Document:

EX-10.3

 Exhibit 10.3 

TAX SHARING AND SEPARATION AGREEMENT 

This Tax Sharing and Separation Agreement (the “Agreement”) is made this August 5, 2014, and effective as of the Closing
Date, between General Electric Company, a New York corporation (“GE”), and SYNCHRONY FINANCIAL, a Delaware corporation (“RF”). 

WITNESSETH 
 A. WHEREAS, RF is
currently an indirect subsidiary of GE and a member of GE’s United States federal Income Tax (as defined below) consolidated group and certain state and local unitary or combined groups; 

B. WHEREAS, RF plans to issue additional shares of common stock in an initial public offering (the “IPO”) pursuant to a
registration statement filed with the Securities and Exchange Commission; 
 C. WHEREAS, subsequent to the IPO and prior to the Distribution
or other disposition by GE of its RF stock, RF and certain of its Subsidiaries will continue to join with GE in its United States federal Income Tax consolidated group and in certain state and local unitary or combined groups; 

D. WHEREAS, subsequent to the IPO, GE intends to (but is not required to) dispose of its RF common stock through a distribution or series of
distributions of such RF common stock to electing holders of GE’s common stock in exchange for shares of GE’s common stock in a transaction intended to be governed by Section 355 of the United States Internal Revenue Code of 1986, as
amended (the “Code,” and such distribution, the “Distribution”); and 
 E. WHEREAS, in order to determine
certain rights and obligations relating to Tax matters, GE and RF are entering into this Agreement; 
 NOW, THEREFORE, in consideration of the foregoing and
of the mutual promises, covenants, and conditions contained in this Agreement, the parties to this Agreement agree as follows: 
 1.
DEFINITIONS 
 “After-Tax Basis” has the meaning ascribed thereto in Section 3(b). 

“Agreement” has the meaning ascribed thereto in the Preamble. 

“Bank Agreement” has the meaning ascribed thereto in Section 13(a). 

“Closing Date” means the date of the closing of the IPO. 

“Code” has the meaning ascribed thereto in the Recitals. A reference to any section of the Code means such section (or
comparable provision of any successor law) as in effect from time to time. 
 “Distribution” has the meaning ascribed
thereto in the Recitals. 

 “Distribution Taxes” means any Income Taxes incurred solely as a result of the
failure of the Tax-Free Status of the Distribution. 
 “FIN 48” means Interpretation No. 48 from the Financial
Accounting Standards Board. 
 “GE” has the meaning ascribed thereto in the Preamble. 

“GE Business” means each and every business conducted (directly and indirectly) by GE, other than the Retail Finance
Business. 
 “GE Consolidated Return Liability” has the meaning ascribed thereto in Section 4(a). 

“GE Consolidated Tax Return” has the meaning ascribed thereto in Section 2(a). 

“GE Group” means GE and its Subsidiaries (excluding RF and its Subsidiaries). 

“Group” means the GE Group or the RF Group, as the context requires. 

“Income Tax” means (i) any Tax measured by, or imposed on, net income or net worth, and (ii) the Texas margins tax,
the Michigan business tax and the Ohio commercial activities tax. 
 “IPO” has the meaning ascribed thereto in the
Recitals. 
 “IRS” means the United States Internal Revenue Service. 

“Master Agreement” means that certain Master Agreement, dated July 30, 2014, among GE, General Electric Capital
Corporation and RF. 
 “Post-2014 Period” means the time period beginning on January 1, 2014. 

“Pre-2014 Period” means the time period ending at the conclusion of December 31, 2013. 

“Pre-IPO Period” means the time period ending at the conclusion of the Closing Date. 

“Regulatory Payment” has the meaning ascribed thereto in Section 13(b). 

“Repayment” has the meaning ascribed thereto in Section 13(b). 

“Restructuring Slides” means the description of the Restructuring Transactions and the Distribution and a summary of any
intended tax-free treatment (in whole or in part) of the Restructuring Transactions and the Distribution as attached hereto as Schedule A, as such schedule may be updated from time to time by GE by written notice to RF, which notice shall include an
updated Schedule A. 
 “Restructuring Transaction” means any of the preliminary internal restructuring transactions
designed to be part of a series of transactions in which the stock of RF is transferred (directly or indirectly) to GE in order to permit GE to engage in the Distribution, as set forth in the Restructuring Slides. For the avoidance of doubt, the
Restructuring Transactions shall not include the Distribution. 

 “Retail Finance Business” means (i) the “Company Business” as
such term is defined in the Master Agreement, and (ii) any other business conducted by a member of the RF Group after the IPO, but, for the avoidance of doubt, in each case, excluding the transfer by a GE Group member of an interest in a member
of the RF Group. 
 “RF” has the meaning ascribed thereto in the Preamble. 

“RF Group” means RF and its Subsidiaries. 

“Separate Return Tax Liability” has the meaning ascribed thereto in Section 4(b)(1). 

“Tax” or “Taxes” means all taxes of any kind, together with interest, penalties, and other additions related
to taxes, imposed by any governmental authority. 
 “Tax Attribute” means any deduction, credit, tax basis or other tax
attribute or item that could reduce any Tax (and any carryback or carryforward thereof), including any net operating loss, net capital loss, investment tax credit, foreign tax credit, targeted jobs tax credit, credit for research activities,
alternative minimum tax credit, charitable deduction, deduction for worthless stock or securities, separate return limitation loss, overall foreign loss or overall domestic loss. 

“Tax Contest” means any audit, administrative or judicial proceeding, appeal, or similar administrative or judicial action
with respect to Taxes, Tax refunds or Tax Returns. 
 “Tax Data” has the meaning ascribed thereto in Section 2(d).

 “Tax-Free Status of the Distribution” has the meaning ascribed thereto in Section 10(a). 

“Tax Return” means any return, filing, or other document (including an information return) filed or required to be filed,
including any request for extension of time, filing made with an estimated Tax payment, claim for refund or amended return that may be filed for any Taxable Year with any Taxing Authority in connection with any Tax (whether or not payment is
required to be made with respect to such filing). 
 “Taxable Year” means (i) a Taxable year as defined in
Section 441(b) of the Code, (ii) any period for which a Tax Return is filed with any Taxing Authority, or (iii) any period that is deemed a separate Taxable Year in accordance with Section 4(b)(2)(vi). 

“Taxing Authority” means the IRS or any other governmental authority responsible for the administration of any Tax. 

Unless otherwise indicated herein, all other capitalized terms utilized herein have the meaning ascribed thereto in the Master Agreement. 

 2. TAX RETURN PREPARATION 

(a) GE shall determine, in its sole and absolute discretion but in accordance with applicable law, whether to file (or to cause to be
filed) consolidated federal income Tax Returns pursuant to Section 1501 of the Code, or consolidated, combined, joint, unitary or other similar Tax Returns with respect to income or other Taxes pursuant to applicable provisions of any federal,
state, local or foreign law, that include both a member of the RF Group and a member of the GE Group (each such Tax Return, a “GE Consolidated Tax Return”). GE shall retain the sole and absolute discretion, to the extent
permitted by applicable Law, whether to include any particular RF Group member in any GE Consolidated Tax Return for any Taxable Year; provided, however, that if the inclusion or exclusion of an RF Group member in any GE Consolidated Tax Return is
inconsistent with past practice, GE shall provide notice to RF at least 90 days prior to the due date for any affected Tax Return. 

(b) GE shall prepare and timely file (or cause to be prepared and timely filed) (1) all Tax Returns (other than GE Consolidated Tax
Returns) relating to any member of the RF Group if such Tax Return relates (in whole or in part) to the assets, or reports the activities or results of operations, of the GE Business, and (2) all GE Consolidated Tax Returns. To the extent that
RF would be liable under this Agreement for any portion of the Tax shown on any Tax Return described in Section 2(b)(1), GE shall provide a copy of such Tax Return to RF for its review and comment at least 25 days prior to the due date
therefor. 
 (c) RF shall prepare and file (or cause to be prepared and filed) all other Tax Returns of the members of the RF Group that are
not described in Section 2(b). To the extent that GE would be liable under this Agreement for any portion of the Tax shown on any Tax Return described in this Section 2(c), RF shall provide a copy of such Tax Return to GE for its review
and comment at least 25 days prior to the due date therefor and, subject to the last sentence of Section 2(e), shall accept and reflect thereon, to the extent related to Taxes for which GE is liable and not prohibited by applicable Law, any
comments provided by GE with respect to such Tax Return prior to its filing. 
 (d) RF shall, and shall cause each member of the RF Group
to, furnish to GE (1) within 5 days after the conclusion of each calendar quarter in which an RF Group member is included in a GE Consolidated Tax Return, sufficient information, prepared in a manner consistent with the past practice of the
Retail Finance Business or as otherwise reasonably requested by GE, to allow GE to calculate and pay any estimated Taxes, (2) within 45 days after the close of each calendar year in which an RF Group member is included in a GE Consolidated Tax
Return, pro forma Tax Returns and Tax Return packages prepared in a manner consistent with the past practices of the Retail Finance Business, and (3) as soon as practical in response to a reasonable request by GE, any work papers and other
similar information and documentation relevant for the preparation of the GE Consolidated Tax Returns and other Tax Returns (clauses (1) through (3), together, the “Tax Data”). As promptly as practicable, GE shall
provide RF with a schedule for each Tax Return setting forth the differences, if any, between the Tax Data submitted by a member of the RF Group and the information reported on a Tax Return prepared by GE. 

