Document:

EX-4.1

 Exhibit 4.1 

SYNCHRONY FINANCIAL 

AND 
 THE BANK OF NEW
YORK MELLON, 
 as Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of February 2, 2015 

to the 
 INDENTURE

 Dated as of August 11, 2014 
  

 
  

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
		 	 ARTICLE 1
	  			
		 	 DEFINITIONS
	  			
			
	Section 1.01.	 	 Relation to Base Indenture
	  	 	2	  
	Section 1.02.	 	 Definition of Terms
	  	 	2	  
			
		 	 ARTICLE 2
	  			
		 	 GENERAL TERMS AND CONDITIONS
OF THE NOTES
	  			
			
	Section 2.01.	 	 Designation and Principal Amount
	  	 	4	  
	Section 2.02.	 	 Maturity
	  	 	5	  
	Section 2.03.	 	 Form, Payment and Appointment
	  	 	5	  
	Section 2.04.	 	 Global Notes
	  	 	6	  
	Section 2.05.	 	 Interest
	  	 	6	  
	Section 2.06.	 	 No Sinking Fund
	  	 	9	  
	Section 2.07.	 	 Satisfaction and Discharge
	  	 	10	  
			
		 	 ARTICLE 3
	  			
		 	 REDEMPTION OF THE NOTES
	  			
			
	Section 3.01.	 	 Optional Redemption by Company
	  	 	10	  
	Section 3.02.	 	 Notice of Redemption; Selection of Notes to be Redeemed
	  	 	10	  
	Section 3.03.	 	 Payment of Redemption Price
	  	 	11	  
	Section 3.04.	 	 No Other Redemption
	  	 	11	  
			
		 	 ARTICLE 4
	  			
		 	 FORMS OF NOTES
	  			
			
	Section 4.01.	 	 Forms of Notes
	  	 	11	  
			
		 	 ARTICLE 5
	  			
		 	 ORIGINAL ISSUE OF NOTES
	  			
			
	Section 5.01.	 	 Original Issue of Notes
	  	 	11	  
			
		 	 ARTICLE 6
	  			
		 	 MISCELLANEOUS
	  			
			
	Section 6.01.	 	 Ratification of Indenture
	  	 	12	  
	Section 6.02.	 	 Trustee Not Responsible for Recitals
	  	 	12	  
	Section 6.03.	 	 Governing Law
	  	 	12	  
	Section 6.04.	 	 Wavier of Trial by Jury
	  	 	12	  
	Section 6.05.	 	 Table of Contents, Headings, etc
	  	 	12	  
	Section 6.06.	 	 Execution in Counterparts
	  	 	12	  
	Section 6.07.	 	 Separability; Benefits
	  	 	12	  
	EXHIBIT A	 	 Form of 2.700% Senior Notes due 2020
	  	 	A-1	  
	EXHIBIT B	 	 Form of Floating Rate Senior Notes due 2020
	  	 	B-1	  

  
 i 

 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated
as of February 2, 2015, 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,” and the Base Indenture, as supplemented by the First Supplemental Indenture and this Second Supplemental Indenture, the “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, 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 2.700% Senior Notes due 2020 (the “2020 Notes”) and its Floating Rate Senior Notes due 2020 (the “Floating Rate Notes” and, together with the 2020 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 Second Supplemental Indenture; and 

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

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 1 

DEFINITIONS 

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

 Section 1.02. Definition of Terms. For all purposes of this Second 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 Second 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): 

“2020 Interest Payment Date” shall have the meaning set forth in Section 2.05(c)(i). 

“2020 Record Date” shall have the meaning set forth in Section 2.05(c)(i). 

“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; provided that, with respect to determinations for the Floating Rate Notes, such day is also a London Business Day. 

“Calculation Agent” shall mean The Bank of New York Mellon, or its successor appointed as such by the Company. 

“Comparable Treasury Issue” shall mean the United States Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term (“Remaining Life”) of the 2020 Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the 2020 Notes to be redeemed. 
 “Comparable Treasury
Price” shall mean, with respect to any Redemption Date, (a) the average of the Reference Treasury Dealer Quotations for such Redemption Date for the 2020 Notes, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (b) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

  
 2 

 “DTC” shall have the meaning set forth in Section 2.04(a). 

