Form 8-K

8-K — Synchrony Financial

Accession: 0001193125-26-328719

Filed: 2026-07-31

Period: 2026-07-28

CIK: 0001601712

SIC: 6199 (FINANCE SERVICES)

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — d112401d8k.htm (Primary)

EX-1.1 (d112401dex11.htm)

EX-4.1 (d112401dex41.htm)

EX-5.1 (d112401dex51.htm)

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8-K

8-K (Primary)

Filename: d112401d8k.htm · Sequence: 1

8-K

false 0001601712 0001601712 2026-07-28 2026-07-28 0001601712 us-gaap:CommonStockMember 2026-07-28 2026-07-28 0001601712 us-gaap:SeriesAPreferredStockMember 2026-07-28 2026-07-28 0001601712 us-gaap:SeriesBPreferredStockMember 2026-07-28 2026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 28, 2026

SYNCHRONY FINANCIAL

(Exact name of registrant as specified in its charter)

Delaware

001-36560

51-0483352

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

777 Long Ridge Road

Stamford, Connecticut

06902

(Address of principal executive offices)

(Zip Code)

(203) 585-2400

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common stock, par value $0.001 per share

SYF

New York Stock Exchange

Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A

SYFPrA

New York Stock Exchange

Depositary Shares Each Representing a 1/40th Interest in a Share of 8.250% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B

SYFPrB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01.

Other Events

On July 28, 2026, Synchrony Financial (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters listed on Schedule I to the Underwriting Agreement (collectively, the “Underwriters”), to issue and sell $600,000,000 aggregate principal amount of 5.450% Fixed-to-Floating Rate Senior Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of 6.276% Fixed-to-Floating Rate Senior Notes due 2037 (the “2037 Notes” and, together with the 2030 Notes, the “Notes”) in a public offering pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-288729) (the “Registration Statement”) and a related prospectus, including the related prospectus supplement, filed with the Securities and Exchange Commission.

The Notes will be governed by an Indenture, dated as of August 11, 2014 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as amended and supplemented by a Twelfth Supplemental Indenture, dated as of August 2, 2024 (the “Twelfth Supplemental Indenture”), and as further supplemented by a Sixteenth Supplemental Indenture, dated as of July 31, 2026 (the “Sixteenth Supplemental Indenture”), each between the Company and the Trustee (as so supplemented, the “Indenture”).

The foregoing summary of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Underwriting Agreement, which is filed as Exhibit 1.1 hereto and incorporated by reference into this Item 8.01 and into the Registration Statement. The foregoing summary of the Indenture does not purport to be complete and is qualified in its entirety by reference to the Sixteenth Supplemental Indenture filed as Exhibit 4.1 hereto, and the forms of the Notes of each series, which are included in Exhibit 4.1 hereto, each of which is incorporated by reference into this Item 8.01 and into the Registration Statement, the Twelfth Supplemental Indenture, which was filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 2, 2024, and the Base Indenture, which was filed as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on August 13, 2014.

A copy of the opinion of Sidley Austin LLP, relating to the validity of the Notes, is incorporated by reference into the Registration Statement and is filed as Exhibit 5.1 hereto.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Number

Description

1.1

Underwriting Agreement, dated July 28, 2026, among Synchrony Financial and J.P. Morgan Securities LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters listed on Schedule I thereto.

4.1

Sixteenth Supplemental Indenture, dated as of July 31, 2026, between Synchrony Financial and The Bank of New York Mellon, as Trustee.

4.2

Form of 5.450% Fixed-to-Floating Rate Senior Notes due 2030 (included in Exhibit 4.1 hereto).

4.3

Form of 6.276% Fixed-to-Floating Rate Senior Notes due 2037 (included in Exhibit 4.1 hereto).

5.1

Opinion of Sidley Austin LLP.

23.1

Consent of Sidley Austin LLP (included in Exhibit 5.1 hereto).

