Document:

EX-10.10

 Exhibit 10.10 

Synchrony Financial 

2014 Long-Term Incentive Plan 
 SECTION
1. PURPOSE 
 The purposes of this Synchrony Financial 2014 Long-Term Incentive Plan (the “Plan”) are to encourage selected
officers, employees, non-employee directors and consultants of Synchrony Financial (together with any successor thereto, the “Company”) and its Affiliates (as defined below) to acquire a proprietary interest in the growth and performance
of the Company, to generate an increased incentive to contribute to the Company’s future success and prosperity, thus enhancing the value of the Company for the benefit of its shareowners, and to enhance the ability of the Company and its
Affiliates to attract and retain exceptionally qualified individuals upon whom, in large measure, the sustained progress, growth and profitability of the Company depend. 

SECTION 2. DEFINITIONS 
 As used in the
Plan, the following terms shall have the meanings set forth below: 
  

	 	(a)	“Affiliate” shall mean (i) any entity that, directly or through one or more intermediaries, is controlled by the Company and (ii) any entity in which the Company has a significant equity interest, as
determined by the Committee. 

  

	 	(b)	“Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, Dividend Equivalent, or Other Stock-Based Award granted under the Plan. 

 

	 	(c)	“Award Agreement” shall mean any written agreement, contract, or other instrument or document, including an electronic communication, as may from time to time be designated by the Company as evidencing any
Award granted under the Plan. 

  

	 	(d)	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

  

	 	(e)	“Committee” shall mean a committee of the Board of Directors of the Company, acting in accordance with the provisions of Section 3, designated by the Board to administer the Plan and composed of not less
than two non-employee directors. 

  

	 	(f)	“Dividend Equivalent” shall mean any right granted under Section 6(e) of the Plan. 

  

	 	(g)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

	 	(h)	“Fair Market Value” shall mean, with respect to any Shares or other securities, the closing price of a Share on the date as of which the determination is being made as reported on the principal national stock
exchange on which the Shares are then traded or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were reported; provided, however, that if the Shares are not listed on a national stock
exchange or if the closing price of a Share for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means or method as the Committee, in the good faith exercise of its discretion, shall at such time
deem appropriate and, to the extent applicable, in compliance with Section 409A of the Code; provided, further, in the case of grants made in connection with the Initial Public Offering, Fair Market Value shall mean the price per Share at which
the Shares are initially offered for sale to the public by the Company’s underwriters in the Initial Public Offering. 

  

	 	(i)	“Incentive Stock Option” shall mean an option granted under Section 6(a) of the Plan that is intended to meet the requirements of Sections 422 of the Code, or any successor provision thereto.

  

	 	(j)	“Initial Public Offering” shall mean the initial public offering of the Company registered on Form S-1 (or any successor form under the Securities Act of 1933, as amended). 

 

	 	(k)	“Non-Employee Director” shall mean any director of the Company who is not an officer or employee of the Company or any Affiliate. 

 

	 	(l)	“Non-Qualified Stock Option” shall mean an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option. 

 

	 	(m)	“Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 

  

	 	(n)	“Other Stock-Based Award” shall mean any right granted under Section 6(f) of the Plan. 

  

	 	(o)	“Participant” shall mean an officer, employee or consultant of the Company or any of its Affiliates or a Non-Employee Director, in each case, as designated to be granted an Award under the Plan.

  

	 	(p)	“Performance Award” shall mean any right granted under Section 6(d) of the Plan. 

  

	 	(q)	“Performance Criteria” shall mean any quantitative and/or qualitative measures, as determined by the Committee, which may be used to measure the level of performance of the Company or any individual
Participant during a Performance Period, including any Qualifying Performance Criteria. 

  

	 	(r)	“Performance Period” shall mean any period as determined by the Committee in its sole discretion. 

  
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	 	(s)	“Person” shall mean any individual, corporation, partnership, association, joint-stock company, trust, unincorporated organization, or government or political subdivision thereof. 

 

	 	(t)	 “Qualifying Performance Criteria” shall mean, to the extent necessary to qualify an Award as “performance-based compensation”
under Section 162(m) of the Code, one or more of the following performance criteria, either individually, alternatively or in any combination, applied to either the company as a whole or to a business unit or related company, and measured on an
absolute basis or relative to a pre-established target, to a previous year’s results or to a designated comparison group, in each case as specified by the Committee in the Award: purchase volume; loan receivables; Tier 1 common ratio; liquidity
as a percentage of total assets; liquidity coverage ratio; tangible common equity to tangible assets ratio; platform revenue; net earnings; earnings per share; diluted earnings per share; return on average assets; return on capital or invested
capital; return on equity; cash flow; gross or operating profit and margin rate; net interest margin; other expense efficiency; active accounts; new accounts; the attainment by a Share of a specified Fair Market Value for a specified period of time;
increase in stockholder value; return on investments; total stockholder return; earnings or income of the Company before or after taxes and/or interest; earnings before interest, taxes, depreciation and amortization (“EBITDA”); EBITDA
margin; operating income; operating expenses, attainment of expense levels or cost reduction goals; net charge-offs and net charge-off percent; delinquency rates; won, lost and extended deals; market share; interest expense; economic value created;
net cash provided by operations; price-to-earnings growth; and strategic business criteria, consisting of one or more objectives based on meeting specified goals relating to compliance, market penetration, customer acquisition, business expansion,
cost targets, customer satisfaction, reductions in errors and omissions, reductions in lost business, management of employment practices and employee benefits, supervision of litigation and information technology, quality and quality audit scores,
efficiency, and acquisitions or divestitures, or any combination of the foregoing. The applicable performance measures may be applied on a pre- or post-tax basis and may be adjusted in accordance with Section 162(m) of the Code to include or
exclude objectively determinable components of any performance measure, including, without limitation, charges for restructurings, discontinued operations, extraordinary items and all items of gain, loss or expense determined to be extraordinary or
unusual in nature or infrequent in occurrence, related to the disposal of a segment or a business, or related to a change in accounting principle or otherwise. With respect to Participants who are not “covered employees” within the meaning
of Section 162(m) of the Code and who, in the Committee’s judgment, are not likely to be covered employees at any time during the applicable Performance Period or during any period in which an award may be paid following a Performance
Period, the Performance Criteria may consist of any objective or subjective corporate-wide or subsidiary, division, operating unit or individual measures, whether or not listed herein. If the Committee determines that it is advisable to grant Awards
that are not intended to qualify as performance-based compensation under Section 162(m) of the Code, 

  
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the Committee may grant such award without satisfying the requirements of Section 162(m) of the Code and that use Performance Criteria other than those specified herein. 

 

	 	(u)	“Restricted Securities” shall mean Awards of Restricted Stock or other Awards under which issued and outstanding Shares are held subject to certain restrictions. 

 

	 	(v)	“Restricted Stock” shall mean any award of Shares granted under Section 6(c) of the Plan. 

  

	 	(w)	“Restricted Stock Unit” shall mean any right granted under Section 6(c) of the Plan that is denominated in Shares. 

  

	 	(x)	“Shares” shall mean the common shares of the Company, $0.01 par value, and such other securities as may become the subject of Awards, or become subject to Awards, pursuant to an adjustment made under
Section 4(b) of the Plan. 

  

	 	(y)	“Stock Appreciation Right” shall mean any right granted under Section 6(b) of the Plan. 

