Document:

EX-4.1

 Exhibit 4.1 

SYNCHRONY FINANCIAL 

AND 
 THE BANK OF NEW
YORK MELLON, 
 as Trustee 
  

 
 ELEVENTH SUPPLEMENTAL INDENTURE

 Dated as of June 13, 2022 

to the 
 INDENTURE

 Dated as of August 11, 2014 
  

 

 TABLE OF CONTENTS 

 

							
	Page	 
	
	ARTICLE I	  

	DEFINITIONS	  

			
	 Section 1.01.
	 	Relation to Base Indenture	  	 	2	 
	 Section 1.02.
	 	Definition of Terms	  	 	2	 
	
	ARTICLE II	  

	GENERAL TERMS AND CONDITIONS OF THE NOTES	  

			
	 Section 2.01.
	 	Designation and Principal Amount	  	 	4	 
	 Section 2.02.
	 	Maturity	  	 	4	 
	 Section 2.03.
	 	Form, Payment and Appointment	  	 	4	 
	 Section 2.04.
	 	Global Notes	  	 	4	 
	 Section 2.05.
	 	Interest	  	 	5	 
	 Section 2.06.
	 	No Sinking Fund	  	 	5	 
	 Section 2.07.
	 	Satisfaction and Discharge	  	 	5	 
	
	ARTICLE III	  

	REDEMPTION OF THE NOTES	  

			
	 Section 3.01.
	 	Optional Redemption by Company	  	 	5	 
	 Section 3.02.
	 	Notice of Redemption; Selection of Notes to be Redeemed	  	 	6	 
	 Section 3.03.
	 	Payment of Redemption Price	  	 	6	 
	 Section 3.04.
	 	No Other Redemption	  	 	6	 
	
	ARTICLE IV	  

	FORMS OF NOTES	  

			
	 Section 4.01.
	 	Forms of Notes	  	 	6	 
	ARTICLE V	  

	ORIGINAL ISSUE OF NOTES	  

	 Section 5.01.
	 	Original Issue of Notes	  	 	6	 
	
	ARTICLE VI	  

	MISCELLANEOUS	  

			
	 Section 6.01.
	 	Ratification of Indenture	  	 	6	 
	 Section 6.02.
	 	Trustee Not Responsible for Recitals	  	 	7	 
	 Section 6.03.
	 	Governing Law	  	 	7	 
	 Section 6.04.
	 	Waiver of Trial by Jury	  	 	7	 
	 Section 6.05.
	 	Table of Contents, Headings, etc	  	 	7	 
	 Section 6.06.
	 	Execution in Counterparts	  	 	7	 
	 Section 6.07.
	 	Separability; Benefits	  	 	7	 
	 Section 6.08.
	 	Certain Tax Information	  	 	7	 
	 EXHIBIT A
	 	Form of 4.875% Senior Notes due 2025	  	 	A-1	 

  

 THIS ELEVENTH SUPPLEMENTAL INDENTURE (this “Eleventh Supplemental
Indenture”), dated as of June 13, 2022, 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”), providing for the issuance of the 3.700% Senior Notes due 2026; 

WHEREAS, the Company executed and delivered to the Trustee a Seventh Supplemental Indenture, dated as of November 30, 2017,
between the Company and the Trustee (the “Seventh Supplemental Indenture”), providing for the issuance of the 3.950% Senior Notes due 2027; 

WHEREAS, the Company executed and delivered to the Trustee an Eighth Supplemental Indenture, dated as of March 19, 2019, between
the Company and the Trustee (the “Eighth Supplemental Indenture”), providing for the issuance of the 4.375% Senior Notes due 2024 and the 5.150% Senior Notes due 2029; 

WHEREAS, the Company executed and delivered to the Trustee a Ninth Supplemental Indenture, dated as of July 25, 2019, between the
Company and the Trustee (the “Ninth Supplemental Indenture”), providing for the issuance of the 2.850% Senior Notes due 2022; 

