Document:

EX-4.40

Table of Contents

 Exhibit 4.40 

THE CHARLES SCHWAB CORPORATION, as Issuer 

and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., as Trustee 
  

 
 2.650% Senior
Notes due 2023 
 3.200% Senior Notes due 2028 
  

 
 Tenth
Supplemental Indenture 
 Dated as of December 7, 2017 

to 
 Senior Indenture
dated as of June 5, 2009 
  

Table of Contents

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Conflicts with Base Indenture
	  	 	3	 
		
	 ARTICLE II FORM OF NOTES
	  	 	4	 
	 Section 2.01
	 	 Form of Notes
	  	 	4	 
		
	 ARTICLE III THE NOTES
	  	 	4	 
	 Section 3.01
	 	 Amount; Series; Terms.
	  	 	4	 
	 Section 3.02
	 	 Denominations
	  	 	5	 
	 Section 3.03
	 	 Execution, Authentication, Delivery and Dating
	  	 	5	 
	 Section 3.04
	 	 Additional Notes
	  	 	6	 
		
	 ARTICLE IV OPTIONAL REDEMPTION OF SECURITIES
	  	 	6	 
	 Section 4.01
	 	 Optional Redemption.
	  	 	6	 
		
	 ARTICLE V COVENANTS AND REMEDIES
	  	 	8	 
	 Section 5.01
	 	 Limitations on Liens
	  	 	8	 
		
	 ARTICLE VI SUPPLEMENTAL INDENTURES
	  	 	9	 
	 Section 6.01
	 	 Supplemental Indentures with Consent of Holders
	  	 	9	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	9	 
	 Section 7.01
	 	 Sinking Funds
	  	 	9	 
	 Section 7.02
	 	 Conversion of Notes
	  	 	9	 
	 Section 7.03
	 	 Reports by the Company
	  	 	9	 
	 Section 7.04
	 	 Confirmation of Indenture
	  	 	9	 
	 Section 7.05
	 	 Counterparts
	  	 	9	 
	 Section 7.06
	 	 Governing Law
	  	 	9	 
	 Section 7.07
	 	 Trustee
	  	 	10	 
			
	 Exhibit A
	 	 Form of 2023 Note
	  	 	A-1	 
	 Exhibit B
	 	 Form of 2028 Note
	  	 	B-1	 

  

  
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 TENTH SUPPLEMENTAL INDENTURE, dated as of December 7, 2017 (“Supplemental
Indenture”), to the Indenture dated as of June 5, 2009 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base
Indenture” and, as amended, modified and supplemented by this Supplemental Indenture, the “Indenture”), by and among THE CHARLES SCHWAB CORPORATION (the “Company”), and THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Notes: 
 WHEREAS, the Company has duly authorized the execution and delivery of the Base
Indenture to provide for the issuance from time to time of senior debt securities to be issued in one or more series as provided in the Base Indenture; 

WHEREAS, the Company has duly authorized the execution and delivery, and desires and has requested the Trustee to join it in the execution and
delivery, of this Supplemental Indenture in order to establish and provide for the issuance by the Company of two new series of Securities designated as its 2.650% Senior Notes due 2023 (the “2023 Notes”) and its 3.200% Senior Notes
due 2028 (the “2028 Notes” and, together with the 2023 Notes, the “Notes”), on the terms set forth herein; 

WHEREAS, Article IX of the Base Indenture provides that a supplemental indenture may be entered into by the parties for such purpose provided
certain conditions are met; 
 WHEREAS, the conditions set forth in the Base Indenture for the execution and delivery of this Supplemental
Indenture have been met; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid and legally binding agreement of
the parties, in accordance with its terms, and a valid and legally binding amendment of, and supplement to, the Base Indenture with respect to the Notes have been done; 

NOW, THEREFORE: 
 
ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01 Definitions. Capitalized terms used herein and not otherwise defined herein have the
meanings assigned to them in the Base Indenture. The words “herein”, “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to
any particular section hereof. 
 As used herein, the following terms have the specified meanings: 

“Additional Notes” has the meaning specified in Section 3.04 of this Supplemental Indenture. 

  
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 “Base Indenture” has the meaning specified in the recitals of this Supplemental
Indenture. 
 “Business Day” means any day other than (i) a Saturday or Sunday or (ii) a day on which banking
institutions in Los Angeles, California or New York, New York are authorized or obligated by law or executive order to close. 

“Company” has the meaning specified in the recitals of this Supplemental Indenture. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by the Quotation Agent as having
an actual or interpolated maturity comparable to the remaining term 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 a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any
Redemption Date pursuant to Section 4.01 of this Supplemental Indenture, (A) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (B) if the Quotation Agent obtains fewer than five such Reference Treasury Dealer Quotations, the arithmetic average of all such quotations for such Redemption Date. 

“Depositary” means The Depository Trust Company or such other Depositary designated by the Company from time to time. 

“EDGAR” means the Electronic Data Gathering, Analysis and Retrieval system or such successor system so designated by the
Commission. 
 “Indenture” has the meaning specified in the recitals of this Supplemental Indenture. 

“Interest Payment Date” has the meaning set forth in Section 3.01(d) of this Supplemental Indenture. 

“ISIN” means International Securities Identifying Number. 

“Notes” has the meaning specified in the recitals of this Supplemental Indenture. 

“Permitted Liens” has the meaning set forth in Section 5.01 of this Supplemental Indenture. 

“Primary Treasury Dealer” means a primary U.S. Government securities dealer in the United States. 

“Quotation Agent” means the Reference Treasury Dealer that is selected by the Company in connection with an optional
redemption pursuant to Article IV hereof to act as Quotation Agent in addition to acting as a Reference Treasury Dealer; provided, however, that if such Reference Treasury Dealer ceases to be a Primary Treasury Dealer, the Company will substitute
another Primary Treasury Dealer. 

  
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 “Redemption Date,” when used with respect to any Note to be redeemed, means the
date specified for redemption by the Company. 
 “Redemption Price” means, when used with respect to any Note to be
redeemed, the price at which it is to be redeemed pursuant to this Supplemental Indenture. 
 “Reference Treasury
Dealer” means each of (i) Credit Suisse Securities (USA) LLC (or its successor) or any affiliate that is a Primary Treasury Dealer, (ii) Goldman Sachs & Co. LLC (or its successor) or any affiliate that is a Primary
Treasury Dealer, (iii) Merrill Lynch, Pierce, Fenner & Smith Incorporated (or its successor) or any affiliate that is a Primary Treasury Dealer, (iv) Morgan Stanley & Co. LLC (or its successor) or any affiliate that is a
Primary Treasury Dealer, and (v) one other Primary Treasury Dealer that is selected by the Company; provided, however, that if any of the foregoing or their affiliates cease to be a Primary Treasury Dealer, the Company will substitute therefor
another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date, the arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Regular Record Date” has the meaning set forth in Section 3.01(d) of this Supplemental Indenture. 

“Supplemental Indenture” has the meaning specified in the recitals of this Supplemental Indenture. 

“Treasury Rate” means, with respect to any Redemption Date pursuant to Section 4.01 of this Supplemental Indenture, the
rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such Redemption Date. 
 “Voting Securities” has the meaning specified in
Section 5.01 of this Supplemental Indenture. 
 Section 1.02 Conflicts with Base Indenture.
In the event that any provision of this Supplemental Indenture limits, qualifies or conflicts with a provision of the Base Indenture, such provision of this Supplemental Indenture shall control. 

  
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 ARTICLE II 

FORM OF NOTES 
 
Section 2.01 Form of Notes. The Notes shall be substantially in the forms of Exhibit A and Exhibit B for the 2023 Notes and the 2028 Notes, respectively, hereto which are hereby incorporated in and expressly made a part of this
Indenture. 
 ARTICLE III 

THE NOTES 
 
Section 3.01 Amount; Series; Terms. 
 (a) There are hereby created and designated two series of Securities under the Base
Indenture: the title of the 2023 Notes shall be “2.650% Senior Notes Due 2023” and the title of the 2028 Notes shall be “3.200% Senior Notes Due 2028”. The changes, modifications and supplements to the Base Indenture effected by
this Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes of the applicable series and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental
indenture with respect to such other series of Securities specifically incorporates such changes, modifications and supplements. 
 (b) The
aggregate principal amount of 2023 Notes that initially may be authenticated and delivered under this Supplemental Indenture shall be limited to $800,000,000 and the aggregate principal amount of 2028 Notes that initially may be authenticated and
delivered under this Supplemental Indenture shall be limited to $700,000,000, each subject to increase as set forth in Section 3.04 of this Supplemental Indenture. 