SECTION 3. ADMINISTRATION 
 Except as
otherwise provided herein, the Plan shall be administered by the Committee, which shall have the power to interpret the Plan and to adopt such rules and guidelines for implementing the terms of the Plan as it may deem appropriate. The Committee
shall have the ability to modify the Plan provisions, to the extent necessary, or delegate such authority, to accommodate any changes in law and regulations in jurisdictions in which Participants will receive Awards. 

 

	 	(a)	Subject to the terms of the Plan and applicable law, the Committee shall have full power and authority to: 

  

	 	(i)	designate Participants; 

  

	 	(ii)	determine the type or types of Awards to be granted to each Participant under the Plan; 

  

	 	(iii)	determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; 

 

	 	(iv)	determine the terms and conditions of any Award, including any restrictive covenants, clawback or recoupment provisions or requirements that a Participant execute a waiver and release; 

 

	 	(v)	determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or canceled, forfeited, or suspended, and the method or methods by
which Awards may be settled, exercised, canceled, forfeited, or suspended; 

  
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	 	(vi)	determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or
at the election of the holder thereof or of the Committee; 

  

	 	(vii)	interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; 

  

	 	(viii)	establish, amend, suspend, or waive such rules and guidelines; 

  

	 	(ix)	appoint such agents as it shall deem appropriate for the proper administration of the Plan; 

  

	 	(x)	make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan; and 

 

	 	(xi)	correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. 

 

	 	(b)	Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the
Committee, may be made at any time, and shall be final, conclusive, and binding upon all Persons, including the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, any shareowner, and any employee of the Company or of
any Affiliate. To the extent permitted by Section 162(m) of the Code and Section 16 of the Exchange Act, actions of the Committee may be taken by: 

  

	 	(i)	the Chairman of the Committee; 

  

	 	(ii)	a subcommittee, designated by the Committee; 

  

	 	(iii)	the Committee but with one or more members abstaining or recusing himself or herself from acting on the matter, so long as two or more members remain to act on the matter. Such action, authorized by such a subcommittee
or by the Committee upon the abstention or recusal of such members, shall be the action of the Committee for purposes of the Plan; or 

  

	 	(iv)	one or more officers or managers of the Company or any Affiliate, or a committee of such officers or managers whose authority is subject to such terms and limitations set forth by the Committee, and only with respect to
employees who are not officers or Non-Employee Directors of the Company for purposes of Section 16 of the Exchange Act. This delegation shall include modifications necessary to accommodate changes in the laws or regulations of jurisdictions
outside the U.S. 

  
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 SECTION 4. SHARES AVAILABLE FOR AWARDS 

 

	 	(a)	SHARES AVAILABLE. Subject to adjustment as provided in Section 4(b): 

  

	 	(i)	The total number of Shares reserved and available for delivery pursuant to Awards granted under the Plan shall be [—]. If any Shares covered by an Award granted under
the Plan, or to which such an Award relates, are forfeited, or if an Award otherwise terminates without the delivery of Shares or of other consideration, or if an Award is settled in cash, then the Shares covered by such Award, or to which such
Award relates, or the number of Shares otherwise counted against the aggregate number of Shares available under the Plan with respect to such Award, to the extent of any such forfeiture, termination or cash settlement, shall again be available for
granting Awards under the Plan. The full number of Shares available for delivery under the Plan may be delivered pursuant to Incentive Stock Options, except that in calculating the number of Shares that remain available for Awards of Incentive Stock
Options, the rules set forth in this Section shall not apply to the extent not permitted by Section 422 of the Code. 

  

	 	(ii)	ACCOUNTING FOR AWARDS. For purposes of this Section 4, 

  

	 	(A)	If an Award (other than a Dividend Equivalent) is denominated in Shares, the number of Shares covered by such Award, or to which such Award relates, shall be counted on the date of grant of such Award against the
aggregate number of Shares available for granting Awards under the Plan; provided, however that if an Award is settled or paid by the Company in whole or in part through the delivery of consideration other than Shares, or by delivery of fewer than
the full number of Shares that was counted against the Shares available for delivery as provided above, there shall be added back to the number of Shares available for delivery pursuant to Awards the excess of the number of Shares that had been so
counted over the number of Shares (if any) actually delivered upon payment or settlement of the Award. 

  

	 	(B)	If an Award is not denominated in Shares, the number of Shares available for delivery shall be reduced by the number of Shares actually delivered upon payment or settlement of the Award. 

 

	 	(C)	 Dividend Equivalents denominated in Shares and Awards not denominated, but potentially payable, in Shares shall be counted against the aggregate
number of Shares available for granting Awards under the Plan in such amount and at such time as the 

  
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Dividend Equivalents and such Awards are settled in Shares; provided, however, that Awards that operate in tandem with (whether granted simultaneously with or at a different time from), or that
are substituted for, other Awards may only be counted once against the aggregate number of Shares available, and the Committee shall adopt procedures, as it deems appropriate, in order to avoid double counting. Any Shares that are delivered by the
Company, and any Awards that are granted by, or become obligations of, the Company through the assumption by the Company or an Affiliate of, or in substitution for, outstanding awards previously granted by an acquired company, shall not be counted
against the Shares available for granting Awards under this Plan. 

  

	 	(D)	Notwithstanding anything herein to the contrary, any Shares related to Awards which terminate by expiration, forfeiture, cancellation, or otherwise without the issuance of such Shares, are settled in cash in lieu of
Shares, or are exchanged with the Committee’s permission, prior to the issuance of Shares, for Awards not involving Shares, shall be available again for grant under this Plan. Shares subject to an Award under the Plan may not again be made
available for issuance under the Plan if such Shares are: (x) Shares that were subject to an Option or a stock-settled Stock Appreciation Right and were not issued upon the net settlement or net exercise of such Option or Stock Appreciation
Right, (y) Shares delivered to or withheld by the Company to pay the exercise price or the withholding taxes under Options or Stock Appreciation Rights, or (z) Shares repurchased on the open market with the proceeds of an Option exercise.
Shares delivered to or withheld by the Company to pay the withholding taxes for Awards other than Options and Stock Appreciation Rights shall again be available for issuance under this Plan. 

 

	 	(iii)	SOURCES OF SHARES DELIVERABLE UNDER AWARDS. Any Shares delivered pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or of treasury Shares. 

 

	 	(b)	ADJUSTMENTS. 

  

	 	(i)	In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares, or other securities), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate
transaction or event constitutes an equity restructuring transaction, as that term is defined in the Accounting Standards Codification 718 (or any successor accounting standard) or otherwise affects the Shares, then the Committee shall adjust the
following in a manner that is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan: 

 

	 	(A)	the number and type of Shares or other securities which thereafter may be made the subject of Awards; 

  
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	 	(B)	the number and type of Shares or other securities subject to outstanding Awards; 

  

	 	(C)	the number and type of Shares or other securities specified as the annual per-participant limitation under Section 6(g)(v) and (vi); 

 

	 	(D)	the grant, purchase, or exercise price with respect to any Award, or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; and 

 

	 	(E)	other value determinations applicable to outstanding awards. 

 Provided, however, in each case,
that with respect to Awards of Incentive Stock Options no such adjustment shall be authorized to the extent that such authority would cause the Plan to violate Sections 422(b)(1) of the Code or any successor provision thereto and, with respect to
Awards of Stock Appreciation Rights and Options, such adjustment shall be in accordance with Section 409A of the Code; and provided further, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole
number. 
  