WHEREAS, the Company executed and delivered to the Trustee a Tenth Supplemental Indenture, dated as of October 28, 2021, between
the Company and the Trustee (the “Tenth 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, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture and this Eleventh
Supplemental Indenture, the “Indenture”), providing for the issuance of the 4.875% Senior Notes due 2025;  

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

WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for the issuance of a new series of Securities to
be known as its 4.875% Senior Notes due 2025 (the “Notes”), the forms and terms of such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Eleventh Supplemental Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Eleventh Supplemental Indenture, and all requirements necessary
to make this Eleventh 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 Eleventh Supplemental Indenture has been duly authorized in all respects; and 

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 Eleventh Supplemental Indenture constitutes an integral part of the Base Indenture.

 Section 1.02. Definition of Terms. For all purposes of this Eleventh 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 Eleventh 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. 
 “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. 

  
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 “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. 
 “Par Call Date” shall have the
meaning set forth in Section 3.01. 
 “Record Date” shall have the meaning set forth in Section 2.05(a)(ii). 

“Redemption Date” shall mean, with respect to any redemption of Notes, the date fixed for such redemption pursuant to the
Indenture and such Notes. 
 “Remaining Life” shall have the meaning set forth in the defined term “Treasury
Rate”. 
 “Treasury Rate” shall mean, with respect to any Redemption Date, the yield determined by the Company in
accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Company as of 4:15 p.m., New York City time (or as of such
time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the Redemption Date based upon the yield or yields for the most recent day that appear as of
such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as
applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity
on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer
than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant
maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on
H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date. 

If on the third business day preceding the Redemption Date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate
per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to,
the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a
maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States
Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United
States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of
this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of
such United States Treasury security, and rounded to three decimal places. 
 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,” “Eighth Supplemental Indenture,” “Ninth Supplemental
Indenture,” “Tenth Supplemental Indenture,” “Eleventh Supplemental Indenture,” “Notes,” and “Trustee” shall have the respective meanings set forth in the recitals to
this Eleventh Supplemental Indenture and the paragraph preceding such recitals. 

  
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 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 4.875% Senior Notes due 2025, initially limited in aggregate principal amount to U.S. $750,000,000 (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 June 13, 2025 (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. 

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. 

  
 4 

 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 June 13, 2022, 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 June 13, 2022 and shall be payable semi-annually in arrears on June 13
and December 13 of each year (each, an “Interest Payment Date”), beginning on December 13, 2022 to, but excluding, the Maturity Date or, if applicable, the Redemption Date, of the Notes. 

(ii) Interest shall be payable to the Persons in whose names the relevant Notes are registered at the close of business on the
May 29 or November 28 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record Date”) at the annual rate of 4.875% per year, except as provided in Section 2.05(b)
hereof and in Section 2.04 of the Base Indenture. 
 (iii) 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). 

(iv) 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. The Notes may not be redeemed by the Company prior to December 13, 2022. Except
as otherwise may be specified in this Eleventh Supplemental Indenture, at any time and from time to time on or after December 13, 2022 and prior to May 13, 2025 (the “Par Call Date”), the Company shall have the right to
redeem the Notes, in whole or in part, at its option, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: 

(a) (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption
Date (assuming that the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable
Treasury Rate plus 0.30% less (ii) interest accrued to the Redemption Date; and 

  
 5 

 (b) 100% of the principal amount of the Notes to be redeemed, 

plus, in each case of (a) and (b), accrued and unpaid interest to the Redemption Date of the Notes to be redeemed. The Trustee shall not be responsible
for calculating the foregoing redemption price. 
 At any time and from time to time on or after the Par Call Date, 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 thereon to the Redemption Date. 

