal Reserve Board, if the individual or entity acquires 10% or more of any class of our voting stock, although the individual or entity may seek to rebut the presumption of control based on the facts. 
Authorized but Unissued Common and Preferred Stock 
The existence of authorized and unissued common and preferred stock may enable our board of directors to issue shares to persons friendly to current management, which could render more difficult or discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, and could thereby protect the continuity of our management and possibly deprive stockholders of opportunities to sell common stock they own at prices higher than prevailing market prices. 
Stockholder Action 
Our certificate of incorporation provides that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders; provided, however, that any action required or permitted to be taken by the holders of any series of preferred stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable preferred stock designation. 
Our certificate of incorporation also provides that, except as required by law and subject to the rights of any holders of preferred stock, special meetings of our stockholders for any purpose or purposes may be called only (i) by or at the direction of our board of directors, any committee of our board of directors, our Chairman of the board of directors or our Chief Executive Officer or (ii) by our corporate secretary upon the written request of holders of a majority of our issued and outstanding common stock. No business other than that stated in the notice will be transacted at any special meeting. These provisions may have the effect of delaying consideration of a stockholder proposal until the next annual meeting. 
Advance Notice Requirements for Nominations of Directors or Other Stockholder Proposals; Proxy Access     
Our bylaws require stockholders seeking to nominate persons for election as directors at an annual or special meeting of stockholders, or to bring other business before an annual or special meeting (other than a matter brought under Rule 14a-8 under the Exchange Act), to provide timely notice in writing. To be timely, a stockholder’s notice generally must be delivered to our corporate secretary, in the case of an annual meeting, not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, prior to the anniversary date of the immediately preceding annual meeting of stockholders. However, if the annual meeting is called for a date that is more than 30 days before or more than 70 days after that anniversary date, or in the case of a special meeting, to be timely, a stockholder’s notice must be received by our corporate secretary not earlier than the close of business on the 120th day prior to such meeting and not later than the close of business on the later of the 90th day prior to such meeting or the tenth day following the day on which public announcement is first made by us of the date of such meeting. 
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Exhibit 4.17

A stockholder’s notice to our corporate secretary must be in proper written form and must set forth information related to the stockholder giving the notice and the beneficial owner (if any) on whose behalf the nomination is made, including: 

 
												
		•		the name and record address of the stockholder and the beneficial owner;

 
												
		•		information as to the ownership by the stockholder and the beneficial owner of our capital stock, derivative instruments, short positions and related information;

 
												
		•		a representation that the stockholder is a holder of record of our stock entitled to vote at that meeting and that the stockholder intends to appear in person or by proxy at the meeting to propose such nomination or business; and

 
												
		•		a representation whether the stockholder or the beneficial owner intends or is part of a group which intends to deliver a proxy statement or form of proxy to holders of at least the percentage of our outstanding capital stock required to elect the nominee, or otherwise to solicit proxies from stockholders in support of such nomination or proposal.

As to each person whom the stockholder proposes to nominate for election as a director, the notice shall include, among other information, the following: 
 
												
		•		all information relating to the person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election contest, or otherwise required, pursuant to the Exchange Act;

 
												
		•		the person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected;

 
												
		•		a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made;

 
												
		•		the person’s written representation and agreement that: (i) except as has been disclosed to us, such person is not and will not become a party to any voting commitment or compensation, reimbursement or indemnification arrangement in connection with service as a director and (ii) such person would, if elected as a director, comply with all of our corporate governance, ethics, conflict of interest, confidentiality and stock ownership and trading policies and guidelines applicable generally to our directors; and

 
												
		•		such other information as required under our bylaws.

As to any other business that the stockholder proposes to bring before the meeting, the notice shall include, among other information, the following: 
 
												
		•		a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the complete text of any resolutions or bylaw amendment proposed for consideration), the reasons for conducting the business at the meeting and any material interest in such business of such stockholder and beneficial owner on whose behalf the proposal is made; and

 
												
		•		a description of all agreements, arrangements and understandings between the stockholder and beneficial owner and any other person or persons acting in concert with them in connection with the proposal.