	 	(ii)	ADJUSTMENTS OF AWARDS UPON CERTAIN ACQUISITIONS. In the event the Company or any Affiliate shall assume outstanding employee awards or the right or obligation to make future such awards in connection with the
acquisition of another business or another corporation or business entity, the Committee may make such adjustments, not inconsistent with the terms of the Plan, in the terms of Awards as it shall deem appropriate in order to achieve reasonable
comparability or other equitable relationship between the assumed awards and the Awards granted under the Plan as so adjusted. 

  

	 	(iii)	ADJUSTMENTS OF AWARDS UPON THE OCCURRENCE OF CERTAIN UNUSUAL OR NONRECURRING EVENTS. The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in
recognition of unusual or nonrecurring events affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits to be made available under the Plan. 

  
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 SECTION 5. ELIGIBILITY 

Any officer, employee or consultant of the Company or of any Affiliate and any Non-Employee Director shall be eligible to be designated a
Participant. 
 SECTION 6. AWARDS 
  

	 	(a)	OPTIONS. The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of
the Plan, as the Committee shall determine: 

  

	 	(i)	EXERCISE PRICE. The purchase price per Share purchasable under an Option shall be determined by the Committee; provided, however, and except as provided in Section 4(b), that such purchase price shall not be less
than 100% of the Fair Market Value of a Share on the date of grant of such Option. 

  

	 	(ii)	OPTION TERM. The term of each Option shall not exceed ten (10) years from the date of grant. 

  

	 	(iii)	TIME AND METHOD OF EXERCISE. The Committee shall establish in the applicable Award Agreement the time or times at which an Option may be exercised in whole or in part, and the method or methods by which, and the form or
forms, including, without limitation, cash, Shares, or other Awards, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may
be made or deemed to have been made. 

  

	 	(iv)	INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Option granted under the Plan shall be designed to comply in all respects with the provisions of Sections 422 of the Code, or any successor provision thereto,
and any regulations promulgated thereunder. Notwithstanding anything in this Section 6(a) to the contrary, Options designated as Incentive Stock Options shall not be eligible for treatment under the Code as Incentive Stock Options (and will be
deemed to be Non-Qualified Stock Options) to the extent that either (1) the aggregate Fair Market Value of Shares (determined as of the time of grant) with respect to which such Options are exercisable for the first time by the Participant
during any calendar year (under all plans of the Company and any subsidiary) exceeds $100,000, taking Options into account in the order in which they were granted, or (2) such Options otherwise remain exercisable but are not exercised within
three (3) months of termination of employment (or such other period of time provided in Section 422 of the Code). 

  
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	 	(b)	STOCK APPRECIATION RIGHTS. The Committee is hereby authorized to grant Stock Appreciation Rights to Participants. Subject to the terms of the Plan and any applicable Award Agreement, a Stock Appreciation Right granted
under the Plan shall confer on the holder thereof a right to receive, upon exercise thereof, the excess of (i) the Fair Market Value of one Share on the date of exercise over (ii) the grant price of the right as specified by the Committee.

  

	 	(i)	GRANT PRICE. Shall be determined by the Committee, provided, however, and except as provided in Section 4(b), that such price shall not be less than 100% of the Fair Market Value of one Share on the date of grant
of the Stock Appreciation Right, except that if a Stock Appreciation Right is at any time granted in tandem to an Option, the grant price of the Stock Appreciation Right shall not be less than the exercise price of such Option. 

 

	 	(ii)	TERM. The term of each Stock Appreciation Right shall not exceed ten (10) years from the date of grant. 

  

	 	(iii)	TIME AND METHOD OF EXERCISE. The Committee shall establish in the applicable Award Agreement the time or times at which a Stock Appreciation Right may be exercised in whole or in part. 

 

	 	(c)	RESTRICTED STOCK AND RESTRICTED STOCK UNITS. 

  

	 	(i)	ISSUANCE. The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants. Subject to the terms of the Plan or the applicable Award Agreement, a Restricted Stock Unit
may be payable in Shares or cash. 

  

	 	(ii)	RESTRICTIONS. Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may establish in the applicable Award Agreement (including, without limitation, any limitation
on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem
appropriate. Unrestricted Shares, evidenced in such manner as the Committee shall deem appropriate, shall be delivered to the holder of Restricted Stock promptly after such restrictions have lapsed. 

 

	 	(iii)	REGISTRATION. Any Restricted Stock or Restricted Stock Units granted under the Plan may be evidenced in such manner as the Committee may deem appropriate, including, without limitation, book-entry registration or
issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Shares of Restricted Stock granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 

  

	 	(iv)	FORFEITURE. Upon termination of employment during the applicable restriction period, except as determined otherwise by the Committee, all Shares of Restricted Stock and all Restricted Stock Units still, in either case,
subject to restriction shall be forfeited and reacquired by the Company. 

  
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	 	(d)	PERFORMANCE AWARDS. The Committee is hereby authorized to grant Performance Awards to Participants. Performance Awards include arrangements under which the grant, issuance, retention, vesting and/or transferability of
any Award is subject to such Performance Criteria and such additional conditions or terms as the Committee may designate. Subject to the terms of the Plan and any applicable Award Agreement, a Performance Award granted under the Plan:

  

	 	(i)	may be denominated or payable in cash, Shares (including, without limitation, Restricted Stock), other securities, or other Awards; and 

 

	 	(ii)	shall confer on the holder thereof rights valued as determined by the Committee and payable to, or exercisable by, the holder of the Performance Award, in whole or in part, upon the achievement of such Performance
Criteria during such Performance Periods as the Committee shall establish. 

  

	 	(e)	DIVIDEND EQUIVALENTS. The Committee is hereby authorized to grant to Participants Awards under which the holders thereof shall be entitled to receive payments equivalent to dividends or interest with respect to a number
of Shares determined by the Committee, and the Committee may provide that such amounts (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested. Subject to the terms of the Plan and any applicable Award
Agreement, such Awards may have such terms and conditions as the Committee shall determine; provided, however, any Dividend Equivalents with respect to Awards subject to performance-based vesting conditions shall be subject to the same restrictions
as the underlying Awards. 

  

	 	(f)	 OTHER STOCK-BASED AWARDS. The Committee is hereby authorized to grant to Participants such other Awards that are denominated or payable in, valued in
whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares), as are deemed by the Committee to be consistent with the purposes of the Plan, provided, however, that
such grants must comply with applicable law. Subject to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the terms and conditions of such Awards. Shares or other securities delivered pursuant to a purchase
right granted under this Section 6(f) shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other

  
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securities, or other Awards, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, and except as provided in
Section 4(b), shall not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is granted. 

  

	 	(g)	GENERAL. 

  

	 	(i)	NO CASH CONSIDERATION FOR AWARDS. Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law. 

 

	 	(ii)	AWARDS MAY BE GRANTED SEPARATELY OR TOGETHER. Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for any other Award or any award granted under
any other plan of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company or any Affiliate, may be granted either at the same
time as or at a different time from the grant of such other Awards or awards. 

  

	 	(iii)	FORMS OF PAYMENT UNDER AWARDS. Subject to the terms of the Plan and of any applicable Award Agreement, payments or transfers to be made by the Company or an Affiliate upon the grant, exercise, or payment of an Award may
be made in such form or forms as the Committee shall determine, including, without limitation, cash, Shares, rights in or to Shares issuable under the Award or other Awards, other securities, or other Awards, or any combination thereof, and may be
made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment
or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend Equivalents in respect of installment or deferred payments. 

