Document:

EX-4.1

 Exhibit 4.1 

SYNCHRONY FINANCIAL 

AND 
 THE BANK OF NEW
YORK MELLON, 
 as Trustee 
  

 
 EIGHTH
SUPPLEMENTAL INDENTURE 
 Dated as of March 19, 2019 

to the 
 INDENTURE

 Dated as of August 11, 2014 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	 
	DEFINITIONS	 
			
	 Section 1.01.
	 	 Relation to Base Indenture
	  	 	2	 
			
	 Section 1.02.
	 	 Definition of Terms
	  	 	2	 
	
	ARTICLE II	 
	GENERAL TERMS AND CONDITIONS OF THE NOTES	 
			
	 Section 2.01.
	 	 Designation and Principal Amount
	  	 	4	 
			
	 Section 2.02.
	 	 Maturity
	  	 	4	 
			
	 Section 2.03.
	 	 Form, Payment and Appointment
	  	 	4	 
			
	 Section 2.04.
	 	 Global Notes
	  	 	5	 
			
	 Section 2.05.
	 	 Interest
	  	 	5	 
			
	 Section 2.06.
	 	 No Sinking Fund
	  	 	6	 
			
	 Section 2.07.
	 	 Satisfaction and Discharge
	  	 	6	 
	
	ARTICLE III	 
	REDEMPTION OF THE NOTES	 
			
	 Section 3.01.
	 	 Optional Redemption by Company
	  	 	6	 
			
	 Section 3.02.
	 	 Notice of Redemption; Selection of Notes to be Redeemed
	  	 	7	 
			
	 Section 3.03.
	 	 Payment of Redemption Price
	  	 	7	 
			
	 Section 3.04.
	 	 No Other Redemption
	  	 	7	 
	
	ARTICLE IV	 
	FORMS OF NOTES	 
			
	 Section 4.01.
	 	 Forms of Notes
	  	 	7	 
	
	ARTICLE V	 
	ORIGINAL ISSUE OF NOTES	 
			
	 Section 5.01.
	 	 Original Issue of Notes
	  	 	7	 
	
	ARTICLE VI	 
	MISCELLANEOUS	 
			
	 Section 6.01.
	 	 Ratification of Indenture
	  	 	8	 
			
	 Section 6.02.
	 	 Trustee Not Responsible for Recitals
	  	 	8	 
			
	 Section 6.03.
	 	 Governing Law
	  	 	8	 
			
	 Section 6.04.
	 	 Waiver of Trial by Jury
	  	 	8	 
			
	 Section 6.05.
	 	 Table of Contents, Headings, etc
	  	 	8	 
			
	 Section 6.06.
	 	 Execution in Counterparts
	  	 	8	 
			
	 Section 6.07.
	 	 Separability; Benefits
	  	 	8	 
			
	 Section 6.08.
	 	 Certain Tax Information
	  	 	8	 
			
	 EXHIBIT A
	 	 Form of 4.375% Senior Notes due 2024
	  	 	A-1	 
	 EXHIBIT B
	 	 Form of 5.150% Senior Notes due 2029
	  	 	B-1	 

 THIS EIGHTH SUPPLEMENTAL INDENTURE (this “Eighth Supplemental Indenture”),
dated as of March 19, 2019, is between SYNCHRONY FINANCIAL, a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation (the “Trustee”). 

R E C I T A L S 
 WHEREAS, the
Company executed and delivered to the Trustee an Indenture, dated as of August 11, 2014, between the Company and the Trustee (the “Base Indenture”), providing for the issuance from time to time of series of Securities of the
Company; 
 WHEREAS, the Company executed and delivered to the Trustee a First Supplemental Indenture, dated as of August 11, 2014,
between the Company and the Trustee (the “First Supplemental Indenture”), providing for the issuance of the 1.875% Senior Notes due 2017, the 3.000% Senior Notes due 2019, the 3.750% Senior Notes due 2021 and the 4.250% Senior Notes
due 2024; 
 WHEREAS, the Company executed and delivered to the Trustee a Second Supplemental Indenture, dated as of February 2, 2015,
between the Company and the Trustee (the “Second Supplemental Indenture”), providing for the issuance of the 2.700% Senior Notes due 2020 and the Floating Rate Senior Notes due 2020; 

WHEREAS, the Company executed and delivered to the Trustee a Third Supplemental Indenture, dated as of July 23, 2015, between the Company
and the Trustee (the “Third Supplemental Indenture”), providing for the issuance of the 4.500% Senior Notes due 2025; 

WHEREAS, the Company executed and delivered to the Trustee a Fourth Supplemental Indenture, dated as of December 4, 2015, between the
Company and the Trustee (the “Fourth Supplemental Indenture”), providing for the issuance of the 2.600% Senior Notes due 2019; 

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

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

WHEREAS, the Company executed and delivered to the Trustee a Seventh Supplemental Indenture, dated as of November 30, 2017, between the
Company and the Trustee (the “Seventh Supplemental Indenture” and the Base Indenture, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental
Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, and this Eighth Supplemental Indenture, the “Indenture”), providing for the issuance of the 4.375% Senior Notes due
2024 and the 5.150% Senior Notes due 2029; 
 WHEREAS, Section 10.01(c) of the Base Indenture provides for the Company and the Trustee
to enter into an indenture supplemental to the Base Indenture to establish the forms or terms of Securities of any series as permitted by Section 2.01 and Section 2.02 of the Base Indenture; 

WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for the issuance of two new series of Securities
to be known as its 4.375% Senior Notes due 2024 (the “2024 Notes”) and its 5.150% Senior Notes due 2029 (the “2029 Notes” and, together with the 2024 Notes, the “Notes”) the forms and terms of such
Notes and the terms, provisions and conditions thereof to be set forth as provided in this Eighth Supplemental Indenture; 
 WHEREAS, the
Company has requested that the Trustee execute and deliver this Eighth Supplemental Indenture, and all requirements necessary to make this Eighth Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to
make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations of the Company, have been done and performed, and the execution and delivery of this Eighth Supplemental
Indenture has been duly authorized in all respects; and 

 NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

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

 Section 1.02. Definition of Terms. For all purposes of this Eighth Supplemental Indenture: 

(a) Capitalized terms used herein without definition shall have the meanings set forth in the Base Indenture; 

(b) a term defined anywhere in this Eighth Supplemental Indenture has the same meaning throughout; 

(c) the singular includes the plural and vice versa; 

(d) headings are for convenience of reference only and do not affect interpretation; 

(e) the following terms have the meanings given to them in this Section 1.02(e): 

“2024 Notes Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker
as having a maturity comparable to the remaining term of the 2024 Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the 2024 Notes. 
 “2029 Notes Comparable Treasury Issue” means the United States Treasury
security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the 2029 Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of the 2029 Notes. 
 “2024 Notes Comparable Treasury
Price” means, with respect to any Redemption Date, (i) the average of the 2024 Notes Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such 2024 Notes Reference Treasury Dealer
Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such 2024 Notes Reference Treasury Dealer Quotations, the average of all such quotations. 

“2029 Notes Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the 2029 Notes
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such 2029 Notes Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such 2029 Notes
Reference Treasury Dealer Quotations, the average of all such quotations. 
 “2024 Notes Interest Payment Date”
shall have the meaning set forth in Section 2.05(a)(i). 
 “2029 Notes Interest Payment Date” shall have the
meaning set forth in Section 2.05(a)(ii). 
 “2024 Notes Maturity Date” shall have the meaning set forth in
Section 2.02(a). 
 “2029 Notes Maturity Date” shall have the meaning set forth in Section 2.02(b). 

“2024 Notes Redemption Date” shall mean, with respect to any redemption of 2024 Notes, the date fixed for such
redemption pursuant to the Indenture and such 2024 Notes. 

  
 2 

 “2029 Notes Redemption Date” shall mean, with respect to any redemption of
2029 Notes, the date fixed for such redemption pursuant to the Indenture and such 2029 Notes. 
 “2024 Notes Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the 2024 Notes Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by the Reference Treasury Dealer at 3:30 p.m. on the third business day preceding such Redemption Date. 

“2029 Notes Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption
Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the 2029 Notes Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by the Reference Treasury Dealer at 3:30 p.m. on the third business day preceding such Redemption Date. 
 “2024
Notes Treasury Rate” means, with respect to any Redemption Date for the 2024 Notes, the semiannual equivalent yield to maturity of the 2024 Notes Comparable Treasury Issue, assuming a price for such 2024 Notes Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the 2024 Notes Comparable Treasury Price for such Redemption Date. 

“2029 Notes Treasury Rate” means, with respect to any Redemption Date for the 2029 Notes, the semiannual equivalent yield to
maturity of the 2029 Notes Comparable Treasury Issue, assuming a price for such 2029 Notes Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the 2029 Notes Comparable Treasury Price for such Redemption Date. 