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Exhibit 4.17

Our bylaws also have proxy access procedures for stockholders to make nominations of candidates for election for directors at our annual meeting of stockholders. 
Delaware Business Combination Statute 
Our certificate of incorporation does not exempt us from the application of Section 203 of the DGCL. 
Section 203 of the DGCL provides that, subject to exceptions set forth therein, an interested stockholder of a Delaware corporation shall not engage in any business combination, including mergers or consolidations or acquisitions of additional shares of the corporation from the corporation, with the corporation for a three-year period following the time that such stockholder became an interested stockholder unless: 
 
												
		•		prior to such time, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

 
												
		•		upon consummation of the transaction which resulted in the stockholder becoming an “interested stockholder,” the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily excluded shares; or

 
												
		•		at or subsequent to such time, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

Except as otherwise set forth in Section 203 of the DGCL, an interested stockholder is defined to include: 
 
												
		•		any person that is the owner of 15% or more of the outstanding voting stock of the corporation, or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within three years immediately prior to the date of determination; and

 
												
		•		the affiliates and associates of any such person.

Description of Depositary Shares
The following description summarizes specific terms and provisions of the depositary shares relating to our Series A Preferred Stock. 
General 
Our depositary shares represent proportional fractional interests in shares of our Series A Preferred Stock. Each depositary share represents a 1/40th interest in a share of the Series A Preferred Stock, and are evidenced by depositary receipts (the “depositary shares”). We will deposit the underlying shares of the Series A Preferred Stock with a depositary pursuant to a deposit agreement among us, Computershare Trust Company, N.A., and Computershare Inc. collectively acting as depositary (the “depositary”) and the holders from time to time of the depositary receipts evidencing the depositary shares (the “deposit agreement”). Subject to the terms of the deposit agreement, each holder of a depositary share is entitled, through the depositary, in proportion to the applicable fraction of a share of Series A Preferred Stock represented by such depositary share, to all the rights and preferences of the Series A Preferred Stock represented thereby (including dividend, voting, redemption and liquidation rights). The depositary’s principal executive office is located at 150 Royall Street, Canton, Massachusetts 02021.
Series A Preferred Stock 
Shares of the Series A Preferred Stock: (i) ranks senior to our common stock; (ii)  ranks junior to any of our existing and future indebtedness and (iii) at least equally with each other series of preferred stock we may issue if provided for in the certificate of designations relating to such preferred stock or otherwise (except for any senior stock that may be issued with the requisite consent of the holders of the Series A Preferred Stock and all other parity stock, if any), with respect to the payment of dividends and distributions of assets upon liquidation, dissolution or winding up. 
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Exhibit 4.17

The Series A Preferred Stock will not be convertible into, or exchangeable for, shares of any other class or series of stock or other securities of Synchrony. The Series A Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of Synchrony Financial to redeem or repurchase the Series A Preferred Stock.
Shares of the Series A Preferred Stock, upon issuance against full payment of the purchase price for the depositary shares, will be fully paid and nonassessable. The depositary will be the sole holder of shares of the Series A Preferred Stock. The holders of depositary shares will be required to exercise their proportional rights in the Series A Preferred Stock through the depositary, as described below.
Dividends and Other Distributions 

