Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

SYNCHRONY FINANCIAL 

AND 
 THE BANK OF NEW
YORK MELLON, 
 as Trustee 
  

 
 SEVENTH
SUPPLEMENTAL INDENTURE 
 Dated as of December 1, 2017 

to the 
 INDENTURE

 Dated as of August 11, 2014 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	 
	DEFINITIONS	 
	 Section 1.01.
	  	Relation to Base Indenture	  	 	5	 
	 Section 1.02.
	  	Definition of Terms	  	 	5	 
	
	ARTICLE II	 
	GENERAL TERMS AND CONDITIONS OF THE NOTES	 
			
	 Section 2.01.
	  	Designation and Principal Amount	  	 	7	 
			
	 Section 2.02.
	  	Maturity	  	 	7	 
			
	 Section 2.03.
	  	Form, Payment and Appointment	  	 	7	 
			
	 Section 2.04.
	  	Global Notes	  	 	8	 
			
	 Section 2.05.
	  	Interest	  	 	8	 
			
	 Section 2.06.
	  	No Sinking Fund	  	 	9	 
			
	 Section 2.07.
	  	Satisfaction and Discharge	  	 	9	 
	
	ARTICLE III	 
	REDEMPTION OF THE NOTES	 
			
	 Section 3.01.
	  	Optional Redemption by Company	  	 	9	 
			
	 Section 3.02.
	  	Notice of Redemption; Selection of Notes to be Redeemed	  	 	10	 
			
	 Section 3.03.
	  	Payment of Redemption Price	  	 	10	 
			
	 Section 3.04.
	  	No Other Redemption	  	 	10	 
	
	ARTICLE IV	 
	FORMS OF NOTES	 
			
	 Section 4.01.
	  	Forms of Notes	  	 	10	 
	ARTICLE V	 
	ORIGINAL ISSUE OF NOTES	 
			
	 Section 5.01.
	  	Original Issue of Notes	  	 	10	 
	ARTICLE VI	 
	MISCELLANEOUS	 
			
	 Section 6.01.
	  	Ratification of Indenture	  	 	11	 
			
	 Section 6.02.
	  	Trustee Not Responsible for Recitals	  	 	11	 

							
			
	 Section 6.03.
	  	 Governing Law
	  	 	11	 
			
	 Section 6.04.
	  	 Waiver of Trial by Jury
	  	 	11	 
			
	 Section 6.05.
	  	 Table of Contents, Headings, etc.
	  	 	11	 
			
	 Section 6.06.
	  	 Execution in Counterparts
	  	 	11	 
			
	 Section 6.07.
	  	 Separability; Benefits
	  	 	11	 
			
	 Section 6.08.
	  	 Certain Tax Information
	  	 	12	 
			
	 EXHIBIT A
	  	 Form of 3.950% Senior Notes due 2027
	  	 	A-1	 

 THIS SEVENTH SUPPLEMENTAL INDENTURE (this “Seventh Supplemental Indenture”),
dated as of December 1, 2017, 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”), providing for the issuance of the 2.600% Senior Notes due 2019; 

WHEREAS, the Company executed and delivered to the Trustee a Fifth Supplemental Indenture, dated as of May 9, 2016, between the Company
and the Trustee (the “Fifth Supplemental Indenture”), providing for the issuance of the Floating Rate Senior Notes due 2017; 

WHEREAS, the Company executed and delivered to the Trustee a Sixth Supplemental Indenture, dated as of August 4, 2016, between the
Company and the Trustee (the “Sixth 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, the Fifth Supplemental Indenture and this Seventh Supplemental Indenture, the “Indenture”), providing for the issuance of the 3.700% Senior Notes due 2026; 

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; 

  
 4 

 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 3.950% Senior Notes due 2027 (the “Notes”), the forms and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Seventh
Supplemental Indenture; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Seventh Supplemental Indenture,
and all requirements necessary to make this Seventh 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 Seventh 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 I 

DEFINITIONS 

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

 Section 1.02. Definition of Terms. For all purposes of this Seventh 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 Seventh 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): 

“Applicable Law” shall have the meaning set forth in Section 6.08. 