“Floating Rate Interest Payment Date” shall have the meaning set forth in Section 2.05(b)(i). 

“Floating Rate Record Date” shall have the meaning set forth in Section 2.05(b)(i). 

“Global Notes” 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. 
 “Initial Interest Reset Period” shall have the meaning
set forth in Section 2.05(b)(ii). 
 “Interest Determination Date” shall mean, with respect to an Interest Reset
Period, the second London Business Day immediately preceding either (a) the original issue date of the Floating Rate Notes, in the case of the Initial Interest Reset Period, or (b) the applicable Interest Reset Date, in the case of any
other Interest Reset Period. 
 “Interest Payment Date” shall mean a 2020 Interest Payment Date or a Floating Rate Interest
Payment Date, as the case may be. 
 “Interest Period” shall have the meaning set forth in Section 2.05(a). 

“Interest Reset Date” shall have the meaning set forth in Section 2.05(b)(ii). 

“Interest Reset Period” shall have the meaning set forth in Section 2.05(b)(ii). 

“London Business Day” shall mean any calendar day on which commercial banks are open for dealings in deposits in U.S. Dollars
in the London interbank market. 
 “Maturity Date” shall have the meaning set forth in Section 2.02. 

“Optional Redemption Price” shall mean, with respect to any redemption of 2020 Notes, the applicable redemption price for
such 2020 Notes set forth in Section 3.01. 
 “Record Date” shall mean a 2020 Record Date or a Floating Rate Record
Date, as the case may be. 
 “Redemption Date” shall mean, with respect to any redemption of 2020 Notes, the date fixed for
such redemption pursuant to the Indenture and such 2020 Notes. 

  
 3 

 “Reference Treasury Dealer” shall mean each of (a) J.P. Morgan Securities
LLC, Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Mizuho Securities USA Inc. 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. 
 “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 2020 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. on the third Business Day preceding such Redemption Date. 

“Reuters LIBOR01 Page” shall mean the display designated as page “LIBOR01” on the Reuters 3000 Xtra (or such other
page as may replace the LIBOR01 page on that service, any successor service or such other service or services as may be nominated as the information vendor for the purpose of displaying rates or prices comparable to the London Interbank Offered Rate
for U.S. Dollar deposits). 
 “Three-Month LIBOR” shall mean, with respect to any Interest Determination Date,
three-month LIBOR for such Interest Determination Date determined in accordance with Section 2.05(b)(iv). 
 “Treasury
Rate” shall mean, with respect to any Redemption Date, the semiannual equivalent yield to maturity of the Comparable Treasury Issue for the 2020 Notes to be redeemed, assuming a price for such Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date with respect to the 2020 Notes to be redeemed. 

The terms “Base Indenture,” “Company,” “Floating Rate Notes,” “First Supplemental
Indenture,” “Indenture,” “Notes,” “Second Supplemental Indenture,” “Trustee” and “2020 Notes” shall have the respective meanings set forth in the recitals
to this Second Supplemental Indenture and the paragraph preceding such recitals. 
 ARTICLE 2 

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. 
 (a) 2020 Notes
 

  
 4 

 There is hereby authorized a series of Securities designated as 2.700% Senior Notes due 2020,
initially limited in aggregate principal amount to U.S. $750,000,000 (except for 2020 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 2020 Notes pursuant to Sections 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture). 

(b) Floating Rate Notes 

There is hereby authorized a series of Securities designated as Floating Rate Senior Notes due 2020, initially limited in aggregate principal
amount to U.S. $250,000,000 (except for Floating Rate 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
Floating Rate Notes pursuant to Sections 2.06, 2.07, 2.08, 2.09 or 10.04 of the Base Indenture). 
 Section 2.02. Maturity. The
date upon which each series of Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is February 3, 2020 (the “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, bearing identical terms within each series thereof. Principal of and premium, if any, and interest on the Notes will be payable, the transfer of such Notes will be registrable, and such Notes will be exchangeable
for Notes of a like aggregate principal amount bearing identical terms and provisions, at the office or agency of the Company maintained for such purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal
Office of the Trustee in the Borough of Manhattan, The City of New York; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall
appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business
Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or Maturity Date). 