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 by lot; 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. $750,000,000, subject to the
last paragraph of Section 2.02 of the Base Indenture, may from time to time, upon execution of this Eleventh Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver said Notes to or upon the written order of the Company pursuant to Section 2.03 of the Base Indenture without any further action by the Company (other than as required by the Base Indenture). 

ARTICLE 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, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth
Supplemental Indenture, the Tenth Supplemental Indenture, and this Eleventh Supplemental Indenture, is in all respects ratified and confirmed, and this Eleventh Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to
the extent herein and therein provided. 

  
 6 

 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 Eleventh Supplemental Indenture. 

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

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

 Section 6.09. Amendment of Section 2.05 of the Base Indenture relating to the Trustee’s Certificate of
Authentication. The first paragraph of Section 2.05 of the Base Indenture is amended and restated with respect to the Notes, to read as follows: 

“The Securities shall be signed in the name and on behalf of the Company by the manual or facsimile signature of its President, its
Chairman of the Board, its Chief Financial Officer, its Treasurer or Assistant Treasurer, or its Secretary or Assistant Secretary. Only such Securities as shall bear thereon a certificate of authentication substantially in the form herein recited,
executed by the Trustee by the manual, facsimile or electronic signature of an authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security
executed by the Company shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture.” 

  
 7 

 [Signature Page Follows] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh 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, Liquidity and
		 		 	Investments Leader

 [Signature Page to Eleventh Supplemental Indenture] 

 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh 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/ Francine Kincaid

		 	Name:	 	Francine Kincaid
		 	Title:	 	Vice President

 [Signature Page to Eleventh 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 

4.875% Senior Note due 2025 

CUSIP: 87165BAS2 
 ISIN: US87165BAS25

 $________ 
 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 June 13, 2025 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from June 13,
2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on June 13 and December 13 of each year (each, an “Interest Payment Date”), commencing
December 13, 2022, at the rate of 4.875% per annum, until the principal hereof is paid or duly provided for or made available for payment. 

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. 
  

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

  
 A-1 

 The interest 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, facsimile or electronic, 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), which has been 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”), the Seventh Supplemental Indenture, dated as of December 1, 2017, between the Company and the Trustee (the “Seventh Supplemental Indenture”), the Eighth Supplemental Indenture, dated as of
March 19, 2019, between the Company and the Trustee (the “Eighth Supplemental Indenture”), the Ninth Supplemental Indenture, dated as of July 25, 2019, between the Company and the Trustee (the “Ninth Supplemental
Indenture”), the Tenth Supplemental Indenture, dated as of October 28, 2021, between the Company and the Trustee (the “Tenth Supplemental Indenture”), and the Eleventh Supplemental Indenture, dated as of June 13,
2022, between the Company and the Trustee (the “Eleventh Supplemental 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, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture, the Ninth Supplemental Indenture, the Tenth Supplemental Indenture, and the
Eleventh Supplemental Indenture, is the “Indenture” to which 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 $750,000,000. 

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 December 13, 2022. Except as otherwise may be specified in the Indenture, at any
time and from time to time on or after December 13, 2022 and prior to May 13, 2025 (the “Par Call Date”), the Company shall have the right to redeem the Notes of this series, in whole or in part, at its option, at any time
and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: 

(i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the
Redemption Date (assuming that the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
applicable Treasury Rate plus 0.30% less (b) interest accrued to the Redemption Date; and 
 (ii) 100% of the principal
amount of the Notes to be redeemed, 
 plus, in each case of (i) and (ii), accrued and unpaid interest thereon to the Redemption Date of the Notes to
be redeemed. 
 At any time and from time to time on or after the Par Call Date, 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 thereon to the Redemption Date. 

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. 

  
 A-R-1 

 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 by lot; 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 Eleventh 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 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 Eleventh 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. 

  
 A-R-2 

 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
TrusteeExhibit 10.1

      

       

      

      ARIS WATER SOLUTIONS, INC.

      EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN

       

      1.           Purpose.  The purpose of the Aris Water Solutions, Inc. Executive Change in Control Severance Plan (the “Plan”) is to enable Aris Water
            Solutions, Inc., a Delaware corporation, to reinforce and encourage the continued attention and dedication of Participants (as defined below) to their assigned duties in the event the Company (as defined below) undergoes a Change in Control (as
            defined below).

       

      2.           Term.  The Plan shall be effective as of June 8, 2022. The Plan shall remain in effect until modified or terminated pursuant to Section 9.

       

      3.           Definitions.

       

      (a)          “Base Pay” means the Participant’s annual base salary, determined as of the Termination Date (as defined below),
            excluding overtime, bonuses, incentive compensation or any other special payments. Base Pay is used to compute the amount of the Severance Benefit.

       

      (b)          “Board” means
            the Board of Directors of the Company.

       

      (c)          “Cause” has the meaning set forth in set forth in the Aris Water Solutions, Inc. 2021 Equity Incentive Plan or any
            successor equity incentive plan adopted by the Company.

       

      (d)         “Change in Control” has the meaning set forth in the Aris Water Solutions, Inc. 2021 Equity Incentive Plan or any
            successor equity incentive plan adopted by the Company.

       

      (e)          “CIC Protection Period” means the period commencing ninety (90) days prior to the Closing and ending on the date
            that is one year following the Closing.

       

      (f)          “Closing” means

            the date on which a Change in Control is consummated.

       

      (g)          “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985.

       

      (h)          “COBRA Multiplier” means the applicable COBRA multiplier for the Participant’s Tier as set forth on Exhibit A.

       

      (i)           “Code” means

            the Internal Revenue Code of 1986 and any guidance and regulations promulgated thereunder.

       

      (j)          “Committee” means the Compensation Committee of the Board or another duly constituted committee of the Board
            designated by the Board as the Committee hereunder.

       

      (k)        “Company” means

            Aris Water Solutions, Inc. and its affiliated companies and subsidiaries, and following the Closing, shall include any successor.

       

      (l)          “Disability” shall occur upon the Participant becoming eligible for disability benefits under the Company’s long-term disability plan, or, if earlier, upon the Participant becoming eligible for Social Security
          disability benefits.

       

        

      
        
          

      

      
      (m)        “Good Reason” has the meaning ascribed to any such term in any employment agreement between the Participant and the
            Company, or if no such term is defined in such agreement, means (i) a material diminution in the Participant’s duties, authority or responsibilities from those in effect immediately prior to a Change in Control; (ii) a material reduction in the
            Participant’s base pay or target annual bonus opportunity in effect immediately prior to a Change in Control; or (iii) a relocation of the Participant’s principal place of employment to a location that is more than 50 miles from his or her
            place of employment immediately prior to a Change in Control, provided that a relocation from a principal place of employment that is not one of the Company’s principal office locations to one of the Company’s principal office locations shall
            not constitute “Good Reason”. Notwithstanding the foregoing, any assertion by the Participant of a termination of employment for “Good Reason” shall not be effective unless all of the following conditions are satisfied: (i) the Participant
            provides written notice to the Company of the condition claimed to constitute Good Reason within 90 days of the initial existence of such condition and during the CIC Protection Period and (ii) the Company fails to remedy such condition within
            30 days of receiving such written notice thereof; and provided, further, that in all events the termination of the Participant’s employment with the Company shall not be treated as a termination for “Good Reason” unless such termination occurs
            not more than 12 months following the initial existence of the condition claimed to constitute “Good Reason.”

       

      (n)          “Participant” means

            an employee of the Company who participates in the Plan pursuant to Section 4.

       

      (o)          “Qualifying Termination” means a termination of the Participant’s employment with the Company by the Company without
            Cause (excluding by reason of death or Disability) or by the Participant for Good Reason, in each case, during the CIC Protection Period.