    Each dividend payable on a depositary share will be in an amount equal to 1/40th of the dividend declared and payable on the related share of the Series A Preferred Stock. 
    The depositary will distribute any cash dividends or other cash distributions received in respect of the deposited Series A Preferred Stock to the record holders of depositary shares relating to the underlying Series A Preferred Stock in proportion to the number of depositary shares held by the holders. If we make a distribution other than in cash, the depositary will distribute any property received by it to the record holders of depositary shares entitled to those distributions, unless it determines that the distribution cannot be made proportionally among those holders or that it is not feasible to make a distribution. In that event, the depositary may, with our approval, sell the property and distribute the net proceeds from the sale to the holders of the depositary shares. 
    Record dates for the payment of dividends and other matters relating to the depositary shares will be the same as the corresponding record dates for the Series A Preferred Stock. 
    The amounts distributed to holders of depositary shares will be reduced by any amounts required to be withheld by the depositary or by us on account of taxes or other governmental charges. The depositary may refuse to make any payment or distribution, or any transfer, exchange, or withdrawal of any depositary shares or the shares of the Series A Preferred Stock until such taxes or other governmental charges are paid. 
Redemption of Depositary Shares 

    If we redeem the Series A Preferred Stock represented by the depositary shares, the depositary shares will be redeemed from the proceeds received by the depositary resulting from the redemption of the Series A Preferred Stock held by the depositary. The redemption price per depositary share is expected to be equal to 1/40th of the redemption price per share payable with respect to the Series A Preferred Stock (or $25 per depositary share), plus any declared and unpaid dividends. 
    Whenever we redeem shares of Series A Preferred Stock held by the depositary, the depositary will redeem, as of the same redemption date, the number of depositary shares representing shares of Series A Preferred Stock so redeemed. If fewer than all of the outstanding depositary shares are redeemed, the depositary will select the depositary shares to be redeemed pro rata or by lot or in such other manner determined by us to be fair and equitable. The depositary will send notice of redemption to record holders of the depositary receipts not less than 30 and not more than 60 days prior to the date fixed for redemption of the Series A Preferred Stock and the related depositary shares. 
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Exhibit 4.17

Restrictions upon the Right to Deposit or Withdrawal of Series A Preferred Stock

    The deposit of the Series A Preferred Stock may be refused, the delivery of receipts against Series A Preferred Stock may be suspended, the registration of transfer of receipts may be refused and the registration of transfer, surrender or exchange of outstanding receipts may be suspended (i) during any period when the register of stockholders of Synchrony Financial is closed or (ii) if any such action is deemed necessary or advisable by the depositary, any of the depositary’s agents or Synchrony Financial at any time or from time to time because of any requirement of law or of any government or governmental body or commission or under any provision of the deposit agreement.
    Upon surrender of a receipt or receipts at the depositary’s office or at such other offices as it may designate for the purpose of effecting a split-up or combination of such receipt or receipts, and subject to the terms and conditions of this deposit agreement, the depositary shall execute a new receipt or receipts in the authorized denomination or denominations requested, evidencing the aggregate number of depositary shares evidenced by the receipt or receipts surrendered, and shall deliver such new receipt or receipts to or upon the order of the holder of the receipt or receipts so surrendered. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number of depositary shares representing the number of whole shares of the Series A Preferred Stock to be withdrawn, the depositary will deliver to the holder at the same time a new depositary receipt evidencing such excess number of depositary shares.
    In no event will fractional shares of Series A Preferred Stock (or any cash payment in lieu thereof) be delivered by the depositary. Delivery of the Series A Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the depositary may deem appropriate
Voting the Series A Preferred Stock 

    Because each depositary share represents a 1/40th interest in a share of the Series A Preferred Stock, holders of depositary receipts will be entitled to 1/40th of a vote per depositary share under those limited circumstances in which holders of the Series A Preferred Stock are entitled to a vote. 
    When the depositary receives notice of any meeting at which the holders of the Series A Preferred Stock are entitled to vote, the depositary will send the information contained in the notice to the record holders of the depositary shares relating to the Series A Preferred Stock. Each record holder of the depositary shares on the record date, which will be the same date as the record date for the Series A Preferred Stock, may instruct the depositary to vote the amount of the Series A Preferred Stock represented by the holder’s depositary shares. To the extent possible, the depositary will vote the amount of the Series A Preferred Stock represented by depositary shares in accordance with the instructions it receives. We will agree to take all reasonable actions that the depositary determines are necessary to enable the depositary to vote as instructed. If the depositary does not receive specific instructions from the holders of any depositary shares representing the Series A Preferred Stock, it will not vote the amount of the Series A Preferred Stock represented by such depositary shares. 
Amendment and Termination of Depositary Agreement 