No service charge shall be made for any registration of transfer or exchange of the Notes, but the Company may require payment from the holder
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 The Security Registrar and
paying agent for the Notes shall initially be the Trustee. 
 The Specified Currency of the Notes shall be U.S. Dollars. 

  
 5 

 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 of the relevant series 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 February 2, 2015, 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”). 
 (b) This Section 2.05(b) shall apply only to the Floating Rate Notes. 

(i) Interest on the Floating Rate Notes shall accrue from February 2, 2015 and shall be payable quarterly in arrears
on February 3, May 3, August 3 and November 3 of each year (each, a “Floating Rate Interest Payment Date”), beginning on May 3, 2015 to, but excluding, the Maturity Date
of the Floating Rate Notes. Interest shall be payable to the Persons in whose names the relevant Floating Rate Notes are registered at the close of business on the January 19, April 18, July 19 or October 19 (whether or
not a Business Day) (each, a “Floating Rate Record Date”), respectively, immediately prior to each Floating Rate Interest Payment Date, except as provided in Section 2.05(d) hereof and Section 2.04 of
the Base Indenture. The amount of interest payable for any full or partial Interest Period for the Floating Rate Notes shall be computed on the basis of the actual number of days in the period divided by 360. 

  
 6 

 (ii) The interest rate on the Floating Rate Notes shall be reset quarterly on
February 3, May 3, August 3 and November 3 of each year, commencing May 3, 2015 (each, an “Interest Reset Date”). The interest rate on the Floating Rate Notes for the period from,
and including, the original issue date of the Floating Rate Notes to, but excluding, the initial Interest Reset Date (the “Initial Interest Reset Period”), shall be an annual rate equal to Three-Month
LIBOR, determined as of the Interest Determination Date prior to such original issue date, plus 1.23% per year. Thereafter, the interest rate on the Floating Rate Notes for each period from, and including, an Interest Reset Date to, but
excluding, the immediately succeeding Interest Reset Date (each an “Interest Reset Period”), shall be an annual rate equal to Three-Month LIBOR, determined as of the applicable Interest Determination Date for such Interest Reset
Period, plus 1.23% per year. The interest rate on the Floating Rate Notes for the final Interest Reset Period for the Floating Rate Notes from, and including, the Interest Reset Date immediately preceding the Maturity Date of the Floating Rate
Notes to, but excluding, such Maturity Date, shall be an annual rate equal to Three-Month LIBOR, determined as of the applicable Interest Determination Date for such Interest Reset Period, plus 1.23% per year. 

(iii) If any Interest Reset Date for the Floating Rate Notes or scheduled Floating Rate Interest Payment Date (other than the
Maturity Date of the Floating Rate Notes) falls on a day that is not a Business Day, such Interest Reset Date or Floating Rate Interest Payment Date, as the case may be, shall be postponed to the next succeeding day that is a Business Day and
interest on the Floating Rate Notes shall continue to accrue on the payment so deferred, except that if such Business Day is in the next succeeding calendar month, the Interest Reset Date or Floating Rate Interest Payment Date, as the case may be,
shall be the immediately preceding Business Day. If the Maturity Date for any Floating Rate Note falls on a date that is not a Business Day, the related payments of principal and interest shall be made on the next succeeding Business Day, and no
additional interest shall accrue on the amount payable for the period from and after the Maturity Date. 
 (iv) Three-Month
LIBOR shall be determined by the Calculation Agent as of the applicable Interest Determination Date in accordance with the following provisions: 

(A) Three-Month LIBOR for any Interest Determination Date shall be the rate for deposits in U.S. dollars having a maturity
of three months, commencing on the original issue date of the Floating Rate Notes or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, which appears on the Reuters LIBOR01 Page as of
approximately 11:00 a.m., London time, on such Interest Determination Date. If no rate appears on the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on an Interest Determination Date, then Three-Month LIBOR for such Interest
Determination Date shall be determined in accordance with the provisions of paragraph (B) below. 