 

	 	(iv)	LIMITS ON TRANSFER OF AWARDS. Except as provided by the Committee, no Award and no right under any such Award, shall be assignable, alienable, saleable, or transferable by a Participant otherwise than by will or by the
laws of descent and distribution; provided, however, that, if so determined by the Committee, a Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant with
respect to any Award upon the death of the Participant. Each Award, and each right under any Award, shall be exercisable, during the Participant’s lifetime, only by the Participant or, if permissible under applicable law, by the
Participant’s guardian or legal representative. No Award and no right under any such Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment, or encumbrance thereof shall be void and
unenforceable against the Company or any Affiliate. 

  
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	 	(v)	PER-PERSON LIMITATION ON OPTIONS AND SARs. The number of Shares with respect to which Options and Stock Appreciation Rights may be granted under the Plan during any fiscal year to an individual Participant shall not
exceed 3,000,000 Shares, subject to adjustment as provided in Section 4(b). 

  

	 	(vi)	PER-PERSON LIMITATION ON CERTAIN AWARDS. Other than Options and Stock Appreciation Rights, (A) the aggregate number of Shares with respect to which Restricted Stock, Restricted Stock Units, Performance Awards and
Other Stock-Based Awards may be granted under the Plan during any fiscal year to an individual Participant shall not exceed 1,000,000 Shares, subject to adjustment as provided in Section 4(b) and (B) with respect to Awards denominated in
cash, the maximum amount that may be earned during any fiscal year by an individual Participant shall not exceed $20,000,000. The aggregate grant date fair value of the Awards that may be granted to any Non-Employee Director in any fiscal year shall
not exceed $500,000. 

  

	 	(vii)	CONDITIONS AND RESTRICTIONS UPON SECURITIES SUBJECT TO AWARDS. The Committee may provide that the Shares issued upon exercise of an Option or Stock Appreciation Right or otherwise subject to or issued under an Award
shall be subject to such further agreements, restrictions, conditions or limitations as the Committee in its discretion may specify prior to the exercise of such Option or Stock Appreciation Right or the grant, vesting or settlement of such Award,
including without limitation, conditions on vesting or transferability and forfeiture or repurchase provisions or provisions on payment of taxes arising in connection with an Award. Without limiting the foregoing, such restrictions may address the
timing and manner of any re-sales by the Participant or other subsequent transfers by the Participant of any Shares issued under an Award, including without limitation: (A) restrictions under an insider trading policy or pursuant to applicable
law, (B) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and holders of other Company equity compensation arrangements, (C) restrictions as to the use of a specified brokerage firm for such
re-sales or other transfers and (D) provisions requiring Shares to be sold on the open market or to the Company in order to satisfy tax withholding or other obligations. 

 

	 	(viii)	 SHARE CERTIFICATES. All Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such
stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock

  
 13 

	 	
exchange upon which such Shares or other securities are then listed, and any applicable Federal, state, or local securities laws, and the Committee may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions. 

 SECTION 7. AMENDMENT AND TERMINATION 

Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan: 

 

	 	(a)	AMENDMENTS TO THE PLAN. The Board of Directors of the Company may amend, alter, suspend, discontinue, or terminate the Plan, in whole or in part; provided, however, that without the prior approval of the Company’s
shareowners, no material amendment shall be made if shareowner approval is required by law, regulation, or stock exchange, and; provided, further, that, notwithstanding any other provision of the Plan or any Award Agreement, no such amendment,
alteration, suspension, discontinuation, or termination shall be made without the approval of the shareowners of the Company that would: 

  

	 	(i)	increase the total number of Shares available for Awards under the Plan, except as provided in Section 4 hereof; or 

  

	 	(ii)	except as provided in Section 4(b), permit Options, Stock Appreciation Rights, or other Stock-Based Awards encompassing rights to purchase Shares to be re-priced, replaced, or re-granted through cancellation, or by
lowering the Option Price of a previously granted Option or the grant price of a previously granted Stock Appreciation Right, or the purchase price of a previously granted Other Stock-Based Award. 

 

	 	(b)	AMENDMENTS TO AWARDS. The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue, or terminate, any Awards theretofore granted, prospectively or retroactively. No
such amendment or alteration shall be made which would impair the rights of any Participant, without such Participant’s consent, under any Award theretofore granted, provided that no such consent shall be required with respect to any amendment
or alteration if the Committee determines in its sole discretion that such amendment or alteration either (i) is required or advisable in order for the Company, the Plan or the Award to satisfy or conform to any law or regulation or to meet the
requirements of any accounting standard, or (ii) is not reasonably likely to significantly diminish the benefits provided under such Award. 

SECTION 8. GENERAL PROVISIONS 
  

	 	(a)	NO RIGHTS TO AWARDS. No Participant or other Person shall have any claim to be granted any Award under the Plan, or, having been selected to receive an Award under this Plan, to be selected to receive a future Award,
and further there is no obligation for uniformity of treatment of employees or consultants of the Company or any Affiliates, Non-Employee Directors, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of
Awards need not be the same with respect to each recipient. 

  
 14 

	 	(b)	WITHHOLDING. The Company or any Affiliate shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan the amount (in cash, Shares, other securities, or
other Awards) of withholding taxes due in respect of an Award, its exercise, or any payment or transfer under such Award or under the Plan and to take such other action as may be necessary in the opinion of the Company or Affiliate to satisfy
statutory withholding obligations for the payment of such taxes. 

  

	 	(c)	NO LIMIT ON OTHER COMPENSATION ARRANGEMENTS. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other or additional compensation arrangements, and such
arrangements may be either generally applicable or applicable only in specific cases. 

  

	 	(d)	NO RIGHT TO EMPLOYMENT. The grant of an Award shall not constitute an employment contract nor be construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate. Further, the
Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement. 

 

	 	(e)	GOVERNING LAW. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware and applicable Federal law
without regard to conflict of law. 

  

	 	(f)	SEVERABILITY. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any Person or Award, or would disqualify the Plan or any Award
under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person, or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 

 

	 	(g)	NO TRUST OR FUND CREATED. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or
any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company or any
Affiliate. 

  
 15 

	 	(h)	NO FRACTIONAL SHARES. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, or other securities shall be paid or transferred in lieu of any
fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 

  

	 	(i)	HEADINGS. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or
interpretation of the Plan or any provision thereof. 

  

	 	(j)	INDEMNIFICATION. Subject to requirements of Delaware State law, each individual who is or shall have been a member of the Board, or a Committee appointed by the Board, or an officer of the Company to whom authority was
delegated in accordance with Section 3, shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting
from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by him or her in
settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to
handle and defend the same before he or she undertakes to handle and defend it on his/her own behalf, unless such loss, cost, liability, or expense is a result of his/her own willful misconduct or except as expressly provided by statute. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such individuals may be entitled under the Company’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any
power that the Company may have to indemnify them or hold them harmless. 

  

	 	(k)	COMPLIANCE WITH SECTION 409A OF THE CODE. Except to the extent specifically provided otherwise by the Committee, Awards under the Plan are intended to satisfy the requirements of Section 409A of the Code (and the
Treasury Department guidance and regulations issued thereunder) so as to avoid the imposition of any additional taxes or penalties under Section 409A of the Code. If the Committee determines that an Award, Award Agreement, payment,
distribution, deferral election, transaction or any other action or arrangement contemplated by the provisions of the Plan would, if undertaken, cause a Participant to become subject to any additional taxes or other penalties under Section 409A
of the Code, then unless the Committee specifically provides otherwise, such Award, Award Agreement, payment, distribution, deferral election, transaction or other action or arrangement shall not be given effect to the extent it causes such result
and the related provisions of the Plan and/or Award Agreement will be deemed modified, or, if necessary, suspended in order to comply with the requirements of Section 409A of the Code to the extent determined appropriate by the Committee, in
each case without the consent of or notice to the Participant. 