(c) The Stated Maturity of the 2023 Notes shall be January 25, 2023 and the Stated Maturity of the 2028 Notes shall be January 25,
2028. The Notes shall be payable and may be presented for payment, redemption, registration of transfer and exchange, without service charge, at the Corporate Trust Office. 

(d) The 2023 Notes shall bear interest at the rate of 2.650% per annum from and including December 7, 2017, or from the most recent date
to which interest has been paid or duly provided for, as further provided in the form of 2023 Notes annexed hereto as Exhibit A. The 2028 Notes shall bear interest at the rate of 3.200% per annum from and including December 7, 2017, or from the
most recent date to which interest has been paid or duly provided for, as further provided in the form of 2028 Notes annexed hereto as Exhibit B. Interest shall be computed on the basis of a 360-day year
composed of twelve 30-day months. The dates on which such interest shall be payable (each, an “Interest Payment Date”) shall be January 25 and July 25 of each year, commencing on
July 25, 2018, and the “Regular Record Date” for any interest payable on each such Interest Payment Date shall be the close of business on the immediately preceding January 10 and July 10, respectively, whether or not
a Business Day. Interest will be payable to the Holder of record on the Regular Record Date, provided, however, interest payable on the Stated Maturity will be paid to the person to whom the principal will be payable. 

  
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 (e) If any Interest Payment Date, Redemption Date or the Stated Maturity of the applicable series
of Notes is not a Business Day, then the related payment of interest and/or principal payable, as applicable, on such date will be paid on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date,
Redemption Date or Stated Maturity and no further interest will accrue as a result of such delay. 
 (f) Each series of Notes will be issued
in the form of one or more Global Securities, duly executed by the Company and authenticated by the Trustee as provided in Section 3.03 of this Supplemental Indenture and the Base Indenture and deposited with the Trustee as custodian for the
Depositary or its nominee. 
 (g) Initially, the Trustee will act as Paying Agent. The Company may change any Paying Agent without notice to
the Holders. 
 Section 3.02 Denominations. The Notes shall be issuable only in registered form
without coupons and only in denominations of $2,000 and any multiple of $1,000 in excess thereof. 

Section 3.03 Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf
of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer or its Treasurer, and attested by its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Notes may be
manual or facsimile and shall not be required to be under the Company’s corporate seal. 
 Notes bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or
did not hold such offices at the date of such Notes. 
 Pursuant to a Company Order, the Trustee shall authenticate for original issue Notes
in an aggregate principal amount specified in the Company Order. The Trustee shall be provided with an Officer’s Certificate and an Opinion of Counsel of the Company that it may reasonably request in connection with such authentication of
Notes. Such Company Order shall specify the amount of Notes to be authenticated and the date on which the original issue of Notes is to be authenticated. 

Each Note shall be dated the date of its authentication. 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for in the Base Indenture executed by the Trustee by manual or facsimile signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such
Note has been duly authenticated and delivered hereunder. 

  
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 Section 3.04 Additional Notes. The Company may, from
time to time, subject to compliance with any other applicable provisions of this Indenture, without notice to or consent of the Holders of the Notes, create and issue pursuant to this Indenture additional Notes of either series (“Additional
Notes”) having terms and conditions set forth in this Supplemental Indenture, identical to the Notes of one of the two series issued on the date hereof, except that Additional Notes may: 

(i) have a different issue date than other Outstanding Notes of such series; 

(ii) have a different issue price than other Outstanding Notes of such series; 

(iii) have a different initial Interest Payment Date than other Outstanding Notes of such series; and 

(iv) have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on other
Outstanding Notes of such series; 
 provided, no Additional Notes shall be issued unless such Additional Notes will be fungible for U.S. federal income tax
and securities law purposes with Notes of one of the two series issued on the date hereof; and provided further, the Additional Notes have the same CUSIP number as the Notes of one of the two series issued on the date hereof. No Additional Notes may
be issued if on the issue date therefor, any Event of Default has occurred and is continuing. 
 The Notes issued on the date hereof and any
Additional Notes of the same series shall be treated as a single class for all purposes under this Indenture, including waivers, amendments and United States federal tax purposes. 

With respect to any issuance of Additional Notes, the Company shall deliver to the Trustee a resolution of the Board of Directors or, if
applicable, a certificate signed by the Chairman of the Board of Directors of the Company, the Chief Executive Officer, the Chief Financial Officer or the Treasurer of the Company and an Officers’ Certificate in respect of such Additional
Notes, which shall together provide the following information: 
 (i) the aggregate principal amount of such Additional Notes to be
authenticated and delivered pursuant to this Indenture; and 
 (ii) the issue date, issue price, the first Interest Payment Date, the amount
of interest accrued and payable on the first Interest Payment Date, the applicable series, the CUSIP number and corresponding ISIN of such Additional Notes. 

ARTICLE IV 

OPTIONAL REDEMPTION OF SECURITIES 

Section 4.01 Optional Redemption. 

  
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 (a) The provisions of Article XI of the Base Indenture, as supplemented by the provisions of this
Supplemental Indenture, shall apply to the Notes. 
 (b) On or after July 1, 2018 and prior to December 25, 2022, the 2023 Notes
shall be redeemable, as a whole or in part, at the Company’s option, on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the 2023 Notes to be redeemed, at a Redemption Price equal to
the greater of (i) 100% of the principal amount of the 2023 Notes to be redeemed, or (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of interest and principal thereon (exclusive of
interest accrued and unpaid to, but not including, the Redemption Date) discounted to the Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve
30-day months, at the Treasury Rate plus 10 basis points, plus, in either case, accrued and unpaid interest to, but not including, the Redemption Date for such 2023 Notes; provided, however, if the Redemption
Date is after a Regular Record Date and on or prior to a corresponding Interest Payment Date, such accrued and unpaid interest will be paid on the Redemption Date to the holder of record on the Regular Record Date. 

(c) On or after December 25, 2022, the 2023 Notes shall be redeemable, as a whole or in part, at the Company’s option, on at least
30 days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the 2023 Notes to be redeemed, at a Redemption Price equal to 100% of the principal amount of the 2023 Notes to be redeemed plus accrued and unpaid
interest to, but not including, the Redemption Date for such 2023 Notes. 
 (d) On or after July 1, 2018 and prior to October 25,
2027, the 2028 Notes shall be redeemable, as a whole or in part, at the Company’s option, on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the 2028 Notes to be redeemed, at a
Redemption Price equal to the greater of (i) 100% of the principal amount of the 2028 Notes to be redeemed, or (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of interest and
principal thereon (exclusive of interest accrued and unpaid to, but not including, the Redemption Date) discounted to the Redemption Date on a semiannual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate plus 15 basis points, plus, in either case, accrued and unpaid interest to, but not including, the Redemption Date for such 2028 Notes; provided, however, if the Redemption Date
is after a Regular Record Date and on or prior to a corresponding Interest Payment Date, such accrued and unpaid interest will be paid on the Redemption Date to the holder of record on the Regular Record Date. 

(e) On or after October 25, 2027, the 2028 Notes shall be redeemable, as a whole or in part, at the Company’s option, on at least 30
days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the 2028 Notes to be redeemed, at a Redemption Price equal to 100% of the principal amount of the 2028 Notes to be redeemed plus accrued and unpaid
interest to, but not including, the Redemption Date for such 2028 Notes. 
 (f) On and after the Redemption Date for the applicable series
of Notes to be redeemed, interest will cease to accrue on such Notes or any portion thereof called for 

  
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redemption, unless the Company defaults in the payment of the Redemption Price and accrued interest, if any. On or before the Redemption Date for such Notes, the Company shall deposit with the
Trustee or a Paying Agent, funds sufficient to pay the Redemption Price of the applicable series of Notes to be redeemed on the Redemption Date, and accrued and unpaid interest, if any, on such Notes. If less than all of the applicable series of
Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of the Depositary; provided, however, that in no event, shall Notes of a principal amount of $2,000 or less be redeemed in part. 