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

“Business Day” shall mean, unless otherwise specified, any calendar day that is not a Saturday, Sunday or a day on which
commercial banking institutions are not required to be open for business in The City of New York, New York. 
 “DTC” shall
have the meaning set forth in Section 2.04(a). 
 “Global Note” shall have the meaning set forth in
Section 2.04(a). 
 “Independent Investment Banker” shall mean an independent investment banking institution of
national standing appointed by the Company, which may be one of the Reference Treasury Dealers. 
 “Interest Payment Date”
shall mean the 2024 Notes Interest Payment Date and the 2029 Notes Interest Payment Date, as the case may be. 
 “Interest
Period” shall have the meaning set forth in Section 2.05(a). 
 “Maturity Date” shall mean the 2024 Notes
Maturity Date and the 2029 Notes Maturity Date, as the case may be. 
 “Optional Redemption Price” shall mean, with respect
to any redemption of Notes, the applicable redemption price for such Notes set forth in Section 3.01. 
 “Record Date”
shall have the meaning set forth in Section 2.05(a)(iii). 
 “Redemption Date” shall mean the 2024 Notes Redemption
Date and the 2029 Notes Redemption Date, as the case may be. 
 “Reference Treasury Dealer” shall mean each of
(a) J.P. Morgan Securities LLC, Citigroup Global Markets Inc., and Wells Fargo Securities, LLC or their respective affiliates which are primary U.S. Government securities dealers in New York City (a “Primary Treasury
Dealer”), and their respective successors, plus (b) two other Primary Treasury Dealers selected by the Company; provided that if any of the foregoing or its affiliates shall cease to be a Primary Treasury Dealer, the Company
shall substitute therefor another Primary Treasury Dealer. 

  
 3 

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

The terms “Base Indenture,” “Company,” “First Supplemental Indenture,” “Second
Supplemental Indenture,” “Third Supplemental Indenture,” “Fourth Supplemental Indenture,” “Fifth Supplemental Indenture,” “Indenture,” “Sixth Supplemental
Indenture,” “Seventh Supplemental Indenture,” “Eighth Supplemental Indenture,” “Notes,” and “Trustee” shall have the respective meanings set forth in the recitals to this
Eighth Supplemental Indenture and the paragraph preceding such recitals. 
 ARTICLE II 

GENERAL TERMS AND CONDITIONS OF THE
NOTES 
 Section 2.01. Designation and Principal Amount. The Notes may be issued from time to time upon written
order of the Company for the authentication and delivery of Notes pursuant to Section 2.03 of the Base Indenture. 
 There is hereby
authorized a series of Securities designated as 4.375% Senior Notes due 2024, initially limited in aggregate principal amount to U.S. $600,000,000 (except for 2024 Notes authenticated and delivered in accordance with the last paragraph of
Section 2.02 of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other 2024 Notes pursuant to Sections 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture). 

There is hereby authorized a series of Securities designated as 5.150% Senior Notes due 2029, initially limited in aggregate principal amount
to U.S. $650,000,000 (except for 2029 Notes authenticated and delivered in accordance with the last paragraph of Section 2.02 of the Base Indenture or upon registration of transfer of or in exchange for, or in lieu of, other 2029 Notes pursuant
to Sections 2.06, 2.07, 2.08, .09, 3.03 or 10.04 of the Base Indenture). 
 Section 2.02. Maturity. (a) The date upon
which the 2024 Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is March 19, 2024 (the “2024 Notes Maturity Date”). 

(b) The date upon which the 2029 Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is
March 19, 2029 (the “2029 Notes Maturity Date”). 
 Section 2.03. Form, Payment and Appointment. Except
as provided in Section 2.04, the Notes of each series shall be issued in fully registered, certificated form. Principal of and premium, if any, and interest on the Notes will be payable, the transfer of such Notes will be registrable, and such
Notes will be exchangeable for Notes of a like aggregate principal amount bearing identical terms and provisions, at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of New York, which shall
initially be the Principal Office of the Trustee in the Borough of Manhattan, The City of New York; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at
such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation
at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or Maturity Date). 

No service charge shall be made for any registration of transfer or exchange of the Notes, but the Company may require payment from the holder
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

  
 4 

 The Security Registrar and paying agent for the Notes shall initially be the Trustee. The
Specified Currency of the Notes shall be U.S. Dollars. 
 Section 2.04. Global Notes. 

(a) The Notes of each series shall be issued initially in the form of one or more permanent Global Securities in registered form (each, a
“Global Note”). The Depository Trust Company (“DTC”) shall initially act as the Depositary for the Notes. Each Global Note (i) shall be deposited with the Depositary or its custodian and registered in the name
of DTC or DTC’s nominee, (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions, and (iii) shall bear a legend substantially to the effect set forth in Section 2.12 of the
Base Indenture. 
 (b) The aggregate amount of Outstanding Notes represented by any Global Note may from time to time be increased or
decreased to reflect exchanges or other increases or decrease in the principal amount thereof. The Trustee may make any endorsement on a Global Note to reflect the amount, or any increase or decrease in the amount, or changes in the rights of
holders of the Notes represented thereby, in each case in accordance with the terms of the Indenture and the Notes. Each Global Note shall represent the aggregate principal amount of Notes from time to time endorsed thereon. 

(c) Unless and until any Global Note for any series of Notes is exchanged for Notes of such series in certificated form, such Global Note may
be transferred, in whole but not in part, and any payments on the Notes evidenced by such Global Note shall be made, only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a
nominee of such successor Depositary, in each case as the Securityholder of such Notes. 
 Section 2.05. Interest. 

(a) Interest payable on any Interest Payment Date, the Maturity Date or, if applicable, the Redemption Date, with respect to each series of
Notes shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date of March 19, 2019,
if no interest has been paid or duly provided for with respect to the series of Notes) to, but excluding, such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as the case may be (each, an “Interest Period”).

 (i) Interest on the 2024 Notes shall accrue from March 19, 2019 and shall be payable semi-annually in arrears on
March 19 and September 19 of each year (each, a “2024 Notes Interest Payment Date”), beginning on September 19, 2019 to, but excluding, the 2024 Notes Maturity Date or, if applicable, the 2024 Notes Redemption Date,
of the 2024 Notes. 
 (ii) Interest on the 2029 Notes shall accrue from March 19, 2019 and shall be payable
semi-annually in arrears on March 19 and September 19 of each year (each, a “2029 Notes Interest Payment Date”), beginning on September 19, 2019 to, but excluding, the 2029 Notes Maturity Date or, if
applicable, the 2029 Notes Redemption Date, of the 2029 Notes. 
 (iii) Interest shall be payable to the Persons in whose
names the relevant Notes of each series are registered at the close of business on the March 4 or September 4 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a “Record
Date”) at the annual rate of 4.375% per year in the case of the 2024 Notes and 5.150% per year in the case of the 2029 Notes, except as provided in Section 2.05(b) hereof and in Section 2.04 of the Base Indenture. 

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

  
 5 

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

Section 2.06. No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund. 

Section 2.07. Satisfaction and Discharge. Article 12 of the Base Indenture contains provisions for discharge of the
Indenture and the legal and covenant defeasance of the obligations of the Company with respect to any series of Securities at any time upon compliance by the Company with certain conditions set forth therein, which provisions shall apply to the
Notes. 
 ARTICLE III 

REDEMPTION OF THE NOTES 

Section 3.01. Optional Redemption by Company. 

(a) The 2024 Notes may not be redeemed by the Company prior to September 19, 2019. Except as otherwise may be specified in this Eighth
Supplemental Indenture, at any time and from time to time on or after September 19, 2019 and prior to February 19, 2024, the Company shall have the right to redeem the 2024 Notes, in whole or in part, at its option, at a redemption price
equal to the greater of: 
 (i) 100% of the aggregate principal amount of the 2024 Notes to be redeemed, plus accrued and
unpaid interest to, but excluding, the 2024 Notes Redemption Date for the 2024 Notes to be redeemed; and 
 (ii) the sum of
the present values of the remaining scheduled payments of principal and interest in respect of the 2024 Notes to be redeemed (not including any portion of the interest accrued to, but excluding, the 2024 Notes Redemption Date of the 2024 Notes to be
redeemed), discounted to such 2024 Notes Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable 2024 Notes
Treasury Rate plus 30 basis points, plus accrued and unpaid interest to, but excluding, the 2024 Notes Redemption Date of the 2024 Notes to be redeemed. The Trustee shall not be responsible for calculating the foregoing redemption price. 