  
 16 

	 	(l)	NO REPRESENTATIONS OR COVENANTS WITH RESPECT TO TAX QUALIFICATION. Although the Company may endeavor to (i) qualify an Award for favorable U.S. or foreign tax treatment (e.g., incentive stock options under
Section 422 of the Code) or (ii) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax
treatment. The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on holders of Awards under the Plan. 

 

	 	(m)	AWARDS TO NON-U.S. EMPLOYEES. The Committee shall have the power and authority to determine which Affiliates shall be covered by this Plan and which employees outside the U.S. shall be eligible to participate in the
Plan. The Committee may adopt, amend or rescind rules, procedures or sub-plans relating to the operation and administration of the Plan to accommodate the specific requirements of local laws, procedures, and practices. Without limiting the
generality of the foregoing, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on death, disability or retirement or on termination of employment; available methods of
exercise or settlement of an award; payment of income, social insurance contributions and payroll taxes; the withholding procedures and handling of any stock certificates or other indicia of ownership which vary with local requirements. The
Committee may also adopt rules, procedures or sub-plans applicable to particular Affiliates or locations. 

  

	 	(n)	COMPLIANCE WITH LAWS. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or stock
exchanges on which the Company is listed as may be required. The Company shall have no obligation to issue or deliver evidence of title for Shares issued under the Plan prior to: 

 

	 	(i)	obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and 

  

	 	(ii)	completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable or at a time
when any such registration or qualification is not current, has been suspended or otherwise has ceased to be effective. 

 The
inability or impracticability of the Company to obtain or maintain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares
hereunder shall relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
  

	 	(o)	AWARDS SUBJECT TO CLAWBACK. The Awards granted under this Plan and any cash payment or Shares delivered pursuant to an Award are subject to forfeiture, recovery by the Company or other action pursuant to the
applicable Award Agreement or any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and
Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law. 

  
 17 

 SECTION 9. EFFECTIVE DATE; SHAREHOLDER APPROVAL 

The Plan shall be effective as of the date of its approval by the Company’s sole shareholder prior to the date the Company becomes a
publicly held corporation. 
 SECTION 10. TERM OF THE PLAN 

No Award shall be granted under the Plan on or after the date that is ten years from the date of the adoption of the Plan or the date such Plan
is approved by the Company’s sole shareholder, whichever is earlier. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of
the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board of Directors of the Company to amend the Plan, shall extend beyond
such date. 

  
 18EX-10.11

 Exhibit 10.11 

NOTICE OF AWARD OF 

STOCK-SETTLED RESTRICTED STOCK UNITS 

(WITH DIVIDEND EQUIVALENTS) 

AND 
 NON-QUALIFIED
STOCK OPTION 
 DATED             , 2014 

 
  

Pursuant to the Synchrony Financial 2014 Long-Term Incentive Plan (the “Plan”), you have been awarded (this “Award”)
(i) restricted stock units (“RSUs”), each of which entitles you to receive one share of common stock (each, a “Share”) of Synchrony Financial (“Synchrony”), and (ii) nonqualified stock options to purchase
Shares (“Options”), in each case, subject to the terms and conditions set forth in (A) the Plan, (B) this Notice, (C) the attached “Restricted Stock Unit and Non-Qualified Stock Option Terms and Conditions (the
“Terms and Conditions”), and (D) the information available on the website (the “Administrator Website”) maintained by the administrator of the Plan for these purposes . 

The Administrator Website identifies, among other things, (i) the number of RSUs granted pursuant to this Award, (ii) the number of
Shares subject to the Options granted pursuant to this Award, (iii) the exercise price applicable to such Options, and (iv) the effective date of this Award (the “Award Date”). As described in more detail in the Terms and
Conditions, the RSUs will be settled in Shares, and the RSUs include dividend equivalents. 
 The Terms and Conditions describe the vesting
conditions applicable to the RSUs and Options and other important information relating to your Award. 
  

 
 You must log
into your account on the Administrator Website prior to the date your Award first vests to view additional information about your Award and to accept your Award. If you do not accept your Award prior to the date your Award first vests (or prior
to the date your employment terminates for any reason, if earlier), your Award will be forfeited. Although Synchrony has completed the steps necessary to grant you this Award, you cannot receive any Shares or payments under the Award unless you
accept the Award before the deadline. 
 By your acceptance of this Award, you acknowledge and agree that this Award is governed by the
Terms and Conditions attached hereto and the Plan, which is available on the Administrator Website. You acknowledge that you have read and understand these documents as they apply to your Award. 

Please be sure to log into your account and accept your Award to avoid the risk that your Award will be forfeited for non-acceptance. 

SYNCHRONY FINANCIAL 

 SYNCHRONY FINANCIAL 

2014 LONG-TERM INCENTIVE PLAN 

RESTRICTED STOCK UNIT 

AND 
 NONQUALIFIED STOCK
OPTION 
 TERMS AND CONDITIONS 
  

 
 1. Award of
RSUs and Non-Qualified Stock Options. Pursuant to the Synchrony Financial 2014 Long-Term Incentive Plan (the “Plan”), Synchrony Financial (“Synchrony”) has awarded (the “Award”) to the employee Restricted Stock
Units (“RSUs”) and Non-Qualified Stock Options (“Options”), subject to the terms and conditions set forth herein (the “Terms and Conditions”) and in the Plan. 

2. Definitions and Coordination with the Plan. Capitalized terms used but not defined herein shall have the meanings assigned to them
in Exhibit A hereto or, if not so assigned in Exhibit A, the meaning assigned in the Plan. In the event of any inconsistency between the Plan and the Terms and Conditions, the terms in the Plan shall control unless the Terms and Conditions
specifically provides otherwise. References herein to employment with Synchrony shall include employment with any Affiliate of Synchrony. 

3. Information on the Administrator Website. The following information applicable to the Award is set forth on your account on the
website maintained by the administrator of the Plan (the “Administrator”) in connection with the Plan: 
 (a) The number of RSUs;

 (b) The number of Shares subject to the Options; 

(c) The exercise price per Share applicable to the Options; and 

(d) The effective date of the Award (the “Award Date”). 

4. Vesting.  

(a) General. Subject to the Terms and Conditions, and except as otherwise set forth below in this Section 4, the RSUs and Options
will vest, and the Period of Restriction applicable to the RSUs will end, upon the fourth (4th) anniversary of the Award Date (the “Vesting Date”) provided that the employee has
remained continuously employed by Synchrony through such fourth (4th) anniversary. No Option may be exercised after the tenth
(10th) anniversary of the Award Date (the “Expiration Date”). 

  
 Restricted Stock Unit and
Non-Qualified Stock Option 
 Terms and Conditions 

1 

 (b) RSUs—Effect of Termination of Employment. If the employee’s employment with
Synchrony ends for any reason before the end of the Period of Restriction, the employee shall immediately forfeit all RSUs (and, as a result, shall forfeit all Shares and cash that may otherwise have been delivered or paid pursuant to such RSUs),
subject to the following: 
 (i) Involuntary Termination after First Anniversary of Award Date. If the employee’s
employment is terminated by Synchrony without Cause on or after the first (1st) anniversary of the Award Date, the number of Shares subject to the RSUs shall be prorated based on the number
of full months the employee was employed by Synchrony after the Award Date divided by the number of months between the Award Date and the Vesting Date. The portion of the Award not attributable to the period of his or her employment with Synchrony
will be immediately forfeited, and, with respect to the portion attributable to his or her period of employment with Synchrony, the Period of Restriction shall end upon the Vesting Date. 