(g) Notice of any redemption shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of the
applicable series of Notes to be redeemed; provided, however, that if the Trustee is asked to give such notice it shall be notified in writing of such request at least 15 days prior to the date of the giving of such notice (unless a shorter notice
shall be satisfactory to the Trustee). Such notice shall state the Redemption Price (if known) or the formula pursuant to which the Redemption Price is to be determined if the Redemption Price cannot be determined at the time the notice is given. If
the Redemption Price cannot be determined at the time such notice is to be given, the actual Redemption Price, calculated as described above in clause (b) or (c), in the case of the 2023 Notes, or in clause (d) or (e), in the case of the
2028 Notes, shall be set forth in an Officer’s Certificate of the Company delivered to the Trustee no later than two Business Days prior to the Redemption Date. Notice of redemption having been given as provided in the Indenture, the applicable
series of Notes called for redemption shall become due and payable on the Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date. 

ARTICLE V 

COVENANTS AND REMEDIES 
 
Section 5.01 Limitations on Liens. The Company (or any successor corporation) will not, and will not permit any Subsidiary to, create, assume, incur or guarantee any indebtedness for borrowed money secured by a pledge, lien or other
encumbrance, except for Permitted Liens (defined below), on the Voting Securities (defined below) of Charles Schwab & Co., Inc., Charles Schwab Bank, Charles Schwab Investment Management, Inc., or Schwab Holdings, Inc. unless the Company
shall cause the Notes to be secured equally and ratably with (or, at the Company’s option, prior to) any indebtedness secured thereby. “Permitted Liens” means (i) liens for taxes or assessments or governmental charges or
levies (a) that are not then due and delinquent, (b) the validity of which is being contested in good faith or (c) which are less than $1,000,000 in amount; (ii) liens created by or resulting from any litigation or legal
proceedings which are currently being contested in good faith by appropriate proceedings or which involve claims of less than $1,000,000; (iii) deposits to secure (or in lieu of) surety, stay, appeal or customs bonds; and (iv) such other liens
as the Board of Directors of the Company determines do not materially detract from or interfere with the present value or control of the Voting Securities subject thereto or affected thereby. “Voting Securities” means stock of any
class or classes having general voting power under ordinary circumstances to elect a majority of the board of directors, managers or trustees of the corporation in question, provided that, for the purposes hereof, stock which carries only the right
to vote conditionally on the happening of an event shall not be considered voting stock whether or not such event shall have happened. 

  
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 ARTICLE VI 

SUPPLEMENTAL INDENTURES 
 
Section 6.01 Supplemental Indentures with Consent of Holders. The terms of this Supplemental Indenture may be modified as set forth in Article IX of the Base Indenture. For the avoidance of doubt, no supplemental indenture shall,
without the consent of the Holder of each Outstanding Note of a series affected thereby, reduce the Redemption Price of any Note of the same series. 

ARTICLE VII 

MISCELLANEOUS 
 
Section 7.01 Sinking Funds. Article XII of the Base Indenture shall have no application. The Notes shall not have the benefit of a sinking fund. 

Section 7.02 Conversion of Notes. Article XIV of the Base Indenture shall have no application.
The Notes shall not be convertible into shares of Common Stock of the Company. 
 Section 7.03
Reports by the Company. The Company shall be deemed to have complied with the first sentence of Section 7.4 of the Base Indenture to the extent that such information, documents and reports are filed with the Commission via EDGAR (or any
successor electronic delivery procedure); provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed pursuant to the EDGAR system (or its successor).

 Section 7.04 Confirmation of Indenture. The Base Indenture, as supplemented and amended by
this Supplemental Indenture and all other indentures supplemental thereto, is in all respects ratified and confirmed, and the Base Indenture, this Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as
one and the same instrument. 
 Section 7.05 Counterparts. The parties hereto may sign one or
more copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. 
 
Section 7.06 Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA. 

  
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 Section 7.07 Trustee. The Trustee makes no
representations as to the validity or sufficiency of this Supplemental Indenture. The recitals herein are deemed to be those of the Company and not of the Trustee. 

[Remainder of Page Intentionally Left Blank] 

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

			
	THE CHARLES SCHWAB CORPORATION, as Issuer
		
	By:	 	 /s/ Peter Crawford

		 	Name: Peter Crawford
		 	Title: Executive Vice President and
         Chief Financial Officer
		 

  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Lawrence M. Kusch

		 	Name: Lawrence M. Kusch
		 	Title: Vice President

  
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 EXHIBIT A 

FORM OF 2023 NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
ON THE REVERSE HEREOF. 

  
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 THE CHARLES SCHWAB CORPORATION 

2.650% Senior Notes due 2023 
  

			
	No. [    ]	  	CUSIP No.: 808513 AT2
ISIN No.: US808513AT29

 THE CHARLES SCHWAB CORPORATION, a Delaware corporation (the “Issuer”), for value received
promises to pay to CEDE & CO., or its registered assigns, the principal sum of [                    ] DOLLARS, or such lesser amount as is
indicated in the records of the Trustee and Depositary, on January 25, 2023. 
 Interest Payment Dates: January 25 and
July 25 of each year (each, an “Interest Payment Date”), commencing on July 25, 2018. 
 Interest Record Dates:
January 10 and July 10 (each, a “Regular Record Date”). 
 Reference is made to the further provisions of this
Note contained herein, which will for all purposes have the same effect as if set forth at this place. 
 Dated: December 7, 2017 

  
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 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officers. 
  

			
	THE CHARLES SCHWAB CORPORATION
		
	By:	 	  

		 	Name: Peter Crawford
		 	Title: Executive Vice President and
         Chief Financial Officer

  

	
	Attest:
	
	  

	Name:
	Title:

  
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 This is one of the Notes of the series designated herein and referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
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 (REVERSE OF NOTE) 

THE CHARLES SCHWAB CORPORATION 

2.650% Senior Notes due 2023 
  

	 	1.	Interest. 

 The Charles Schwab Corporation (the “Issuer”) promises to pay
interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from and including
December 7, 2017. Interest on this Note will be paid to but excluding the relevant Interest Payment Date or on such earlier date as the principal amount shall become due in accordance with the provisions hereof. Interest will be payable to the
Holder of record on the Regular Record Date, provided, however, interest payable on the Stated Maturity will be paid to the person to whom the principal will be payable. The Issuer will pay interest semi-annually in arrears on each Interest Payment
Date, commencing July 25, 2018. If any Interest Payment Date, Redemption Date or the Stated Maturity of the Notes is not a Business Day, then the related payment of interest and/or principal payable, as applicable, on such date will be paid on
the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date Redemption Date or Stated Maturity and no further interest will accrue as a result of such delay. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 The Issuer
shall pay interest on overdue principal from time to time on demand by the Trustee pursuant to Section 5.3 of the Base Indenture (defined below) at the rate borne by the Notes and on overdue installments of interest (without regard to any
applicable grace periods) to the extent lawful. 
  

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 2.650% Senior Notes due 2023 (the
“Notes”) issued under the Senior Indenture dated as of June 5, 2009 (as amended, modified or supplemented from time to time in accordance therewith, the “Base Indenture” and, as amended, modified and
supplemented by the Tenth Supplemental Indenture dated as of December 7, 2017, the “Indenture”) by and between the Issuer and the Trustee, as trustee. This Note is a “Global Security” and the Notes are “Global
Securities” under the Indenture. 
 For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as
defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in effect
on the date on which the Indenture was qualified under the TIA. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the TIA for a statement of them. To the
extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

  
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	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and multiples of $1,000 thereafter. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions
thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part. 
  