At any time and from time to time on or after February 19, 2024, the Company shall have the right to redeem the 2024 Notes, in whole or
in part, at its option, at a redemption price equal to 100% of the principal amount of the 2024 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the 2024 Notes Redemption Date of the 2024 Notes to be redeemed. 

(b) The 2029 Notes may not be redeemed by the Company prior to September 19, 2019. Except as otherwise may be specified in this Eighth
Supplemental Indenture, at any time and from time to time on or after September 19, 2019 and prior to December 19, 2028, the Company shall have the right to redeem the 2029 Notes, in whole or in part, at its option, at a redemption price
equal to the greater of: 
 (i) 100% of the aggregate principal amount of the 2029 Notes to be redeemed, plus accrued and
unpaid interest to, but excluding, the 2029 Notes Redemption Date for the 2029 Notes to be redeemed; and 
 (ii) the sum of
the present values of the remaining scheduled payments of principal and interest in respect of the 2029 Notes to be redeemed (not including any portion of the interest accrued to, but excluding, the 2029 Notes Redemption Date of the 2029 Notes to be
redeemed), discounted to such 2029 Notes Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable 2029 Notes
Treasury Rate plus 40 basis points, plus accrued and unpaid interest to, but excluding, the 2029 Notes Redemption Date of the 2029 Notes to be redeemed. The Trustee shall not be responsible for calculating the foregoing redemption price. 

  
 6 

 At any time and from time to time on or after December 19, 2028, the Company shall
have the right to redeem the 2029 Notes, in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the 2029 Notes Redemption
Date of the 2029 Notes to be redeemed. 
 Section 3.02. Notice of Redemption; Selection of Notes to be Redeemed. The Company
shall mail (or otherwise deliver in accordance with the applicable procedures of the Depositary if the series of Notes to be redeemed are issued in the form of one or more Global Notes) notice of any redemption to the registered holders of the Notes
of the series to be redeemed at least 10 and not more than 60 days prior to the Redemption Date. If the Notes are only partially redeemed pursuant to Section 3.01, the Notes of the series to be redeemed will be selected by the Trustee in
such manner as in its sole discretion it shall deem appropriate and fair; provided that if at the time of redemption the Notes of the series to be redeemed are registered as a Global Note, the Depositary shall determine, in accordance with
its procedures, the principal amount of the Notes of the series to be redeemed held by each of its participants that holds a position in such Notes. 

Section 3.03. Payment of Redemption Price. The Optional Redemption Price for any Notes to be redeemed shall be paid prior to
12:00 noon, New York City time, on the Redemption Date or at such later time as is then permitted by the rules of the Depositary for the applicable series of Notes (if then registered as a Global Note); provided that the Company shall deposit
with the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes to be redeemed by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 

Section 3.04. No Other Redemption. Except as set forth in Section 3.01, the Notes of each series shall not be redeemable by
the Company prior to the applicable Maturity Date. The provisions of this Article 3 shall supersede any conflicting provisions contained in Article 3 of the Base Indenture. 

ARTICLE IV 
 FORMS
OF NOTES 
 Section 4.01. Forms of Notes. (a) The 2024 Notes and the Trustee’s
Certificate of Authentication to be endorsed thereon are to be substantially in the forms attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the 2024 Notes (by manual or facsimile signature) may
approve, such approval to be conclusively evidenced by their execution thereof. 
 (b) The 2029 Notes and the Trustee’s Certificate of
Authentication to be endorsed thereon are to be substantially in the forms attached as Exhibit B hereto, with such changes therein as the officers of the Company executing the 2029 Notes (by manual or facsimile signature) may approve, such
approval to be conclusively evidenced by their execution thereof. 
 ARTICLE V 

ORIGINAL ISSUE OF NOTES 

Section 5.01. Original Issue of Notes. The Notes having an aggregate principal amount of U.S. $1,250,000,000, consisting of
$600,000,000 aggregate principal amount of 2024 Notes and $650,000,000 aggregate principal amount of 2029 Notes (in each case, subject to the last paragraph of Section 2.02 of the Base Indenture) may from time to time, upon execution of this
Eighth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company pursuant to Section 2.03
of the Base Indenture without any further action by the Company (other than as required by the Base Indenture). 

  
 7 

 ARTICLE VI 

MISCELLANEOUS 

Section 6.01. Ratification of Indenture. The Base Indenture, as supplemented by the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, and this Eighth Supplemental Indenture, is in all
respects ratified and confirmed, and this Eighth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 6.02. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee,
and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Eighth Supplemental Indenture. 

Section 6.03. Governing Law. THIS EIGHTH SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING
UNDER OR RELATED TO THIS EIGHTH SUPPLEMENTAL INDENTURE OR ANY NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 6.04. Waiver of Trial by Jury. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF NOTES, BY ITS ACCEPTANCE THEREOF,
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 6.05. Table of Contents, Headings, etc. The table of contents and the titles and headings of the articles and sections of
this Eighth Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 6.06. Execution in Counterparts. This Eighth Supplemental Indenture may be executed in any number of counterparts, each
of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 
 Section 6.07.
Separability; Benefits. In case any one or more of the provisions contained in this Eighth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable, in any respect, then, to the extent
permitted by law, such invalidity, illegality or unenforceability of the remaining provisions shall not in any way be affected or impaired thereby. Nothing in this Eighth Supplemental Indenture or in the Notes, expressed or implied, shall give to
any person, other than the parties hereto and their successors hereunder, and the holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Eighth Supplemental Indenture. 

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

[Signature Page Follows] 

  
 8 

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

					
	SYNCHRONY FINANCIAL
		
	By:	 	 /s/ Christopher J. Coffey

		 	Name:	 	Christopher J. Coffey
		 	Title:	 	SVP, Treasury-Funding, Investments and
		 		 	Liquidity Leader

  
 [Signature Page to
Eighth Supplemental Indenture] 

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

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name: Laurence J. O’Brien
		 	Title:   Vice President

  
 [Signature Page to
Eighth Supplemental Indenture] 

 EXHIBIT A 

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

SYNCHRONY FINANCIAL 

4.375% Senior Note due 2024 
  

			
	 	  	CUSIP: 87165B AN3
	 	  	ISIN: US87165BAN38
		  	$        

 No.                     

 SYNCHRONY FINANCIAL, a corporation organized and existing under the laws of Delaware (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, [the principal sum of $        ]1 on March 19, 2024 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from March 19, 2019 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually in arrears on March 19 and September 19 of each year (each, an “Interest Payment Date”), commencing September 19, 2019, at the rate of 4.375%
per annum, until the principal hereof is paid or duly provided for or made available for payment. 
 The amount of interest payable for any
full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period
shorter than a full semi-annual Interest Period will be calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next Business
Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business Day” means any calendar day that is not a Saturday, Sunday or a day on which commercial banking
institutions are not required to be open for business in The City of New York, New York. 
  

 

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

  
 A-1 

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the Record Date for such Interest Payment Date; provided that the interest
due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable. 

Payment of the principal of and premium, if any, and interest on this Note will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by
wire transfer to an account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such
payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the Maturity Date). 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

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

 

			
	SYNCHRONY FINANCIAL
		
	By:	 	
                     
                   

		 	Name:
		 	Title:

  
 [Signature Page to
Global Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

			
	Dated:	 	                    
	
	THE BANK OF NEW YORK MELLON, as Trustee

			
		
	By:	 	
                     
                                        

		 	        Authorized Signatory

  
 [Signature Page to
Global Note] 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of August 11, 2014, between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes
any successor trustee), as amended and supplemented by the First Supplemental Indenture, dated as of August 11, 2014, between the Company and the Trustee (the “First Supplemental Indenture”), the Second Supplemental Indenture,
dated as of February 2, 2015, between the Company and the Trustee (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of July 23, 2015, between the Company and the Trustee (the “Third
Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of December 4, 2015, between the Company and the Trustee (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of
May 9, 2016, between the Company and the Trustee (the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of August 4, 2016, between the Company and the Trustee (the “Sixth Supplemental
Indenture”), the Seventh Supplemental Indenture, dated as of December 1, 2017, between the Company and the Trustee (the “Seventh Supplemental Indenture”), the Eighth Supplemental Indenture, dated as of March 19,
2019, between the Company and the Trustee (the “Eighth Supplemental Indenture”) and the Base Indenture, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the
Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, and the Eighth Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.
This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $600,000,000. 
 All terms
used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture. 
 The notes
may not be redeemed by the Company prior to September 19, 2019. Except as otherwise may be specified in the Indenture, at any time and from time to time on or after September 19, 2019 and prior to February 19, 2024, the Company shall
have the right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to the greater of: 