(e) RF shall have the right to be kept reasonably informed of, to consult with, and to participate in, the preparation of any Tax Returns
described in Section 2(b) to the extent such Tax Returns relate to Taxes for which RF is liable under this Agreement, and GE shall accept 

 
and reflect thereon any reasonable comments provided by RF with respect to such Tax Return prior to its filing, as determined by GE in its reasonable discretion. RF shall provide (or cause to be
provided) any necessary certifications or powers of attorney, and RF shall sign and execute (or cause to be signed and executed) Tax Returns, as shall be necessary to allow GE to file any Tax Returns described in Section 2(b) on behalf of the
relevant members of the RF Group. Notwithstanding anything to the contrary herein, no RF Group member shall be required to sign or execute (or be required to cause to be signed or executed), any Tax Return described in Section 2(b) or
Section 2(c) that reflects a position that both (1) is not consistent with past practice (to the extent there is a considered past practice regarding such position), and (2) does not meet the “more likely than not” standard
under Treasury Regulation Section 1.6662-4(d)(2) (as determined by RF in its reasonable discretion). 
 (f) The party responsible for
filing a Tax Return pursuant to this Section 2 shall be the only party permitted to file (or to cause to be filed) any amendment to such Tax Return (subject to review, comment, and similar rights afforded with respect to such Tax Return to the
other party under this Section 2). Without the prior written consent of GE in its sole and absolute discretion, RF shall not (and shall not permit any member of the RF Group to) prepare any Tax Return covering the same time period for which any
RF Group member is included in a GE Consolidated Tax Return in a manner that reports any item inconsistently with the information provided by RF to GE under Section 2(d) or, to the knowledge of RF, the manner in which the same item is reported
on a GE Consolidated Tax Return, except to the extent that such inconsistent reporting is required by differences in applicable Law. 
 3.
ALLOCATION OF TAX LIABILITY AND REFUNDS 
 (a) GE shall be responsible for, and shall indemnify and hold harmless the members of the RF
Group for: 
 (1) all United States, Canadian, and Puerto Rican federal, state, provincial, and local Income Taxes imposed with respect to
the Pre-2014 Period; 
 (2) all Taxes not attributable to the Retail Finance Business, including any such Taxes imposed on a member of the
RF Group pursuant to Treasury Regulation Section 1.1502-6 or other similar provision of law, which for the avoidance of doubt shall not include the Separate Return Tax Liability allocated to the RF Group under Section 4; 

(3) all Taxes, other than any Distribution Taxes described in Section 3(b)(4), imposed on a member of the RF Group as a result of an
election made pursuant to Section 8; 
 (4) except to the extent described in Section 3(b)(4), all Distribution Taxes; 

(5) all Taxes, other than Income Taxes, imposed as a result of the Distribution or any Restructuring Transaction; and 

 (6) United States federal, state and local Income Taxes, if any, imposed with respect to the
2014 calendar year arising from adjustments to the Tax Returns filed for such calendar year pursuant to an audit or the filing of an amended Tax Return for such calendar year (including through a “qualified amended return”) solely to the
extent such adjustments relate to the Company Business’ borrowing activities conducted prior to January 1, 2014. 
 (b) RF shall
be responsible for, and shall indemnify and hold harmless (in the case of Section 3(b)(4) only, on an After-Tax Basis) the members of the GE Group for: 

(1) all Taxes, other than Income Taxes, imposed on the members of the RF Group or that are attributable to the Retail Finance Business,
including the Separate Return Tax Liability allocated to the RF Group under Section 4; 
 (2) all Income Taxes imposed on the members
of the RF Group or that are attributable to the Retail Finance Business, in each case imposed with respect to the Pre-2014 Period, including the Separate Return Tax Liability allocated to the RF Group under Section 4; 

(3) all Income Taxes imposed on the members of the RF Group with respect to the Post-2014 Period, including the Separate Return Tax Liability
allocated to the RF Group under Section 4; and 
 (4) Distribution Taxes resulting from (i) a breach of the covenants contained in
Section 10, or (ii) any transaction entered into after the Distribution involving a direct or indirect transfer of RF stock (or of the stock of any successor to RF); 

except, in the case of Section 3(b)(1), Section 3(b)(2) and Section 3(b)(3), to the extent such Taxes are described in Section 3(a). For
purposes of Section 3(b)(3), RF shall receive credit for any estimated Tax sharing payments paid by RF Group members to any GE Group member on or before the Closing Date in respect of the Post-2014 Period. 

The term “After-Tax Basis” means that, in determining the amount of any indemnity payment, the amount of such indemnity payment shall be reduced by
any Tax benefit derived by the indemnified party in the taxable year (or any prior taxable year) that the indemnity payment is made as a result of the event giving rise to the indemnity payment and the amount of such indemnity payment shall be
increased to take into account any net Tax cost incurred by the indemnified party in the taxable year of the receipt or accrual of the payment as a result of the receipt or accrual of the payment. If the indemnified party derives a Tax benefit or
incurs a net Tax cost in any taxable year after the indemnity payment, (x) the indemnified party shall promptly pay the amount of such Tax benefit to the indemnifying party and (y) the indemnifying party shall promptly pay the amount of
such net Tax cost to the indemnified party. No later than the end of the third taxable year following the taxable year in which the indemnity payment is made, the parties shall negotiate in good faith with each other to calculate a single, final
payment to be made by the indemnified party or the indemnifying party, as the case may be, settling, on a net basis, all future amounts expected to be paid under this paragraph using reasonable assumptions regarding the appropriate tax rate,
discount rate and expected timing of the realization of any Tax benefit or cost. Promptly following agreement on the amount of the net payment required under this paragraph, the party required to make such payment shall make such payment to the
other party. Within thirty (30) days of the indemnified party filing its United States federal income Tax Return for each taxable year ending on or before the end of such third 

 
taxable year, the indemnified party shall notify the indemnifying party as to whether the indemnified party realized a Tax benefit or net Tax cost to be taken into account hereunder, and shall
set forth in reasonable detail the computation of any such Tax benefit or net Tax cost. 
 (c) For purposes of Section 3(a)(1),
Section 3(b)(2) and Section 3(b)(3), Income Taxes shall be allocated between the Pre-2014 Period and the Post-2014 Period using a “closing of the books method” by closing the relevant books and records of the applicable entity at
the conclusion of December 31, 2013 consistent with the principles contained in Section 4(b)(2)(vi). 
 (d) Any adjustments to Tax
(including any related interest and penalties) resulting from a Tax Contest or the filing of an amended Tax Return shall be allocated in a manner consistent with Section 3(a) and Section 3(b). 

(e) Except as provided in Section 7(b), any refunds, credits or offsets of Taxes shall be the property of, and shall be paid over to, the
party liable for the underlying Tax pursuant to this Section 3. For the avoidance of doubt, RF shall be entitled to any sales Tax recoveries (whether by way of refund, credit or offset) resulting from a default by a customer of the Retail
Finance Business on an advance made by the Retail Finance Business to a merchant on behalf of the customer. Any refunds, credits or offsets shall be paid over (net of any expenses or Taxes incurred in connection with procuring the refund, credit or
offset) within 10 days of receipt of the refund or entitlement to the credit or offset. 
 4. CALCULATION AND PAYMENT OF SEPARATE RETURN TAX
LIABILITY 
 (a) Except to the extent otherwise provided in this Agreement or under applicable Law, and subject to the payments by the RF
Group contemplated by this Agreement, GE shall be solely responsible and liable for the payment of all Taxes in respect of all GE Consolidated Tax Returns (the “GE Consolidated Return Liability”). 

(b) For purposes of Sections 3(a)(2), 3(b)(1), 3(b)(2) and 3(b)(3), and subject to the clarification set forth in the last sentence of
Section 11(b), the portion of the GE Consolidated Return Liability allocated to the RF Group or any member thereof that is payable by RF shall be determined in the following manner: 

(1) If any Taxable Year of any RF Group member is included in a GE Consolidated Tax Return, the related Tax liability allocated to the RF
Group member for such Taxable Year shall generally be determined on a hypothetical separate Tax Return basis as if the RF Group member were not included in any such GE Consolidated Tax Return; provided, however, that the calculation will not take
into account any hypothetical effects of deconsolidation from the GE Group. To the extent that such RF Group member could have filed a separate consolidated, combined, joint, unitary or other similar Tax Return with one or more other members of the
RF Group for such type of Tax and Taxable Year, at RF’s election (notification of such election to be delivered to GE no later than 10 days before the due date for the first estimated tax payment for such type of tax), such Tax liability will
be computed on the basis of such a hypothetical consolidated, combined, joint, unitary or other similar Tax Return for such Taxable Year and for similar prior Taxable Years. Such election shall be taken into account in determining the extent to
which such RF Group member could have filed a separate 

 
consolidated, combined, joint, unitary or other similar Tax Return in computing Separate Return Tax Liability for a subsequent Taxable Year. (For each GE Consolidated Tax Return, the sum of such
consolidated, combined, joint or unitary Tax liabilities, together with the separate Tax liabilities of the members of the RF Group that could not have been included in the hypothetical consolidated, combined, joint or unitary Tax Returns, is
referred to as the “Separate Return Tax Liability.”) To the extent that, as a result of GE’s status as an “industrial company” or other similar status, the actual Tax liability with respect to the RF
Group on the GE Consolidated Tax Return is subject to a lower statutory rate of Tax than if the RF Group (or any member thereof) filed a separate Tax Return, the RF Group shall be entitled to use such lower statutory rate in calculating its Separate
Return Tax Liability. Any Tax Attribute as of January 1, 2014 that (i) is not taken into account in a GE Consolidated Tax Return for a Pre-2014 Period, (ii) is attributable to a member of the RF Group, and (iii) can be carried
forward under applicable Law shall be treated as a carryforward to the Post-2014 Period and be available to reduce the Separate Return Tax Liability in accordance with rules otherwise applicable to carryforwards of that type of Tax Attribute. 