“Business Day” shall mean, unless otherwise specified, 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. 

  
 5 

 “Comparable Treasury Issue” shall mean the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Treasury Price” shall mean, with respect to any Redemption Date, (a) the average of the Reference Treasury
Dealer Quotations for such Redemption Date for the Notes, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “DTC” shall have the meaning set forth in Section 2.04(a). 

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

“Independent Investment Banker” shall mean an independent investment banking institution of national standing appointed by
the Company, which may be one of the Reference Treasury Dealers. 
 “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). 

“Maturity Date” shall have the meaning set forth in Section 2.02. 

“Optional Redemption Price” shall mean, with respect to any redemption of Notes, the applicable redemption price for such
Notes set forth in Section 3.01. 
 “Record Date” shall have the meaning set forth in Section 2.05(a)(i). 

“Redemption Date” shall mean, with respect to any redemption of Notes, the date fixed for such redemption pursuant to the
Indenture and such Notes. 
 “Reference Treasury Dealer” shall mean each of (a) Barclays Capital Inc., Mizuho
Securities USA LLC and Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers in New York City (a “Primary Treasury Dealer”), and their respective successors, plus
(b) two other Primary Treasury Dealers selected by the Company; provided that if any of the foregoing or its affiliates shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer.

 “Reference Treasury Dealer Quotations” shall mean, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Notes to be redeemed (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by the Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

  
 6 

 “Treasury Rate” shall mean, with respect to any Redemption Date, the semiannual
equivalent yield to maturity of the Comparable Treasury Issue for the Notes to be redeemed, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
Redemption Date with respect to the Notes to be redeemed. 
 The terms “Base Indenture,” “Company,”
“First Supplemental Indenture,” “Second Supplemental Indenture,” “Third Supplemental Indenture,” “Fourth Supplemental Indenture,” “Fifth Supplemental Indenture,”
“Indenture,” “Sixth Supplemental Indenture,” “Seventh Supplemental Indenture,” “Notes,” and “Trustee” shall have the respective meanings set forth in the recitals
to this Seventh Supplemental Indenture and the paragraph preceding such recitals. 
 ARTICLE II 

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. 
 There is hereby
authorized a series of Securities designated as 3.950% Senior Notes due 2027, initially limited in aggregate principal amount to U.S. $1,000,000,000 (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 December 1, 2027 (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 premium, if any, 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 a Redemption Date or 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. 

  
 7 

 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, the Maturity Date or, if applicable, the Redemption 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 December 1, 2017, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest
Payment Date, Maturity Date or, if applicable, Redemption Date, as the case may be (each, an “Interest Period”). 

(i) Interest on the Notes shall accrue from December 1, 2017 and shall be payable semi-annually in arrears on June 1
and December 1 of each year (each, an “Interest Payment Date”), beginning on June 1, 2018 to, but excluding, the Maturity Date or, if applicable, the Redemption 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 May 17 or November 16 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”)
at the annual rate of 3.950% per year, except as provided in Section 2.05(b) hereof and in Section 2.04 of the Base Indenture. 

(ii) The amount of interest payable for any full semi-annual Interest Period in respect of the Notes will be calculated on the
basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period in respect of
the Notes will be calculated on the basis of a 30-day month and, for any period less than a month, the amount of interest will be calculated on the basis of the actual number of days elapsed per 30-day month. If any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding day that is a
Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). 

  
 8 

 (iii) In the event that the Maturity Date or a Redemption Date for any Note falls
on a day that is not a Business Day, then the related payments of principal, premium, if any, and interest will be made on the next succeeding day that is a Business Day (and no additional interest will accrue on the amount payable for the period
from and after such Maturity Date or Redemption Date, as the case may be). 
 (b) Interest due on the Maturity Date or a Redemption Date (in
each case, 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 III 

REDEMPTION OF THE NOTES 

Section 3.01. Optional Redemption by Company. 