(i)    100% of the aggregate principal amount of the Notes of this series to be redeemed, plus accrued and
unpaid interest to, but excluding, the Redemption Date; and 
 (ii)    the sum of the present values of
the remaining scheduled payments of principal and interest in respect of the Notes of this series to be redeemed (not including any portion of the interest accrued to, but excluding, the Redemption Date), discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 30 basis points, plus accrued and unpaid interest to,
but excluding, the Redemption Date. 
 At any time and from time to time on or after February 19, 2024, the Company shall have the
right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the Notes of this series to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date. 
 The term “Optional Redemption Price” means, with respect to any redemption of Notes of this series, the applicable
redemption price for such Notes set forth in the preceding two paragraphs; and the term “Redemption Date” means, with respect to any redemption of Notes of this series, the date fixed for such redemption pursuant to the Indenture
and the Notes of this series. 
 The Company shall mail (or otherwise deliver in accordance with the applicable procedures of the
Depositary) notice of any redemption to the registered holders of the Notes of this series to be redeemed at least 10 and not more than 60 days prior to the Redemption Date. If Notes of this series are only partially redeemed pursuant to the
preceding paragraphs, the Notes of this series to be redeemed will be selected by the Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided that if at the time of redemption the Notes of this

  
 A-R-1 

 
series to be redeemed are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount of the Notes of this series to be redeemed held by
each of its participants that holds a position in such Notes. The Optional Redemption Price for any Notes of this series to be redeemed shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or at such later time as is then
permitted by the rules of the Depositary for the related Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes of this
series to be redeemed by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 
 In the event of
redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof. Except as set forth in the preceding paragraphs and in
Article 3 of the Eighth Supplemental Indenture, the Company may not redeem the Notes of this series at its option prior to the Maturity Date. 

The Notes are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with respect to Notes of this
series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only in registered
form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Eighth Supplemental Indenture. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Except as provided in Section 8.03 of the Base
Indenture, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary. 
 THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 A-R-2 

 The Company will furnish a copy of the Indenture to any holder upon written request and
without charge. 

  
 A-R-3 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
 (Insert assignee’s social security or tax
identification number) 
  
  

 
  
  

 
 (Insert address and zip code of assignee) and
irrevocably appoints 
  
  

 
  
  

 
 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him or her. 
 Date: __________ 

 

			
	Signature:
	
	
                     
                    

	Signature Guarantee:	 	
                     
                                         
       

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

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is $[        ]. The following increases or decreases in the
principal amount of this Note have been made: 
  

									
	 Date
	  	 Amount of decrease

in principal amount

of this Note
	  	 Amount of increase

in principal amount

of this Note
	  	 Principal amount of

this Note following

such decrease or

increase
	  	 Signature of

authorized signatory

of Trustee

		  		  		  		  	

 EXHIBIT B 

[IF THIS NOTE IS TO BE A GLOBAL SECURITY, INSERT:] 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

SYNCHRONY FINANCIAL 

5.150% Senior Note due 2029 
  

					
	 	  	CUSIP: 87165B AP8	 
	 	  	ISIN: US87165BAP85	 
	
No.                   
 
	  	 	$        	 

 SYNCHRONY FINANCIAL, a corporation organized and existing under the laws of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, [the principal sum of $        ]2 on March 19, 2029 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from March 19, 2019 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually in arrears on March 19 and September 19 of each year (each, an “Interest Payment Date”), commencing September 19, 2019, at the rate of 5.150%
per annum, until the principal hereof is paid or duly provided for or made available for payment. 
 The amount of interest payable for any
full semi-annual Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period
shorter than a full semi-annual Interest Period will be calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next Business
Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business Day” means any calendar day that is not a Saturday, Sunday or a day on which commercial banking
institutions are not required to be open for business in The City of New York, New York. 
  

 

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

  
 B-1 

 The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the Record Date for such Interest Payment Date; provided that the interest
due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such Note is payable. 

Payment of the principal of and premium, if any, and interest on this Note will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by
wire transfer to an account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such
payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the Maturity Date). 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 B-2 

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

			
	SYNCHRONY FINANCIAL
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 [Signature Page to
Global Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

			
	Dated:                     
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

		 	 Authorized Signatory

  
 [Signature Page to
Global Note] 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of August 11, 2014, between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes
any successor trustee), as amended and supplemented by the First Supplemental Indenture, dated as of August 11, 2014, between the Company and the Trustee (the “First Supplemental Indenture”), the Second Supplemental Indenture,
dated as of February 2, 2015, between the Company and the Trustee (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of July 23, 2015, between the Company and the Trustee (the “Third
Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of December 4, 2015, between the Company and the Trustee (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of
May 9, 2016, between the Company and the Trustee (the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of August 4, 2016, between the Company and the Trustee (the “Sixth Supplemental
Indenture”), the Seventh Supplemental Indenture, dated as of December 1, 2017, between the Company and the Trustee (the “Seventh Supplemental Indenture”), the Eighth Supplemental Indenture, dated as of March 19,
2019, between the Company and the Trustee (the “Eighth Supplemental Indenture”) and the Base Indenture, as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the
Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, and the Eighth Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.
This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $650,000,000. 
 All terms
used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture. 
 The notes
may not be redeemed by the Company prior to September 19, 2019. Except as otherwise may be specified in the Indenture, at any time and from time to time on or after September 19, 2019 and prior to December 19, 2028 the Company shall
have the right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to the greater of: 

(i)    100% of the aggregate principal amount of the Notes of this series to be redeemed, plus accrued and
unpaid interest to, but excluding, the Redemption Date; and 
 (ii)    the sum of the present values of
the remaining scheduled payments of principal and interest in respect of the Notes of this series to be redeemed (not including any portion of the interest accrued to, but excluding, the Redemption Date), discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 40 basis points, plus accrued and unpaid interest to,
but excluding, the Redemption Date. 
 At any time and from time to time on or after December 19, 2028, the Company shall have the
right to redeem the Notes of this series, in whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the Notes of this series to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption
Date. 
 The term “Optional Redemption Price” means, with respect to any redemption of Notes of this series, the applicable
redemption price for such Notes set forth in the preceding two paragraphs; and the term “Redemption Date” means, with respect to any redemption of Notes of this series, the date fixed for such redemption pursuant to the Indenture
and the Notes of this series. 
 The Company shall mail (or otherwise deliver in accordance with the applicable procedures of the
Depositary) notice of any redemption to the registered holders of the Notes of this series to be redeemed at least 10 and not more than 60 days prior to the Redemption Date. If Notes of this series are only partially redeemed pursuant to the
preceding paragraphs, the Notes of this series to be redeemed will be selected by the Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided that if at the time of redemption the Notes of this

  
 B-R-1 

 
series to be redeemed are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount of the Notes of this series to be redeemed held by
each of its participants that holds a position in such Notes. The Optional Redemption Price for any Notes of this series to be redeemed shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or at such later time as is then
permitted by the rules of the Depositary for the related Notes (if then registered as a Global Note); provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes of this
series to be redeemed by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be paid. 
 In the event of
redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof shall be issued in the name of the holder hereof upon the cancellation hereof. Except as set forth in the preceding paragraphs and in
Article 3 of the Eighth Supplemental Indenture, the Company may not redeem the Notes of this series at its option prior to the Maturity Date. 

The Notes are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with respect to Notes of this
series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the consent of the holders of a majority in the aggregate principal amount of the Notes of all series affected thereby at the time
Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only in registered
form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Eighth Supplemental Indenture. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Except as provided in Section 8.03 of the Base
Indenture, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary. 
 THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS
NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 B-R-2 

 The Company will furnish a copy of the Indenture to any holder upon written request and
without charge. 

  
 B-R-3 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

 
  

 
 (Insert assignee’s social security or tax
identification number) 
  
  

 
  
  

 
 (Insert address and zip code of assignee) and
irrevocably appoints 
  
  

 
  
  

 
 agent to transfer this Note on the books of the
Company. The agent may substitute another to act for him or her. 
 Date:
                     
  

			
	Signature:
	
	
                     
                    

	Signature Guarantee:	 	
                     
                                         
       

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

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is $[        ]. The following increases or decreases in the
principal amount of this Note have been made: 
  

									
	 Date
	  	
Amount of decrease
in principal amount
of this Note
	  	
Amount of increase
in principal amount
of this Note
	  	
Principal amount of
this Note following
such decrease or

increase
	  	
Signature of
authorized signatory
of TrusteeExhibit 4.16

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

Date: December 17, 2018

Client's name: ClientConnect Ltd., Private Company Registration No. 514948470 (hereinafter: the "Borrower" or the "Company")

Account no.: 616846 in the main business center Tel Aviv (461) (hereinafter: the "Borrower's Account")

Address: 26 HaRokmim St., Holon, Azrieli Center – Holon, Bldg. A, fl. 4

Postal address: 26 HaRokmim St., Holon, Azrieli Center – Holon, Bldg. A, fl. 4, Attn. CFO

To

Bank Mizrahi-Tefahot Ltd. (hereinafter: the "Bank")

Dear Sir/Madame,

Re: Loan Agreement

We hereby set out in writing the agreements that were reached between us in connection with the loan that you will provide to the Borrower in accordance with the provisions set forth in this Agreement. In addition to the provisions set forth in this Agreement, the term of the loan that will be provided to the Borrower shall be in accordance with and subject to the "Application for Opening an Account and/or Changes in an Account" and the "Account Management Booklet" and the "Credit Booklet for a Commercial Borrower" including all annexes and amendments thereof according to which we engaged with the Bank and subject to the specific loan agreement we made and/or we will make with the Bank, an example of which is hereby enclosed as Annex A (hereinafter collectively: the "Credit Documents") and everything stated in the Credit Documents including all terms and conditions thereof shall apply and shall be binding in anything related to the loan.