(2) For purposes of Section 3(b)(2) and Section 3(b)(3), the following modifications and rules will apply in determining Separate
Return Tax Liability: (i) where the GE Consolidated Return Liability with respect to any state or local Tax Return is calculated using an apportionment ratio based on the combined factors of the entities included in such Tax Return, the
apportionment of net income or net loss of each relevant member of the RF Group will be determined using the separate apportionment ratio of the applicable hypothetical group for determining the Separate Return Tax Liability pursuant to
Section 4(b)(1) or, if there is no such hypothetical group, the relevant member of the RF Group; (ii) for purposes of Section 3(b)(3) only, no hypothetical carryback of any Tax Attribute from any Taxable Year ending after
December 31, 2013 to any Taxable Year ending on or before December 31, 2013 will be taken into account but will instead be available as a hypothetical carryover to Taxable Years ending after December 31, 2013 to the extent that such
Tax Attribute has not been taken into account in the GE Consolidated Tax Return other than one that relates to United States federal income taxes; (iii) except as otherwise specifically provided in this Section 4(b), each other election,
method of accounting, and method of calculation will be consistent with past practice; (iv) notwithstanding anything in this Agreement to the contrary, if GE makes a payment in respect of a Tax Attribute or portion thereof pursuant to
Section 6(a) of this Agreement as a result of a reduced Tax liability (or refund or credit received) with respect to a GE Consolidated Return other than one that relates to United States federal income taxes, such Tax Attribute or portion
thereof will be excluded in determining Separate Return Tax Liability; (v) deductions, losses, income or gain attributable to deferred intercompany transactions (as defined under Treasury Regulation Section 1.1502-13 and corresponding
provisions of state and local Law) shall not be taken into account until such deductions, losses, income or gain are actually taken into account in the GE Consolidated Tax Return in accordance with Treasury Regulation Section 1.1502-13 or
applicable corresponding provisions of state or local Law; (vi) if any Taxable Year of any RF Group member includes (but does not end with) December 31, 2013, the portion of such Taxable Year ending on such date and the remainder of such
Taxable Year will be treated as two separate Taxable Years, and the income, deductions, gains, losses, and other items of such RF Group member will be allocated between such separate Taxable Years in a manner consistent with the principles of
Treasury Regulation Section 1.1502-76(b)(2) without any deemed ratable allocation election under Treasury Regulation Section 1.1502-76(b)(2)(ii)(D) and without any deemed 

 
ratable allocation under Treasury Regulation Section 1.1502-76(b)(2)(iii); (vii) the deductions, credits, or benefits described in Sections 5(a)(1), 5(a)(2) and 5(a)(3) shall not be
taken into account in determining Separate Return Tax Liability; and (viii) the Separate Return Tax Liability shall be increased by the sum of the excesses, if any, of (x) the amount equal to the reserves under FIN 48 that would have been
reflected on GE’s consolidated financial statements for each particular position in respect of Taxes of the RF Group attributable to the relevant Taxable Year assuming the hypothetical separate Tax Returns described in Section 4(b)(1) had
actually been filed, over (y) the actual amount of the reserves under FIN 48 that are reflected on GE’s consolidated financial statements for such position in respect of the Taxes of the RF Group attributable to such Taxable Year. 

(3) For each Taxable Year ending after December 31, 2013 for which a member of the RF Group is included in a GE Consolidated Tax Return,
RF shall calculate each Separate Return Tax Liability for GE’s review, including as necessary to make estimated tax payments. GE shall make a calculation of each Separate Return Tax Liability for such Taxable Year and shall provide such
calculation to RF for RF’s review no later than 30 days prior to the filing of the related GE Consolidated Tax Return. Any dispute between GE and RF regarding the calculation shall be resolved in accordance with the dispute resolution
provisions of Section 14. 
 (c) RF shall pay to GE the amount of each Separate Return Tax Liability, as determined on a calendar
quarter basis under this Section 4 or, if requested by GE, more frequently if the particular Tax is paid more frequently than quarterly, for each Taxable Year ending after December 31, 2013 in which a member of the RF Group is included in
a GE Consolidated Tax Return. Such payments will be made in immediately available funds no later than the business day immediately preceding the due date (including extensions) for GE’s payment of estimated or final Tax payments for such
Taxable Year, and such payments will be credited toward the related Separate Return Tax Liability for such Taxable Year. No later than the end of the calendar quarter during which a GE Consolidated Tax Return is filed (or, if later, the 30th day
after the date filed), RF will pay to GE the unpaid portion, if any, of the Separate Return Tax Liability for the Taxable Year reported on such GE Consolidated Tax Return. In the event the payments on account of estimated Tax to GE for any Taxable
Year for a particular Tax exceed the Separate Return Tax Liability for such Taxable Year for such Tax, the excess will be refunded by GE to RF no later than the end of the calendar quarter during which the GE Consolidated Tax Return for such Tax is
filed (or, if later, the 30th day after the date filed). 
 5. USE OF GE TAX ATTRIBUTES 

(a) Not later than 30 days after the due date (with extensions) for the filing of any Tax Return relating to Income Taxes (other than an
estimated return or a GE Consolidated Tax Return) that includes a member of the RF Group for any Taxable Year (or portion thereof) beginning after December 31, 2013, RF shall determine (subject to review, adjustment, and approval by GE, which
approval may not be unreasonably withheld) the hypothetical Tax liability (or refund or credit) that would have been shown on such Tax Return if each of the assumptions set forth below was made (solely for purposes of such hypothetical
determination): 

 (1) No deduction, credit, or other benefit is allowed on account of any Tax Attribute created
through an expense paid or economically borne by a GE Group member in the Post-2014 Period (for example compensation payable by a member of the GE Group to any employee of any RF Group member in cash, stock or other property to the extent the GE
Group is not reimbursed by the RF Group). 
 (2) No deduction, credit, or other benefit is allowed on account of any Tax Attribute created
through a taxable transaction entered into in the Pre-IPO Period to the extent that a GE Group member includes in income in the Post-2014 Period a corresponding amount (for example, taking into account in the Post-2014 Period by a GE Group member,
on the one hand, of deferred gain resulting from intercompany transactions between a GE Group member and an RF Group member, and tax savings in the Post-2014 Period to an RF Group member, on the other hand, resulting from increased basis
attributable to the intercompany transaction). 
 (3) No deduction, credit, or other benefit is allowed on account of any Tax Attribute
attributable to any adjustment resulting from a Tax Contest or filing of an amended Tax Return to the extent that GE is responsible under this Agreement for any Taxes imposed with respect to the Pre-2014 Period or under Section 3(a)(6)
resulting from the Tax Contest or amended Tax Return. 
 (4) No deduction, credit or other benefit not otherwise described in this
Section 5(a) is allowed on account of any Tax Attribute allocated to an RF Group member pursuant to Section 7(c) to the extent such Tax Attribute would not have been treated as a Tax Attribute of the RF Group and would not have been
available to the RF Group to be taken into account in calculating Separate Return Tax Liability if the RF Group members continued to be included in the GE Consolidated Tax Return and Section 4 continued to apply. 

(5) No deduction, credit, or other benefit is allowed on account of any Tax basis created by reason of any Tax election in the Post-2014
Period with respect to which GE is allocated the corresponding Tax liability under this Agreement. 
 (b) For each Taxable Year, RF shall
make one or more payments to GE in an aggregate amount equal to the excess (if any) of (1) the hypothetical Tax liability or refund or credit (as determined under Section 5(a)) that would have been shown on each Tax Return to which this
Section 5 applies, over (2) the actual Tax liability or refund or credit shown on such Tax Return (or the portion of such Tax Return relating to the Post-2014 Period), with any refund or credit treated as a negative tax payment. Each such
payment shall be made no later than 10 days following the final determination of such amount, but in any event within 45 days following the filing of the relevant Tax Return. 

(c) For purposes of Section 5(b), actual Tax liability shall be determined by taking into account all relevant facts and circumstances
including, for avoidance of doubt, any Tax Attributes resulting from payments made pursuant to this Section 5 or any other provision of this Agreement. 

(d) Notwithstanding any other provision of this Agreement, RF shall not be required to make any payment for any Tax Attribute or portion
thereof for which RF has already made a payment under this Agreement that has not been reversed or otherwise repaid. 

 6. USE OF RF TAX ATTRIBUTES 

(a) GE shall make payments to RF if (i) any Tax Attribute of a member of the RF Group actually reduces an Income Tax liability that is
allocated to GE under Section 3(a) (or generates a refund or credit that is actually received by GE) and the reduced Tax liability (or refund or credit received) is (1) attributable to the Post-2014 Period, or (2) attributable to the
Pre-2014 Period, but only if in the case of this clause (2) the reduced Tax liability (or refund or credit received) is attributable to a carry back of a Tax Attribute of a member of the RF Group from the Post-2014 Period to the Pre-2014 Period
or (ii) as a result of a Tax Contest or filing of an amended Tax Return on or after January 1, 2014 there is (x) a reduction in a Tax Attribute available to the RF Group in the Post-2014 Period, and (y) a corresponding actual
reduction in a Tax liability (or an actual increase in a refund or credit received), whether in whole or in part, that is allocated to GE under this Agreement with respect to the Pre-2014 Period. The amount of such payment for each relevant Taxable
Year shall be equal to the amount of such reduction in Tax liability (or the amount of such refund or credit, or increase thereof, actually received by GE). For the avoidance of doubt, for purposes of this Section 6, Tax Attributes of a member
of the RF Group will include, without limitation, any Tax Attribute allocated under Section 7(c) to a GE Group member to the extent such Tax Attribute would have been treated as a Tax Attribute of a member of the RF Group and been available to
the RF Group to be taken into account in calculating Separate Return Tax Liability if the RF Group members continued to be included in the GE Consolidated Tax Return and Section 4 continued to apply. Not later than 30 days after the due date
(with extensions) for the filing of GE’s United States federal income Tax Return for each Taxable Year beginning after December 31, 2013, GE shall deliver to RF a certification as to whether GE is required to make any payment to RF
pursuant to this Section 6 and shall provide in reasonable detail the basis for its determination and the calculation of the amount of any such payment (which basis and calculation shall be subject to review and approval by RF, which approval
may not be unreasonably withheld). Each payment required under this Section 6 shall be made no later than 10 days following the final determination of such amount, but in any event within 45 days following the filing of the relevant Tax Return.