    We and the depositary at any time may amend the form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement. However, any amendment which materially and adversely alters the rights of the holders of depositary shares will not be effective unless such amendment has been approved by the holders of at least a two-thirds majority of the depositary shares then outstanding. We or the depositary may terminate the deposit agreement only if all outstanding depositary shares have been redeemed, there has been a final distribution in respect of the preferred stock in connection with any liquidation, dissolution or winding up of Synchrony Financial and such distribution has been distributed to the holders of depositary receipts, or upon the consent of the holders of receipts representing not less than two-thirds of the depositary shares outstanding.
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Exhibit 4.17

Charges of Depositary

    We will pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the depositary in connection with the initial deposit of the preferred stock and any redemption of the preferred stock. Holders of depositary receipts will pay other transfer and other taxes and governmental charges and such other charges as are expressly provided in the deposit agreement to be for their accounts.
Rights of Holders of Receipts to Inspect the Transfer Books of the Depositary
The depositary will keep a receipt register at the depositary’s office for the registration of depositary receipts and transfers of depositary receipts during business hours at the office of the depositary’s agents for inspection by the holders. 
Miscellaneous
The depositary shall furnish to holders of receipts any reports and communications received from the us which is received by the depositary and which Synchrony Financial is required to furnish to the holders of the Series A Preferred Stock.
Under the terms of the deposit agreement, the depositary will treat the persons in whose names the depositary shares, including the depositary receipts, are registered as the owners of such securities for the purpose of receiving payments and for all other purposes. Consequently, neither we, nor any depositary, nor any agent of us or any such depositary will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in the depositary receipts, for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Neither the depositary nor any depositary’s agent, nor any registrar, transfer Agent, redemption agent or dividend disbursing agent nor Synchrony Financial shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series A Preferred Stock for deposit, any Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The depositary, any depositary’s agent, registrar, transfer agent, redemption agent or dividend disbursing agent and Synchrony Financial may each rely and shall each be protected in acting upon or omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

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Exhibit 10.127

SEPARATION AGREEMENT AND RELEASE

This AGREEMENT made as of December 9, 2020 by and between Neeraj Mehta
(“Employee”, “You” or “Your”) and Synchrony Bank (together with its affiliates, “Synchrony“).
In consideration of the promises and conditions set forth below, and intending to be legally bound, you and Synchrony agree as follows:

1. Employee’s Departure Date: You acknowledge that your employment with Synchrony is terminated effective March 1, 2021 (the “Departure Date”).

2.Separation Benefits: If you sign and do not revoke this Agreement and the Supplemental Release (in the form of Exhibit #1 to this Agreement), as well as comply with their terms, Synchrony will provide you separation benefits pursuant to applicable employee benefit plans, programs and practices as administered for similarly situated employees who agree to Synchrony’s standard form of waiver and release. These benefits include a severance payment of Nine Hundred Eighty Thousand Dollars ($980,000.00) pursuant to the SYNCHRONY FINANCIAL EXECUTIVE SEVERANCE PLAN as amended, continued vesting of outstanding equity pursuant to the SYNCHRONY FINANCIAL 2014 LONG-TERM INCENTIVE PLAN and associated award agreements, and prorated SYNCHRONY FINANCIAL ANNUAL INCENTIVE PLAN bonus for 2021 of One Hundred Twenty Thousand, Eight Hundred Twenty One Dollars and Ninety One Cents ($120,821.91).

3.Consideration: You acknowledge that these separation benefits include compensation and/or benefits in addition to what you would otherwise be entitled to receive. The separation benefits will not become due until on or after the Effective Date (as defined in Paragraph 7, below).