The provision of the loan is conditional on the satisfaction of all the preliminary conditions as stated in Section 3 hereunder (hereinafter: the "Additional Conditions") and subject to the signing of the Bank on this Agreement.

	1.	
Long-term loan (hereinafter: the "Loan"):

The details of the Loan as agreed between the Bank and the Borrower are as follows:

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		1.1.	
Loan Amount – a foreign currency loan in the amount of USD 25M, that may be withdrawn until January 15, 2019 (hereinafter: the "Expiration of Withdrawal Period");

		1.2.	
Type of interest – the Loan will bear annual LIBOR interest for three months + 5.7%.

		1.3.	
Payment of the Loan Fund – 12 equal and consecutive payments made every three months as of March 2019 according to the amortization schedule provided to the Borrower with the Loan.

		1.4.	
Payment of interest – as of _________, in consecutive installments made every three months, according to the amortization schedule provided to the Borrower with the Loan.

		1.5.	
Fees –

Documents preparation fees – during the first quarter of 2019 the Borrower will pay a documents fee in the amount of  USD 135,000, including in connection with the preparation of the financing documents  in Israel and abroad and the registration of the collaterals in the relevant registers.

Commitment fees – upon provision of the Loan the Borrower will pay a commitment fee in respect of the period as of the date of signing this Agreement and until the Loan is provided in practice, at an annual rate of 1.5% that will be calculated for the total Loan amount (USD 25M). To the extent that the Loan is not provided for any reason, the fees will be calculated and paid for the period between the date of signing this Agreement and until Expiration of the Withdrawal Period and shall be paid upon Expiration of the Withdrawal Period.

Early repayment charge – the Borrower shall be entitled to repay the Loan in early repayment, subject to payment of early repayment charge in accordance with the provisions set forth in Annex 1.5 hereby enclosed with this Agreement.

		1.6.	
The Loan amount will be transferred to the Borrower's account, or to an account in the Borrower's name in the branch of the Bank abroad. The Bank may, at any time and subject to the provisions set forth in any law, transfer the Loan from one branch to another – including to a branch abroad, provided that the Borrower shall not incur any additional costs in connection with such transfer as aforesaid.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

	2.	
Instructions regarding provision of the Loan

The Borrower hereby gives the following irrevocable instructions to the Bank:

		A.	
Upon provision of the Loan – to pay in a final and absolute manner the full credit that the Bank provided to the Borrower until the date of signing this Agreement, including the credit that was provided to the Borrower by virtue of the Master Agreement dated May 9, 2017 (hereinafter: the "Master Agreement") (including all interests, fees, expenses and charges in connection therewith). It is clarified that no early repayment charge will be paid in connection with the payment of the credit by virtue of the Master Agreement. Upon payment of the existing credit, all credit limits in the Borrower's Account will be canceled, including the entire commitments of the Borrower and Perion Network Ltd., Company Registration No. 512849498 (hereinafter: the "Parent Company") by virtue of the Master Agreement. Until and no later than six months as of the registration date of the charges stated hereunder, the Bank shall deliver to the Borrower, at its request, a document referred to the Registrar of Companies confirming the cancellation of charge no. 2 in the Registrar of Companies.

And –

		B.	
Upon provision of the Loan – to transfer to SunTrust Bank, in its capacity as administrative agent by virtue of the Loan Agreement dated November 30, 2015 (hereinafter: "SunTrust") the amount required in the letter of intent stated in Section 3.2.

	3.	
Preliminary conditions for provision of the Loan:

		3.1.	
The Borrower opened account no. 616846 in the main business center of the Bank in Tel Aviv (461) (hereinafter: the "Borrower's Account"), signed all the customary credit documents in the Bank and provided all protocols and approvals by its attorneys as customary in the Bank.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		3.2.	
The Borrower provided to the Bank a letter of intent from SunTrust, according to which upon the transfer of the full amount stated in the letter of intent SunTrust will eliminate all the charges registered in its favor on the Borrower's assets, the Parent Company and Undertone, within its meaning hereunder, in Israel and abroad in any register, in the form hereby enclosed as Annex 3.2 of this Agreement.

The Borrower declares and affirms that except for:

		(a)	
Rights of lien and setoff in favor of banks in connection with the current management of accounts during the ordinary course of business;

		(b)	
Charges made in favor of the Bank and in favor of SunTrust that will be eliminated in accordance with the provisions set forth in Section 2(a) and this Section 3.2;

		(c)	
An undertaking for a negative pledge dated July 13, 2014 from the Parent Company to Bank Leumi le-Israel Ltd.;

		(d)	
An undertaking for a negative pledge of the Parent Company in accordance with a Deed of Trust for the bonds (Series K);

		(e)	
A charge on the deposits of Intercept Interactive Inc. dba Undertone (hereinafter: "Undertone") in the amount of approximately USD 1,200,000 made in favor of HSBC Bank USA (hereinafter: "HSBC") in connection with the lease guarantees;

		(f)	
Charges on office equipment (floating charge for the purchase of property) of Undertone made in favor of CIT Bank, N.A. and Steelcase Financial Services Inc.; and

		(g)	
Deposits in the amount of USD 138,000 of Undertone in connection with a shared work space, deposited as a collateral with the lessor of the shared work space;

Its entire assets and the assets of the Parent Company and of Undertone, in whole or in part, are free and unencumbered from any charge, pledge, mortgage, attachment, expropriation, lien, setoff, retention of title clause, trust, debt, claim, preemptive right, right of refusal, tag-along right, option and any other or additional third-party rights of any kind.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

In addition, the Borrower will take measures for the purpose eliminating the charges made in favor of SunTrust, as stated above.

		3.3.	
The Borrower and the Parent Company provided a letter bearing their signature in the form hereby enclosed as Annex 3.3.

		3.4.	
For the purpose of assuring the fulfillment of the entire obligations and undertakings of the Borrower towards the Bank, the Borrower provided to the Bank the entire collaterals and signed and/or caused the signing of deeds of pledge in the customary form of the Bank and provided the protocols and the advocate confirmations in the customary form of the Bank:

		3.4.1.	
A senior floating charge for an unlimited amount on the entire property, moneys, assets and rights of any kind of the Borrower and a senior fixed charge, for an unlimited amount, on the Borrower's reputation, fixed assets, the rights of the Borrower to receive payments from Undertone and from Interactive Holding Corp., its intellectual property, documents and tradable instruments, and all as stated in the bond in the form hereby enclosed as Annex 3.4.1.

It is agreed that the floating charge will include a provision stipulating that the Borrower shall be entitled to create in favor of any third-party senior fixed charges on a fixed asset whose purchase will be financed in practice by the said third-party in whose favor the fixed lien will be registered, however except for shares or other rights in corporations (hereinafter: "Floating Charge for the Purchase of Property"), on the condition that: (a) each Floating Charge for the Purchase of Property will be used by its recipient as a collateral for the obligations and the undertakings of the Borrower towards that party in respect of the credit that was actually used for the purpose of purchasing that specific asset and (b) the bond according to which the Floating Charge for the Purchase of Property will be created will include an express clause stipulating that the Floating Charge for Purchase of Property will be canceled forthwith upon repayment of the credit that was provided for the purpose of the purchase of the charged asset.

 

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		3.4.2.	
A senior fixed charge, for an unlimited amount on all moneys, assets, deposits and rights in the Borrower's Account, as stated in the deed of pledge of moneys, assets, deposits and rights in the account, in the form enclosed as Annex 3.4.2.

		3.4.3.	
A senior fixed charge in favor of the Bank, limited to an amount of USD 33M on all the assets and property of Undertone, including its right to receive payments from its customers and charges on all its bank accounts (SunTrust Bank and HSBC) and a guarantee limited to an amount of USD 33M of Undertone.