 (b) Notwithstanding the above, (i) GE shall not be required to make any payment for any Tax Attribute or portion thereof for which
GE has already made a payment under this Agreement, and (ii) GE shall not be required to make any payment for any Tax Attribute or portion thereof for which RF’s Separate Return Tax Liability has been reduced (and if GE has made any
payment under this Section 6 with respect to a Tax Attribute and all or a portion of such Tax Attribute reduces RF’s Separate Return Tax Liability, the amount paid by GE to RF with respect to such Tax Attribute or portion thereof shall
promptly be repaid by RF to GE). 
 (c) Payments under Section 5 or Section 6 shall not be made on an After-Tax Basis. 

7. CARRY BACK AND ALLOCATION OF TAX ATTRIBUTES 

(a) RF shall not, and shall cause each member of the RF Group not to, carry back any Tax Attribute from a Taxable Year for which an RF Group
member is not included in a GE Consolidated Tax Return to a Taxable Year for which the relevant RF Group member is included in a GE Consolidated Tax Return, unless an RF Group member is required by applicable law to so carry back the Tax Attribute
before it is permitted to carry forward the Tax Attribute. 

 (b) The members of the RF Group shall be entitled to retain any refunds, credits or offsets
resulting from either a carry back of (i) a Tax Attribute that is specifically permitted to be carried back under Section 7(a), or (ii) a Tax Attribute of an RF Group member arising in a Taxable Year for which RF is allocated the Tax
liability for the particular Tax if the Tax Attribute is carried back to a Taxable Year for which the RF Group member was not included in a GE Consolidated Tax Return with respect to the particular Tax; provided, however, that the members of the RF
Group shall not be entitled to retain (and RF shall promptly pay over to GE) any refunds, credits or offsets resulting from a carry back of a Tax Attribute that was allocated under Section 7(c) to a member of the RF Group to the extent such Tax
Attribute would not have been treated as a Tax Attribute of the RF Group and would not have been available to the RF Group to be taken into account in calculating Separate Return Tax Liability if the RF Group members continued to be included in the
GE Consolidated Tax Return and Section 4 continued to apply. 
 (c) If one or more RF Group members ceases to be included in a GE
Consolidated Tax Return for a particular Tax, GE shall apportion the consolidated Tax Attributes and other Tax items of the relevant Tax group (such as “earnings and profits” as determined for United States federal, state and local Income
Tax purposes) to the former members of the Tax group as required by applicable law (as determined and applied by GE in its sole discretion). To the extent there is discretion under applicable law regarding the method or manner of apportioning
consolidated Tax Attributes or Tax items, such discretion shall be exercised by GE, and any decision by GE shall be final and binding and shall not be subject to challenge by any member of the RF Group. For the avoidance of doubt, any allocations
under this Section 7(c) shall not prejudice any party’s right to receive any payment required under Section 5, Section 6 or Section 7(b). 

8. TAX ELECTIONS 
 If GE
determines in its sole and absolute discretion to make an election under Section 336(e) or Section 338 of the Code (and corresponding provisions of applicable state and local law) in connection with any disposition by GE or any of its
Subsidiaries of stock of RF for which such election may properly be made in respect of the members of the RF Group, then GE and RF and their respective Subsidiaries, as necessary and as requested by GE, shall join in making such elections in a
timely and valid manner, including by filing any necessary IRS Forms 8023 and 8883 (or other forms) and any necessary attachments. GE shall determine the time and manner for preparing and filing all forms and documents required in connection with
any such election, and RF shall cooperate fully (and shall cause the members of the RF Group to cooperate fully) in preparing and filing all such forms and documents. The parties agree that the “aggregate deemed sale price” and
“adjusted grossed-up basis” (as such terms are defined in the Treasury regulations promulgated under Section 336 and Section 338 of the Code) with respect to each such election shall be determined by GE consistent with the
principles of Section 338 of the Code and the Treasury regulations promulgated thereunder. 

 9. TAX PROCEEDINGS 

(a) Except as provided in this Section 9, GE shall have the exclusive right to control any Tax Contest relating to (1) GE
Consolidated Tax Returns, (2) any Taxes that are allocated to GE pursuant to Section 3(a), or (3) Distribution Taxes; provided, however, that to the extent that the Tax Contest relates to any Taxes, refunds, credits or offsets that
are allocated to RF under this Agreement or to the extent the Tax Contest may have any direct impact on any payments to or from RF required under this Agreement (other than any payment from RF to GE by reason of Section 5(a)(3)), RF shall be
entitled to participate in the conduct of the Tax Contest, which participation shall include, but not be limited to, (1) GE keeping RF reasonably apprised regarding the progress of the Tax Contest, (2) GE providing RF with the opportunity
to review and comment on any material correspondence with any Taxing Authority and on any submissions to any court and (3) GE not settling or compromising such Tax Contest without RF’s consent, which consent shall not be unreasonably
withheld or delayed. 
 (b) Notwithstanding anything in Section 9(a) to the contrary, RF shall control any portion of a Tax Contest
that, in RF’s reasonable determination, would require the divulgence of confidential, private customer information that is prohibited under applicable “privacy” or similar Laws, and the members of the RF Group shall not be required to
divulge any such information to any member of the GE Group. 
 (c) RF shall have the exclusive right to control all other Tax Contests
involving members of the RF Group that are not described in Section 9(a); provided, however, that to the extent that the Tax Contest may have any impact on any payments to or from GE required under this Agreement, GE shall be entitled to
participate in the conduct of any such Tax Contest, which participation shall include, but not be limited to, (1) RF keeping GE reasonably apprised regarding the progress of the Tax Contest, (2) RF shall providing GE with the opportunity
to review and comment on any material correspondence with any Taxing Authority and on any submissions to any court and (3) RF not settling or compromising such Tax Contest without GE’s consent, which consent shall not be unreasonably
withheld or delayed. 
 (d) If RF reasonably determines that information proposed to be divulged by GE during the conduct of any Tax Contest
is in the nature of “proprietary” information of the RF Group, GE shall discuss with RF in good faith to determine whether there are reasonable alternative means of achieving the same objectives as are intended to be achieved through the
divulgence of such information that do not involve the divulgence of such information, and to the extent that GE determines, in its reasonable discretion, that such alternative means would achieve such objectives and would not cause any other
disadvantages to GE, GE shall use such alternative means instead of divulging such information. 
 10. DISTRIBUTION 

(a) After the IPO, RF shall not, and shall not permit any member of the RF Group to, take any action, or fail to take any action within its
control, which action or failure to act would (1) negate (A) the qualification of the Distribution for tax-free treatment under Section 355 of the Code, or (B) the intended tax-free treatment (in whole or in part), as described
in the Restructuring Slides, of any Restructuring Transactions, or (2) cause any portion of GE’s “excess loss account” (within the meaning of Treasury Regulation Section 1.1502-19) in the stock of General Electric Capital
Corporation to be included in income in connection with the 

 
Restructuring Transactions described in clause (1)(B) of this Section 10(a) or in connection with the Distribution (the tax-free treatment described in clause (1) and the
non-inclusion in income described in clause (2), the “Tax-Free Status of the Distribution”); provided that, notwithstanding the foregoing, (i) RF shall be permitted to take any action, and shall be permitted to permit the
members of the RF Group to take any action, that implements any Restructuring Transaction or the Distribution reflected in the Restructuring Slides as they exist at the time of such action, and (ii) RF shall be permitted to take any action, and
shall be permitted to permit the members of the RF Group to take any action, and RF shall not be required to take any action or cause any member of the RF Group to take any action within their control, if the action or inaction (x) would not
have caused the failure of the Tax-Free Status of the Distribution if the Restructuring Transactions or the Distribution as set forth on the Restructuring Slides as they exist at the time of such action or inaction had not been updated after such
action or inaction, or (y) is taken or not taken, as the case may be, at the written direction of, or with the prior written consent of, the Vice President and Senior Tax Counsel for GE. 

(b) RF shall not take any position on any Tax Return that is inconsistent with the Tax-Free Status of the Distribution without the prior
written consent of GE unless such inconsistent reporting is required by reason of a final, non-appealable decision of a court of competent jurisdiction. 

(c) Prior to the Distribution, GE shall deliver to RF (i) the final Restructuring Slides and (ii) complete copies of all ruling
requests, rulings, tax opinions, tax opinion representation letters (or similar materials), and any supplement of such documents (including all exhibits and attachments thereto) provided to or received from a taxing authority or tax counsel in
connection with the Restructuring Transactions and the Distribution; provided that GE’s obligation to deliver copies of any tax opinions or tax opinion representation letters to RF is subject to RF entering into a common interest agreement with
GE that is in a form reasonably satisfactory to GE. 
 11. INTEREST; ADJUSTMENT PAYMENTS; FINAL PAYMENT 

(a) In the event that any payment required to be made under this Agreement is made after the date on which such payment is due, interest will
accrue on the amount of such payment from (but not including) the due date of such payment to (and including) the date such payment is actually made at the applicable federal rate in effect at the time such payment is due (based on the federal
mid-term rate), compounded on a daily basis. 
 (b) If any adjustment is made to any Tax or Tax Return pursuant to any Tax Contest or the
filing of an amended Tax Return (including through a “qualified amended return”) and such adjustment, if taken into account in computing any payment required under this Agreement, would have resulted in the calculation of a different
amount required to have been paid under this Agreement, then GE or RF, as the case may be, shall promptly make a payment to the other party in an amount equal to such difference. For the avoidance of doubt, except and to the extent (1) that any
Tax remains due as of the Closing or a refund, credit or offset is received following the Closing, or (2) of any adjustment to any Tax or Tax Return after the date hereof pursuant to (i) any Tax Contest, (ii) the filing of an amended
Tax Return, or (iii) the carry back of any Tax Attribute, no party shall be obligated to make any payment to the other party in respect of any Tax imposed with respect to the Pre-2014 Period. 