(a) The notes may not be redeemed by the Company prior to June 1, 2018. Except as otherwise may be specified in this Seventh Supplemental
Indenture, at any time and from time to time on or after June 1, 2018 and prior to September 1, 2027, the Company shall have the right to redeem the Notes, in whole or in part, at its option, at a redemption price equal to the greater of:

 (i) 100% of the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but
excluding, the Redemption Date for the Notes to be redeemed; and 
 (ii) the sum of the present values of the remaining
scheduled payments of principal and interest in respect of the Notes to be redeemed (not including any portion of the interest accrued to, but excluding, the Redemption Date of the Notes to be redeemed), discounted to such Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus accrued and unpaid interest to,
but excluding, the Redemption Date of the Notes to be redeemed. 

  
 9 

 The Trustee shall not be responsible for calculating the foregoing redemption price. 

(b) At any time and from time to time on or after September 1, 2027, the Company shall have the right to redeem the Notes, in whole or in
part, at its option, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date of the Notes to be redeemed. 

Section 3.02. Notice of Redemption; Selection of Notes to be Redeemed. The Company shall mail (or otherwise deliver in
accordance with the applicable procedures of the Depositary if the Notes to be redeemed are issued in the form of one or more Global Notes) notice of any redemption to the registered holders of the Notes to be redeemed at least 10 and not more than
60 days prior to the Redemption Date. If the Notes are only partially redeemed pursuant to Section 3.01, the Notes to be redeemed will be selected by the Trustee in such manner as in its sole discretion it shall deem appropriate and fair;
provided that if at the time of redemption the Notes to be redeemed are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount of the Notes to be redeemed held by each of its participants
that holds a position in such Notes. 
 Section 3.03. Payment of Redemption Price. The Optional Redemption Price for any Notes
to be redeemed shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the Notes (if then registered as a Global Note); provided that the Company
shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes to be redeemed by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 

Section 3.04. No Other Redemption. Except as set forth in Section 3.01, 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 IV 
 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 V 

ORIGINAL ISSUE OF NOTES 

Section 5.01. Original Issue of Notes. The Notes having an aggregate principal amount of U.S. $1,000,000,000 (subject to the last
paragraph of Section 2.02 of the Base Indenture) may from time to time, upon execution of this Seventh 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). 

  
 10 

 ARTICLE VI 

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, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture and this Seventh Supplemental Indenture, is in all respects ratified and confirmed, and
this Seventh 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 Seventh Supplemental Indenture. 

Section 6.03. Governing Law. THIS SEVENTH SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING
UNDER OR RELATED TO THIS SEVENTH 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 Seventh 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 Seventh 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 Seventh 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 Seventh 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 Seventh Supplemental Indenture. 

  
 11 

 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 Seventh Supplemental Indenture. 
 [Signature Page Follows] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Seventh 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:    SVP, Treasury-Funding, Investments and Liquidity
Leader

 [Signature Page to Seventh Supplemental Indenture] 

 IN W ITNESS WH EREOF, the parties hereto have caused this Seventh 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 Seventh 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 
 3.950%
Senior Note due 2027 
 CUSIP: 87165B AM5 

ISIN: US87165BAM54 

$                 

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 December 1, 2027 (such date is hereinafter referred to as the “Maturity
Date”), and to pay interest thereon from December 1, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on June 1 and December 1 of each year
(each, an “Interest Payment Date”), commencing June 1, 2018, at the rate of 3.950% per annum, 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 amount of interest payable for any full semi-annual Interest Period will be calculated on the
basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be
calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that
any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next Business Day (and no interest on such payment will accrue for the period from
and after such scheduled Interest Payment Date). 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. 
 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 or a
Redemption Date (in each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable. 

Payment of the principal of and premium, if any, 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 a Redemption Date or 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-2 

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

 

			
	SYNCHRONY FINANCIAL
		
	By:	 	 
		 	Name:
		 	Title:

 [Signature Page to Global Note] 

 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

 [Signature Page to Global Note] 

 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”), the Fifth Supplemental Indenture, dated as of
May 9, 2016, between the Company and the Trustee (the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of August 4, 2016, between the Company and the Trustee (the “Sixth Supplemental
Indenture”) and the Seventh Supplemental Indenture, dated as of December 1, 2017, between the Company and the Trustee (the “Seventh 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, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture and the Seventh 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 $1,000,000,000. 