  
 7 

 (B) With respect to an Interest Determination Date on which no rate appears on
the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on such Interest Determination Date, the Calculation Agent shall request the principal London offices of each of four major reference banks (which may include affiliates of the
underwriters of the Floating Rate Notes) in the London interbank market selected and identified by the Company to provide the Calculation Agent with a quotation of the rate at which deposits of U.S. Dollars having a three-month maturity, commencing
on the original issue date of the Floating Rate Notes or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, are offered by it to prime banks in the London interbank market as of approximately
11:00 a.m., London time, on such Interest Determination Date in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time. If at least two such quotations are
provided, Three-Month LIBOR for such Interest Determination Date shall be the arithmetic mean of such quotations as calculated by the Calculation Agent. If fewer than two quotations are provided, Three-Month LIBOR for such Interest Determination
Date shall be the arithmetic mean of the rates quoted as of approximately 11:00 a.m., New York City time, on such Interest Determination Date by three major banks (which may include affiliates of the underwriters of the Floating Rate Notes) selected
and identified by the Company for loans in U.S. Dollars to leading European banks having a three-month maturity commencing on the original issue date of the Floating Rate Notes or the related Interest Reset Date, as applicable, immediately following
such Interest Determination Date and in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time; provided, however, that if the banks selected by the
Company are not quoting such rates as set forth in this paragraph (B), Three-Month LIBOR for such Interest Determination Date shall be Three-Month LIBOR determined with respect to the immediately preceding Interest Determination Date. 

(v) All percentages resulting from any calculation of any interest rate for the Floating Rate Notes will be rounded, if
necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward and all dollar amounts will be rounded to the nearest cent, with one-half cent being rounded upward. 

(vi) Promptly upon such determination, the Calculation Agent shall notify the Company and the Trustee (if the Calculation Agent
is not the Trustee) of the interest rate for the new Interest Reset Period. Upon request of a holder of the Floating Rate Notes, the Calculation Agent shall provide to such holder the interest rate in effect on the date of such request and, if
determined, the interest rate for the next Interest Reset Period. 

  
 8 

 (vii) All calculations made by the Calculation Agent for the purposes of
calculating interest on the Floating Rate Notes shall be conclusive and binding on the holders of the Floating Rate Notes, the Trustee and the Company, absent manifest error. 

(c) This Section 2.05(c) shall apply only to the 2020 Notes. 

(i) Interest on the 2020 Notes shall accrue from February 2, 2015 and shall be payable semi-annually in arrears on
February 3 and August 3 of each year (each, a “2020 Interest Payment Date”), beginning on August 3, 2015 to, but excluding, the Maturity Date or, if applicable, the Redemption Date, of the 2020 Notes. Interest shall
be payable to the Persons in whose names the relevant 2020 Notes are registered at the close of business on the January 19 or July 19 (whether or not a Business Day), respectively, immediately prior to each Interest Payment Date (each, a
“2020 Record Date”) at the annual rate of 2.700% per year, except as provided in Section 2.05(d) hereof and in Section 2.04 of the Base Indenture. 

(ii) The amount of interest payable for any full semi-annual Interest Period in respect of the 2020 Notes will be calculated on
the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period in respect of the 2020 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 2020 Interest Payment Date falls on a day that is not a Business Day, then payment of interest
payable on such 2020 Interest Payment Date will be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled 2020 Interest Payment Date). 

(iii) In the event that the Maturity Date or a Redemption Date for any 2020 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). 
 (d) 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. 

  
 9 

 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 each series of the Notes. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.01. Optional Redemption by Company. 

(a) Except as otherwise may be specified in this Second Supplemental Indenture, at any time and from time to time prior to January 3,
2020, the Company shall have the right to redeem the 2020 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 2020 Notes to be redeemed, plus accrued and unpaid interest to, but
excluding, the Redemption Date for the 2020 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 2020 Notes to be redeemed (not including any portion of the interest accrued to, but excluding, the Redemption Date of the 2020 Notes to be redeemed), discounted to such
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus accrued and unpaid interest to, but excluding, the Redemption Date of the 2020 Notes to be
redeemed. 
 The Trustee shall not be responsible for calculating the foregoing redemption price. 

(b) At any time and from time to time on or after January 3, 2020, the Company shall have the right to redeem the 2020 Notes, in
whole or in part, at its option, at a redemption price equal to 100% of the principal amount of the 2020 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date of the 2020 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 2020 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 2020 Notes to be redeemed at least 30 and not more than
60 days prior to the Redemption Date. If the 2020 Notes are only partially redeemed pursuant to Section 3.01, the 2020 Notes 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 2020 Notes to be redeemed are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount of the 2020 Notes to be redeemed held by
each of its participants that holds a position in such 2020 Notes. 