 (c) No later than January 1, 2022, the parties shall negotiate in good faith with each
other to calculate a single, final payment to be made by GE or RF, as the case may be, settling, on a net basis, all future amounts expected to be paid under Section 5 and Section 6, using reasonable assumptions regarding the appropriate
tax rate, discount rate and expected timing of Tax Attribute recovery (actual or hypothetical). Promptly following agreement on the amount of the net payment required under this Section 11(c), the party required to make such payment shall make
such payment to the other party. From and after the time that the payment required by this Section 11(c) is made, Section 5 and Section 6 shall have no further application, and no party shall be obligated to make any further payment
under Section 5 or Section 6, including any adjustment payments that would have otherwise been required under Section 11(b) in respect of Section 5 or Section 6. 

(d) Except as provided in Section 3(b), no payment pursuant to this Agreement shall be adjusted to take into account any Tax cost
incurred by the recipient thereof as a result of the receipt or accrual of the payment. 
 12. COOPERATION 

GE and RF shall furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information and assistance
relating to the RF Group members and the Retail Finance Business as is reasonably necessary for the filing of all Tax Returns, the making of any election related to Taxes, and the preparation for and prosecution of any Tax Contest by any Taxing
Authority relating to any Taxes or Tax Return. GE and RF will cooperate with each other in the conduct of any Tax Contest related to Taxes and all other Tax matters and each will execute and deliver such powers of attorney and other documents as are
necessary to carry out the intent of this Agreement. The party requesting cooperation under this Section 12 will reimburse the other party for any actual out-of-pocket, third-party expenses incurred in furnishing such cooperation. All Tax
records relating to the RF Group or the Retail Finance Business will be retained by the party in possession of such records as of the Closing Date for at least seven (7) years after such records were created. 

13. TERMINATION OF PRIOR TAX MATTERS AGREEMENTS; REGULATORY AGREEMENTS. 

(a) This Agreement shall replace all other agreements, whether or not written, in respect of the sharing or allocation of any Taxes between or
among the members of the GE Group, on the one hand, and the members of the RF Group, on the other hand, other than that certain Tax Allocation Agreement entered into among GE, RF and GE Capital Retail Bank, dated as of July 25, 2014 (the
“Bank Agreement”). All such replaced agreements shall be canceled as of the Closing Date, and any rights or obligations of the GE Group or the RF Group existing thereunder shall be fully and finally settled without any
payment by any party thereto. 

 (b) If any member of the GE Group or the RF Group (other than RF) is required to make any
payment to a member of the other Group pursuant to any provision of the Bank Agreement or pursuant to any provision of any tax sharing or tax allocation agreement or arrangement required under any provision of applicable Law (a
“Regulatory Payment”), the party hereto that is a member of the same Group as the recipient of the Regulatory Payment shall promptly make a payment to the other party hereto in an amount equal to the Regulatory Payment
(a “Repayment”) so that each Group, on a consolidated basis, will be in the same economic position such Group would be in if this Agreement were the only tax sharing or tax allocation agreement or arrangement between
or among the members of the different Groups. Any obligation of a party to make a Repayment may be satisfied, in whole or in part, through offsetting the obligation to make the Repayment against any entitlement of the paying party to receive a
payment from the other party pursuant to any provision of this Agreement. 
 14. DISPUTE RESOLUTION 

GE and RF shall discuss and negotiate in good faith to resolve any disagreements between them regarding their rights and obligations under this
Agreement. In the event that GE and RF are unable to resolve any disagreement within 30 days, such disagreement shall be resolved by an independent “big four” accounting firm to be agreed upon by the parties; provided, that if no
independent “big four” accounting firm is willing or able to resolve such disagreement, then the disagreement shall be resolved in accordance with the procedures set forth in Article IX of the Master Agreement. The independent accounting
firm’s fees shall be borne equally by GE and RF. 
 15. MISCELLANEOUS 

(a) Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the Laws of the State of New
York irrespective of the choice of Laws principles of the State of New York other than Section 5-1401 of the General Obligations Law of the State of New York. 

(b) Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or
as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement
be consummated as originally contemplated to the greatest extent possible. 
 (c) Entire Agreement. Except as otherwise expressly
provided in this Agreement or the Master Agreement, this Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and undertakings, both written and
oral, between or on behalf of the parties hereto with respect to the subject matter of this Agreement. 
 (d) Assignment; No Third-Party
Beneficiaries. This Agreement shall not be assigned by any party hereto without the prior written consent of the other parties hereto. This Agreement is for the sole benefit of the parties to this Agreement and the members of their respective
Group and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by
reason of this Agreement. 

 (e) Amendment. No provision of this Agreement may be amended or modified except by a
written instrument signed by all the parties to this Agreement. Any party may, in its sole discretion, waive any and all rights granted to it in this Agreement; provided, that no waiver by any party of any provision hereof shall be effective unless
explicitly set forth in writing and executed by the party so waiving. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. 

(f) Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties to this Agreement in
separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same Agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
shall be as effective as delivery of a manually executed counterpart of this Agreement. 
 (Signature pages follow) 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date
first written above by their respective duly authorized officers. 
  

					
	GENERAL ELECTRIC COMPANY
		
	By:	 	 /s/ Keith Sherin

		 	Name:	 	Keith Sherin
		 	Title:	 	Vice Chairman
	
	SYNCHRONY FINANCIAL
		
	By:	 	 /s/ Jonathan Mothner

		 	Name:	 	Jonathan Mothner
		 	Title:	 	Executive Vice President, General Counsel and Secretary

 Schedule A 

See attachedEX-10.4

 Exhibit 10.4 

EMPLOYEE MATTERS AGREEMENT 

THIS EMPLOYEE MATTERS AGREEMENT (this “Employee Matters Agreement”) is executed effective as of August 5, 2014, by and
among GENERAL ELECTRIC COMPANY, a New York corporation (“GE”), GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GECC”) and Synchrony Financial, a Delaware corporation (the “Company”).

 Statement of Background Information 

WHEREAS, GE, GECC and the Company have entered into a Master Agreement, dated July 30, 2014 (the “Master Agreement”);
and 
 WHEREAS, the parties desire to set forth in writing the terms and conditions pursuant to which this Employee Matters Agreement will
operate and thereby supplement the provisions of the Master Agreement. 
 Agreement 

NOW, THEREFORE, in consideration of the promises and mutual covenants set forth in the Master Agreement and herein, and other good and
valuable consideration, and contingent upon the Closing, the parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 All
capitalized terms used but not defined in this Employee Matters Agreement shall have the meanings ascribed to such terms in the Master Agreement. For purposes of this Employee Matters Agreement, the following capitalized terms shall have the
meanings set forth below: 
 “Bank” shall have the meaning ascribed to such term in Article II hereof. 

“Benefits Transition Date” shall mean the first date on which members of the GE Group cease to beneficially own (excluding
for such purposes shares of Company Common Stock beneficially owned by GE but not for its own account, including (in such exclusion) beneficial ownership which arises by virtue of some entity that is an Affiliate of GE being a sponsor of or advisor
to a mutual or similar fund that beneficially owns shares of Company Common Stock) at least fifty percent (50%) of the outstanding Company Common Stock. 

“COBRA” shall mean the continuation coverage requirements under Section 4980B of the Code and Part 6 of Subtitle B of
Title I of ERISA. 
 “Company” shall have the meaning ascribed to such term in the preamble hereto. 

“Company Employees” shall have the meaning ascribed to such term in Article III hereof. 

 “Company-Facing Position” shall have the meaning ascribed to such term in
Section 8.01 hereof. 
 “Company Plans” shall mean all “employee benefit plans” as defined in
Section 3(3) of ERISA and all other benefit or compensation plans, programs, policies, and arrangements, including worker’s compensation, sponsored by a member of the Company Group and covering the Employees, and shall include, on and
following the Closing Date, the Synchrony 2014 Long-Term Incentive Plan described in Section 5.01 hereof. 
 “Company
Transition Position” shall have the meaning ascribed to such term in Section 8.01 hereof. 
 “Employees”
shall have the meaning ascribed to such term in Article III hereof. 
 “ERISA” shall mean the Employee Retirement Income
Security Act of 1974, as amended from time to time, any successor statute thereto and all applicable regulations thereunder. 

“Employee Liabilities” shall have the meaning ascribed to such term in Article II hereof. 

“Employee Matters Agreement” shall have the meaning ascribed to such term in the preamble hereto, as amended or supplemented
from time to time in accordance with the terms hereof. 
 “Excluded Employee Liabilities” shall have the meaning ascribed to such
term in Article II hereof. 
 “GE” shall have the meaning ascribed to such term in the preamble hereto. 

“GE Plans” shall mean all “employee benefit plans” as defined in Section 3(3) of ERISA and all other benefit
or compensation plans, programs, policies, and arrangements, including workers’ compensation, sponsored by GE or its Affiliate (other than a member of the Company Group) and of which a member of the Company Group is a participating employer,
but shall not include any Company Plan. 
 “GE Retirement Plans” shall mean the GE Pension Plan, GERSP, GE Excess Benefits
Plan and GE Supplementary Pension Plan. 
 “GECC” shall have the meaning ascribed to such term in the preamble hereto. 