Undertone will furnish to the Bank the Security Agreement, Guarantee, Deposits Account Control Agreements, and additional documents that are required for the purpose of providing the said collaterals – and all in the forms enclosed as Annex 3.4.3.

The Borrower will furnish to the Bank a legal opinion to the satisfaction of the Bank and that includes, inter alia, a confirmation stating that the charge on the assets of Undertone is valid towards any third-party, and a confirmation regarding registration of the charges in the United States. The Borrower and Undertone will act for the purpose of amending the registered charge, in such manner that the charge will be in effect until the full and final settlement of the debts and undertakings of the Borrower towards the Bank.

		3.4.4.	
The Parent Company signed a guarantee for a limited amount of USD 33M in the form hereby enclosed as Annex 3.4.4 of this Agreement and furnished to the Bank a resolution of the company in connection with the creation of the guarantee to the satisfaction of the Bank.

		3.4.5.	
The Parent Company signed a negative pledge letter, in the form hereby enclosed as Annex 3.4.5. Such negative pledge letter as aforesaid will include a provision stipulating that the Parent Company shall be entitled to create charges for the purpose of supporting the current operations of the group members during the ordinary course of business, such as charges on deposits against guarantees (including against bank guarantees), and on the condition that the total amount of the charged assets of the Parent Company for the purpose assuring the aforesaid current operations will not be greater than USD 1,000,000.

 

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		3.4.6.	
Deposit in the Borrower's Account – the Borrower deposited in the Borrower's Account cash in an amount that will not fall below, at any time, 25% of the balance of the revalued Loan and in any event will not fall below $5M.

It is agreed that when the balance of the Loan principal in the Bank falls below $5M (and on the condition that the entire payments of the Loan until that time were fully and timely paid (and considering any waiver and/or delay of the payment date that was made with the approval of the Bank)) – the balance of the cash deposited in the Borrower's Account shall not fall below 35% of the balance of the revalued Loan.

Deposit in accounts charged in favor of the Bank – without derogating from the foregoing, the total amount of cash deposited in the Borrower's Account and in the accounts of Undertone that are charged in favor of the Bank as part of the charges as stated in Section 3.4.3 above (hereinafter: the "Undertone Accounts") shall not fall below at any time from USD 10M. For the avoidance of doubt, within the framework of the calculation of the aforesaid amount, deposits that are charged in favor of any third-party, or in which a third-party has rights of setoff or lien in connection therewith (including in favor of HSBC or SunTrust Bank), will not be included.

		3.5.	
There shall be no statutory preclusion or any other preclusion stemming from the procedures of the Bank regarding the provision of the Loan and the Loan shall not be provided in violation of the legal provisions and/or in contravention of the instructions set forth by the Supervisor of Banks (including Proper Conduct of Banking Business Directive no. 311 "Minimal capital ratio" and Directive no. 313 "Limitations on the Indebtedness of a Borrower and of a Group of Borrowers" and/or any other directive superseding the same) and in this regard will not result in deviation from the liability limitations of a borrower and/or a group of borrowers and/or violation of the Bank procedures. The Bank declares that as of the date of signing this Agreement it is not aware of any preclusion and/or deviation as aforesaid.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

	4.	
Financial covenants

		4.1.	
Definitions –

"EBITDA" – Earnings before interest, taxes, depreciation and amortization, financing expenses/income, other expenses/income, depreciation and amortizations, expenses for equity based compensation and one-time expenses for the acquisition of companies in the last four subsequent quarters as of the review date (including, and for the avoidance of doubt, the quarter ending on the date of the review), and all in accordance with the consolidated financial statements of the Parent Company).

"Net final debt" – a short-term and long-term debt from banks and from other financial institutions, liabilities in respect of finance lease (however not operating lease), bonds and convertible bonds and with deduction of cash and cash equivalents and short-term deposits (up to one year), and all on consolidated basis and as stated in the financial statements of the Parent Company.

"Breach Event" – any of the events whose occurrence will entitle the Bank to call for immediate repayment the Loan or any part thereof. For the avoidance of doubt, the granting of a grace period, if provided with respect to the Breach Event, shall not delay the date of occurrence of the Breach Event, and the Breach Event shall be deemed as such as of the commencement of the circumstances that give rise to the said event, even prior to expiration of the grace period and irrespective of any other period of time.

		4.2.	
In addition to the grounds for calling for immediate repayment stated in each document signed by the Borrower, the Bank shall be entitled to call the Loan for immediate repayment if, until the final and absolute payment date of the bonds (Series K) that the Parent Company issued to the bondholders (hereinafter respectively: the "Bonds" and the "Bondholders") one or more of the events stated in Sections 4.2.1 – 4.2.5 occurs with respect to the Parent Company:

 

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		4.2.1.	
The equity of the Parent Company, according to its consolidated financial statements (including minority rights) at the end of each calendric quarter, falls below USD 120M.

		4.2.2.	
The ratio between the net financial debt, at the end of each calendric quarter, and the amount of EBITDA of the Parent Company as of that date, according to its consolidated financial statements, is greater than 2.5.

		4.2.3.	
The amount of EBITDA of the Parent Company, based on its consolidated financial statements at the end of each calendric quarter, falls below an amount of NIS 57,394,400 (40% of the total par value of the Bonds (Series K) as listed in the Stock Exchange in the past).

		4.2.4.	
The Parent Company will hold (on consolidated basis) at any time, cash, cash equivalents and short-term deposits (up to one year) for an amount lower than USD 10M (and in the period of the six months that preceded the payment date of any bonds principal – an amount lower than the amount equal to the principal and interest that the Parent Company is obligated to pay to the Bondholders on the next payment date of the principal).

		4.2.5.	
The Parent Company shall declare or distribute a dividend (hereinafter: the "Distribution") in contravention of one or more of the following rules:

		1.	
The Parent Company shall not perform a Distribution if and to the extent that as a result of the Distribution the total amount of equity of the Parent Company according to its consolidated financial statements (including minority rights) prior to the resolution on the Distribution, with deduction of the Distribution amount, falls below USD 150M.

		2.	
The performance of the Distribution is stipulated on the condition that as of the end of the calendric quarter that preceded the date of adopting the resolution on the Distribution, the Parent Company did not violate any of the financial covenants set out in Sections 4.2.1 – 4.2.4 above.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		3.	
No Distribution shall be performed, in each calendric year, for an amount that is greater than 50% of the net annual profit of the Parent Company on consolidated basis in that calendric year.

 

		4.	
No Distribution shall be made from unrealized revaluation gains.

		5.	
No Distribution shall be performed if the ratio set out in Section 4.2.2, as of the date of the last consolidated financial statement of the Parent Company that was published prior to the resolution on the Distribution is greater than 1.5.

		6.	
No Distribution shall be performed if the balance of retained earnings of the Parent Company on consolidated basis after the Distribution falls below USD 31.5M.

		4.3.	
It is agreed that upon the full and final repayment of the Bonds, in addition to the grounds for calling for immediate repayment stated in each document signed by the Borrower, the Bank shall be entitled to call the Loan for immediate repayment, if one or more of the following events occurs in the Parent Company (instead of the events stated in Sections 4.2.1 – 4.2.5 above):

		4.3.1.	
The equity of the Parent Company, according to its consolidated financial statements (including minority rights) at the end of each calendric quarter falls below USD 80M.

		4.3.2.	
The ratio between the net financial debt, at the end of each calendric quarter and the EBITDA amount of the Parent Company as of that date, according to its consolidated financial statements, is greater than 2.25.

		4.3.3.	
The Parent Company will keep (on consolidated basis) at any time, cash, cash equivalents and short-term deposits (up to one year) in an amount lower than USD 10M, or an amount that is lower than an amount equal to the principal and the interest that the Borrower is obligated to pay to the Bank on the next principal payment date (whichever is lower).

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		4.3.4.	
The Parent Company declares or distributes a dividend in contravention of one or more of the rules set out hereunder:

		1.	
The Parent Company will not perform a Distribution if, as a result of the Distribution, the total amount of the equity of the Parent Company according to its consolidated financial statements (including minority rights) prior to the resolution on the Distribution, with deduction of the Distribution amount, falls below USD 115M.

		2.	
The performance of the Distribution is stipulated on the condition that as of the end of the calendric quarter that preceded the date of adopting a resolution on the Distribution, the Parent Company is not in violation of any of the financial covenants set out in Sections 4.3.1-4.3.3 above.

		3.	
No Distribution shall be performed, in each calendric year, for an amount that is greater than 50% of the net annual earnings of the Parent Company on consolidated basis in that calendric year.

		4.	
No Distribution shall be performed from unrealized revaluation gains.

		5.	
No Distribution shall be performed if the financial ratio set out in Section 4.3.2 as of the date of the last financial statement of the Parent Company that was published prior to the resolution on the Distribution is greater than 1.35.