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SYNCHRONY FINANCIAL

Date: July 31, 2026

By:

/s/ Jonathan S. Mothner

Name:

Jonathan S. Mothner

Title:

Executive Vice President, Chief Risk and Legal Officer

EX-1.1

Filename: d112401dex11.htm · Sequence: 2

EX-1.1

Exhibit 1.1

SYNCHRONY FINANCIAL

$600,000,000 5.450% FIXED-TO-FLOATING RATE SENIOR NOTES DUE

2030

$500,000,000 6.276% FIXED-TO-FLOATING RATE

SENIOR NOTES DUE 2037

UNDERWRITING AGREEMENT

July 28, 2026

J.P. Morgan Securities LLC

270 Park Avenue

New York, New York 10017

TD Securities (USA) LLC

1 Vanderbilt Avenue, 11th Floor

New York, New York 10017

Wells Fargo Securities, LLC

550 South Tryon Street, 5th Floor

Charlotte, North Carolina 28202

As Representatives of the

several

Underwriters listed in Schedule I hereto

Dear Sirs

and Mesdames:

SYNCHRONY FINANCIAL, a Delaware corporation (the “Company”), proposes, subject to the terms and

conditions stated herein, to issue and to sell to the several Underwriters listed in Schedule I hereto (the “Underwriters”), for whom you are acting as representatives (the “Representatives”), $600,000,000

aggregate principal amount of the Company’s 5.450% Fixed-to-Floating Rate Senior Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate

principal amount of the Company’s 6.276% Fixed-to-Floating Rate Senior Notes due 2037 (the “2037 Notes,” and together with the 2030 Notes, the

“Securities”). The Securities will be issued pursuant to the Indenture (the “Base Indenture”), dated August 11, 2014, between the Company and The Bank of New York Mellon, as trustee (the

“Trustee”), as supplemented to the date hereof and as further supplemented by the Sixteenth Supplemental Indenture (the “Sixteenth Supplemental Indenture”), to be dated on or about July 31, 2026, between

the Company and the Trustee. The Base Indenture, as supplemented to the date hereof and as further supplemented by the Sixteenth Supplemental Indenture, is herein referred to as the “Indenture.” This Agreement, the Base Indenture

and the Sixteenth Supplemental Indenture are referred to herein to as the “Transaction Documents.”

The Company has

filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement, including a prospectus, on Form S-3 (File

No. 333-288729) relating to debt securities (the “Shelf Securities”), including the Securities, to be issued from time to time by the Company. The registration statement as amended to

the date of this Agreement, including the information (if any) deemed to be part of the registration statement at the time of effectiveness pursuant to Rule 430B under the Securities Act of 1933, as amended (the “Securities Act”),

is hereinafter referred to as

the “Registration Statement,” and the related prospectus covering the Shelf Securities dated July 17, 2025 is hereinafter referred to as the “Basic

Prospectus.” The Basic Prospectus, as supplemented by the prospectus supplement specifically relating to the Securities in the form first used to confirm sales of the Securities (or in the form first made available to the Underwriters by

the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act) is hereinafter referred to as the “Prospectus,” and the term “Preliminary Prospectus” means any preliminary form of the

Prospectus, in the form used in the offering of the Securities and any amendments thereto, or in the form filed pursuant to Rule 424(b) under the Securities Act prior to filing of the Prospectus.

For purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under the Securities Act,

“Time of Sale Prospectus” means the documents set forth in Schedule II hereto (which shall not include any Electronic Road Show), and “Electronic Road Show” means a “road show” as defined in

Rule 433(h) under the Securities Act. As used herein, the terms “Registration Statement,” “Basic Prospectus,” “Preliminary Prospectus,” “Time of Sale Prospectus” and

“Prospectus” shall include the documents, if any, incorporated by reference therein on the date hereof. The terms “supplement,” “amendment,” and “amend” as used herein with

respect to the Registration Statement, the Basic Prospectus, the Time of Sale Prospectus, the Preliminary Prospectus or the Prospectus shall include all documents subsequently filed by the Company with the Commission pursuant to the Securities

Exchange Act of 1934, as amended (the “Exchange Act”), that are deemed to be incorporated by reference therein.

Representations and Warranties. The Company represents and warrants to and agrees with each of the Underwriters, as of the date hereof, that:

(a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement

is in effect, and no proceedings for such purpose are pending before or, to the Company’s knowledge, threatened by the Commission.