4.No Additional Payments or Benefits: You acknowledge and agree that the above benefits are inclusive of any absence-related, severance or incentive pay that you are or may be entitled to. You further acknowledge and agree that you are not eligible for and/or will not be receiving any other payments of any kind, except any vested benefits to which you are otherwise entitled.

5.Waiver and Release:

(a)In exchange for the separation benefits promised to you in this Agreement, and as a material inducement for that promise, you hereby waive, release, and forever discharge Synchrony and/or related persons from any and all claims, rights and liabilities of every kind, whether or not you now know them to exist, which you ever had or may have arising out of your employment with Synchrony or termination of that employment. This waiver and release includes, but is not limited to, any claim for unlawful discrimination under Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. § 1981, the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); claims under the Worker Adjustment and Retraining Notification Act (“WARN”), the Equal Pay Act, as amended, the Employee Retirement Income Security Act, as

amended (with respect to unvested benefits), the Sarbanes-Oxley Act of 2002, as amended, and the Family and Medical Leave Act of 1993, as amended, and any violation of any other federal, state or local constitution, statute, rule, regulation or ordinance, or for breach of contract, wrongful discharge, tort or other civil wrong.

(b)To the fullest extent permitted by law, you also promise not to sue or bring any claims or lawsuits related to the claims you are waiving by this Agreement against Synchrony and/or related persons in the future, individually or as a member of a class, and you will immediately withdraw with prejudice any such claims or lawsuits that you began before signing this Agreement.

(c)If you violate this Agreement by bringing or maintaining any claims or lawsuits contrary to this Paragraph, you will pay all costs and expenses of Synchrony and/or related persons in defending against such claims or lawsuits brought by you including reasonable attorney’s fees, and will be required to give back, at Synchrony’s sole discretion, the value of anything paid by Synchrony in exchange for this Agreement, except to the extent that paying such fees, costs and expenses is prohibited by law or would result in the invalidation of the foregoing release.

(d)Nothing herein modifies or affects (i) your right to enforce the terms of this Agreement; (ii) your right to file a charge with, or participate in an investigation or proceeding conducted by, a Government Agency (though you do waive any and all rights to monetary or other personal relief from Synchrony as a result of any such process); (iii) your right to receive a monetary award from a Government Agency under its whistleblower program for reporting in good faith a possible violation of law to such Government Agency; (iv) any vested rights and benefits that you may have under any applicable Synchrony benefit or compensation plan; (v) any recovery to which you may be entitled pursuant to workers’ compensation and unemployment insurance laws; (vi) any rights that arise after the date you execute this Agreement; or (vii) any right where a waiver is expressly prohibited by law. For purposes of this Agreement, “Government Agency” means the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Financial Industry Regulatory Authority, the U.S. Securities and Exchange Commission, any other self-regulatory organization or any other federal state, or local governmental agency or commission. Additionally, you shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (a) in confidence to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, (b) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; or (c) in court proceedings if you file a lawsuit for retaliation by an employer for reporting a suspected violation of law, or to your attorney in such lawsuit, provided you must file any document containing the trade secret under seal, and you may not disclose the trade secret, except pursuant to court order. However, you are not authorized to make any disclosures as to which Synchrony may assert protection from disclosure under the attorney-client privilege or the attorney work product doctrine without Synchrony’s prior written consent.

(e)As referred to in this Agreement, “Synchrony and/or related persons” includes Synchrony, its corporate parents, subsidiaries, affiliates and divisions, their respective predecessors, successors and assigns, and all of their past, present and former directors, officers, representatives, shareholders, agents, employees, whether as individuals or in their

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official capacity, and any of their respective heirs and personal representatives, as well as all employee benefit programs (including the trustees, administrators, fiduciaries and insurers of such programs).

(f)This waiver, release, and promise not to sue is binding on you, your heirs, legal representatives and assigns.