	 	5.	Amendment; Modification; Waiver. 

 The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Issuer and the Trustee with the consent of
the Holders of not less than a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected thereby (voting together as a single class). The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Securities of all series at the time Outstanding with respect to which an Event of Default under the Indenture shall have occurred and be continuing (voting together as a single class), on behalf
of the Holders of all Securities of such affected series, to waive, with certain exceptions, such past default with respect to all such series and its consequences. The Indenture also permits the Holders of not less than a majority in aggregate
principal amount of the Securities of each series at the time Outstanding affected thereby (voting together as a single class), on behalf of the Holders of all Securities of such affected series, to waive compliance by the Issuer with certain
provisions of the Indenture. 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 Security issued upon the registration of transfer hereof or in
exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  

	 	6.	Optional Redemption. 

 Beginning on or after July 1, 2018, the Issuer may redeem the Notes
in whole or in part, at its option, at any time or from time to time prior to maturity on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the Notes (the “Redemption
Date”). 
 If any or all of the Notes are redeemed on or after July 1, 2018 and before December 25, 2022, the redemption
price will be equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed, or (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of interest and principal
thereon 

  
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(exclusive of interest accrued and unpaid to, but not including, 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 a rate equal to the sum of the Treasury Rate plus 10 basis points, plus, in either case, accrued interest thereon
to, but not including, the Redemption Date; provided, however, if the Redemption Date is after a Regular Record Date and on or prior to a corresponding Interest Payment Date, such accrued and unpaid interest will be paid on the Redemption Date to
the holder of record on the Regular Record Date. 
 If any or all of the Notes are redeemed on or after December 25, 2022, the
redemption price will be equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but not including, the Redemption Date for such Notes. 

On and after the Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof called for redemption,
unless the Issuer defaults in the payment of the Redemption Price and accrued interest, if any. On or before the Redemption Date for the Notes, the Issuer shall deposit with the Trustee or a Paying Agent, funds sufficient to pay the Redemption Price
of the Notes to be redeemed on the Redemption Date, and accrued and unpaid interest, if any, on such Notes. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of the
Depositary; provided, however, that in no event, shall Notes of a principal amount of $2,000 or less be redeemed in part. 
 Notice of any
redemption shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed; provided, however, that if the Trustee is asked to give such notice it shall be notified in writing of such
request at least 15 days prior to the date of the giving of such notice (unless a shorter notice shall be satisfactory to the Trustee). Such notice shall state the Redemption Price (if known) or the formula pursuant to which the Redemption Price is
to be determined if the Redemption Price cannot be determined at the time the notice is given. If the Redemption Price cannot be determined at the time such notice is to be given, the actual Redemption Price, calculated as described above, shall be
set forth in an Officer’s Certificate of the Issuer delivered to the Trustee no later than two Business Days prior to the Redemption Date. Notice of redemption having been given as provided in the Indenture, the Notes called for redemption
shall become due and payable on the Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date. 

 

	 	7.	Defaults and Remedies. 

 If an Event of Default with respect to Notes at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of all affected series then Outstanding (voting together as a single class) may declare the principal
amount of all the Securities of the affected series to be due and payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) of and
the accrued interest on all the Securities of such affected series shall become immediately due and payable. 

  
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 The Indenture permits, subject to certain limitations therein provided, Holders of not less than
a majority in aggregate principal amount of the Securities of all affected series (voting together as a single class) at the time Outstanding, to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually or by facsimile signs
the certificate of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	10.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	11.	Governing Law. 

 This Note and the Indenture shall be governed by, and construed in accordance
with, the laws of the State of California. 

  
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 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                      as agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

					
	 
			
	Date:                                	  	Your Signature:                        	  	
		  		  	
	
	  
 Sign exactly as your
name appears on the other side of this Note.

  

					
		  		  	  

	Signature Guarantee:	  		  	  Signature
			
	  
	  		  	  

	  Signature must be guaranteed	  		  	  Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
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 Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

  
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 EXHIBIT B 

FORM OF 2028 NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
ON THE REVERSE HEREOF. 

  
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 THE CHARLES SCHWAB CORPORATION 

3.200% Senior Notes due 2028 
  

			
	 No. [    ]
	  	CUSIP No.: 808513 AU9
ISIN No.: US808513AU91

 THE CHARLES SCHWAB CORPORATION, a Delaware corporation (the “Issuer”), for value received
promises to pay to CEDE & CO., or its registered assigns, the principal sum of [                    ] DOLLARS, or such lesser amount as is
indicated in the records of the Trustee and Depositary, on January 25, 2028. 
 Interest Payment Dates: January 25 and
July 25 of each year (each, an “Interest Payment Date”), commencing on July 25, 2018. 
 Interest Record Dates:
January 10 and July 10 (each, a “Regular Record Date”). 
 Reference is made to the further provisions of this
Note contained herein, which will for all purposes have the same effect as if set forth at this place. 
 Dated: December 7, 2017 

  
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 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officers. 
  

			
	THE CHARLES SCHWAB CORPORATION
		
	By:	 	  

		 	Name: Peter Crawford
		 	Title: Executive Vice President and
         Chief Financial Officer

  

	
	Attest:
	
	  

	Name:
	Title:

  
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Table of Contents

 This is one of the Notes of the series designated herein and referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
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 (REVERSE OF NOTE) 

THE CHARLES SCHWAB CORPORATION 

3.200% Senior Notes due 2028 
  

	 	1.	Interest. 

 The Charles Schwab Corporation (the “Issuer”) promises to pay
interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from and including
December 7, 2017. Interest on this Note will be paid to but excluding the relevant Interest Payment Date or on such earlier date as the principal amount shall become due in accordance with the provisions hereof. Interest will be payable to the
Holder of record on the Regular Record Date, provided, however, interest payable on the Stated Maturity will be paid to the person to whom the principal will be payable. The Issuer will pay interest semi-annually in arrears on each Interest Payment
Date, commencing July 25, 2018. If any Interest Payment Date, Redemption Date or the Stated Maturity of the Notes is not a Business Day, then the related payment of interest and/or principal payable, as applicable, on such date will be paid on
the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, Redemption Date or Stated Maturity and no further interest will accrue as a result of such delay. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 The Issuer
shall pay interest on overdue principal from time to time on demand by the Trustee pursuant to Section 5.3 of the Base Indenture (defined below) at the rate borne by the Notes and on overdue installments of interest (without regard to any
applicable grace periods) to the extent lawful. 
  

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 3.200% Senior Notes due 2028 (the
“Notes”) issued under the Senior Indenture dated as of June 5, 2009 (as amended, modified or supplemented from time to time in accordance therewith, the “Base Indenture” and, as amended, modified and
supplemented by the Tenth Supplemental Indenture dated as of December 7, 2017, the “Indenture”) by and between the Issuer and the Trustee, as trustee. This Note is a “Global Security” and the Notes are “Global
Securities” under the Indenture. 
 For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as
defined in the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”) as in effect
on the date on which the Indenture was qualified under the TIA. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the TIA for a statement of them. To the
extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

  
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Table of Contents

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and multiples of $1,000 thereafter. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions
thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Security
being redeemed in part. 
  

	 	5.	Amendment; Modification; Waiver. 

 The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Securities of all series affected under the Indenture at any time by the Issuer and the Trustee with the consent of
the Holders of not less than a majority in aggregate principal amount of the Securities of all series at the time Outstanding affected thereby (voting together as a single class). The Indenture contains provisions permitting the Holders of not less
than a majority in aggregate principal amount of the Securities of all series at the time Outstanding with respect to which an Event of Default under the Indenture shall have occurred and be continuing (voting together as a single class), on behalf
of the Holders of all Securities of such affected series, to waive, with certain exceptions, such past default with respect to all such series and its consequences. The Indenture also permits the Holders of not less than a majority in aggregate
principal amount of the Securities of each series at the time Outstanding affected thereby (voting together as a single class), on behalf of the Holders of all Securities of such affected series, to waive compliance by the Issuer with certain
provisions of the Indenture. 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 Security issued upon the registration of transfer hereof or in
exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
  

	 	6.	Optional Redemption. 

 Beginning on or after July 1, 2018, the Issuer may redeem the Notes
in whole or in part, at its option, at any time or from time to time prior to maturity on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the Notes (the “Redemption
Date”). 
 If any or all of the Notes are redeemed on or after July 1, 2018 and before October 25, 2027, the redemption
price will be equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed, or (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of interest and principal
thereon 

  
 B-6 

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(exclusive of interest accrued and unpaid to, but not including, 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 a rate equal to the sum of the Treasury Rate plus 15 basis points, plus, in either case, accrued interest thereon
to, but not including, the Redemption Date; provided, however, if the Redemption Date is after a Regular Record Date and on or prior to a corresponding Interest Payment Date, such accrued and unpaid interest will be paid on the Redemption Date to
the holder of record on the Regular Record Date. 
 If any or all of the Notes are redeemed on or after October 25, 2027, the
redemption price will be equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to, but not including, the Redemption Date for such Notes. 