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 may not be redeemed by the Company prior to June 1, 2018. Except as otherwise may be specified in the Indenture, at any time
and from time to time on or after June 1, 2018 and prior to September 1, 2027, the Company shall have the right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to the greater of: 

(i) 100% of the aggregate principal amount of the Notes of this series to be redeemed, plus accrued and unpaid interest to, but
excluding, the Redemption Date; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal
and interest in respect of the Notes of this series to be redeemed (not including any portion of the interest accrued to, but excluding, the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus accrued and unpaid interest to, but excluding, the Redemption Date.

 At any time and from time to time on or after September 1, 2027, the Company shall have the right to redeem the Notes of this
series, in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the Notes of this series to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date. 

  
 A-R-1 

 The term “Optional Redemption Price” means, with respect to any redemption of
Notes of this series, the applicable redemption price for such Notes set forth in the preceding two paragraphs; and the term “Redemption Date” means, with respect to any redemption of Notes of this series, the date fixed for such
redemption pursuant to the Indenture and the Notes of this series. 
 The Company shall mail (or otherwise deliver in accordance with the
applicable procedures of the Depositary) notice of any redemption to the registered holders of the Notes of this series to be redeemed at least 10 and not more than 60 days prior to the Redemption Date. If Notes of this series are only partially
redeemed pursuant to the preceding paragraphs, the Notes of this series to be redeemed will be selected by the Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided that if at the time of redemption the Notes
of this series to be redeemed are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount of the Notes of this series to be redeemed held by each of its participants that holds a position
in such Notes. The Optional Redemption Price for any Notes of this series to be redeemed shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the
related Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes of this series to be redeemed by 10:00 a.m., New York City time, on
the date such Optional Redemption Price is to be paid. 
 In the event of redemption of this Note in part only, a new Note or Notes of this
series for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof. Except as set forth in the preceding paragraphs and in Article 3 of the Seventh Supplemental Indenture, the Company may not
redeem the Notes of this series at its option 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 

  
 A-R-2 

 
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 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 Seventh 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-3 

 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

Trusteeorex-ex101_6.htm

EXHIBIT 10.1

OREXIGEN THERAPEUTICS, INC.

EXCHANGE AGREEMENT

 

___________ ___, 2017

[Name of Holder] (the “Holder”) enters into this Exchange Agreement (the “Agreement”) with Orexigen Therapeutics, Inc., a Delaware corporation (the “Company”) as of the date first written above whereby the Holder will exchange (the “Exchange”) the Outstanding Notes (as defined below) for shares of the Company’s common stock, par value $0.001 (the “Common Stock”).

On and subject to the terms hereof, the parties hereto agree as follows:

Article I
Exchange of Outstanding Notes for Common Stock

Section 1.1 Exchange.  Upon and subject to the terms set forth in this Agreement, at the Closing (as defined herein), the Holder shall deliver to the Company the following aggregate principal amount of the Company’s outstanding [2.75% Convertible Senior Notes due 2020] [2.75% Convertible Exchange Senior Notes due 2020] (such notes, the “Outstanding Notes”), and in exchange therefor, the Company shall issue to the Holder the following aggregate number of shares of Common Stock:

 

	
Principal Amount of Outstanding Notes to be Exchanged:
	
[$______________________________]

(the “Exchanged Notes”)

	
Aggregate number of shares of Common Stock to be issued in the Exchange: 

 
	
[_______________________________]

(the “Shares”)