  
 10 

 Section 3.03. Payment of Redemption Price. The Optional Redemption Price for any 2020
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 2020 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 2020 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. The Floating Rate Notes and, except as set forth in Section 3.01, the 2020 Notes shall not
be redeemable by the Company prior to the applicable Maturity Date. The provisions of this Article 3 shall supersede any conflicting provisions contained in Article 3 of the Base Indenture. 

ARTICLE 4 
 FORMS
OF NOTES 
 Section 4.01. Forms of Notes. 

(a) The 2020 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 2020 Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 

(b) The Floating Rate 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 Floating Rate Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 

ARTICLE 5 
 ORIGINAL
ISSUE OF NOTES 
 Section 5.01. Original Issue of Notes. The 2020 Notes having an
aggregate principal amount of U.S. $750,000,000 and the Floating Rate Notes having an aggregate principal amount of U.S. $250,000,000 (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 Second 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). 

  
 11 

 ARTICLE 6 

MISCELLANEOUS 

Section 6.01. Ratification of Indenture. The Base Indenture, as supplemented by the First Supplemental Indenture and this
Supplemental Indenture, is in all respects ratified and confirmed, and this Second 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 Second Supplemental Indenture. 

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

  
 12 

 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 Second Supplemental Indenture. 
 [Signature Page Follows] 

  
 13 

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

			
	SYNCHRONY FINANCIAL
		
	By:	 	 /s/ Eric Duenwald

		 	Name: Eric Duenwald
		 	Title:   Treasurer
	
	 THE BANK OF NEW YORK MELLON, as

Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Second Supplemental Indenture] 

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

			
	SYNCHRONY FINANCIAL
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON, as

Trustee

		
	By:	 	 /s/ Francine Kincaid

		 	Name: Francine Kincaid
		 	Title:   Vice President

 [SIGNATURE PAGE TO SECOND 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

 2.700% Senior Note due 2020 

CUSIP: 87165B AE3 
 ISIN:
US87165BAE39 
  

			
	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 February 3, 2020 (such date is hereinafter referred to as the
“Maturity Date”), and to pay interest thereon from February 2, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on February 3 and
August 3 of each year (each, an “Interest Payment Date”), commencing August 3, 2015, at the rate of 2.700% per annum, until the principal hereof is paid or duly provided for or made available for payment. 

 
  

	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 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 succeeding day which is a 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. 
 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:

 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

 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”) and the Second Supplemental
Indenture, dated as of February 2, 2015, between the Company and the Trustee (the “Second Supplemental Indenture,” and the Base Indenture, as supplemented by the First Supplemental Indenture and the Second 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 $750,000,000. 

All terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in the Indenture. 

Except as otherwise may be specified in the Indenture, at any time and from time to time prior to January 3, 2020, 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 25 basis points, plus accrued and unpaid interest to, but excluding, the Redemption Date. 

At any time and from time to time on or after January 3, 2020, 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. 

  
 A-R-1 

 The Company shall mail (or otherwise deliver in accordance with the applicable procedures of the
Depositary) notice of any redemption to the registered holders of the Notes of this series to be redeemed at least 30 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 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 Second 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. 

  
 A-R-2 

 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 Second 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. 
 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: 
  

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

Floating Rate Senior Note due 2020 

CUSIP: 87165B AF0 
 ISIN:
US87165BAF04 
  

			
	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 February 3, 2020 (such date is hereinafter referred to as the
“Maturity Date”), and to pay interest thereon from February 2, 2015 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on
February 3, May 3, August 3 and November 3 of each year (each, an “Interest Payment Date”), commencing May 3, 2015, until the principal hereof is paid or duly provided for or made available for
payment. 
  