“GERSP” shall mean the GE Retirement Savings Plan. 

“India/Philippines Benefits Transition Date” shall mean the Benefits Transition Date, or such later date as may be mutually
agreed to in writing by GE and the Company, but shall in no event be later than the date that is one (1) year after the Benefits Transition Date. 

“International Employees” shall mean Employees who are assigned primarily to operations outside of the United States. 

 “International Plan” shall have the meaning ascribed to such term in
Section 6.05(b) hereof. 
 “Master Agreement” shall have the meaning set forth in the preamble hereto. 

“Restricted Employees” shall have the meaning ascribed to such term in Section 8.04 hereof. 

“Synchrony 2014 Long-Term Incentive Plan” shall have the meaning ascribed to such term in Section 5.01(a) hereof. 

“Synchrony Incentive Compensation Plan” shall have the meaning ascribed to such term in Section 5.01(b) hereof. 

“Synchrony Plan” shall have the meaning ascribed to such term in Section 6.03(a) hereof. 

“Term” shall mean the period commencing on the Closing Date and ending on (i) the Benefits Transition Date or
(ii) in the case of the International Employees located in India and the Philippines, the India/Philippines Benefits Transition Date. 

“U.S. Employees” shall mean Employees who are assigned primarily to operations in the United States. 

ARTICLE II 

ASSUMPTION OF CERTAIN OBLIGATIONS AND LIABILITIES 

Effective as of the Closing Date, the Company shall, or shall cause one of its Affiliates to, assume or retain, as the case may be, any and
all Liabilities (contingent or otherwise) relating to, arising out of, or resulting from the employment or services, or termination of employment or services, of any Person with respect to the Company Business, whether arising before, on or after
the Closing Date, excluding (i) any Liabilities related to the GE Plans unless this Employee Matters Agreement expressly provides for such Liabilities to be assumed by the Company or one of its Affiliates and (ii) any Liabilities solely
attributable to acts or omissions of GE or one of its Affiliates pertaining to payroll or benefits administration (such assumed Liabilities, the “Employee Liabilities” and such excluded Liabilities, the “Excluded Employee
Liabilities”). Notwithstanding the foregoing, GE Capital Retail Bank (the “Bank”) shall not assume any Liabilities under this Employee Matters Agreement. 

ARTICLE III  

EMPLOYMENT 

Section 3.01. Continuation of Employment. As of the Closing Date (or as soon as possible thereafter as permitted by the
Laws of any country other than the United States), (i) the Company shall, or shall cause its applicable Affiliates to, employ all of the employees (including statutory employees) of the Company Group, including all such employees who have
rights of employment on return from any leave or other absence (all such employees hereinafter 

 
referred to as “Company Employees”). For purposes of this Employee Matters Agreement, (i) all Company Employees and (ii) those individuals hired after the Closing Date
and before the Benefits Transition Date or the India/Philippines Benefits Transition Date, as applicable, by the Company Group shall collectively be referred to as “Employees.” 

Section 3.02. Specified Inactive Employees. As of the Benefits Transition Date, GE shall, or shall cause its applicable
Affiliates to, employ each Employee in the United States, Canada or Puerto Rico who is not actively employed immediately prior to the Benefits Transition Date and who has a right of employment on return from any leave or other absence
(“Specified Inactive Employee”). The Company shall, or shall cause its Affiliates to, offer re-instatement or employment as a successor employer to each Specified Inactive Employee promptly upon such Specified Inactive
Employee’s return to active employment. 
 Section 3.03. Corporate Program Rotational Employees. Each Corporate
Program Rotational Employee and each employee of GE or one of its Affiliates participating in any GE or GECC “leadership program” who is engaged in the business of the Company Group on the Benefits Transition Date will complete such
Employee’s rotation with the Company Group as an employee of GE or one of its Affiliates and thereafter will remain an employee of GE or such Affiliate and will cease to provide services to the Company or its Affiliates, unless otherwise
mutually agreed by GE and the Company. 
 ARTICLE IV 

PAYROLL; BENEFITS 

Section 4.01. Payroll. During the Term, for those Employees who are paid through GE’s or one of its Affiliate’s
payroll system immediately prior to the Closing Date, such Employees shall continue to be paid through GE’s or one of its Affiliate’s payroll system. Those Employees who are hired after the Closing Date by the Company Group shall also be
paid through GE’s or one of its Affiliate’s payroll system during the Term. For those Employees with payroll withholding elections (such as those related to income taxes, qualified and non-qualified retirement plans, group health and
welfare plans, etc.) in effect immediately prior to the Closing Date, such Employees’ elections shall remain the same during the Term as such elections were as of the Closing Date, except to the extent an Employee elects (in a manner permitted
to employees and plan participants generally) to change any such election. 
 Section 4.02. GE Plans. During the Term,
for those Employees who are eligible to participate in the GE Plans immediately prior to the Closing Date (or who would become eligible upon meeting certain eligibility requirements or upon satisfaction of any waiting periods under such plans), such
Employees shall continue to be eligible to participate in such GE Plans and any comparable arrangements (but excluding, with respect to new awards, any GE Plan providing for cash or other bonus awards, stock options, stock awards, restricted stock,
other equity-related awards or long-term performance awards, other than the GECC Executive Incentive Compensation Plan as described in Article V hereof). Those Employees who are hired after the Closing Date by the Company Group shall also be
eligible to participate in the applicable GE Plans during the Term upon meeting certain eligibility requirements or upon satisfaction of any waiting periods under such plans. GE or its Affiliate, as the case may be, shall continue to be responsible
for operating and administering the provisions of the GE Plans. 

 Section 4.03. Company Plans. During the Term, for those Employees who are
eligible to participate in the Company Plans immediately prior to the Closing Date (or who would become eligible upon meeting certain eligibility requirements or upon satisfaction of any waiting periods under such plans), such Employees shall
continue to be eligible to participate in such Company Plans. Those Employees who are hired after the Closing Date by the Company Group shall also be eligible to participate in the applicable Company Plans during the Term upon meeting certain
eligibility requirements or upon satisfaction of any waiting periods under such plans. A member of the Company Group shall continue to be responsible for operating and administering the provisions of the Company Plans with support from GE consistent
with past practice. 
 ARTICLE V 

INCENTIVE COMPENSATION 

Section 5.01. Establishment of Company Incentive Plans. 

(a) Establishment of Synchrony 2014 Long-Term Incentive Plan. Effective as of the Closing Date, the Company shall, or shall cause one of
its Affiliates to, establish, adopt and maintain a plan or plans for the benefit of selected Employees providing for cash or other bonus awards, stock options, stock awards, restricted stock, other equity-related awards and long-term performance
awards (collectively, the “Synchrony 2014 Long-Term Incentive Plan”). 
 (b) Establishment of Synchrony Incentive
Compensation Plan. Effective as of the Benefits Transition Date, the Company shall, or shall cause one of its Affiliates to, establish, adopt and maintain a plan or plans for the benefit of selected Employees providing for annual cash or other
bonus awards. 
 Section 5.02. Existing Arrangements. 

(a) Annual Incentive Compensation. The Company or one of its Affiliates will pay a pro rata bonus attributable to the portion of the
calendar year occurring prior to the Benefits Transition Date to eligible Employees who immediately prior to the Benefits Transition Date have participated in the GECC Executive Incentive Compensation Plan subject to the terms and practices of such
plan. Such bonuses shall be paid at the same time at which GE makes bonus payments under the GECC Executive Incentive Compensation Plan to employees of GE. GE shall reimburse the Company promptly for any payments of such foregoing amounts, to the
extent such amounts are related to the Employee’s service to a member of the GE Group, upon the receipt of billing(s) for such amounts. 

(b) GE Stock Options. All GE stock options that are vested and held by Employees as of the Benefits Transition Date will be exercisable
in accordance with the terms of the GE 2007 Long-Term Incentive Plan applicable to dispositions (i.e., until the earlier of (i) the expiration date of the award and (ii) five (5) years from the Benefits Transition Date). All GE stock
options that are unvested and held by Employees as of the Benefits Transition Date will 

 
become fully vested on the Benefits Transition Date and will be exercisable in accordance with the terms of the GE 2007 Long-Term Incentive Plan applicable to dispositions (i.e., until the
earlier of (i) the expiration date of the award and (ii) five (5) years from the Benefits Transition Date). 
 ARTICLE VI
 
 ADDITIONAL COMPANY COVENANTS 

Section 6.01. Termination of Participation in GE Plans. Except as otherwise specifically provided in this Employee Matters
Agreement, effective as of the Benefits Transition Date (or the India/Philippines Benefits Transition Date, if applicable), all Employees and their dependents will cease any participation in, and any benefit accrual under, each of the GE Plans;
provided, however, that any Employee in the United States, Canada or Puerto Rico who, as of the Benefits Transition Date, has rights of employment on return from any leave or other absence will terminate participation in the GE Plans
effective as of the close of business on the day before such Employee returns to active employment with the Company Group and no further benefits shall accrue under such GE Plans with respect to such Employee or any beneficiary thereof effective as
of such return date. 
 Section 6.02. Terms and Conditions of Employment; Compensation. For a period from the Closing
Date until at least one (1) year (two (2) years for Employees in Canada) following the Benefits Transition Date, and subject to applicable Law (including, for avoidance of any doubt, supervisory or regulatory requirements imposed by a Bank
Regulatory Agency), each Employee shall be entitled to receive while in the employ of the Company Group: (i) at least the same salary, wages, incentive compensation and bonus opportunities and (ii) at least the same (on an aggregate basis)
other material terms and conditions of employment as were provided by the Company Group, or were otherwise applicable, to such Employee immediately prior to the Closing Date. The term “other material terms and conditions” in the preceding
sentence is limited to practices which, if changed or eliminated, could reasonably give rise to a claim for monetary damages under applicable Law or contract. 