On and after the Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof called for redemption,
unless the Issuer defaults in the payment of the Redemption Price and accrued interest, if any. On or before the Redemption Date for the Notes, the Issuer shall deposit with the Trustee or a Paying Agent, funds sufficient to pay the Redemption Price
of the Notes to be redeemed on the Redemption Date, and accrued and unpaid interest, if any, on such Notes. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of the
Depositary; provided, however, that in no event, shall Notes of a principal amount of $2,000 or less be redeemed in part. 
 Notice of any
redemption shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed; provided, however, that if the Trustee is asked to give such notice it shall be notified in writing of such
request at least 15 days prior to the date of the giving of such notice (unless a shorter notice shall be satisfactory to the Trustee). Such notice shall state the Redemption Price (if known) or the formula pursuant to which the Redemption Price is
to be determined if the Redemption Price cannot be determined at the time the notice is given. If the Redemption Price cannot be determined at the time such notice is to be given, the actual Redemption Price, calculated as described above, shall be
set forth in an Officer’s Certificate of the Issuer delivered to the Trustee no later than two Business Days prior to the Redemption Date. Notice of redemption having been given as provided in the Indenture, the Notes called for redemption
shall become due and payable on the Redemption Date and at the applicable Redemption Price, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date. 

 

	 	7.	Defaults and Remedies. 

 If an Event of Default with respect to Notes at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of all affected series then Outstanding (voting together as a single class) may declare the principal
amount of all the Securities of the affected series to be due and payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) of and
the accrued interest on all the Securities of such affected series shall become immediately due and payable. 

  
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 The Indenture permits, subject to certain limitations therein provided, Holders of not less than
a majority in aggregate principal amount of the Securities of all affected series (voting together as a single class) at the time Outstanding, to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually or by facsimile signs
the certificate of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

 Customary abbreviations may be used in the name of a Holder
of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
  

	 	10.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed
only on the other identification numbers printed hereon. 
  

	 	11.	Governing Law. 

 This Note and the Indenture shall be governed by, and construed in accordance
with, the laws of the State of California. 

  
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 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 

                          
      (Print or type assignee’s name, address and zip code) 

                          
      (Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably
appoint                     as agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

Date:                         
                        Your
Signature:                                     

 
  

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

			
		  	  

	Signature Guarantee:	  	Signature
		
	  
	  	  

	Signature must be guaranteed	  	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
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 Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

  
 B-9Exhibit

EXHIBIT 10.1
CONFIDENTIAL TREATMENT REQUESTED
THIS DOCUMENT HAS BEEN REDACTED AND IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.  REDACTED MATERIAL IS MARKED WITH A [****] AND HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

AMENDMENT NO. FIVE
TO 
AMENDED AND RESTATED 
PRIVATE LABEL CREDIT CARD PLAN AGREEMENT
BETWEEN COMENITY BANK
AND
STAGE STORES, INC.
SPECIALTY RETAILERS, INC. 

THIS AMENDMENT NO. FIVE (“Gordmans Amendment”) to that certain AMENDED and RESTATED PRIVATE LABEL CREDIT CARD PLAN AGREEMENT entered into as of the 8th day of August, 2012 and effective as of the 1st day of August 2012 (“Agreement”) among Stage Stores, Inc. (“SSI”) and Specialty Retailers, Inc. (“SRI”) (with SSI and SRI hereinafter collectively referred to as “Stage”) and Comenity Bank (formerly known as World Financial Network Bank) (“Bank”), is entered into by and between Bank and SSI on the 11th day of August, 2017 (“Gordmans Amendment Execution Date”).

WHEREAS, Stage and Bank previously entered into the Agreement pursuant to which, among other things, Stage requested Bank to, and Bank agreed to, extend credit to qualifying individuals in the form of private label open-ended credit card accounts for the purchase of Goods and/or Services from Stage through designated Sales Channels and to issue Credit Cards to qualifying individuals under the Stage Nameplates.

WHEREAS, SRI, the wholly owned operating subsidiary of SSI and currently the employer of all Stage employees, signed the Agreement solely for purposes of Section 13.1(a) of the Agreement, thereby agreeing that the Amended and Restated Private Label Credit Card Program Agreement dated March 5, 2004 by and among SSI, SRI and Bank was terminated in its entirety upon the full execution of the Agreement and thereby terminating SRI’s status as a separate party to the Agreement effective August 1, 2012.

WHEREAS, SSI and Bank entered into Amendment No. One to the Agreement effective as of February 1, 2013, Amendment No. Two to the Agreement effective as of February 13, 2014 (no longer in effect), Amendment No. Three to the Agreement effective as of May 4, 2014 (no longer in effect), and Amendment No. Four to the Agreement effective as of March 28, 2016.

WHEREAS, SRI has acquired certain assets from the bankruptcy estate of Gordmans, Inc., and its affiliates (collectively, “Gordmans, Inc.”), including the Gordmans Mark (as defined below) and the right to cause Gordmans, Inc. to assume and assign to SRI the leases of certain physical retail locations of Gordmans, Inc., and SRI is operating physical locations as retail stores operating under the Gordmans Mark.

WHEREAS, pursuant to the Gordmans Agreement (as defined below), Bank issues  private label credit cards branded with the Gordmans Mark that may be used for the purchase of goods and services sold in the sales channels operated by Gordmans, Inc.  

WHEREAS, Stage and Bank intend that certain credit cards originated under the Gordmans Agreement and the corresponding accounts shall be converted into Credit Cards and Accounts under the Plan in accordance with the terms of this Gordmans Amendment.

WHEREAS, the Gordmans Agreement was rejected on July 31, 2017.

WHEREAS, SSI and Bank now desire to amend the Agreement as set forth herein.

NOW, THEREFORE, in consideration of the terms and conditions hereof, and for other good and valuable consideration, the receipt of which is hereby mutually acknowledged by the parties, SSI and Bank agree as follows:

		
	1.
	Definitions; References.  Capitalized terms not otherwise defined in this Gordmans Amendment are used herein as defined in the Agreement.  Section 1.1 of the Agreement is amended to add or modify, as appropriate, the following terms:

“Account” is amended by adding the following sentence to the end of the current definition: “Additionally, Gordmans-Converted Accounts shall be considered Accounts for purposes of this Agreement.”

“Cardholder” is amended by adding the following sentence to the end of the current definition: “For clarity, holders and authorized users of Gordmans-Converted Accounts shall be considered Cardholders for purposes of this Agreement.”

“Covered Gordmans Stores” shall mean the retail locations listed in Schedule 1.1(d) attached hereto.  

“Credit Card” is amended by adding the following sentence to the end of the current definition.  “For clarity, private label credit cards issued by Bank that are associated with Gordmans Accounts shall be considered Credit Cards for purposes of this Agreement.”

“Gordmans Accounts” shall mean each Gordmans-Converted Account and each Account opened under the Plan after the Gordmans Amendment Effective Date under the Gordmans Mark.