		4.4.	
Notwithstanding the aforesaid, it is agreed that deviation of up to 10% from the financial covenant stated in Section 4.3.1 or 4.3.2, as the case may be, in a specific quarter, does not give rise to grounds for immediate repayment, and on the condition that in the subsequent quarter the Parent Company returned to observe the relevant financial covenant, as stated above.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		4.5.	
It is agreed that the Borrower shall be entitled to perform a Distribution or the disburse, whether directly or indirectly, sums from the earnings or the capital or from any other source to its shareholders, on the condition that on the date of the said Distribution (a) no Breach Event that was not cured occurred and (b) there is no default in payment of the Loan.

		4.6.	
A review of the financial covenants set out in this Section 4 above (hereinafter: the "Criteria") shall be performed each quarter according to the annual and quarterly consolidated financial statements of the Parent Company. No later than five (5) business days as of the date of delivering the financial statements of the Parent Company as stated in Section 7 hereunder, the Borrower shall deliver a calculation of all data in connection with the Criteria with the approval and signature of the CEO or the CFO of the Borrower.

		4.7.	
In any event in which the Borrower makes a commitment towards any third-party to meet any financial ratios, and this commitment includes conditions regarding compliance with data or financial ratios that examine data or ratios that are different than the one examined in the financial ratios subject matter of this Agreement, or examine data or ratios that are similar however are stricter towards the Borrower compared to the requirements imposed on the Borrower within the framework of the financial ratios subject matter of this Agreement (hereinafter in this Section: "Commitment towards a Third-Party") the Borrower undertakes to notify the Bank promptly about the same. In such circumstances as aforesaid, the Bank reserves the right to notify to the Borrower at any time regarding the addition to this Section of financial ratios out of the Commitment towards a Third-Party and/or regarding the equalization of the terms of the financial ratios set out in this Section to the terms of the financial ratios set out in the Commitment towards a Third-Party, and this Agreement shall be deemed to have been amended accordingly, and the signature or the approval of the Borrower or any other party shall not be required in connection therewith.

		4.8.	
It is clarified that the Criteria are based on accounting standards, accounting rules, estimates and accounting policy (hereinafter: the "Accounting Treatment") as applied in the last financial statements of the Parent Company, as of the date of signing this Agreement (hereinafter: the "Last Statements").

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

An Accounting Treatment that is different than the one based on which the Last Statements were made including, but not limited to, as a result of application of international financial reporting standards (IFRS), new/other/any accounting standards in Israel or abroad, a change of estimates and/or a change of accounting policy (the aforesaid hereinafter, individually and collectively: "New Accounting Treatment") may result in changes that will affect the Criteria. Notwithstanding the aforesaid, it is agreed that changes in the Accounting Treatment emanating from the application of the ASC 842 Standard regarding operating lease shall not be deemed as New Accounting Treatment and therefore will not require an update for the financial covenants.

Therefore, the Borrower agrees as follows:

At any time the Bank finds that changes are about to occur in the financial statements as a result of a New Accounting Treatment, the Bank shall be entitled, in consultation with the Borrower, to notify the Company regarding the revisions that are required by the Bank in the Criteria (hereinafter: the "Revised Criteria") for the purpose of making the Criteria compliant with such changes as aforesaid, for the purpose of making the Criteria compliant with the original financial purpose according to which the Criteria were set. In the event the Bank notified the Company about the Revised Criteria – the aforesaid Criteria shall bind the Borrower as of the Bank delivered its notice, and this Agreement shall be deemed to include the Revised Criteria, as of the date the Bank delivered its notice as aforesaid.

	5.	
Additional undertakings

		5.1.	
The Borrower hereby undertakes to cause that the entire Microsoft Payments (within their meaning hereunder) and clients that engage with the Borrower after the date of signing this Agreement, shall be made solely to the Borrower's Account and the Borrower will indicate this Account in all the invoices the Borrower issues.

		5.2.	
The Borrower shall not provide and shall not undertake to provide to any third-party (including to related entities thereto), in any manner and form, any loans or credit and/or assistance from the Borrower for the purpose of receiving loans and/or credit (including the provision of a collateral) and/or guarantees from the Borrower – without obtaining the prior and written approval the Bank in connection therewith. Notwithstanding the said, it is agreed that the Borrower shall be entitled to provide guarantees to related entities, provided that the guarantees are provided during the ordinary course of business and for a cumulative amount that shall not be greater than USD 2M.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		5.3.	
The Borrower declares and affirms that the two subsidiaries owned by the Borrower (ClientConnect B.V. and ClientConnect Inc.) have no assets or have assets for marginal values and it intends to act for the purpose of their liquidation.

 

The other members of the group, except for the Borrower, the Parent Company and Undertone, are companies that are immaterial to the operations of the Group.

"Group Members" – the companies listed in Annex 5.3.

The Borrower undertakes that to the extent that one of the said companies (or additional companies that join the Group) becomes a material member, the said company will sign an undertaking not to charge its assets (negative pledge) to the satisfaction the Bank.

	6.	
Retention of the holdings and the structure of the Borrower

		6.1.	
The Borrower declares that the issued and paid-up share capital of the Company (based on full dilution) as of the date of signing this Agreement is held by the Parent Company.

		6.2.	
The Parent Company will hold at any time a minimum of 50.01% of each of the means of control in the Borrower (in full dilution) and will control the Borrower (within the meaning of the term "control" and "means of control" in the Securities Law 5728-1968).

Notwithstanding the aforesaid, the Bank declares that it is aware that the Parent Company and the Borrower have commenced a procedure for the purpose of examining the restructuring and/or any merger between them and whose details are unclear as of the date of signing this Agreement. Therefore, the Bank and the Borrower agree that prior to performing the restructuring between the Parent Company and the Borrower, the Bank, the Borrower and the Parent Company will consider and will operate jointly for the purpose of reaching agreements about the necessary changes in the collaterals and in the financial covenants, including the replacement of the collaterals stated in Section 3.4 above with new collaterals. To the extent that the Bank and the companies fail to reach agreements as aforesaid, the Bank shall be entitled to instruct the Borrower to repay immediately the full amount of the Loan, prior to performing the restructuring, and in such circumstances as aforesaid the Borrower undertakes not to perform restructuring however only after repaying to the Bank the full amount of the Loan.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

"Restructuring" – shall mean the merger or split (within the meaning of these terms in Part E'2 of the Income Tax Ordinance [New Version] or in the Companies Law, including merger and reorganization, whether as an absorbing company and whether as a target company and any action performed not during the ordinary course of business whose consequence is the acquisition of assets and/or liabilities of another entity, including a settlement or an arrangement pursuant to the third chapter in the ninth part of the Companies Law, or the transfer of assets in return for shares or other securities or for another consideration (whether in one transaction and whether in a series of transactions) and any transaction as a result of which the client purchases, whether directly or indirectly, the main part of the assets of another corporation or the shares of another corporation that grant it control in that corporation.

	7.	
Reports

The Borrower shall furnish the following reports to the Bank:

		7.1.	
The annual audited financial statements of the Borrower, the Parent Company (consolidated) and Undertone immediately after signing thereof, and no later than April 30 of each calendric year. In the event the Borrower publishes additional consolidated or other financial statements in Israel or abroad, audited or unaudited, the Company shall deliver to the Bank a copy of the said reports as shortly as possible after their publication.

		7.2.	
A balance sheet and a quarterly income statement (without notes) of the Borrower, signed by the CEO or the CFO of the Borrower, no later than 60 days as of the end of each calendric quarter.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		7.3.	
Quarterly consolidated financial statements of the Parent Company (reviewed) until and no later than 60 days as of the end of each calendric quarter.

		7.4.	
In ten days as of the end of each calendric month – the balance of funds deposited in the accounts of Undertone and that are charged to the Bank on the last day of the previous month.

		7.5.	
In addition to the said, and without derogating from the foregoing, the Borrower shall deliver to the Bank, upon receiving the demand of the Bank, information regarding the business of the Borrower and the Parent Company, their financial position and the bank obligo of each.

		7.6.	
The Borrower will deliver written notice to the Bank in seven (7) business days, after the Borrower learns about: (a) a material adverse effect that affected the Borrower's position emanating from a change in its business, operations or its financial position; (b) any information that can prove that the financial statements that were delivered in accordance with this Agreement are inaccurate or incorrect and the information that the Borrower provided to the Bank is no longer accurate in any material respect; (c) any material matter relating to the collaterals that were provided and/or that will be provided by  the Borrower for the purpose of securing its debts to the Bank and (d) any matter relating to the contract made between the Parent Company and Microsoft Ireland Operations Limited (hereinafter respectively: "Microsoft" and the "Microsoft Agreement").