(g)Synchrony’s obligations to you are contingent on your obligations under this Agreement. If you commit any material breach of this Agreement, including failure to sign the Supplemental Release as set forth below in subparagraph (g), Synchrony will have no further obligations under this Agreement, and you will be required to reimburse Synchrony for any and all compensation and benefits paid as consideration under the terms of this Agreement, except to the extent that such reimbursement is prohibited by law or would result in the invalidation of this waiver, release and promise not to sue. In the event such breach is established after arbitration in accordance with Synchrony’s ADR program, you shall indemnify and hold Synchrony harmless from any loss, claim or damages, including without limitation all reasonable attorneys’ fees, costs and expenses incurred in enforcing its rights under this Agreement.

(h)You agree that on or about the Departure Date, you will execute a Supplemental Release in the form of Exhibit #1 to this Agreement, covering the period from the Effective Date to the date the Supplemental Release is executed. You agree that all Synchrony covenants that relate to obligations beyond your Departure Date will be contingent on your execution of the Supplemental Release and that until you sign the Supplemental Release, Synchrony shall have no further obligations to you.

6.Employee Review Period: You have a period of up to 21 days to review and consider this Agreement. You are advised to consult with an attorney before you sign this Agreement.

7.Revocation; Effective Date: You have the right to revoke this Agreement within seven (7) days of signing it. Your notice of revocation must be in writing and addressed and delivered to the attention of General Counsel, Synchrony Financial, 777 Long Ridge Rd., Stamford, CT 06902, by hand-delivery, overnight delivery, or certified mail, return receipt requested, with a copy by email to jonathan.mothner@syf.com, on or before the end of the seven-day period. This Agreement will not be effective or enforceable against Synchrony until seven (7) days after you sign and do not revoke this Agreement. That will be the “Effective Date” of this Agreement. If you revoke this Agreement, it will not become effective, and you will not receive the separation benefits.

8.Disclosure/Resolution of Past and Present Claims: You represent and acknowledge that you are not aware of (or have already disclosed to Synchrony) any information in your possession or to which you have or had access relating to conduct by Synchrony and/or related persons that you have any reason to believe violates or may violate any domestic or foreign law or regulation, involves or may involve false claims to the United States, or violates or may violate Synchrony policy in any respect. To the extent you have disclosed any such information to Synchrony, all of the issues so identified have been resolved to your satisfaction, and you have no remaining concerns about any violative conduct or false claims.

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9.Outstanding Disputes: As of the Effective Date of this Agreement, you agree that this Agreement resolves any and all disputes and/or claims you have or could have with Synchrony, and you further represent that you have no outstanding claims, filings or disputes pending in any forum against or involving Synchrony regarding any aspect of your employment or the violation of any law, regulation or Synchrony Policy.

10.Employee Availability: You agree to make yourself reasonably available to Synchrony to respond to requests for information in any way pertaining to Synchrony that may be within your knowledge. You agree to cooperate with Synchrony, to the extent Synchrony deems necessary, in connection with any and all existing or future litigation or investigations brought by or against Synchrony and/or related parties, whether administrative, civil or criminal in nature. Synchrony will reimburse you for reasonable out-of-pocket expenses incurred as a result of such cooperation.

11.Synchrony Information and Property:

(a)You acknowledge and agree that during the course of your employment with Synchrony, you had access to and learned about confidential, secret and proprietary documents, materials, and other information, in tangible and intangible form, of and relating to Synchrony and its business (“Confidential Information”). Such Confidential Information may include, but is not limited to, customer information, technical information about Synchrony products, strategic business plans, price information, and/or personnel information. You further understand and acknowledge that this Confidential Information and Synchrony’s ability to reserve it for the exclusive knowledge and use of Synchrony is of great competitive importance and commercial value to Synchrony, and that improper use or disclosure of the Confidential Information by you might cause Synchrony to incur financial costs, loss of business advantage, liability under confidentiality agreements with third parties, civil damages, and criminal penalties. You agree that you will treat all Confidential Information as strictly confidential and never use, publish or otherwise disclose any Confidential Information to anyone.