“Gordmans Agreement” shall mean the Private Label Credit Card Program Agreement between World Financial Network National Bank and Gordmans, Inc. dated as of September 6, 2002, as amended by that certain Amendment to Private Label Credit Card Program Agreement between World Financial Network National Bank and Gordmans, Inc. dated as of April 7, 2006, Second Amendment to Private Label Credit Card Program Agreement between World Financial National Bank (as successor by conversion to World Financial Network National Bank ) and Gordmans, Inc. dated as of February 1, 2012 and Third Amendment to Private Label Credit Card Program Agreement between Comenity Bank (as successor to World Financial National Bank) and Gordmans, Inc. dated as of January 23, 2017.

2

“Gordmans Amendment Effective Date” shall mean the date on which the retail systems of the Covered Gordmans Stores are converted from the platform operated by or on behalf of Gordmans, Inc. to the platform operated by or on behalf of SRI as notified by Stage to the Bank, which was June 27, 2017.

 “Gordmans-Converted Account” shall mean each individual open-end revolving line of credit originated under the Gordmans Agreement for which no less than ten percent (10%) of the in-store purchases on such account in the 18-month period immediately preceding the Gordmans Amendment Effective Date occurred, in the aggregate, in one or more Covered Gordmans Stores, regardless of whether such line of credit is open to buy, is delinquent, is in default, or has been written-off, but excluding any lines of credit for which the Cardholder has declared bankruptcy, which have been closed for fraud, or which are subject to pending litigation with Bank.  For clarity, any open-end revolving line of credit originated under the Gordmans Agreement that has not had an in-store Purchase in a Covered Gordmans Store during the 18-month period immediately preceding the Gordmans Amendment Effective Date shall not be considered a Gordmans-Converted Account.

“Gordmans Mark” shall mean any trademark, service mark, or trade name acquired by SRI from Gordmans, Inc. and added as a Stage Mark pursuant to this Gordmans Amendment.

“Gordmans Stores” shall mean (i) any Covered Gordmans Stores, (ii) any physical retail location owned or operated by SRI in the United States under the Gordmans Mark that is opened by SRI after the Gordmans Amendment Effective Date and (iii) any retail ecommerce website owned and operated by or on behalf of SRI specifically under the Gordmans Mark targeting Customers residing in the United States.  For the sake of clarity, Gordmans Stores does not include stage.com.  As of the Gordmans Amendment Effective Date, the only Gordmans Stores will be the Covered Gordmans Stores.

“Sales Channels” is amended by adding the following sentence to the end of the current definition: “For clarity, all Gordmans Stores shall be considered Sales Channels for purposes of this Agreement.”

“Stage Nameplate” is amended by adding “, Gordmans” to clause (i), immediately after “Peebles”.

		
	2.
	Termination of Credit Cards Originated under the Gordmans Agreement.  A new Section 2.6 is added to the Agreement as follows:

“2.6     Termination of Credit Cards Originated under the Gordmans Agreement.

(a)On or before the Gordmans Amendment Execution Date, Bank shall cease accepting applications for credit card accounts under the Gordmans Agreement;

(b)On or before [****] Bank shall cease to approve transactions initiated with credit card accounts originated under the Gordmans Agreement that are not Gordmans-Converted Accounts;

3

(c)On or before the Gordmans Amendment Execution Date, Bank shall provide any notice of account closure required by the Credit Card Agreements in order to close all credit card accounts originated under the Gordmans Agreement that are not Gordmans-Converted Accounts in accordance with Applicable Law;

(d)On or before [****] Bank shall have terminated utility for all credit card accounts originated under the Gordmans Agreement that are not Gordmans-Converted Accounts and have not otherwise been closed; and

(e)On before [****] Bank shall cease to use the Gordmans Mark in connection with the program established by the Gordmans Agreement; provided, however, that Bank may use the Gordmans Mark in a manner that constitutes nominative fair use solely in connection with collecting outstanding balances on credit card accounts originated under the Gordmans Agreement that are not Gordmans-Converted Accounts.”
 
		
	3.
	Transition of Gordmans-Converted Accounts.   A new Section 2.7 is added to the Agreement as follows:

“2.7    Transition of Gordmans-Converted Accounts.

(a)As between the Bank and SSI, the parties agree that (i) all accounts receivable generated prior to the Gordmans Amendment Effective Date from credit cards originated under the Gordmans Agreement shall accrue to the benefit of the parties to the Gordmans Agreement and any successors thereto, (ii) the parties intend to provide SSI the benefit of all revenue generated on or after [****] under the Gordmans Agreement as if it accrued under the Agreement [****] and (iii) all liability in connection with the credit cards originated under the Gordmans Agreement accruing prior to the Gordmans Amendment Effective Date, including chargebacks, shall remain with the parties to the Gordmans Agreement and any successors thereto.  Bank acknowledges that Stage has not assumed and will not assume the Gordmans Agreement and has no obligations thereunder, notwithstanding the provisions of this Gordmans Amendment.  In order to give effect to clause (ii) above, Bank has exercised commercially reasonable efforts to calculate the difference between (x) the amount which would be owed to SSI if [****] and (y) the amount owing to Gordmans from the Gordmans-Converted Accounts under the Gordmans Agreement [****] (“Gross-Up Amount”).  Based upon Bank’s calculations, the parties have mutually agreed that the total sum of the Gross-Up Amount is [****].  Additionally, the parties have agreed that SSI is entitled to payment of an additional [****] as payment for the [****] Monthly Net Portfolio Yield.  Within 10 Business Days following the Gordmans Amendment Execution Date, Bank shall pay to SSI the sum of [****] as payment for the Gross-Up Amount and the [****]

(b)As of the Gordmans Amendment Effective Date, (i) all Gordmans-Converted Accounts shall be considered Accounts under the Agreement, (ii) all holders and users of Gordmans-Converted Accounts shall be considered Cardholders under the Agreement, (iii) all credit cards issued to holders and users of Gordmans-Converted Accounts pursuant to the Gordmans Agreement shall be considered Credit Cards under the Agreement, (iv) all Covered Gordmans Stores shall be considered Sales Channels under the Agreement; and (v) the Gordmans Mark shall be considered a Stage Mark under the Agreement.

4

(c)As between Bank and SSI, the parties agree that beginning on the Gordmans Amendment Effective Date, (i) all transactions initiated with a Gordmans-Converted Account shall be subject to the terms of this Agreement, and (ii) all accounts receivable and revenue generated from Gordmans-Converted Accounts after the Gordmans Amendment Effective Date shall accrue to the benefit of the parties to this Agreement as Accounts hereunder.  Further, as between Bank and SSI, the parties agree that Stage shall assume no interest in or liability for credit cards originated under the Gordmans Agreement that do not become Gordmans-Converted Accounts.

(d)Beginning on or before [****] Bank shall accept applications for Credit Cards under the Agreement in Gordmans Stores.

(e)In connection with the conversion of Gordmans-Converted Accounts, Bank shall not alter or modify account numbers issued to holders of Gordmans-Converted Accounts pursuant to the Gordmans Agreement without Stage’s prior written consent, which consent shall not be unreasonably withheld or delayed; provided, however, that this subsection (f) shall not restrict Bank from modifying account numbers for Gordmans-Converted Accounts in cases of suspected or actual fraud in a manner that is consistent with its standard policies or any other purposes permitted under the Agreement.

(f)Between the Gordmans Amendment Effective Date and [****] Bank shall use commercially reasonable efforts to amend the credit card agreement between holders of Gordmans-Converted Accounts and Bank so that the terms of such credit card agreement are the terms of the Credit Card Agreement under the Plan established and operated under the Agreement.  Bank shall amend such credit card agreements in compliance with Applicable Law and provide Cardholders such notices and disclosures regarding such changes as are required by Applicable Law.