Section 1.2 Closing.  The closing of the Exchange (the “Closing”) shall occur on _______ __, 2017 (the “Closing Date”).  At the Closing, (a) the Holder shall deliver to the Company all right, title and interest in and to Holder’s Exchanged Notes free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option, equity or other adverse claim thereto (collectively, “Liens”), together with any documents of conveyance or transfer that the Company may deem necessary or desirable to transfer to and confirm in the Company all right, title and interest in and to the Exchanged Notes, free and clear of any Liens and (b) the Company shall deliver to Holder, all of the Shares set forth above; provided, that the parties acknowledge that the delivery of the Shares to the Holder may be delayed due to procedures required by The Depository Trust Company and/or the NASDAQ Global Market (including the procedures  regarding the listing of the Conversion Shares (as defined below) on such exchange) or other events beyond the Company’s control and that such delay will not be deemed to constitute a default under this Agreement so long as (i) the Company is using its reasonable best efforts to effect the issuance of the Shares and (ii) such delay is no longer than five business days.  For the avoidance of doubt, in the event of any delay in the Closing pursuant to the prior sentence the Holder shall not be required to deliver the Exchanged Notes until the Closing occurs.  The Company may at any time (whether before, simultaneously with or after the Closing) 

1

issue Common Stock to one or more other holders of Outstanding Notes or to other investors.  The cancellation of the Exchanged Notes and the delivery of the Shares shall be effected via DWAC (or other book-entry procedures) pursuant to the instructions to be provided by the Company (in the case of the Outstanding Notes) and by the Holder (in the case of the Shares) after execution of the Agreement.  

Article II
Covenants, Representations and Warranties of the Holder

The Holder hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the Company and all such covenants, representations and warranties shall survive the Closing.

Section 2.1 Power and Authorization.  The Holder is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation, and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Exchange.  

Section 2.2 Valid and Enforceable Agreement; No Violations.  This Agreement has been duly executed and delivered by the Holder and constitutes a legal, valid and binding obligation of the Holder, enforceable against the Holder in accordance with its terms, except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally, and (b) general principles of equity, whether such enforceability is considered in a proceeding at law or in equity (the “Enforceability Exceptions”).  This Agreement and consummation of the Exchange will not violate, conflict with or result in a breach of or default under (i) the Holder’s organizational documents, (ii) any agreement or instrument to which the Holder is a party or by which the Holder or its respective assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the applicable Holder, except in the case of clauses (ii) or (iii), where such violations, conflicts, breaches or defaults would not affect the Holder’s ability to consummate the Exchange in any material respect.

Section 2.3 Title to the Exchanged Notes.  (a) The Holder is the sole legal and beneficial owner of the Exchanged Notes; (b) the Holder has good, valid and marketable title to its Exchanged Notes, free and clear of any Liens (other than pledges or security interests that the Holder may have created in favor of a prime broker under and in accordance with its prime brokerage agreement with such broker); (c) the Holder has not, in whole or in part, except as described in the preceding clause (b), (i) assigned, transferred, hypothecated, pledged, exchanged or otherwise disposed of any of its Exchanged Notes or its rights in its Exchanged Notes or (ii) given any person or entity any transfer order, power of attorney or other authority of any nature whatsoever with respect to its Exchanged Notes; and (d) upon the Holder’s delivery of its Exchanged Notes to the Company pursuant to the Exchange, such Exchanged Notes shall be free and clear of all Liens created by the Holder or any other person acting for the Holder.

Section 2.4 Accredited Investor and Qualified Institutional Buyer.  The Holder is both: (a) an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3), (7) and (8) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”) 

2

and (b) a “qualified institutional buyer” within the meaning of Rule 144A promulgated under the Securities Act.  Holder is acquiring the Shares solely for its own respective account, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Shares in a manner that would violate the registration requirements of the Securities Act.  

Section 2.5 No Affiliates.  The Holder is not, and has not been during the consecutive three-month period preceding the date hereof, a director, officer or “affiliate” within the meaning of Rule 144 promulgated under the Securities Act (an “Affiliate”) of the Company.  To the Holder’s knowledge, Holder did not acquire any of the Exchanged Notes, directly or indirectly, from an Affiliate of the Company.  Holder and its Affiliates collectively beneficially owns and will beneficially own as of the Closing Date (but without giving effect to the Exchange) (i) less than 5% of the outstanding Common Stock and (ii) less than 5% of the aggregate number of votes that may be cast by holders of those outstanding securities of the Company that entitle the holders thereof to vote generally on all matters submitted to the Company’s stockholders for a vote (the “Voting Power”).  The Holder is not a subsidiary, affiliate or, to its knowledge, otherwise closely-related to any director or officer of the Company or beneficial owner of 5% or more of the outstanding Common Stock or Voting Power (each such director, officer or beneficial owner, a “Related Party”). To its knowledge, no Related Party beneficially owns 5% or more of the outstanding voting equity, or votes entitled to be cast by the outstanding voting equity, of the Holder.