Section 6.03. Terms and Conditions of Employment; Benefits. 

(a) Synchrony Plans. Effective as of the Benefits Transition Date, the Company shall, or shall cause one of its Affiliates to,
establish, adopt and maintain for a period of at least one (1) year (two (2) years for Employees in Canada) following the Benefits Transition Date, and subject to applicable Law (including, for avoidance of any doubt, supervisory or
regulatory requirements imposed by a Bank Regulatory Agency), such employee benefits pursuant to plans, programs, policies and arrangements for the Employees that provide benefits to such Employees that have a comparable aggregate value to those
benefits (excluding non-tax-qualified defined benefit pension plans, retiree medical plans, equity awards and the fringe benefits that apply to the Executive Band and above) provided to them pursuant to the GE Plans in effect immediately prior to
the Benefits Transition Date (each such plan, program, policy and arrangement, a “Synchrony Plan”). For avoidance of any doubt, (i) no plan of the types described in Section 5.01 hereof shall be taken into account in
determining whether the Synchrony Plans have a comparable aggregate value and (ii) the Company and its Affiliates shall not be obligated to maintain any defined benefit pension plan. 

 (b) Severance. Notwithstanding anything in this Employee Matters Agreement to the
contrary, and subject to applicable Law (including, for avoidance of any doubt, supervisory or regulatory requirements imposed by a Bank Regulatory Agency), the Company shall, or shall cause one of its Affiliates to, provide severance benefits to
any Employee who is laid off during the one-year period (two-year period for Employees in Canada) following the Benefits Transition Date that are at least as favorable as the severance benefits that would have been paid to such employee pursuant to
the terms of the applicable GE or GECC broad-based severance plan as in effect immediately prior to the Benefits Transition Date, to be calculated, however, on the basis of the Employee’s compensation and continuous service at the time of the
layoff. 
 (c) Past Service Credit. All Employees shall be credited for service with the Company Group, GE, their respective
Affiliates and their respective predecessors on and prior to the Benefits Transition Date under all Synchrony Plans and practices in which they become participants for purposes of eligibility, vesting or calculation of vacation, sick days,
severance, layoff and similar benefits (excluding defined benefit pension benefit accruals) to the extent such service was credited under the corresponding GE Plan and practices. 

(d) Group Health Plans. The Company shall, or shall cause one of its Affiliates to, cause the Synchrony Plans to waive any pre-existing
conditions limitation and recognize expenses incurred by an Employee prior to the Benefits Transition Date for purposes of out-of-pocket maximums and deductibles with respect to the calendar year in which the Benefits Transition Date occurs;
provided, however, that the Company receives all data reasonably necessary to allow the Company to satisfy its obligations under this Section 6.03(d). 

(e) Vacation. Effective as of the Benefits Transition Date, the Company shall, or shall cause one of its Affiliates to, assume or retain
all obligations of GE and its Affiliates for the accrued, unused vacation and paid time off (i.e., personal illness and personal business leave) of all Employees and shall reimburse GE or its Affiliates promptly for any accrued, unused vacation and
paid time off required to be paid by GE or its Affiliates on or after the Benefits Transition Date to any Employee upon the receipt of periodic billings for such amounts. For a period from the Benefits Transition Date until at least three
(3) years following the Benefits Transition Date, each Employee shall be entitled annually to at least the number of vacation days that such Employee was entitled to under the applicable vacation program of GE immediately prior to the Benefits
Transition Date. 
 (f) India/Philippines International Employees. For purposes of this Section 6.03, with respect to
International Employees in India and the Philippines, all references to the “Benefits Transition Date” shall be deemed to refer to the “India/Philippines Benefits Transition Date.” 

 Section 6.04. U.S. Benefits. 

(a) U.S. Retirement Plans. As of the Benefits Transition Date, Employees shall cease to accrue benefits, if any, under the GE Retirement
Plans. Effective as of the Benefits Transition Date, GE shall take all necessary action, if any, to (i) effect such cessation of participation, and (ii) cause the Employees to be fully vested in any GE Retirement Plan (to the extent not
then fully vested), except that with respect to the GE Supplementary Pension Plan and the GE Excess Benefit Plan, GE shall cause each Employee with at least ten (10) years of pension qualified service to be fully vested in such Employee’s
accrued benefits, if any, under the GE Supplementary Pension Plan and/or the GE Excess Benefit Plan. No assets or liabilities with respect to the GE Retirement Plans shall be transferred to the Company as a result of this Employee Matters Agreement.
GE shall pay, or cause to be paid, directly to the Employees (including their surviving spouses and beneficiaries) any vested retirement benefits to which they are entitled under the GE Retirement Plans when eligible to receive such payments under
the terms of such plans. The Company shall reimburse GE promptly for any payments of vested benefits made by GE or its applicable Affiliates under the GE Excess Benefit Plan and the GE Supplemental Pension Plan upon the receipt of periodic billings
for such amounts. 
 (b) U.S. Post-Retirement Welfare Benefits. GE and its applicable Affiliates shall retain any obligations they may
have to provide post-retirement welfare benefits in accordance with the terms of the GE Health Choice Plan and the GE Life, Disability and Medical Plan, as in effect from time to time, to all former Employees of the Company Group and their eligible
dependents who are currently receiving such benefits as of the Benefits Transition Date. In addition, GE and its applicable Affiliates shall remain obligated to provide such coverage, consistent with the terms of the GE Health Choice Plan and the GE
Life, Disability and Medical Plan as in effect from time to time, to all Employees and their eligible dependents who, as of the Benefits Transition Date, are participants in such plans and either (i) have completed twenty-five (25) years
of continuous service or pension qualified service with the Company Group, its Affiliates and their respective predecessors or (ii) have attained at least sixty (60) years of age and have completed at least ten (10) years of
continuous service, in either case upon such Employees’ election to participate in the GE Health Choice Plan or the GE Life, Disability and Medical Plan. Such participation shall be under circumstances and at the applicable contribution levels
entitling them to receive such benefits pursuant to the terms of the GE Health Choice Plan or the GE Life, Disability and Medical Plan, as applicable, as in effect from time to time. The Company shall reimburse GE promptly for any payments of
post-retirement welfare benefits made by GE or its applicable Affiliates to the eligible Employees and their eligible dependents pursuant to such coverage upon the receipt of periodic billings for such amounts. 

(c) COBRA. Following the Benefits Transition Date, the Company shall, or shall cause one of its Affiliates to, provide continuation
health care coverage to all U.S. Employees and their qualified beneficiaries who incur or incurred a qualifying event in accordance with COBRA at any time with respect to claims incurred on or after the Benefits Transition Date. 

(d) Flexible Spending Account Plan. With respect to any U.S. Employee who, immediately prior to the Benefits Transition Date, was a
participant in a general purpose health flexible spending account plan and/or a dependent care flexible spending account plan, in 

 
each case, maintained by GE or one of its Affiliates (collectively, the “GE FSA Plans”), the Company shall, or shall cause one of its Affiliates to, affect an FSA Transfer (as
defined below) of the U.S. Employee’s account (if any) under the GE FSA Plans to the general purpose health flexible spending account plan and/or dependent care flexible spending account plan, as applicable, of the Company or one of its
Affiliates. For purposes of this section, a “FSA Transfer” involves the Company or one of its Affiliates (i) effectuating the election of the U.S. Employee in effect under the applicable GE FSA Plans immediately prior to the Benefits
Transition Date and (ii) assuming responsibility for administering and paying under the applicable plans of the Company or one of its Affiliates all eligible reimbursement claims of the U.S. Employee incurred in the calendar year in which the
Benefits Transition Date occurs, whether such claims arose before, on or after the Benefits Transition Date. As soon as practicable following the Benefits Transition Date, GE shall cause to be transferred to the Company an amount in cash equal to
(i) the sum of all contributions to the applicable GE FSA Plans made with respect to the calendar year in which the Benefits Transition Date occurs by or on behalf of the U.S. Employee prior to the Benefits Transition Date, reduced by
(ii) the sum of all claims incurred by the U.S. Employee under the applicable GE FSA Plans in the calendar year in which the Benefits Transition Date occurs that are submitted for payment prior to the Benefits Transition Date. 

(e) U.S. Other Welfare Benefits. Except as otherwise expressly provided in this Employee Matters Agreement, GE or one of its Affiliates
shall retain responsibility under the GE Plans that are welfare benefit plans in which the Employees participate with respect to all amounts that are payable by reason of, or in connection with, any and all welfare benefit claims made by the
Employees and their eligible dependents but only to the extent such claims were incurred prior to the Benefits Transition Date. However, the Company shall reimburse GE promptly for (i) (A) any payments of welfare benefits made by GE or one
of its Affiliates on or after the Benefits Transition Date to eligible Employees and their eligible dependents pursuant to any self-insured GE Plans with respect to claims incurred prior to the Benefits Transition Date or (B) any payments of
welfare benefits made by GE or one of its Affiliates on or after the Benefits Transition Date to eligible Employees who are inactive as of the Benefits Transition Date and their eligible dependents pursuant to any self-insured GE Plans with respect
to claims incurred prior to such Employees’ return to active employment with the Company Group, and (ii) any payments of premiums made by GE or one of its Affiliates on behalf of eligible Employees who are inactive as of the Benefits
Transition Date and their eligible dependents pursuant to any insured GE Plans with respect to coverage ending the day before such Employees’ return to active employment with the Company Group, in each case upon the receipt of periodic billings
for such amounts. The Company and its Affiliates shall be otherwise responsible for welfare benefit claims made by the Employees and their eligible dependents to the extent such claims were incurred on or after the Benefits Transition Date. 