(ii) Retirement on or after the Second Anniversary of the Award Date. If the employee’s employment with Synchrony
terminates (other than for Cause) after both (A) the second (2nd) anniversary of the Award Date and (B) the employee is eligible for Retirement, the number of Shares subject to the
RSUs shall be prorated based on the number of full months the employee was employed by Synchrony after the Award Date divided by the number of months between the Award Date and the Vesting Date. The portion of the Award not attributable to the
period of his or her employment with Synchrony will be immediately forfeited, and, with respect to the portion attributable to his or her period of employment with Synchrony, the Period of Restriction shall end upon the Vesting Date. 

(iii) Disability or Death. If the employee’s employment with Synchrony terminates due to Disability or death, the
Period of Restriction for the RSUs shall end immediately. The amount payable (or Shares deliverable) for RSUs shall not be adjusted for any delay caused by time needed to validate the employee’s status as Disabled or dead, or to authenticate a
beneficiary. 
 (iv) Termination following Change in Control. If, in the event of a Change in Control, Synchrony (or
the successor to Synchrony) assumes the RSUs or replaces the RSUs with an award of substantially equivalent value, as determined by the Committee, and during the thirty (30) month period after such Change in Control, the employee’s
employment is terminated by Synchrony without Cause or the employee terminates his or her employment for Good Reason, the Period of Restriction for the RSUs shall end immediately upon such termination of employment and the RSUs shall be fully
vested, non-forfeitable and payable. 
 (c) Options—Effect of Termination of Employment. Following the employee’s
termination of employment with Synchrony, the Option shall vest and shall be exercisable only as follows: 
 (i)
Termination for Cause. If the employee’s employment is terminated for Cause, the Option shall immediately be forfeited and the employee shall have no right to exercise such Option, whether or not then vested. 

  
 Restricted Stock Unit and
Non-Qualified Stock Option 
 Terms and Conditions 

2 

 (ii) Voluntary Resignation. If employee terminates his or her employment,
he or she shall have the right to exercise the Option, to the extent vested as of the date of termination of employment, during the period ending on the earlier of (A) the three (3) month anniversary following such termination of
employment or (B) the Expiration Date. 
 (iii) Involuntary Termination after First Anniversary of Award Date. If
the employee’s employment is terminated by Synchrony without Cause on or after the first (1st) anniversary of the Award Date, the number of Shares subject to the Option shall be prorated
based on the number of full months the employee was employed by Synchrony after the Award Date divided by the number of months between the Award Date and the Vesting Date. The portion of the Award not attributable to his or her employment with
Synchrony will be immediately forfeited and the portion attributable to his or her period of employment with Synchrony will vest and be exercisable upon the Vesting Date. Following the Vesting Date, the employee shall have the right to exercise the
prorated Option until the earlier of (A) five (5) years from the date of termination of employment or (B) the Expiration Date. 

(iv) Retirement on or after the Second Anniversary of the Award Date. If the employee’s employment with Synchrony
terminates (other than for Cause) after both (A) the second (2nd) anniversary of the Award Date and (B) the employee is eligible for Retirement, the number of Shares subject to the
Option shall be prorated based on the number of full months the employee was employed by Synchrony after the Award Date divided by the number of months between the Award Date and the Vesting Date. The portion of the Award not attributable to his or
her employment with Synchrony will be immediately forfeited and the portion attributable to his or her period of employment with Synchrony will vest and be exercisable upon the Vesting Date. Following the Vesting Date, the employee shall have the
right to exercise the prorated Option until the earlier of (y) five (5) years from the date of termination of employment or (z) the Expiration Date. 

(v) Disability or Death. If the employee’s employment with Synchrony terminates (other than for Cause) due to
Disability or death, the Option will vest immediately and the employee (or, in the case of death, the executor or administrator of the employee’s estate or the person or persons to whom the employee shall have transferred such right by will or
by the laws of descent and distribution) shall have the right to exercise the Option as to all unexercised Shares until the Expiration Date. 

(vi) Termination following Change in Control. If, in the event of a Change in Control, Synchrony (or the successor to
Synchrony) assumes the Option or replaces it with an award of substantially equivalent value, as determined by the Committee, and during the thirty (30) month period after such Change in Control, the employee’s employment is terminated by
Synchrony without Cause or the employee terminates his or her employment for Good Reason, the Option will vest immediately upon such termination of employment and the employee shall have the right to exercise the Option as to all unexercised Shares
until the earlier of (A) five (5) years from the date of the termination of employment and (B) the Expiration Date. 

  
 Restricted Stock Unit and
Non-Qualified Stock Option 
 Terms and Conditions 

3 

 (d) Change in Control. If, in the event of a Change in Control, Synchrony
(or a successor to Synchrony) fails to: 
  

	 	(i)	Assume or replace the RSUs with an award of substantially equivalent value, as determined by the Committee, the Period of Restriction shall end immediately upon such Change in Control and the RSUs shall be fully vested,
non-forfeitable and payable, and the Shares underlying the RSUs shall be treated in the same manner as other Shares in the Change in Control; or 

  

	 	(ii)	Assume or replace the Option with an award of substantially equivalent value, as determined by the Committee, the Option, to the extent not then exercised, shall be cancelled upon the consummation of the Change in
Control and the employee shall be entitled to a cash payment equal to the product of (A) the excess, if any, of the Fair Market Value on the date of such cancellation less the exercise price of the Option, and (B) the number of unexercised
Shares subject to the Option. 

 (e) Waiver and Release. The right of an employee or his or her estate
to vest in any portion of an Award, to receive a payment with respect to an RSU, or to exercise an Option in any circumstance other than in connection with his or her continuous employment through the Vesting Date shall be subject to the employee or
his or her estate timely executing within forty-five (45) days following the employee’s termination of employment a waiver and release in a form provided by Synchrony, and not revoking such release. 

5. Settlement of RSUs. Upon the end of the Period of Restriction, Synchrony will issue to the employee the number of Shares for which
the applicable Period of Restriction has ended, less the number of Shares needed to satisfy required tax withholding. Except as otherwise provided in Section 4 or 14, or if the employee elects to defer all or a portion of the RSUs using the
deferral election form provided by Synchrony, such Shares shall be delivered within thirty (30) days after the Period of Restriction ends. Shares may be issued in the form of a stock certificate or a notification to the employee that the Shares
are held in a book-entry account on the employee’s behalf. The employee shall have no rights as a shareholder of Synchrony 

  
 Restricted Stock Unit and
Non-Qualified Stock Option 
 Terms and Conditions 

4 

 
unless and until a certificate for the Shares has been issued to the employee or the employee has been notified that the Shares are held in a book-entry account on the employee’s behalf.
Synchrony shall, within thirty (30) days after the Period of Restriction ends, make a cash payment to the employee for any fractional Shares to which the employee is entitled, based on the Fair Market Value of a Share on the date the Period of
Restriction lapsed. 
 6. Exercise of Option. 