Section 2.6 No Illegal Transactions.  The Holder has not, directly or indirectly, and no person acting on behalf of or pursuant to any understanding with it has, disclosed to a third party (other than to its legal and other representatives) any information regarding the Exchange or engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving any of the Company’s securities) since the time that the Holder was first contacted by the Company or any other person regarding the Exchange, this Agreement or an investment in the Common Stock or the Company.  The Holder covenants that neither it nor any person acting on its behalf or pursuant to any understanding with it will disclose to a third party any information regarding the Exchange or engage, directly or indirectly, in any transactions in the securities of the Company (including Short Sales) prior to the time the transactions contemplated by this Agreement are publicly disclosed.  The Holder covenants that neither it nor any person acting on its behalf or pursuant to any understanding with it will deliver the Shares to close out or repay the borrow associated with any Short Sale executed by it, except in compliance with applicable law.  “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 of Regulation SHO promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, short sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker-dealers or foreign regulated brokers.  Solely for purposes of this Section 2.6, subject to the Holder’s compliance with its obligations under the U.S. federal securities laws and the Holder’s internal policies, “Holder” shall not be deemed to include any employees, subsidiaries or affiliates of the Holder that are effectively walled off by appropriate “Chinese Wall” information barriers approved by the Holder's legal or compliance department (and thus have not been privy to any information concerning the Exchange).

3

Section 2.7 Adequate Information; No Reliance.  The Holder acknowledges and agrees that (a) the Holder has been furnished with all materials it considers relevant to making an investment decision to enter into the Exchange and has had the opportunity to review the Company’s filings and submissions with the Securities and Exchange Commission (the “SEC”), including, without limitation, all information filed or furnished pursuant to the Exchange Act, (b) the Holder has had a full opportunity to ask questions of and receive answers from the officers of the Company concerning the Company,  its business, operations, financial performance, financial condition and prospects, and the terms and conditions of the Exchange, (c) the Holder, together with its professional advisers, is a sophisticated and experienced investor and is capable of evaluating, to its satisfaction, the accounting, tax, financial, legal and other risks associated with the Exchange, and that such Holder has had the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in the Exchange and to make an informed investment decision with respect to such Exchange, and that such Holder is capable of sustaining any loss resulting therefrom without material injury, (d) the Holder understands that no federal or state agency has passed upon the merits or risks of an investment in the Common Stock or made any finding or determination concerning the fairness or advisability of this investment, (e) the Holder is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the Company or any of its affiliates or representatives, except for the representations and warranties made by the Company in this Agreement, (f) no statement or written material contrary to this Agreement has been made or given to the Holder by or on behalf of the Company and (g) the Holder is able to fend for itself in the Exchange, has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment in the Shares and has the ability to bear the economic risks of its investment and can afford the complete loss of such investment.  

The Holder specifically understands and acknowledges that, on the date of this Agreement and on any the Closing Date, the Company may have in its possession non-public information that could be material to the market price of the Outstanding Notes and/or the Common Stock. The Holder hereby represents and warrants that, in entering into this Agreement and consummating the transactions contemplated hereby, it does not require the disclosure of such non-public information to it by the Company in order to make an investment in the Common Stock or a disposition of the Outstanding Notes, and hereby waives all present or future claims arising out of or relating to the Company’s failure to disclose such non-public information to the Holder.

The Holder also specifically acknowledges that the Company would not enter into this Agreement or any related documents in the absence of such Holder’s representations and acknowledgments set out in this Agreement, and that this Agreement, including such representations and acknowledgments, is a fundamental inducement to the Company, and a substantial portion of the consideration provided by such Holder, in this transaction, and that the Company would not enter into this transaction but for this inducement.  