(b) (i) Each document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Time of

Sale Prospectus or the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the Commission thereunder, (ii) each part of the Registration Statement, when

such part became effective, did not contain, and each such part, as amended or supplemented, if applicable, will not contain, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make

the statements therein not misleading, (iii) the Registration Statement, the Preliminary Prospectus and the Prospectus comply and, as amended or supplemented, if applicable, will comply in all material respects with the Securities Act and the

applicable rules and regulations of the Commission thereunder, (iv) the Time of Sale Prospectus does not, and at the time of each sale of the Securities in connection with the offering at or prior to the Closing Date (as defined in Section

4 hereof), the Time of Sale Prospectus, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact

necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (v) any Electronic Road Show, when considered together with the Time of Sale Prospectus, does not, and at the time of each

sale of the Securities in connection with the offering at or prior to the Closing Date, any such Electronic Road Show, when considered together with the Time of Sale Prospectus, will not, contain any untrue statement of a material fact or omit to

state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (vi) the Prospectus does not contain and, as of the Closing Date, as amended or supplemented, if

applicable, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the

representations and warranties set forth in this paragraph do not apply to statements or omissions in the Registration Statement, the Time of Sale Prospectus, any Electronic Road Show or the Prospectus based upon the Underwriter Information (as

defined in Section 9(b)).

pursuant to Rules 164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the

requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Any free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was

prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for the free

writing prospectuses, if any, identified in Schedule II hereto, and Electronic Road Shows, if any, furnished to the Representatives before first use, the Company has not prepared, used or referred to, and will not, without the Representatives’

prior consent, prepare, use or refer to, any free writing prospectus.

(d) The Company has been duly incorporated, is

validly existing as a corporation in good standing under the laws of the State of Delaware, has the corporate power and authority to own its property and to conduct its business as described in the Registration Statement, the Time of Sale Prospectus

and the Prospectus and to enter into and perform its obligations under this Agreement, and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of

property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.

(e) Each subsidiary of the Company set forth in Schedule III hereto (each, a

“Designated Subsidiary” and, collectively, the “Designated Subsidiaries”) has been duly incorporated or formed, as the case may be, and is validly existing and in good standing under the laws of the jurisdiction

of its incorporation or formation; each Designated Subsidiary has the full power and authority to own its property and to conduct its business as currently conducted; each Designated Subsidiary is duly qualified to transact business and is in good

standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not, singly or in the

aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole; all of the issued shares of capital stock or other ownership interests of each Designated Subsidiary are owned directly or indirectly by the Company,

have been duly and validly authorized and issued, are fully paid and non-assessable, if applicable, and are owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or

claims, except as would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole; for purposes of this Agreement, Schedule III hereto includes each subsidiary of the Company that is a

“significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission) and that is in existence on the date hereof; provided that, for the avoidance

of doubt, none of Synchrony Credit Card Master Note Trust, Synchrony Sales Finance Master Trust or Synchrony Card Issuance Trust shall be considered a “subsidiary” under Rule 1-02 of Regulation S-X

for purposes of this Section 1(e).

(f) This Agreement has been duly authorized, executed and delivered by the

Company.

(g) (A) The execution and delivery by the Company of, and the performance by the Company of its obligations

under, the Transaction Documents will not contravene (i) any provision of applicable law or the certificate of incorporation or by-laws of the Company, (ii) any agreement or other instrument binding

upon the Company or any of its subsidiaries (except to the extent such contravention would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole), or (iii) any judgment, order or

decree of any governmental body, agency or court having jurisdiction over the Company or any subsidiary, and (B) no consent, approval, authorization or order of, or qualification with, any U.S. federal, state or local governmental body or

agency is required for the performance by the Company of its obligations under the Transaction Documents, except such as has been obtained and as may be required to be obtained by the Company under the securities or Blue Sky laws of the various

states in connection with the offer and sale of the Securities.

(h) The Securities have been duly authorized by the Company, and, when

executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance with this Agreement, will constitute valid and binding obligations of the Company, entitled to the benefits

of the Indenture, and enforceable against the Company in accordance with their terms, subject, as to enforcement, to applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability relating to, or affecting,

creditors’ rights and to general principles of equity, regardless of whether enforceability is considered in a proceeding at law or in equity (collectively, the “Enforceability Exceptions”). The Securities will conform in

all material respects to the description thereof contained in each of the Registration Statement, the Time of Sale Prospectus and the Prospectus.

(i) The Base Indenture has been duly authorized, executed and delivered by the Company. The Sixteenth Supplemental Indenture

has been duly authorized by the Company and, when executed and delivered by the Company (and assuming due authorization, execution and delivery thereof by the Trustee), the Indenture will constitute a valid and binding obligation of the Company,

enforceable against the Company in accordance with its terms, subject, as to enforcement, to the Enforceability Exceptions. The Indenture will conform in all material respects to the description thereof contained in each of the Time of Sale

Prospectus and the Prospectus. The Base Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended.