(a) Subject to the Terms and Conditions set forth herein, the Option may be exercised by contacting the Administrator directly via the
Administrator Website. During the life of the employee, an Option shall be exercisable only by the employee. If the Option is being exercised pursuant to Section 4(c)(v) by any person or persons other than the employee, appropriate proof of the
right of such person or persons to exercise the Option, as determined by the Committee, must be provided. No Option may be exercised after the Expiration Date. 

(b) The exercise price for the number of Shares with respect to which the Option is being exercised shall be paid in full at the time of
exercise (i) in cash, (ii) by withholding Shares (“net share settlement”) or (iii) by any other method authorized by Synchrony at the time of exercise. Except as provided in Section 4(c), the Option may not be exercised
unless the employee is employed by Synchrony at all times from the Award Date through the date exercised. Shares may be issued in the form of a stock certificate or a notification to the employee that the Shares are held in a book-entry account on
the employee’s behalf. The employee shall have no rights as a shareholder of Synchrony unless and until a certificate for the Shares has been issued to the employee or the employee has been notified that the Shares are held in a book-entry
account on the employee’s behalf. 
 (c) Automatic Exercise. To the extent that the Option is exercisable and has not yet been
exercised, the Option shall be automatically exercised as of the Expiration Date if the following conditions are satisfied: (i) the employee’s employment with Synchrony has not been terminated for Cause and (ii) the Fair Market Value
of a Share as of the Expiration Date exceeds the exercise price thereof by at least $1.00. If the conditions in the immediately preceding sentence are satisfied, the employee shall be deemed to have delivered notice of exercise on the Expiration
Date, and the exercise price shall be paid through net share settlement, except as otherwise determined by Synchrony at the time of exercise; provided, however, that if net share settlement would violate applicable law in such circumstances, then
the Option shall expire unless the employee pays the applicable exercise price. 
 (d) Upon the receipt of all required payments from the
employee, Synchrony shall, without additional expense to the employee (other than any transfer or issue taxes if Synchrony so elects), deliver to the employee by mail or otherwise at such place as the employee may request a certificate or
certificates for such Shares or notify the employee that the Shares are held in a book-entry account on the employee’s behalf; provided, however, that the date of issuance or delivery may be postponed by Synchrony for such period as may be
required for it with reasonable diligence to comply with any applicable listing requirements of any national securities exchange and requirements under any law or regulation applicable to the issuance or transfer of such Shares. 

  
 Restricted Stock Unit and
Non-Qualified Stock Option 
 Terms and Conditions 

5 

 7. Alteration/Termination. The Committee may waive any conditions or rights under,
amend any terms of, or amend, alter, suspend, discontinue or terminate, the Award, prospectively or retroactively. No such amendment or alteration shall be made which would impair the rights of the employee under the Award without the
employee’s consent; provided, however, that no such consent shall be required with respect to any amendment or alteration if the Committee determines in its sole discretion that such amendment or alteration either (a) is required or
advisable in order for Synchrony, the Plan or the Award to satisfy or conform to any law or regulation or to meet the requirements of any accounting standard or (b) is not reasonably likely to significantly diminish the benefits provided under
the Award. 
 8. Adjustments. The number and type of Shares underlying any RSUs or Options awarded to the employee hereunder shall be
subject to adjustment pursuant to Section 4(b) of the Plan. 
 9. No Right to Employment. Nothing in these Terms and Conditions
constitutes an employment contract or gives the employee the right to continue in the employment of Synchrony, or affect any right that Synchrony may have to terminate the employment of the employee. 

10. Dispute Resolution. The parties will settle any dispute, controversy or claim arising out of or related to the Plan, the Award or
the Terms and Conditions in accordance with the terms of any then effective Synchrony alternative dispute resolution procedure (which may, from time to time, be referred to as “Solutions”). 

11. Non-Assignability. Neither this Award nor the RSUs or Options granted hereunder may be assigned or transferred by the employee,
except to the extent expressly permitted by the Plan. Tax withholding with respect to any RSU that is transferred or assigned shall be determined by Synchrony in accordance with applicable law (which may require the employee to pay taxes with
respect to a transferred RSU). Any Shares issued under an RSU or Option, once issued to the employee, shall be freely transferable. 
 12.
Voting. The employee shall not have voting rights with respect to the Shares underlying RSUs or Options unless and until Shares are issued to the employee. 

13. Dividend Equivalents. The Award entitles the employee to receive an amount equal to any cash dividend declared with respect to the
number of Shares represented by RSUs, but only to the extent that the RSUs have not been issued as Shares, converted to a cash payment amount or terminated or forfeited before the record date for such dividend. Dividend equivalents shall be
reinvested in additional RSUs (i.e., the cash dividends will be converted into the right to receive additional Shares, based on the Fair Market Value of a Share on the date the applicable dividend is paid to holders of Shares) and shall be subject
to the same Terms and Conditions as the Award. The dividend equivalents shall be reduced by the amount of any required tax withholding. 

14. Withholding Taxes. All payments and delivery of Shares in respect of the RSUs and Options shall be subject to required tax or other
withholding or garnishment obligations, if 

  
 Restricted Stock Unit and
Non-Qualified Stock Option 
 Terms and Conditions 

6 

 
any. Synchrony shall be authorized to withhold cash or Shares (as applicable) from any payment due or transfer the amount of withholding taxes due in respect of the Award or any payment or
transfer under the Award or the Plan to satisfy statutory withholding obligations for the payment of such taxes. The employee shall pay to or reimburse Synchrony for any federal, state, local or foreign taxes required to be withheld and paid over by
it, at such time and upon such terms and conditions as Synchrony may prescribe before Synchrony shall be required to deliver any Shares. 

15. Section 409A. Amounts payable, and Shares deliverable, pursuant to RSUs are intended to be exempt from Section 409A to
the maximum extent possible pursuant to a short-term deferral described in Treasury Regulation §1.409A-1(b)(4), and Options are intended to be exempt from Section 409A pursuant to Treasury Regulation §1.409A-1(b)(5), and the Plan and
the Terms and Conditions shall be interpreted and construed consistently with such intent. To the extent any amount payable, or Shares deliverable, pursuant to this Award constitutes nonqualified deferred compensation within the meaning of, and
subject to, Section 409A, then, with respect to such portion of this Award, (a) the Plan and this Terms and Conditions are intended to comply with the requirements of Section 409A, and shall be interpreted and construed consistently
with such intent, (b) all references in the Plan and this Terms and Conditions to the Employee’s termination of employment shall mean the Employee’s Termination of Employment within the meaning of Section 409A and Treasury
regulations promulgated thereunder, and (c) notwithstanding anything in the Plan or this Terms and Conditions to the contrary, any amount that is payable upon the employee’s Termination of Employment that would be payable prior to the
six-month anniversary of such Termination of Employment shall, to the extent necessary to comply with Section 409A, be delayed until the Six-Month Pay Date. In such event, any portion of the RSUs settled in cash shall be determined based on the
closing price of a Share (or a share of stock of the successor to Synchrony) as reported on the principal national stock exchange on which the Shares (or the shares of stock of the successor to Synchrony) are then traded on the last business day of
the last calendar month that ends before the Six-Month Pay Date; provided, however, that if it is not feasible to calculate the closing price as of the last business day of such month, the amount of cash shall be determined based on the last price
available. In the event that the Award or the Terms and Conditions would subject the employee to taxes under Section 409A (“409A Penalties”), the Award and the Terms and Conditions shall not be given effect to the extent it
causes such 409A Penalties and the related provisions of the Plan and/or the Terms and Conditions will be deemed modified, or, if necessary, suspended in order to comply with the requirements of Section 409A, in each case without the consent of
or notice to the employee; provided that in no event shall Synchrony or any of its Affiliates be responsible for any 409A Penalties that arise in connection with any amounts payable under the Plan or this Terms and Conditions. 