(g)Bank shall [****] the redesign and reissuance of Credit Card plastics for the Gordmans-Converted Accounts, which design shall be subject to Stage’s review and approval as set forth in Section 3.4 of the Agreement.  Bank shall commence and complete such reissuance in [****].  Such reissuance shall not be considered a “Stage Re-issuance” as defined in Section 3.4(e)(i) of the Agreement.  [****]

(h)Bank shall deliver to Stage the information described in Section 3.13(d)(ii) and Schedule 3.13(d) of the Agreement regarding the holders of the Gordmans-Converted Accounts no later than [****]

(i)Promptly following the Gordmans Amendment Execution Date, the parties shall mutually agree to a marketing plan for the Stage Nameplate operating under the Gordmans Mark.  Further, the parties acknowledge and agree that it is their intent that the initial and annual marketing plans that will be adopted for the Stage Nameplate operating under the Gordmans Mark will be separate and distinct from the marketing plan(s) adopted for the other Stage Nameplates pursuant to Section 2.4(a) of the Agreement and not subject to the requirements set forth in Section 2.4(c)-(d) of the Agreement.

(j)Bank shall support cross acceptance of (i) Credit Cards bearing the Gordmans Mark at Sales Channels operating under a Stage Nameplate other than Gordmans, and (ii) Credit Cards bearing Stage Mark other than the Gordmans Mark at Gordmans Stores, 

5

in each case as soon as possible following the Gordmans Amendment Execution Date, but in no event later than [****]

(k)Notwithstanding any other provision of this Agreement, including Section 3.10(a)-(c) and paragraph (c) of Schedule 3.5(e), Stage shall have no obligation to offer a Cardholder Loyalty Program in connection with Gordmans Accounts; provided, however, that if Stage elects to offer a Cardholder Loyalty Program in connection with Gordmans Accounts, each party shall have the obligations set forth under the Agreement with respect to such Cardholder Loyalty Program. 

(l)Notwithstanding Section 3.5(e) and Schedule 3.5(e) of the Agreement, the Parties agree that (i) the [****] Average shall not apply to Gordmans Stores, (ii) the [****] Rate shall not apply to merchandise sales on Gordmans Accounts and (iii) and the value proposition requirement shall not apply to customers of Gordmans Stores or holders of Gordmans Accounts.    

(m)Except as otherwise specified herein or in the Agreement, each party shall be responsible for funding its own costs and expenses in connection with carrying out its obligations hereunder.” 

		
	4.
	Section 3.9 - Customer Service.  Section 3.9 of the Agreement is amended by adding a new subsection (e) as follows: 

“Bank shall maintain a separate toll-free telephone line for the provision of customer service for the Gordmans Accounts. Bank shall exercise commercially reasonable efforts to maintain this telephone line at the telephone number utilized for Gordmans, Inc. prior to the Gordmans Agreement Execution Date.”

		
	5.
	Section 3.15 - Communications and Systems Changes.  The Agreement is amended by adding a new Schedule 3.15(c) as attached hereto and a new subsection (c) to Section 3.15 as follows: 

“(c)  Bank shall complete those changes set forth on Schedule 3.15(c) by the completion date set forth in Schedule 3.15(c).”

		
	6.
	Section 7.5 - Stage Marks.  The following sentence is added to the end of Section 7.5 of the Agreement as follows:

“Further, Stage has the legal right to use and permit the Bank to use, to the extent set forth in the Agreement the Gordmans Mark.”

		
	7.
	Section 7.8 -Stage Representations and Warranties.  A new Section 7.8 is added to the Agreement as of the Gordmans Amendment Execution Date as follows:

“7.8    Gordmans-Converted Accounts.  Stage represents and warrants that it has all rights necessary, including under Applicable Law, to fulfill its obligations as, and at the time, required by the Gordmans Amendment.”

		
	8.
	Section 9.6 - Bank Representations and Warranties.  A new Section 9.6 is added to the Agreement as of the Gordmans Amendment Execution Date as follows:

6

“9.6    Gordmans-Converted Accounts.  Bank represents and warrants that it has all rights necessary, including under Applicable Law, to fulfill its obligations as, and at the time, required by the Gordmans Amendment.  Without limiting the generality of the foregoing, Bank represents and warrants that it has all rights necessary, including under Applicable Law, to convert the Gordmans-Converted Accounts to Accounts under the Agreement and to carry out its obligations under the Agreement.  Bank further represents and warrants that it has all rights necessary, including under Applicable Law, the Gordmans Agreement, the terms and conditions of its agreements with the holders of Gordmans-Converted Accounts and the privacy policy applicable to such Gordmans Converted Accounts, to share with Stage all information about the holders of Gordmans-Converted Accounts that Bank is required to share with Stage pursuant to the Agreement, including Section 3.13(d)(ii) and Schedule 3.13 of the Agreement, and to authorize Stage to use and disclose such information regarding the holders of Gordmans-Converted Accounts to the same extent permitted under the Agreement.”

		
	9.
	Section 11.1 - Indemnification.  Section 11.1(b) of the Agreement is amended as of the Gordmans Amendment Execution Date by deleting the word “and” immediately preceding clause (vii) and adding the following language immediately after clause (vii): “; (viii) the claims of any third party resulting from or related to a Gordmans-Converted Account that arose prior to the Gordmans Amendment Execution Date, including any protection programs, enhancement marketing services or other ancillary products or services offered or provided by Bank to holders of such Gordmans-Converted Accounts and any loyalty program offered to holders of Gordmans-Converted Accounts prior to the Gordmans Amendment Execution Date; (ix) the claims of any third party resulting from or related to accounts originated under the Gordmans Agreement which are not Gordmans-Converted Accounts; and (x) the claims of any third party, including any claims made by Gordmans, Inc. or its bankruptcy estate or trustee arising out of or relating to an alleged or actual breach by Bank of the Gordmans Agreement”.

		
	10.
	Section 12.1 - Term and Expiration.  Section 12.1 of the Agreement is hereby deleted in its entirety and replaced with the following:

“12.1    Term and Expiration.  Upon execution by authorized representatives of both parties, and unless terminated as provided herein, this Agreement shall become effective as of the Effective Date and remain in effect until [****] (“Initial Term”).  At Bank’s sole discretion, Bank may elect to extend the Initial Term for an additional two (2) years by providing written notice to Stage of such election on or before [****] (“Option”).  Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive [****] terms (each a “Renewal Term”) thereafter, unless either party provides the other with at least [****] months’ prior written notice of its intention not to renew this Agreement beyond the expiration of the Initial or then-current Renewal Term, as applicable.”

		
	11.
	Schedule 1.1(b) - Stage Marks.  The parties hereby agree that Schedule 1.1(b) of the Agreement is amended as of the Gordmans Amendment Effective Date by adding Schedule 1.1(b) attached hereto.

		
	12.
	Schedule 1.1(d) - Covered Gordmans Stores.  As of the Gordmans Amendment Effective Date, Schedule 1.1(d) attached hereto is hereby added to the Agreement.

7

		
	13.
	Schedule 1.3(e) - Measurement Period Summary.  The parties hereby agree that, upon Bank’s exercise of the Option, Schedule 1.3(e) of the Agreement is amended as follows:

(a)By changing measurement period 10 to be the full calendar year [****], adding measurement period 11 to be the full calendar year [****] and adding measurement period 12 to be the period from [****] through [****]

(b)By making the $/Account mailed for each new measurement period in (a) above, the prior measurement period cost multiplied by the annual CPI adjustment.

(c)By making the Paperless Statement Target for each new measurement period [****]

		
	14.
	Schedule 2.4(c) - Bank’s Marketing Commitments.  The parties hereby agree that, as of the Gordmans Amendment Execution Date, paragraph 3 of Schedule 2.4(c) of the Agreement is amended and restated in its entirety to read as follows:

"Fund the redesign and reissuance of the Credit Card plastics for each Stage Nameplate four (4) times during the Term: (i) first, within the twelve (12) month period beginning on the Effective Date; (ii) second, during the calendar year [****], but in any case before [****]; (iii) third, during the month of [****] or at such other time as agreed by the parties; and (iv) fourth, during the calendar year [****] but in any case before [****] or at such other time as agreed by the parties. The Gordmans brand shall not be included in the first two such reissuances. Each such re-issuance shall include substantially all Cardholders who have made a Purchase using an Account during the [****] month period immediately prior to the re-issuance (excluding a control population of such Cardholders). Bank will also test re-issuance to Cardholders who have not made a Purchase using an Account during the [****] month period immediately prior to the re-issuance but who have made a Purchase using an Account during the [****] month period beginning [****] months immediately prior to the re-issuance and ending [****] months immediately prior to the re-issuance.  Notwithstanding the foregoing, any such re-issuance of the Credit Card plastics shall be in accordance with Applicable Law and Bank’s Corporate Reissuance Policy.  Should any such re-issuance of the Credit Card plastics not comply with Applicable Law or Bank’s Corporate Reissuance Policy, in lieu of the reissuance, Bank shall, promptly following such determination, pay to Stage an amount equal [****] and Stage shall use such funds, in its sole reasonable discretion, to fund credit marketing program(s)."