(b)You also agree that on or before your Departure Date, you have returned or will have returned to Synchrony, and have not and will not afterward retain, any Synchrony property, including Confidential Information, which you may have in your possession, custody or control, no matter where located. Such property may include, but is not limited to, electronic and/or hard-copy records, files, drawings, documents, models, disks, drives, computers, and other equipment, along with company-issued credit cards or other items. You will not retain any portions or copies, in any form, of such property.

12.Previous Covenants: The Employee Innovation and Proprietary Information Agreement (EIPIA), any Non-Solicitation agreements (whether applicable to clients, customers or employees) and Non-Compete Agreements (if any), and Synchrony’s alternative dispute resolution program will each remain in effect in accordance with their respective terms. You represent that consistent with your obligations under the EIPIA and other Company policies you have not copied or transferred any Synchrony information to any external storage device, external personal email or other non-authorized storage location. Such Synchrony Information includes but is not limited to documents and data containing work product that was prepared for Synchrony by you or others during your employment.

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13.Confidentiality; Non-disparagement: You agree to keep the terms of this Agreement confidential. You will not at any time talk about, write about, discuss or otherwise publicize the terms or existence of this Agreement to anyone other than your legal, tax or other financial advisors or immediate family members, except in response to a subpoena, court directive or otherwise as required by law. If a person not a party to this Agreement requests or demands, by subpoena or otherwise, that you disclose or produce this Agreement or any terms or conditions hereof, you will, if legally permitted to do so, immediately notify Synchrony and give Synchrony an opportunity to respond to such notice. You agree not to take any action or make any decision in connection with such request or subpoena without first notifying Synchrony, absent any legal requirement to the contrary. Subject to any rights or obligations you may have under applicable law, you further agree that you will not disparage, denigrate or defame Synchrony and/or related persons, or any of their business products or services. The confidentiality, non-disparagement, cooperation obligations, and other provisions of this Agreement do not prohibit you from, without notice to or authorization of Synchrony, providing truthful information or documents to, filing a charge with or reporting possible violations of law or regulations to, or participating in investigations or proceedings conducted by a Government Agency.

14.No Other Assurances: You acknowledge that in deciding to sign this Agreement you have not relied on any promises, statements, representations or commitments, whether spoken or in writing, made to you by any Synchrony representative, except for what is expressly stated in this Agreement. This Agreement constitutes the entire understanding and agreement between you and Synchrony, whether spoken or written, relating to the matters described, and replaces and cancels all previous agreements and commitments of Synchrony to you.

15.Alternative Dispute Resolution: You agree to submit to Synchrony’s internal alternative dispute resolution process, “Resolution”, which includes final and binding arbitration, any claims not released by this Agreement and covered by the Resolution process, or any claims that arise after the date you sign this Agreement, to the maximum extent permitted by law. You understand this means you are giving up the right to a jury trial for any claims not released by this Agreement or that arise after the Effective Date, to the maximum extent permitted by law, and that all such claims submitted to arbitration pursuant to the Resolution process will be decided solely by an arbitrator. If you need another copy of the Resolution guidelines, you can access it online, if available, or ask your Human Resource Manager (or that person’s successor, if that person is no longer in the role) for a copy.

16.Governing Law: This Agreement will be construed, governed by and enforced in accordance with the laws of the State of New York, without regard to its conflicts of law principles.

17.Modification in Writing: No oral agreement, statement, promise, commitment or representation shall alter or terminate the provisions of this Agreement. This Agreement cannot be changed or modified except by written agreement signed by both you and an authorized Synchrony representative.

18.Severability: If any term, provision, covenant or restriction contained in this Agreement, or any part thereof, is held by a court of competent jurisdiction or any foreign, federal, state, county or local government or any other governmental regulatory or administrative agency or authority or arbitration panel to be invalid, void, unenforceable or

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against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect.

