SEC Contract Filing

Filing Date: 2020-10-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex-102executiveseveran.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<div><a name="sFCABA3F7C8315544C09531A88C2B4118"></a></div><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 10.2</font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST AMENDMENT </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO THE </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">AMENDED AND RESTATED</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SYNCHRONY FINANCIAL</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXECUTIVE SEVERANCE PLAN</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS,</font><font style="font-family:inherit;font-size:12pt;">&#32;Synchrony Financial (the &#8220;Company&#8221;) maintains the Amended and Restated Synchrony Financial Executive Severance Plan (the &#8220;Plan&#8221;);&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS,</font><font style="font-family:inherit;font-size:12pt;">&#32;pursuant to Section 7 of the Plan, the Plan may be amended by the Management Development and Compensation Committee of the Board of Directors of the Company (the &#8220;Committee&#8221;); and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">WHEREAS,</font><font style="font-family:inherit;font-size:12pt;">&#32;the Committee desires to amend the Plan to increase the severance benefits made available under the Plan (the &#8220;Amendment&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">NOW, THEREFORE, BE IT RESOLVED,</font><font style="font-family:inherit;font-size:12pt;">&#32;that, effective as of the date hereof, the Plan hereby is amended as follows: </font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 1(q) (definition of &#8220;Severance Base Salary Amount&#8221;) of the Plan is hereby amended in its entirety to read as follows:</font></div></td></tr></table><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Severance Base Salary Amount&#8221; means, as determined by the Plan Administrator:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(i) with respect to a Group One Participant (A) who is notified after October 1, 2020 and on or before the notification end date of December 31, 2020 that he or she will incur a Separation from Service by reason of a Qualifying Termination (as determined by the Plan Administrator), ten (10) months&#8217; of such Participant&#8217;s annual base salary and (B) who is not described in clause (A) of this subsection, six (6) months&#8217; of such Participant&#8217;s annual base salary;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(ii) with respect to a Group Two Participant (A) who is notified after October 1, 2020 and on or before the notification end date of December 31, 2020 that he or she will incur a Separation from Service by reason of a Qualifying Termination (as determined by the Plan Administrator), sixteen (16) months&#8217; of such Participant&#8217;s annual base salary and (B) who is not described in clause (A) of this subsection, twelve (12) months&#8217; of such Participant&#8217;s annual base salary; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(iii) with respect to a Group Three Participant, eighteen (18) months&#8217; of such Participant&#8217;s annual base salary.</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"