  
 Restricted Stock Unit and
Non-Qualified Stock Option 
 Terms and Conditions 

7 

 EXHIBIT A 

DEFINITIONS 

“Board” 

“Board” shall mean the Board of directors of Synchrony. 

“Cause” 

“Cause” shall mean, as determined by the Committee in its sole discretion: 
  

	 	(a)	a material breach by the employee of his or her duties and responsibilities (other than as a result of incapacity due to physical or mental illness) which is demonstrably willful and deliberate on the employee’s
part, which is committed in bad faith or without reasonable belief that such breach is in the best interests of Synchrony and, in the event of a breach that may be remedied, which is not remedied in a reasonable period of time after receipt of
written notice from Synchrony specifying such breach; 

  

	 	(b)	any act that would prohibit the employee from being employed by the Company and its subsidiaries (including, for the avoidance of doubt, Synchrony Bank) pursuant to the Federal Deposit Insurance Act of 1950, as amended,
or other applicable law; 

  

	 	(c)	the commission of or conviction in connection with a felony or any act involving fraud, embezzlement, theft or misrepresentation; or 

 

	 	(d)	any gross or willful misconduct, any violation of law or any violation of a policy of Synchrony or any of its Affiliates by the employee that results in or could result in substantial loss to Synchrony or any of its
Affiliates, or substantial damage to the business or reputation of Synchrony or any of its Affiliates, as determined by the Committee. 

“Change in Control” 

“Change in Control” means any of the following events which occurs after the Award Date, but only if such event constitutes a “change in
control event” for purposes of Treasury Regulation Section 1.409A-3(i)(5): 
  

	 	(a)	 the acquisition by any individual, entity or group (a “Person”), including any “person” within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (i) the
then outstanding shares of common stock of Synchrony (the “Outstanding Common Stock”) or (ii) the combined voting power of the then outstanding securities of Synchrony entitled to vote generally in the election of directors (the
“Outstanding Voting Securities”); excluding, however, the following: (A) any acquisition directly from Synchrony (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the
security being so exercised, converted or exchanged was 

  
 A-1 

	 	
acquired directly from Synchrony), (B) any acquisition by Synchrony, (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Synchrony or any
corporation controlled by Synchrony, or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this definition below; provided further, that for
purposes of clause (B), if any Person (other than Synchrony or any employee benefit plan (or related trust) sponsored or maintained by Synchrony or any corporation controlled by Synchrony) shall become the beneficial owner of 30% or more of the
Outstanding Common Stock or 30% or more of the Outstanding Voting Securities by reason of an acquisition by Synchrony, and such Person shall, after such acquisition by Synchrony, become the beneficial owner of any additional shares of the
Outstanding Common Stock or any additional Outstanding Voting Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control; 

 

	 	(b)	the cessation of individuals who, as of the Award Date, constitute the Board (the “Incumbent Board”) to constitute at least a majority of such Board; provided that any individual who becomes a director of
Synchrony subsequent to the Award Date whose election, or nomination for election by Synchrony’s stockholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board shall be deemed a member of the
Incumbent Board; and provided further, that any individual who was initially elected as a director of Synchrony as a result of an actual or threatened solicitation by a Person other than the Board for the purpose of opposing a solicitation by any
other Person with respect to the election or removal of directors, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the Incumbent Board; or

  

	 	(c)	 the consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of Synchrony (a
“Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which (i) all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Common Stock and the
Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding
securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns, directly
or indirectly, Synchrony or all or substantially all of Synchrony’s assets) in substantially the same proportions relative to each other as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Common Stock and
the Outstanding Voting Securities, as the case may be, (ii) no Person (other than: Synchrony; any employee benefit plan (or related trust) sponsored or maintained by Synchrony or any corporation controlled by Synchrony; the corporation
resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction, directly or indirectly, 30% or more of the Outstanding Common Stock or the Outstanding Voting Securities, as the
case may be) will beneficially own, directly or indirectly, 30% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate 

  
 A-2 

	 	
Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors, and (iii) individuals who were members of
the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction. 

Notwithstanding anything to the contrary in the foregoing, (i) for so long as General Electric Company and its affiliates beneficially own a majority of
the Outstanding Common Stock, no Change in Control shall be deemed to have occurred, (ii) any transaction pursuant to which common stock of Synchrony is transferred from one wholly-owned subsidiary of General Electric Company to another
wholly-owned subsidiary of General Electric Company shall not be deemed to be a Change in Control and (iii) the transactions pursuant to which General Electric Company and its affiliates reduce their ownership of common stock of Synchrony shall
not constitute a Change in Control; provided that in connection with any such transaction no other Person acquires beneficial ownership of common stock of Synchrony in an amount that would constitute a Change in Control pursuant to Section
(a) of this Change in Control definition. 
 “Disability” 

“Disability” shall mean an incapacity, disability or other condition that entitles the employee to long-term disability benefits under the long-term
disability benefit plan or arrangement applicable to Synchrony’s employees, as determined by the administrator of such plan or arrangement. An individual shall not be considered disabled unless the employee furnishes proof of the existence
thereof. Synchrony may require the existence or non-existence of a disability to be determined by a physician whose selection is mutually agreed upon by the employee (or his or her representatives) and Synchrony. 

“Good Reason” 

“Good Reason” shall mean, without the employee’s express written consent, the occurrence of any of the following events after a Change in
Control: 
  

	 	(a)	a material adverse change in the nature or scope of the employee’s authority, powers, functions, duties or responsibilities; 

  

	 	(b)	a material reduction by Synchrony in the employee’s rate of annual base salary or bonus opportunity; or 

  

	 	(c)	a change in the employee’s primary employment location to a location that is more than 50 miles from the primary location of the employee’s employment. 

Within thirty (30) days after the employee becomes aware of one or more actions or inactions described in this Good Reason definition, the employee shall
deliver written notice to Synchrony of the action(s) or inaction(s) (the “Good Reason Notice”). Synchrony shall have thirty (30) days after the Good Reason Notice is delivered to cure the particular action(s) or inaction(s). If
Synchrony so effects a cure, the Good Reason Notice will be deemed rescinded and of no further force and effect. 

  
 A-3 

 “Period of Restriction” 

The “Period of Restriction” means, for any RSU, the period prior to the date on which such RSU vests and the employee becomes entitled to a Share in
respect thereof. The Period of Restriction shall not be deemed to have ended solely because the employee becomes eligible for Retirement. 

“Retirement” 
 The
employee is eligible for “Retirement” if the employee has attained age sixty (60) and has three (3) Years of Service. 

“Section 409A” 

Section 409A of the Internal Revenue Code of 1986, as amended. 

“Six-Month Pay Date” 

The “Six-Month Pay Date” is the earlier of (a) the first (1st) business day of the
seventh (7th) month that starts after the employee’s termination of employment or (b) a date determined by Synchrony that is within ninety (90) days after the employee’s
death. 
 “Termination of Employment” 

“Termination of Employment” shall mean “separation from service” within the meaning of Section 409A. 

“Years of Service” 

“Years of Service” means the number of years during which an individual has been deemed to be an employee of Synchrony (which shall include periods
during which such individual was employed by General Electric Company and its affiliates) according to its payroll or other systems of record, as determined by the Committee. 

  
 A-4

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