		7.7.	
The Borrower undertakes to deliver a written report to the Bank immediately after learning about the occurrence of any Breach Event.

	8.	
Representations

The Borrower declares, represents and warrants towards the Bank that:

		8.1.	
It is a company that was lawfully incorporated and registered in Israel and it is an active and existing company.

		8.2.	
The entire undertakings of the Borrower, the Parent Company and Undertone in accordance with this Agreement, including the collaterals, are valid undertakings of the Borrower, the Parent Company and Undertone, and each of these undertakings are binding and enforceable.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		8.3.	
The signing of the Borrower on this Agreement and its performance by the Borrower: (1) do not cause and will not cause a breach of the Borrower of any agreement to which the Borrower is a party and/or grant to any person or entity any right and/or grounds to demand immediate repayment of the debts and liabilities of the Borrower and/or (2) do not constitute and will not constitute any violation and/or deviation from any legal provision; and/or (3) do not cause and will not cause the violation of any license and/or permit granted to the Borrower.

		8.4.	
No Breach Event occurred at the time of signing this Agreement.

		8.5.	
As of the date of signing this Agreement: (a) save as provided in the last financial statements of the Parent Company that were delivered to the Bank, there is no proceeding, claim, arbitration, litigation or any administrative proceeding pending against the Borrower, the Parent Company and/or Undertone and, to the best of knowledge of the Borrower, no such proceedings are expected to commence against any thereof; (b) no motion for the appointment of a receiver and/or a liquidator was filed against the Borrower, the Parent Company and/or against Undertone and no order with respect to any of these matters was issued against any thereof, and to the best of knowledge of the Borrower no motions or orders as aforesaid are expected to be filed or issued against them as aforesaid; and (c) the Borrower, the Parent Company and Undertone did not adopt a resolution regarding voluntary liquidation.

		8.6.	
The Borrower, the Parent Company and Undertone did not take credit and/or issued guarantees bearing its signature of any kind towards another, save as provided in Section 5.2 above and save as provided in Annex 8.6.

		8.7.	
Save as provided in Annex 8.7, the Borrower, the Parent Company and Undertone did not enter into and are not a party to any agreement with any of their related parties and there is no agreement, undertaking, understanding, whether verbal or written in any matter between the Borrower and/or the Parent Company and/or Undertone and their related parties and/or related entities thereof and/or related parties therein – no loans were provided to them by the Borrower and/or the Parent Company and/or Undertone and no benefit was provided to any thereof.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

		8.8.	
The entire information that was provided by the Borrower to the Bank is true and duly reflects the state of business of the Borrower and/or the Parent Company and/or Undertone as of the date of signing this Agreement. In addition, the Borrower has no information in connection with the Borrower and/or the Parent Company and/or Undertone that was not presented to Bank, and if it had been presented to the Bank, it would have resulted in circumstances that the Bank would have avoided from providing the Loan and/or would have resulted in circumstances in which the Bank would not have agreed to rely on the collaterals for the purpose of securing the repayment of the Loan, or that can limit in any manner the manner of realization of the Bonds, or any part thereof.

 

		8.9.	
A copy of the Microsoft Agreement as reported to the U.S. SEC in the annual report of the Parent Company is enclosed as Annex 8.9, when some of its commercial data were omitted in accordance with an NDA that was signed between the Parent Company and Microsoft.

	9.	
The parties agree that each of the following events, in addition to the aforesaid events, shall also be deemed as part of the events that give rise to grounds for the Bank for calling the credit for immediate repayment:

		9.1.	
In the event a material adverse change in the Microsoft Agreement occurs and/or in the event the Microsoft Agreement is terminated (except for termination on the grounds of the cessation of operations of Bing, as stated in Section 10, and to which the provisions set forth in Section 10 hereunder shall apply);

		9.2.	
In the event the Microsoft Agreement is not extended;

		9.3.	
In the event the authorization for the performance of the Microsoft Agreement (including amendments thereof) is granted to any entity other than the Borrower;

		9.4.	
In the event the Microsoft Agreement is extended under conditions that constitute a material adverse change compared to the present Agreement;

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

It is agreed that for the purpose of this matter a material adverse change shall occur if (a) the Borrower ceases to be the sole party entitled to the payments from Microsoft by virtue of the Agreement (including a new agreement that will be signed); or (b) in the event of a decrease of more than 40% on the monthly income of the Borrower, by virtue of the Agreement (following a monthly review), compared to the income in the previous month, or the average monthly income of the Borrower in the last 12 months in each review date. It should be noted that even projected decrease in the monthly income shall be deemed as a material change for the purpose of this Agreement.

 

		9.5.	
In the event any of the undertakings set out in this Agreement is breached. It is agreed that a delay in the submission of the reports as stated in this Agreement and that is not greater than ten (10) business days shall not give rise to grounds for immediate repayment.

 

		9.6.	
If one of the grounds stated in Sections 24.1.2, 24.1.3, 24.1.4, 24.1.6, 24.1.8, 24.1.9, 24.1.11, 24.1.12, 24.1.13, 24.1.14, 14.1.15, 24.1.16 in the booklet of the general terms in credit operations signed by the Borrower holds true with respect to the Parent Company or Undertone (mutatis mutandis).

	10.	
It is agreed that in the event Microsoft notifies the Borrower or the Parent Company that after expiration of one year as of the date of its notice the Microsoft Agreement is terminated as a result of the termination of operation of Bing – in such circumstances the Borrower shall notify the Bank regarding the aforesaid termination forthwith and shall repay the full amount of the Loan in a final and absolute manner (including interests, charges and early repayment charges) until expiration of a period of nine months as of the date of the notice. Notwithstanding the said, the Bank shall be entitled to call the Loan for immediate repayment if, as a result of the said termination, a material adverse change occurs or in the event other grounds for immediate repayment arise.

	11.	
For the avoidance of doubt, the aforesaid is not intended to grant rights to any third-party, and shall not constitute a representation on which any third-party may rely.

	12.	
The entire annexes of this Agreement constitute an integral part thereof and everything stated in the annexes shall supplement and add to the said in this Agreement.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

	13.	
This Agreement shall come into operation subject to its signing hereof by the Borrower and after its return to the Bank until and no later than December 17, 2018 and subject to the signature of the Bank thereon.

	14.	
In the event of discrepancy between the provisions set forth in this Agreement and the provisions set forth in the credit documents, the provisions set forth in this Agreement shall take precedence. In any other event the provisions set forth in this Agreement and the provisions set forth in the credit documents shall be deemed to supplement each other.

Sincerely,

ClientConnect Ltd.

We confirm the aforesaid

______________

Bank Mizrahi-Tefahot Ltd.

 

The following is a translation of the Loan Agreement in Hebrew dated December 17, 2018

 

(the original Hebrew wording is binding)

 

Annex 8.7

Related party transactions

Agreement with Conduit Shareholders

 

             As a condition precedent to the closing of ClientConnect Acquisition on January 2, 2014, Conduit spun off its ClientConnect business. As a result of the ClientConnect Acquisition, two office holders of Conduit – Dror Erez and Roy Gen – became members of the Board of Directors of Perion Network Ltd. (“Perion”), and the major shareholders of Conduit also became major shareholders of Perion. For information about the registration rights agreement entered into by Perion in connection with the ClientConnect acquisition, see Item 10.C “Additional Information—Material Contracts—Agreements Relating to the ClientConnect Acquisition” under the most recent Form 20-F of Perion. Such directors and major shareholders are parties to such agreement.

 

Indemnification Agreements

 

             Perion has entered into indemnification and exculpation agreements with each of its current office holders and directors exculpating them to the fullest extent permitted by the law and its articles of association and undertaking to indemnify them to the fullest extent permitted by the law and its articles of association. See also “Item 10B.  — Exculpation, Insurance and Indemnification of Directors and Officers” in on the most recent Form 20-F of Perion.

 

Employment and Consulting Agreements

 

             Perion has or has had employment, consulting or related agreements with each member of its senior management, the terms of which are consistent with the Company’s compensation policy and any applicable law. For more information on employment and consulting agreements see “Item 6B. — Compensation” in the most recent Form 20-F of Perion.

             

             In addition, Perion has entered into a service agreement with its chairman of the board, Mr. Eyal Kaplan, effective as of May 9, 2018; for information about the terms of the agreement please refer to the proxy filed on June 28, 2018 on form 6-K.

ClientConnect Ltd. (“ClientConnect”) and Intercept Interactive Inc. dba Undertone (“Undertone”)

 

             Neither ClientConnect Ltd. nor Intercept Interactive has entered into any related party transactions of the nature described above.

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