       

      (p)          “Severance Benefits” means:

       

      (i)          A lump sum payment in an amount equal to the Participant’s Severance Multiplier multiplied by the Participant’s Base Pay, payable within sixty (60) days following the Termination Date;

       

      (ii)        Payment of the Participant’s earned but unpaid annual bonus, if any, for the fiscal year preceding the fiscal year in which the Termination Date occurs, payable on the date when bonuses for such fiscal year are
            otherwise paid to the Company’s executives for such fiscal year and in all events in the fiscal year that includes the Termination Date;

       

      (iii)         A lump sum payment in an amount equal to the Participant’s Severance Multiplier multiplied by the Participant’s target annual bonus for the fiscal year in which the Termination Date occurs, payable within sixty (60)
            days following the Termination Date;

       

      (iv)          A lump sum payment in an amount equal to a pro-rata portion of the target annual bonus that the Participant was eligible to earn for the fiscal year in which the Termination Date occurs, based on the number of days
            the Participant is employed during such fiscal year, payable within sixty (60) days following the Termination Date;

       

      
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      (v)       A lump sum payment in an amount equal to (A) the Participant’s COBRA Multiplier times (B) the monthly premiums for the Participant’s and the Participant’s covered dependents’ participation in the Company’s group
            health plans pursuant to COBRA, less the amount of employee contributions that would apply to such participation if the Participant were an active employee, each determined as of the Termination Date, payable within sixty (60) days following
            the Termination Date; and

       

      (vi)          Notwithstanding any provision of the Aris Water Solutions, Inc. 2021 Equity Incentive Plan (or any successor equity incentive plan) or any applicable award agreement to the contrary, effective as of the Termination
            Date, all of the Participant’s outstanding unvested restricted stock units (and any other outstanding and unvested equity incentive awards) shall become immediately vested and no longer subject to forfeiture.  With respect to any
            performance-based restricted stock units, all performance goals or other vesting criteria will be deemed achieved at the greater of 100% of target or the actual achievement through the Termination Date and all other terms and conditions will be
            deemed met. In the event that a Participant’s employment is terminated by the Company without Cause (excluding by reason of death or Disability) or by the Participant for Good Reason prior to the consummation of a Change in Control and (A) such
            termination of employment results in the forfeiture of unvested restricted stock units (and any other outstanding and unvested equity incentive awards) and (B) a Change in Control is consummated within ninety (90) days thereafter, in lieu of
            the accelerated vesting described in this clause (vi), the Participant shall be entitled to receive an additional lump sum payment in an amount equal to the value of such forfeited equity awards as if such awards remained outstanding and vested
            upon the consummation of the Change in Control, which amount shall be payable within sixty (60) days following the Termination Date.

       

      (q)       “Termination Date” means the date of the Participant’s termination of employment with the Company. In the event that
            a Participant’s employment is terminated by the Company without Cause (excluding by reason of death or Disability) or by the Participant for Good Reason prior to the consummation of a Change in Control and a Change in Control is consummated
            within ninety (90) days thereafter, for all purposes under this Plan the date of the Change in Control shall be deemed the Participant’s Termination Date.

       

      4.         Eligibility.  Employees selected by the Committee shall be eligible to participate in the Plan upon execution of a Participation Agreement with the Company in
            the form attached hereto as Exhibit B (a “Participation Agreement”).

       

      5.           Severance Benefits.

       

      (a)        Qualifying Termination.  Upon a Participant’s Qualifying Termination, subject to Section 5(c), such Participant will receive the Severance Benefits.

       

      (b)         Other Termination.  In the event that a Participant’s employment is terminated other than as the result of a Qualifying Termination, then such Participant shall not be entitled to receive any payments or benefits under this Plan.
            For the avoidance of doubt, a Participant shall not be entitled to receive any payments or benefits under this Plan in the event that such Participant’s employment is terminated by the Company for Cause or such Participant resigns without Good
            Reason (including as a result of a retirement), such Participant dies, such Participant terminates employment as a result of Disability or such Participant’s termination of employment occurs for any reason outside of the CIC Protection Period.