19.No Admission of Liability: This Agreement does not constitute an admission of any unlawful discriminatory acts or liability of any kind by Synchrony and/or related persons, or anyone acting under their supervision or on their behalf. This Agreement may not be used or introduced as evidence in any legal proceeding, except to enforce or challenge its terms.

20.Format:    You and Synchrony agree that a facsimile (“fax”), photographic, or
electronic copy of this Agreement shall be as valid as the original.

21.Employee Acknowledgement: By signing this Agreement, you acknowledge and adopt the following declaration:

I, Neeraj Mehta, acknowledge that I have carefully read and considered this Agreement; that I have been given the opportunity to review this Agreement with legal or other advisors of my choice, and that I understand that by signing this Agreement, I RELEASE legal claims and WAIVE certain rights. I understand that I am waiving unknown claims and I am doing so intentionally. I freely and voluntarily consent to all terms of this Agreement with full understanding of what they mean.

Neeraj Mehta    Synchrony Bank

/s/ Neeraj Mehta                 _ By:/s/ DJ Casto 
 Signature of Employee                                  DJ Casto
EVP & Chief Human Resources Officer

Dec 9, 2020                    Dec 9, 2020

Date Signed by Employee                             Date Signed by Employer
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EXHIBIT #1

SUPPLEMENTAL RELEASE

This Supplemental Release given to Synchrony Bank (together with its affiliates, “Synchrony") by Neeraj Mehta (“Employee”, “You” or “Your”) is executed in consideration for the covenants made by Synchrony  in a Separation Agreement and Release signed by you on  <DATE ORINGIAL AGREEMENT WAS SIGNED (fill this in after first release is signed)> (the “Separation Agreement”). In exchange for the separation benefits promised to you in the Separation Agreement, and as a material inducement for that promise, you hereby WAIVE, RELEASE and FOREVER DISCHARGE Synchrony and/or related persons from any and all claims, rights and liabilities of every kind, whether or not you now know them to exist, which you ever had or may have arising out of your employment with Synchrony or termination of that employment. This WAIVER and RELEASE includes, but is not limited to, any claim for unlawful discrimination under Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. § 1981, the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); claims under the Worker Adjustment and Retraining Notification Act (“WARN”), the Equal Pay Act, as amended, the Employee Retirement Income Security Act, as amended (with respect to unvested benefits), the Sarbanes-Oxley Act of 2002, as amended, and the Family and Medical Leave Act of 1993, as amended, and any violation of any other federal, state or local constitution, statute, rule, regulation or ordinance, or for breach of contract, wrongful discharge, tort or other civil wrong.

To the fullest extent permitted by law, you also PROMISE NOT TO SUE or bring any claims or lawsuits related to the claims you are waiving by this Agreement against Synchrony and/or related persons in the future, individually or as a member of a class, and you will immediately withdraw with prejudice any such claims or lawsuits that you began before signing this Agreement.

You represent that you understand the foregoing release, that rights and claims under the Age Discrimination in Employment Act of 1967, as amended, are among the rights and claims against you are releasing, and that you understand that you are not releasing any rights or claims arising after the date of this Supplemental Release. You have the right to revoke this Agreement within seven (7) days of signing it. Your notice of revocation must be in writing and addressed and delivered to the attention of General Counsel, Synchrony Financial, 777 Long Ridge Rd., Stamford, CT 06902, by hand- delivery, overnight delivery, or certified mail, return receipt requested, with a copy by email to jonathan.mothner@syf.com, on or before the end of the seven-day period. If you revoke your consent to the waiver, all of the provisions of this Supplemental Release
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shall be void and unenforceable and Synchrony will have no further obligations pursuant to the Separation Agreement.

Neeraj Mehta    Synchrony Bank

By:     

Signature of Employee    DJ Casto
EVP & Chief Human Resources Officer

Date Signed by Employee    Date Signed by Employer
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