  

	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 rate on the Notes of this series shall be reset quarterly on
February 3, May 3, August 3 and November 3 of each year, commencing May 3, 2015 (each, an “Interest Reset Date”). The interest rate for the period from, and including, the original issue date of
the Notes of this series to, but excluding, the initial Interest Reset Date (the “Initial Interest Reset Period”), shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the Interest Determination
Date prior to such original issue date, plus 1.23% per year. Thereafter, the interest rate for each period from, and including, an Interest Reset Date to, but excluding, the immediately succeeding Interest Reset Date (each an “Interest Reset
Period”), shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the applicable Interest Determination Date for such Interest Reset Period, plus 1.23% per year. The interest rate for the final Interest
Reset Period from, and including, the Interest Reset Date immediately preceding the Maturity Date to, but excluding, such Maturity Date, shall be an annual rate equal to Three-Month LIBOR (as computed below), determined as of the applicable Interest
Determination Date for such Interest Reset Period, plus 1.23% per year. If any Interest Reset Date for the Notes of this series falls on a day that is not a Business Day, such Interest Reset Date shall be postponed to the next succeeding day that is
a Business Day, except that if such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. 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, and that is also a calendar day on which commercial banks are open for dealings in deposits in U.S.
Dollars in the London interbank market; and the term “Interest Determination Date” means, with respect to an Interest Reset Period, the second London Business Day immediately preceding either (a) the original issue date of the
Notes of this series, in the case of the Initial Interest Reset Period, or (b) the applicable Interest Reset Date, in the case of any other Interest Reset Period. 

The amount of interest payable for any full or partial Interest Period for the Notes of this series shall be computed on the basis of the
actual number of days in the period divided by 360. 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 of a Note of this series will be paid to the Person to whom principal of such
Note is payable. In the event that any scheduled Interest Payment Date (other than the Maturity Date) falls on a day that is not a Business Day, such Interest Payment Date shall be postponed to the next succeeding day that is a Business Day and
interest on the Notes of this series shall continue to accrue on the payment so deferred, except that if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day. If the
Maturity Date for the Notes of this series falls on a date that is not a Business Day, the related payments of principal and interest will be made on the next succeeding Business Day, and no additional interest will accrue on the amount payable for
the period from and after the Maturity Date. 

  
 B-2 

 The Bank of New York Mellon, or its successor appointed by the Company, will act as calculation
agent (the “Calculation Agent”). Three-Month LIBOR as of the applicable Interest Determination Date (“Three-Month LIBOR”) shall be determined by the Calculation Agent in accordance with the following provisions:

 (i) Three-Month LIBOR for any Interest Determination Date shall be the rate for deposits in U.S. dollars having a
maturity of three months, commencing on the original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, which appears on the Reuters LIBOR01 Page as of
approximately 11:00 a.m., London time, on such Interest Determination Date. “Reuters LIBOR01 Page” shall mean the display designated as page “LIBOR01” on the Reuters 3000 Xtra (or such other page as may replace the LIBOR01
page on that service, any successor service or such other service or services as may be nominated as the information vendor for the purpose of displaying rates or prices comparable to the London Interbank Offered Rate for U.S. Dollar deposits).
If no rate appears on the Reuters LIBOR01 Page as of approximately 11:00 a.m., London time, on an Interest Determination Date, then Three-Month LIBOR for such Interest Determination Date shall be determined in accordance with the provisions of
paragraph (ii) below. 
 (ii) With respect to an Interest Determination Date on which no rate appears on the Reuters
LIBOR01 Page as of approximately 11:00 a.m., London time, on such Interest Determination Date, the Calculation Agent shall request the principal London offices of each of four major reference banks (which may include affiliates of the underwriters
of the Notes of this series) in the London interbank market selected and identified by the Company to provide the Calculation Agent with a quotation of the rate at which deposits of U.S. Dollars having a three-month maturity, commencing on the
original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately following such Interest Determination Date, are offered by it to prime banks in the London interbank market as of approximately 11:00
a.m., London time, on such Interest Determination Date in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such time. If at least two such quotations are
provided, Three-Month LIBOR for such Interest Determination Date shall be the arithmetic mean of such quotations as calculated by the Calculation Agent. If fewer than two quotations are provided, Three-Month LIBOR for such Interest Determination
Date shall be the arithmetic mean of the rates quoted as of approximately 11:00 a.m., New York City time, on such Interest Determination Date by three major banks (which may include affiliates of the underwriters of the Notes of this series)
selected and identified by the Company for loans in U.S. Dollars to leading European banks having a three-month maturity commencing on the original issue date of the Notes of this series or the related Interest Reset Date, as applicable, immediately