       

      
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      (c)          Conditions to Severance Benefits.  Payment of the Severance Benefits shall be subject to (i) the Participant’s execution (and non-revocation) of a general release of claims in a customary form reasonably provided by the Company (the
            “Release”) within the time period specified therein, (ii) the Release becoming effective and irrevocable in accordance
            with its terms within sixty (60) days following the Participant’s Termination Date and (iii) the Participant’s continued compliance in all material respects with any Restrictive Covenants set forth in Exhibit A to the Participant’s Restricted
            Stock Unit Award Agreement.

       

      6.           Administration.

       

      (a)         In the event of any conflict or inconsistency between another document and the terms of the Plan, the terms and conditions of the Plan shall govern and control; provided, however, that a Participant’s Participation Agreement will govern
            their participation in the Plan to the extent of any conflict between a Participation Agreement and the Plan.

       

      (b)        The Plan shall be administered by the Committee in its sole and absolute discretion, and all determinations by the Committee shall be final, binding and conclusive on all parties and be given the maximum possible deference allowed by law.

       

      (c)         The Committee shall have the authority, consistent with the terms of the Plan, to (i) designate Participants, (ii) determine the terms and conditions relating to the Severance Benefit, if any, (iii) interpret, administer, reconcile any
            inconsistency, correct any defect and/or supply any omission in the Plan, (iv) establish, amend, suspend or waive any rules and procedures with respect to the Plan, and (v) make any other determination and take any other action that the
            Committee deems necessary or desirable for administration of the Plan, including, without limitation, the timing and amount of payments. The Committee may delegate to one or more of the officers of the Company the authority to act on behalf of
            the Committee.

       

      7.          Funding.  The obligations of the Company under the Plan are not funded through contributions to a trust or otherwise, and all benefits shall be payable from the general assets of the Company. Nothing
            contained in the Plan shall give a Participant any right, title or interest in any property of the Company. Participants shall be mere unsecured creditors of the Company.

       

      8.           Section 409A.

       

      (a)         Compliance.  Notwithstanding anything herein to the contrary, this Plan is intended to be interpreted and applied so that the
            payments and benefits set forth herein either shall be exempt from the requirements of Section 409A of the Code or shall comply with the requirements of Section 409A of the Code, and accordingly, to the maximum extent permitted, this Plan shall
            be interpreted to be exempt from or in compliance with Section 409A of the Code. To the extent that the Company determines that any provision of this Plan would cause a Participant to incur any additional tax or interest under Section 409A of
            the Code, the Company shall be entitled to reform such provision to attempt to comply with or be exempt from Section 409A of the Code. To the extent that any provision hereof is modified in order to comply with Section 409A of the Code, such
            modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Participants and the Company without violating the provisions of Section 409A of the Code.
            Notwithstanding any of the foregoing to the contrary, none of the Company or its subsidiaries or affiliates or any of their officers, directors, members, employees, agents, advisors, predecessors, successors, or equity holders shall have any
            liability for the failure of this Plan to be exempt from, or to comply with, the requirements of Section 409A of the Code. Each payment and/or benefit provided hereunder shall be a payment in a series of separate payments for purposes of
            Section 409A of the Code.

       

      
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      (b)        Separation from Service.  Notwithstanding anything in this Plan to the contrary, a termination of employment shall not be deemed
            to have occurred for purposes of any provision of this Plan unless such termination is also a “separation from service” within the meaning of Section 409A of the Code.