The Holder understands that the tax consequences of the Exchange will depend in part on its own tax circumstances. The Holder acknowledges that it must consult its own tax adviser about the federal, foreign, state and local tax consequences peculiar to its circumstances.

4

The Holder agrees that it will, upon request, execute and deliver any additional documents reasonably deemed by the Company, the trustee for the Outstanding Notes or the transfer agent to be necessary or desirable to complete the Exchange.

Section 2.8 Tax Reporting.  On or prior to the Closing Date, the Holder shall deliver to the Company completed IRS Forms W-9 or W-8, as applicable.

Article III
Covenants, Representations and Warranties of the Company

The Company hereby covenants as follows, and makes the following representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the Holder, and all such covenants, representations and warranties shall survive the Closing.

Section 3.1 Power and Authorization.  The Company has been duly incorporated and is validly existing and in good standing under the laws of its state of incorporation, and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the Exchange. No material consent, approval, order or authorization of, or material registration, declaration or filing with any governmental entity is required on the part of the Company in connection with the execution, delivery and performance by it of this Agreement and the consummation by the Company of the Exchange, except as may be required under any state or federal securities laws or that may be obtained after the Closing without penalty.

Section 3.2 Valid and Enforceable Agreements; No Violations.  This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforcement may be subject to the Enforceability Exceptions.  This Agreement and consummation of the Exchange will not violate, conflict with or result in a breach of or default under (a) the charter, bylaws or other organizational documents of the Company, (b) any agreement or instrument to which the Company is a party or by which the Company or any of its assets are bound, or (c) any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Company, except in the case of clauses (b) or (c), where such violations, conflicts, breaches or defaults would not affect the Company’s business or its ability to consummate the Exchange in any material respect.

Section 3.3 Valid Issuance of the Common Stock.  The Shares (a) are duly authorized and, upon their issuance pursuant to the Exchange against delivery of the Exchanged Notes, will be validly issued, fully paid and non-assessable, (b) will not, at the applicable Closing at which such Shares are issued, be subject to any preemptive, participation, rights of first refusal or other similar rights, and (c) assuming the accuracy of the Holder’s representations and warranties hereunder, (i) will be issued in the Exchange exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act, and (ii) will, at the applicable Closing at which such Shares are issued, be free of any restrictions on resale by such Holder pursuant to Rule 144 promulgated under the Securities Act.

Section 3.5 Listing Approval.  When issued in the Exchange, the Shares shall be listed on each national securities exchange on which the Common Stock is then listed.

5

Section 3.6 Disclosure.  On or before the fourth business day following the date of this Agreement, the Company shall file with the SEC a Current Report on Form 8-K under Item 3.02.  Without the prior written consent of the Holder, the Company shall not disclose the name of the Holder in such filing or any other public disclosure or announcement, unless such disclosure is required by applicable law, rule, regulation or legal process.

Section 3.7 No Litigation.  There is no action, lawsuit, arbitration, claim or proceeding pending or, to the knowledge of the Company, threatened, against the Company that would reasonably be expected to impede the consummation of the transaction contemplated hereby.

Article IV
Miscellaneous

Section 4.1 Entire Agreement.  This Agreement and any documents and agreements executed in connection with the Exchange embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among the parties or any of their agents, representatives or Affiliates relative to such subject matter, including, without limitation, any term sheets, emails or draft documents.

Section 4.2 Construction.  References in the singular shall include the plural, and vice versa, unless the context otherwise requires.  References in the masculine shall include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either party.

Section 4.3 Governing Law.  This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of New York, without reference to its choice of law rules.

Section 4.4 Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Any counterpart or other signature hereon delivered by facsimile or any standard form of telecommunication or e-mail shall be deemed for all purposes as constituting good and valid execution and delivery of this Agreement by such party.

 

 

6

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written.

 

	
 
	
 
	
OREXIGEN THERAPEUTICS, INC.

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 

	
 
	
 
	
Name:
	
 

	
 
	
 
	
Title:
	
 

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written.

 

	
 
	
 
	
[NAME OF HOLDER]

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 

	
 
	
 
	
Name:
	
 

	
 
	
 
	
Title:

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