  
 B-3 

 
following such Interest Determination Date and in a principal amount equal to an amount of not less than U.S. $1,000,000 that is representative for a single transaction in such market at such
time; provided, however, that if the banks selected by the Company are not quoting such rates as set forth in this paragraph (ii), Three-Month LIBOR for such Interest Determination Date shall be Three-Month LIBOR determined with respect to
the immediately preceding Interest Determination Date. 
 All percentages resulting from any calculation of any interest rate for the Notes
of this series will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward and all dollar amounts will be rounded to the nearest cent, with one-half cent
being rounded upward. 
 Promptly upon such determination, the Calculation Agent shall notify the Company and the Trustee (if the
Calculation Agent is not the Trustee) of the interest rate for the new Interest Reset Period. Upon request of a holder of the Notes of this series, the Calculation Agent shall provide to such holder the interest rate in effect on the date of such
request and, if determined, the interest rate for the next Interest Reset Period. 
 All calculations made by the Calculation Agent for the
purposes of calculating interest on the Notes of this series shall be conclusive and binding on the holders, the Trustee and the Company, absent manifest error. 

Payment of the principal of 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 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-4 

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

 

			
	SYNCHRONY FINANCIAL
		
	By:	 	  

		 	Name:
		 	Title:

 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

 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”) and the Second Supplemental
Indenture, dated as of February 2, 2015, between the Company and the Trustee (the “Second Supplemental Indenture,” and the Base Indenture, as supplemented by the First Supplemental Indenture and the Second 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 $250,000,000. 

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 of this series are not redeemable 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. 

  
 B-R-1 

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

  
 B-R-2 

 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: 
  

									
	 	  	 	  	 	  	Principal amount of	  	 
	 	  	Amount of decrease in	  	Amount of increase in	  	this Note following	  	Signature of
	 	  	principal amount of	  	principal amount of	  	such decrease or	  	authorized signatory
	 Date
	  	this Note	  	this Note	  	increase	  	of TrusteeEX-4.5

 Exhibit 4.5 

SECOND AMENDMENT 
 TO THE
SECOND AMENDED AND RESTATED 
 INVESTOR RIGHTS AGREEMENT 

THIS SECOND AMENDMENT TO THE SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Amendment”) is made as of
February 2, 2015, by and among M/A-COM Technology Solutions Holdings, Inc., a Delaware corporation (the “Company”), and the Persons listed as set forth on the signature pages hereto, each of which is an Investor under that
certain Second Amended and Restated Investor Rights Agreement, dated as of February 28, 2012 (as amended, the “Agreement”), for the purpose of making certain amendments to the Agreement. Unless otherwise defined herein, all
capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement. 
 PRELIMINARY STATEMENTS

 Pursuant to Section 3.04 of the Agreement, the Agreement may be amended by the written agreement of the Company, the Majority
Class B Investors and the Majority Continuing Investors. The Company and the undersigned Investors constituting the Majority Class B Investors and the Majority Continuing Investors desire to make the amendment to the Agreement set forth in this
Amendment. 
 AGREEMENT 

NOW, THEREFORE, in consideration for the mutual promises provided herein, and other good and valid consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree to the following: 
 1. Exception to Piggyback Registration Rights. 

Section 2.02(a) of the Agreement is hereby amended by inserting the following sentence at the end of the paragraph in
Section 2.02(a): 
 “Notwithstanding the foregoing, the notice provisions of this Section 2.02(a) shall not
apply to any Piggyback Registration relating to the registration statement on Form S-3 to be filed by the Company with the Securities and Exchange Commission prior to February 28, 2015 (the “Shelf Registration Statement”) and
any public offering of Registrable Securities which are offered for sale under the Shelf Registration Statement (collectively, the “Registration”). For avoidance of doubt, the Investors (other than the Summit Investors (excluding
Mainsail Partners II, L.P.) and any GaAs Labs Investor) shall not have any registration rights under Article II of the Agreement with respect to their respective Registrable Securities in connection with the Registration.” 