		
	15.
	Schedule 3.2 - Plan Teams.  Schedule 3.2 of the Agreement is amended as of the Gordmans Amendment Execution Date as follows:

(a)The two parentheticals in subsection (d) that read “(excluding Steele’s)” are replaced with the following: “(excluding Gordmans)”.

(b)The following paragraph is added as a separate paragraph following the final paragraph of subsection (d):

“Upon the request of Stage, Bank shall ensure that at least one (1) individual member of the field sales team is assigned solely to physical retail Sales Channels 

8

operating under the Gordmans Mark at all times, unless and until Stage requests a realignment of the field sales team.”

		
	16.
	Schedule 6.1 - Plan Economics.  The parties hereby agree that Schedule 6.1 of the Agreement is amended as of the Gordmans Amendment Execution Date as follows:

[****]

		
	17.
	Counterparts; Effectiveness.  This Gordmans Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of such counterparts shall together constitute one and the same instrument.  Unless otherwise set forth herein, all provisions of this Gordmans Amendment shall become binding on the Gordmans Amendment Execution Date and become effective as of the Gordmans Amendment Effective Date.

		
	18.
	General.  This Gordmans Amendment shall not be changed, modified or amended except in writing and signed by both of the Parties hereto.  The provisions of this Gordmans Amendment shall be considered a part of the Agreement.  Except as specifically amended in this Gordmans Amendment, the provisions of the Agreement, as amended, remain unaffected and in full force and effect.  The provisions of this Gordmans Amendment shall prevail in the event of any conflict between the provisions hereof and the provisions of the Agreement.

IN WITNESS WHEREOF, SSI and Bank have executed this Gordmans Amendment in a manner and form sufficient to bind them on the Gordmans Amendment Execution Date.

	
				
	STAGE STORES, INC.
	 
	 
	COMENITY BANK (formerly known as

	 
	 
	 
	WORLD FINANCIAL NETWORK BANK)

	 
	 
	 
	 

	By:  /s/ Oded Shein
	 
	 
	By:  /s/ John Marion

	 
	 
	 
	 

	Oded Shein
	 
	 
	John Marion

	Printed Name
	 
	 
	Printed Name

	 
	 
	 
	 

	EVP,CFO
	 
	 
	8/14/17 (President)

	Title
	 
	 
	Title

9

Schedule 1.1(b)
Stage Marks
 

Word Marks:

Give the Unexpected
gRewards
Gordmans
G Something Unexpected
Something Unexpected

Stylized Design Marks:

10

Schedule 1.1(d)
Covered Gordmans Store

	
					
	STORE NO.
	STREET ADDRESS
	CITY
	STATE  
	ZIP CODE

	6079
	2230 S Promenade Blvd
	Rogers
	AR
	72758

	6060
	1972 Southgate Road
	Colorado Springs 
	CO
	80906

	6105
	8055 W Bowles Ave
	Littleton
	CO
	80123

	6041
	10001 Grant St.
	Thornton
	CO
	80229

	6072
	4601 1st Ave SE
	Cedar Rapids
	IA
	52402

	6080
	2515 Corridor Way
	Coralville
	IA
	52241

	6082
	3125 Manawa Centre Dr
	Council Bluffs
	IA
	51501

	6002
	3860 Elmore Ave
	Davenport
	IA
	52807

	6019
	1200 SE Army Post Rd
	Des Moines
	IA
	50315

	6021
	2590 Hubbell Ave
	Des Moines
	IA
	50317

	6045
	1400 22nd St
	Des Moines
	IA
	50266

	6036
	5001 Sergeant Rd, Suite 140
	Sioux City
	IA
	51106

	6023
	2060 Crossroads Blvd #200
	Waterloo
	IA
	50702

	6103 
	2260 N. Eagle Road
	Meridian
	ID
	83646

	6059 
	16740 North Marketplace Blvd
	Nampa
	ID
	83687

	6004
	1901 N Market
	Champaign
	IL
	61822

	6027
	81 Ludwig Dr
	Fairview Heights
	IL
	62208

	6003
	4401 27th St
	Moline
	IL
	61265

	6071
	7611 North Grand Prairie Dr
	Peoria
	IL
	61615

	6107
	340 West Washington Street
	Peoria 
	IL
	61611

	6008
	3231 S Veterans Parkway
	Springfield
	IL
	62704

	6112
	945 East Lewis & Clark Pkway
	Clarksville 
	IN
	47129

	6083
	902 S Thomas Road
	Ft Wayne
	IN
	46804

	6076
	100 S Creasy Lane, Suite 1400
	Lafayette
	IN
	47905

	6084
	4430 Grape Road
	Mishawaka
	IN
	46545

	6114
	710 Porter's Vale Blvd
	Valparaiso
	IN
	46383

	6029
	3245 Topeka Blvd
	Topeka
	KS
	66611

	6028
	2057 N Rock Rd, Suite101
	Wichita
	KS
	67206

	6081
	7011 W Central #300
	Wichita
	KS
	67212

	6078
	3801 Mall Road
	Lexington
	KY
	40503

	6121
	5202 Bay Road
	Saginaw 
	MI
	48604

	6119
	4910 Wilson Ave SW
	Wyoming 
	MI
	49418

	6086
	901 County Rd 42 West
	Burnsville
	MN
	55306

	6087
	8268 Tamarack Village
	Woodbury
	MN
	55125

	6124
	235 Arnold Crossroads Center
	Arnold 
	MO
	63010

	6009
	687 Gravois Bluffs Blvd
	Fenton 
	MO
	63026

	6047
	13500 A East 40 Hwy
	Independence
	MO
	64055

	6048
	309 NE Englewood Rd
	Kansas City
	MO
	64118

	6063
	2259 Missouri State Hwy K
	O'Fallon
	MO
	63366

	6032
	3303 S Campbell Ave
	Springfield
	MO
	65807

	6049
	1355 S 5th St
	St Charles
	MO
	63301

	6039
	3702 Frederick Ave
	St Joseph
	MO
	64506

	6073
	100 Towne Center Loop
	Southaven
	MS
	38671

	6120
	1449 East LaSalle Drive
	Bismarck
	ND
	58503

	6005
	5100 14th Ave SW
	Fargo
	ND
	58103

	6006
	3501 32nd Ave South
	Grand Forks
	ND
	58201

	6113
	3220 16th ST SW
	Minot
	ND
	58701

11

	
					
	6042
	850 E 23rd St
	Fremont
	NE
	68025

	6022
	1111 Allen Dr
	Grand Island
	NE
	68803

	6044
	5050 N 27th St
	Lincoln
	NE
	68521

	6085
	1617 Eglin Street
	Rapid City
	SD
	57701

	6043
	4001 S Louise Avenue
	Sioux Falls
	SD
	57106

	6102
	1101 West Riverdale Road
	Riverdale
	UT
	84405

	6089
	11590 South District Drive
	South Jordan
	UT
	84095

	6116
	2351 Holmgren Way
	Ashwaubenon
	WI
	54304

	6109
	7450 Green Bay Road, Suite B
	Kenosha
	WI
	53142

	6018
	131 East Towne Mall
	Madison
	WI
	53704

	6065
	3701 Rib Mountain Drive
	Wausau
	WI
	54401

12

Schedule 3.15(c)
Communications and Systems Changes

	
			
	Change Name
	Date of Full Implementation
	Description of Change

	[****]
	04/30/18
	[•]

	[****]
	10/31/18
	[•]

	[****]
	10/31/18
	[•]

	[****]
	10/31/18
	[•]

20266256_2

13

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