Section 6.05. International Benefits. 

(a) International Employees. In the case of the International Employees, the Company shall, and shall cause its Affiliates to, comply
with any applicable foreign Law governing the terms and conditions of their employment, employment practices or severance of employment. 

 (b) Continuation of International Company Plans. If an employee benefit plan, program,
policy or arrangement is subject to the Laws of a country other than the United States (an “International Plan”) and covers only International Employees, the Company shall, or shall cause one of its Affiliates to, assume or
continue, as the case may be, sponsorship over and assumption of all obligations with respect to such International Plan as of the Benefits Transition Date. 

(c) International Retirement Plans. To the extent that any International Plan sponsored by GE or its Affiliate (other than a member of
the Company Group) is a funded defined benefit or defined contribution pension plan with assets residing in a trust or other funding vehicle, GE shall retain all assets and liabilities with respect to such Employees and their eligible dependents and
beneficiaries. To the extent that any International Plan sponsored by GE or its Affiliates is a defined benefit or defined contribution plan that has no assets set aside in a trust or other funding vehicle to fund the plan, the Company shall assume
or shall cause its Affiliates to assume all liabilities with respect to such Employees and their eligible dependents and beneficiaries. 

(d) Reimbursement for Severance Payments. In the event that any severance or similar payment is triggered to an International Employee
under a GE Plan due to the Company’s failure to satisfy its obligations under this Employee Matters Agreement or applicable Law, then the Company shall reimburse GE promptly for any payments of such foregoing amounts upon the receipt of
billing(s) for such amounts. 
 Section 6.06. No Guarantee of Continued Employment. Neither the Company nor any of its
Affiliates shall be obligated to continue to employ any Employee for any specific period of time, subject to applicable Law. 

Section 6.07. Claims Assistance. The Company shall, and shall cause each member of the Company Group to, cause Employees to
provide such assistance to GE and its Affiliates as may be required in respect of claims against GE or its Affiliates, whether asserted or threatened, to the extent that, in GE’s opinion, (a) an Employee has knowledge of relevant facts or
issues, or (b) an Employee’s assistance is reasonably necessary in respect of any such claim. GE shall, and shall cause each member of the GE Group to, cause its employees to provide such assistance to the Company and its Affiliates as may
be required in respect of claims against the Company or its Affiliates, whether asserted or threatened, to the extent that, in the Company’s opinion, (a) an employee of GE or the GE Group has knowledge of relevant facts or issues, or
(b) the assistance of an employee of GE or the GE Group is reasonably necessary in respect of any such claim. 
 ARTICLE VII 

PERFORMANCE AND COOPERATION 

Section 7.01. Level of Performance. In performing its obligations under this Employee Matters Agreement, each of GE and the
Company agrees that it and its respective Affiliates, as applicable, shall in good faith exercise the same standard of care as each has used to perform such services for its own account and for its other employees, except as mutually agreed to in
writing by GE and the Company. 

 Section 7.02. Delivery of Information; Cooperation Between the Parties. GE and
the Company shall, and shall cause their respective Affiliates to, provide each other with all such information and materials reasonably necessary to effect GE’s and the Company’s prompt and complete performance of their duties and
obligations under this Employee Matters Agreement and the GE Plans. The parties agree that they shall cooperate with each other and shall act in such a manner as to promote the prompt and efficient completion of the obligations hereunder. 

ARTICLE VIII 

NON-HIRE; NON-SOLICITATION 

Section 8.01. Non-Hire and Non-Solicitation by the Company Group. No member of the Company Group will either directly or
indirectly, on its own behalf or in the service of or on behalf of others, hire, or attempt to hire or induce or attempt to induce to leave the employ of any member of the GE Group: 

(a) through the Trigger Date, 

(i) without the approval of GE, any employee of any member of the GE Group who 

(A) occupies (or occupied) a position assigned to the Executive Band or above, 

(B) in any capacity on or after the date that is one (1) year before the Closing Date, worked on matters supporting or
relating to the Company, provided services to the Company, had supervisory responsibility over the Company or otherwise had significant interaction with or oversight over the Company or aspects of the Company’s business, it being understood
that all risk and regulatory personnel at GECC in the U.S. and Canada are included in this group (a “Company-Facing Position”); or 

(C) worked on the transition support team or provided transition support services to the Company (a “Company
Transition Position”); 
 (ii) without first consulting with GE, any other employee of any member of the GE Group; 

(b) through the eighteen (18) month anniversary of the Trigger Date, without the approval of GE, any employee of any member of the GE
Group who occupies (or occupied) a position assigned to the Senior Professional Band or higher with GE and, in any capacity on or after the date that is one (1) year before the Closing Date, held a Company-Facing Position or a Company
Transition Position; and 

 (c) through the twelve (12) month anniversary of the Trigger Date, without the approval of
GE, any employee of any member of the GE Group who occupies (or occupied) a position assigned to the Leadership Professional Band or lower with GE and, in any capacity on or after the date that is one (1) year before the Closing Date, held a
Company-Facing Position or a Company Transition Position. 
 Section 8.02. Non-Hire and Non-Solicitation by the GE Group.
No member of the GE Group will either directly or indirectly, on its own behalf or in the service of or on behalf of others, hire, or attempt to hire or induce or attempt to induce to leave the employ of any member of the Company Group: 

(a) through the Trigger Date, without the approval of the Company, any employee of a member of the Company Group; 

(b) through the eighteen (18) month anniversary of the Trigger Date, without the approval of the Company, any employee of a member of the
Company Group who occupies (or occupied) a position assigned to the Senior Professional Band or higher with GE or the Company; and 
 (c)
through the twelve (12) month anniversary of the Trigger Date, without the approval of the Company, any employee of a member of the Company Group who occupies (or occupied) an IT, regulatory, risk or finance position assigned to the Leadership
Professional Band with GE or the Company. 
 Section 8.03. Former Employees. For purposes of Sections 8.01 and 8.02, a
person shall be considered an employee of a member of the Company Group or a member of the GE Group if he or she was employed by such an entity on November 15, 2013 or later (including, in the case of a former employee of any member of the GE
Group, if his or her employment was transferred to another member of the GE Group after November 15, 2013), provided that Sections 8.01 and 8.02 shall cease to apply to any individual (i) whose employment was involuntary terminated by such
group, immediately upon such termination, or (ii) who voluntarily terminated employment with such group, from and after the twelve (12) month anniversary of such termination.

Section 8.04. General Solicitations. Notwithstanding the limitations in Sections 8.01 and 8.02, no member of the GE Group
or the Company Group shall be prohibited from placing public advertisements or conducting any other form of general solicitation that is not specifically targeted towards the employees covered by Sections 8.01 and 8.02, including, but not limited
to, the use of an independent employment agency or search firm whose efforts are not specifically directed at such an employee. 
 ARTICLE
IX 
 MISCELLANEOUS 

Section 9.01. Headings. The headings contained herein are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Employee Matters Agreement. 

 Section 9.02. Counterparts. This Employee Matters Agreement may be executed in
one or more counterparts, and by the different parties to each such agreement in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Employee Matters Agreement by facsimile shall be as effective as delivery of a manually executed counterpart of any such Employee Matters Agreement. 

Section 9.03. Assignment; No Third-Party Beneficiaries. This Employee Matters Agreement shall not be assigned by any party
hereto without the prior written consent of the other parties hereto. This Employee Matters Agreement is for the sole benefit of the parties to this Employee Matters Agreement and their permitted successors and assigns and nothing in this Employee
Matters Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Employee Matters Agreement. 

Section 9.04. Amendment. No provision of this Employee Matters Agreement may be amended or modified except by a written
instrument signed by all the parties to such agreement. No waiver by any party of any provision hereof shall be effective unless explicitly set forth in writing and executed by the party so waiving. The waiver by either party hereto of a breach of
any provision of this Employee Matters Agreement shall not operate or be construed as a waiver of any other subsequent breach. 

Section 9.05. Severability. If any term or other provision of this Employee Matters Agreement is invalid, illegal or
incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Employee Matters Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties to this Employee Matters Agreement shall negotiate in good faith to modify this Employee Matters Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the transactions contemplated by this Employee Matters Agreement be consummated as originally contemplated to the greatest extent possible. 

Section 9.06. Entire Agreement. 

(a) Except as otherwise expressly provided in this Employee Matters Agreement, this Employee Matters Agreement constitutes the entire agreement
of the parties hereto with respect to the subject matter of this Employee Matters Agreement and supersedes all prior agreements and undertakings, both written and oral, between or on behalf of the parties hereto with respect to the subject matter of
this Employee Matters Agreement. 
 (b) In addition to the responsibilities and obligations set forth herein the parties to the Transition
Services Agreement shall have certain other employment-related responsibilities and obligations as set forth therein. 

 Section 9.07. Coordination with Master Agreement. The following articles and
sections from the Master Agreement are hereby incorporated by reference as if fully set forth herein: Section 7.2 (Confidentiality); Section 7.4 (Allocation of Costs and Expenses); Article IX (Dispute Resolution); 10.2 (Governing Law);
Section 10.4 (Force Majeure); and Section 10.5 (Notices). 

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

					
	GENERAL ELECTRIC COMPANY
		
	By:	 	 /s/ Keith Sherin

		 	Name: Keith Sherin
		 	Title: Vice Chairman
	
	GENERAL ELECTRIC CAPITAL CORPORATION
		
	By:	 	 /s/ Robert Green

		 	Name: Robert Green
		 	Title: Chief Financial Officer
	
	SYNCHRONY FINANCIAL
		
	By:	 	 /s/ Jonathan Mothner

		 	Name: Jonathan Mothner
		 	Title: Executive Vice President, General Counsel and Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]