       

      (c)         Specified Employee.  Notwithstanding anything in this Plan to the contrary, if a Participant is deemed to be a “specified
            employee” within the meaning of Section 409A of the Code, any payments or benefits due upon a termination of Participant’s employment under any arrangement that constitutes a “deferral of compensation” within the meaning of Section 409A of the
            Code (whether under this Plan or any other plan, program or payroll practice) and which do not otherwise qualify under the exemptions under Treasury Regulations Section 1.409A-1 (including the short-term deferral exemption and the permitted
            payments under Treasury Regulations Section 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided to Participant in a lump sum on the earlier of (i) the date which is six months and one day after Participant’s “separation from service”
            (as such term is defined in Section 409A of the Code) for any reason other than death, and (ii) the date of Participant’s death.

       

      9.           Amendment or Termination.  Except as otherwise provided in the applicable Participation Agreement, prior to a Closing, the Committee may amend or terminate the Plan at any time, without notice, and
            for any or no reason, except as prohibited by law. During the CIC Protection Period or at any time during the twelve (12) months thereafter, the Company and the Committee may not, without a Participant’s written consent, amend or terminate the
            Plan in any way, nor take any other action, that (i) prevents that Participant from becoming eligible for the Severance Benefits under the Plan, or (ii) reduces or alters to the detriment of the Participant the Severance Benefits payable, or
            potentially payable, to a Participant under the Plan (including imposing additional conditions).

       

      10.         At-Will Employment.  Nothing in this Plan or any other act of the Company shall be considered effective to change a Participant’s status as an at-will employee or guarantee any duration of
            employment. Either the Company or a Participant may terminate the employment relationship at any time, for any reason or no reason, and with or without advance notice.

       

      11.         Transfer and Assignment.  In no event may any Participant sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time will any such right or interest
            be subject to the claims of creditors nor liable to attachment, execution, or other legal process. In no event may the Company assign its obligations under the Plan, except as provided in Section 13 or to a person or entity which is a
            credit-worthy affiliate.

       

      
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      12.         Severability.  If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any other provision of the Plan, and the Plan will be construed and
            enforced as if such provision had not been included.

       

      13.         Successors.  Any successor to the Company of all or substantially all of the Company’s business and/or assets (whether direct or indirect and whether by purchase, merger, consolidation, liquidation
            or other transaction) will assume the obligations under the Plan and agree expressly to perform the obligations under the Plan in the same manner and to the same extent as the Company would be required to perform such obligations in the absence
            of a succession. For all purposes under the Plan, the term “Company” will include any successor to the Company’s business and/or assets which become bound by the terms of the Plan by operation of law, or otherwise.

       

      14.         Withholding; Taxes.  The Company shall withhold from any Severance Benefits all federal, state and local income or other taxes required to be withheld therefrom and any other required payroll
            deductions.

       

      15.         Compensation.  Benefits payable hereunder shall not constitute compensation under any other plan or arrangement, except as expressly provided in such plan or arrangement.

       

      16.        Interpretation.  Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof. Unless the context requires
            otherwise, all references to laws, regulations, contracts, agreements, plans and instruments refer to such laws, regulations, contracts, agreements, plans and instruments as they may be amended from time to time, and references to particular
            provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation. All references to “dollars” or “$” in the Plan refer to United States dollars. The word “or” is not exclusive. The words
            “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Plan, including all Exhibits attached hereto, and not to any particular provision hereof. Wherever the context so requires, the masculine gender
            includes the feminine or neuter, and the singular number includes the plural and conversely. All references to “including” shall be construed as meaning “including without limitation.”

       

      17.         Entire Agreement.  This Plan and the Participation Agreements represent the entire agreement of the Company and the Participants with respect to the subject matter hereof and supersede all prior
            understandings, whether written or oral. This Plan replaces any and all severance pay plans, policies, practices, agreements, arrangements or programs, written or unwritten, that the Company or any predecessor employer of the Company may have
            had in effect for eligible Participants from time to time prior to the Effective Date.

       

      18.        Governing Law.  The provisions of the Plan will be construed, administered, and enforced in accordance with the laws of the State of Texas without regard to its choice of law provisions.