2. Full Force and Effect 
 Except as
otherwise amended hereby, the terms and provisions of the Agreement shall remain in full force and effect and any conflict between the terms of the Agreement and this Amendment shall be construed in favor of this Amendment. 

3. Headings 
 The headings of this
Amendment are for convenience only and do not constitute a part of this Amendment. 
 4. Counterparts 

This Amendment may be executed in any number of counterparts (including by means of facsimile or electronic transmission in portable document
format (pdf)), each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. 

 5. Telecopy Execution and Delivery 

A facsimile, telecopy or other reproduction of this Amendment may be executed by one or more parties hereto and delivered by such party by
facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any
party hereto, all parties hereto agree to execute and deliver an original of this Amendment as well as any facsimile, telecopy or other reproduction hereof. 

6. Governing Law 
 This Amendment and the
rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of law. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to the Second Amended
and Restated Investor Rights Agreement as of the date first above written. 
  

			
	COMPANY:
	
	M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.
		
	By:		 /s/ Clay Simpson

	Name: Clay Simpson
	Title: General Counsel and Secretary

  

			
	INVESTORS:
	
	GAAS LABS, LLC
		
	By:		 /s/ John L. Ocampo

	Name: John L. Ocampo
	Title: President
	
	OCAMPO FAMILY TRUST—2001
		
	By:		 /s/ John L. Ocampo

	Name: John L. Ocampo
	Title: Trustee
	
	 /s/ John L. Ocampo

	John L. Ocampo, Co-Trustee of the 2007 Trust Agreement for Bobby J. Ocampo
	
	 /s/ Susan M. Ocampo

	Susan M. Ocampo, Co-Trustee of the 2007 Trust Agreement for Bobby J. Ocampo
	
	 /s/ John L. Ocampo

	John L. Ocampo, Co-Trustee of the 2007 Trust Agreement for Ashley T. Ocampo
	
	 /s/ Susan M. Ocampo

	Susan M. Ocampo, Co-Trustee of the 2007 Trust Agreement for Ashley T. Ocampo
	
	 /s/ John L. Ocampo

	John L. Ocampo, Co-Trustee of the 2007 Trust Agreement for Joshua F. Ocampo
	
	 /s/ Susan M. Ocampo

	Susan M. Ocampo, Co-Trustee of the 2007 Trust Agreement for Joshua F. Ocampo

  
 SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE 
 SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 
			
	SUMMIT PARTNERS PRIVATE EQUITY FUND VII-A, L.P.
		
	 By:
	 	Summit Partners PE VII, L.P.
	 Its:
	 	General Partner

  

			
	 By:
	 	Summit Partners PE VII, LLC
	 Its:
	 	General Partner

  

			
	By:	 	/s/ Peter Chung
	 Name:
	 	Peter Chung
	 Title:
	 	Member

  

			
	SUMMIT PARTNERS PRIVATE EQUITY FUND VII-B, L.P.
		
	 By:
	 	Summit Partners PE VII, L.P.
	 Its:
	 	General Partner

  

			
	 By:
	 	Summit Partners PE VII, LLC
	 Its:
	 	General Partner

  

			
	By:	 	/s/ Peter Chung
	 Name:
	 	Peter Chung
	 Title:
	 	Member

  

			
	SUMMIT INVESTORS I, LLC
		
	 By:
	 	Summit Investors Management, LLC
	 Its:
	 	Manager

  

			
	 By:
	 	Summit Partners, L.P.
	 Its:
	 	Manager

  

			
	 By:
	 	Summit Master Company, LLC
	 Its:
	 	General Partner

  

			
	By:	 	/s/ Peter Chung
	 Name:
	 	Peter Chung
	 Title:
	 	Member

  

			
	SUMMIT INVESTORS I (UK), L.P.
		
	 By:
	 	Summit Investors Management, LLC
	 Its:
	 	Manager

  

			
	 By:
	 	Summit Partners, L.P.
	 Its:
	 	Manager

  
 SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE 
 SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

 
			
	 By:
	 	Summit Master Company, LLC
	 Its:
	 	General Partner

  

			
	By:	 	/s/ Peter Chung
	 Name:
	 	Peter Chung
	 Title:
	 	Member

  
 SIGNATURE PAGE TO THE SECOND
AMENDMENT TO THE 
 SECOND AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]