       

      
        6

        
          

      

      19.          Certain Excise Taxes.  Notwithstanding anything to the contrary in this Plan, if a Participant is a “disqualified individual” (as defined in Section 280G(c) of the Code), and the Severance Benefit
            provided for under this Plan, together with any other payments and benefits which the Participant has the right to receive from the Company, would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code), then the
            Severance Benefit provided for under this Plan shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits received by the Participant from the Company will be one dollar ($1.00) less than three
            times the Participant’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits received by the Participant shall be subject to the excise tax imposed by Section 4999 of the Code, or (b)
            paid in full, whichever produces the better net after-tax position to the Participant (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The determination as to whether any such
            reduction in the amount of the payments provided hereunder is necessary shall be made by a nationally recognized accounting or consulting firm selected by the Company in good faith. If a reduced payment is made or provided and through error or
            otherwise that payment, when aggregated with other payments and benefits from the Company used in determining if a parachute payment exists, exceeds one dollar ($1.00) less than three times the Participant’s base amount, then the Participant
            shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Plan shall require the Company to be responsible for, or have any liability or obligation with respect to, the Participant’s
            excise tax liabilities under Section 4999 of the Code.

       

      [Remainder of Page Intentionally Left Blank]

       

      

      
        7

        
          

      

      EXHIBIT A

       

      	
              Tier

            	
              Qualifying Termination

            
	
              Severance Multiplier

            	
              COBRA Multiplier

            
	
              Tier 1

            	
              3.00

            	
              24

            
	
              Tier 2

            	
              2.50

            	
              18

            
	
              Tier 3

            	
              2.00

            	
              12

            
	
              Tier 4

            	
              1.00

            	
              12

            

      

      

      
        
          

      

      EXHIBIT B

       

      ARIS WATER SOLUTIONS, INC.

      EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN

       

      FORM OF PARTICIPATION AGREEMENT

      

      

      This Participation Agreement (this “Agreement”) is made and entered
        into by and between [●] (the “Participant”) and Aris Water Solutions, Inc. (the “Company”) effective as of ______________,
        20____.

      

      

      The Company maintains the Aris Water Solutions, Inc. Executive Change in Control Severance Plan (as amended from time to time, the “Plan”). Capitalized terms used but not defined in this Agreement have the meanings ascribed to them in the Plan. The Plan provides severance payments and benefits in connection with a participant’s Qualifying
        Termination.

      

      

      By signing this Agreement, the Participant acknowledges and agrees that the Participant has read and understands all of the terms of the Plan and
        this Agreement and that the Participant agrees to participate in the Plan with a Tier [__] Severance Multiplier and COBRA Multiplier. The Participant acknowledges and agrees that such participation is subject to the terms and conditions of the
        Plan.

      

      

      Miscellaneous:

      

      

      (a)          This Agreement shall be governed in all respects by the laws of the State of Texas without regard to the principles of conflict of law.

       

      (b)        This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

       

      (c)         This Agreement and the Plan represent the entire agreement between the parties with respect to the subject matter hereof and may not be amended except in a writing signed by the Company and the Participant. If any dispute should arise
            under this Agreement, it shall be settled in accordance with the terms of the Plan.

       

      (d)          This Agreement shall be binding on the executors, heirs, administrators, successors and assigns of the Participant and the successors and assigns of Company and shall inure to the benefit of the respective executors, heirs, administrators,
            successors and assigns of the Company.

       

      [Signature page follows.]

       

      

      
        
          

      

      IN WITNESS WHEREOF, the Participant and the Company hereto have executed this Agreement as of the date first set forth above.

       

      

      

      	 	
              ARIS WATER SOLUTIONS, INC.

            
	 	 
	 	
              Name:

            
	 	
              Title:

            
	 	 
	 	
              PARTICIPANT

            
	 	 
	 	
              Name:

            

      

      

      

      

      
        Signature Page to

        Participation Agreement

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