(j) None of the Company or any of the Designated Subsidiaries is in violation of its certificate of incorporation, by-laws or other constituent documents; none of the Company or any of its subsidiaries is in default in the performance or observance of any obligation, agreement, covenant or condition contained in any agreement or

other instrument binding upon the Company or any of its subsidiaries, except to the extent such default would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole.

(k) There has not occurred any material adverse change in the financial condition, or in the earnings, business, or operations

of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus (exclusive of any amendments or supplements thereto subsequent to the date of this Agreement).

(l) There are no legal or governmental proceedings pending or, to the knowledge of the Company, threatened to which the Company

or any of its subsidiaries is a party or to which any of the properties of the Company or any of its subsidiaries is subject that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus and are not

so described therein and there are no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus or to be filed as exhibits to the Registration

Statement that are not described or filed as required.

(m) Each Preliminary Prospectus complied when filed in all material respects

with the Securities Act and the applicable rules and regulations of the Commission thereunder.

(n) The Company is not, and

after giving effect to the offering and sale of the Securities and the application of the net proceeds from such sale as described in the Time of Sale Prospectus and the Prospectus under the caption “Use of Proceeds” will not be, an

“investment company” as such term is defined in the Investment Company Act of 1940, as amended.

(o) Except as

described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, there are no contracts, agreements or understandings between the Company and any person granting such person the right to require the Company to file a

registration statement under the Securities Act with respect to any securities of the Company or to require the Company to include such securities with the Securities registered pursuant to the Registration Statement.

(p) Subsequent to the date as of which information is given in the Time of Sale Prospectus, (i) the Company and its

subsidiaries, taken as a whole, have not incurred any material liability or obligation, direct or contingent, or entered into any material transaction not in the ordinary course of business; (ii) the Company has not purchased any of its

outstanding capital stock, or declared, paid or otherwise made any dividend or distribution of any kind on its capital stock other than ordinary and customary dividends; and (iii) there has not been any material change in the capital stock,

short-term debt or long-term debt of the Company and its subsidiaries, except in the case of each of clauses (i), (ii) and (iii) of this Section 1(p) as described or otherwise contemplated in the Registration Statement, the Time of Sale

Prospectus and the Prospectus.

(q) Each of the Company and the Designated Subsidiaries have good and marketable title in

fee simple to all real property and good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except such as are described in the Registration Statement, the Time of Sale

Prospectus and the Prospectus or would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole; and any real property and buildings held under lease by the Company and the Designated

Subsidiaries are held by them under valid, subsisting and enforceable leases except such as are described in the Registration Statement, the Time of Sale Prospectus and the Prospectus or would not, singly or in the aggregate, have a material adverse

effect on the Company and its subsidiaries, taken as a whole.

(r) Each of the Company and the Designated Subsidiaries own or possess valid

and enforceable rights to all patents, patent rights, licenses, software, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential

information, systems or procedures), trademarks, service marks, trade names and domain names currently employed by them in connection with the business now operated by them, except where the failure to so own or possess would not, singly or in the

aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole, and except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, neither the Company nor any of its subsidiaries

has received any notice or claim of infringement or misappropriation of or conflict with asserted rights of others with respect to any of the foregoing which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding,

could reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, and the Company is not aware of any reasonable basis for any such notice or claim.

(s) (A) To the knowledge of the Company, there has been no security breach or incident, unauthorized access or disclosure, or

other compromise relating to the Company’s or its subsidiaries’ information technology and computer systems, networks, hardware, software, data and databases (including the data and information of their respective customers, employees,

suppliers, vendors and any third party data maintained, processed or stored by the Company and its subsidiaries, and any such data processed or stored by third parties on behalf of the Company and its subsidiaries), equipment or technology

(collectively, “IT Systems and Data”); (B) neither the Company nor its subsidiaries have been notified of, and each of them have no knowledge of any event or condition that could result in, any security breach or incident,

unauthorized access or disclosure or other compromise to their IT Systems and Data; and (C) the Company and its subsidiaries have implemented appropriate controls, policies, procedures, and technological safeguards to maintain and protect the

integrity, continuous operation, redundancy and security of their IT Systems and Data reasonably consistent with industry standards and practices, or as required by applicable regulatory standards, except with respect to clauses (A) and (B),

for any such security breach or incident, unauthorized access or disclosure, or other compromises, as would not, singly or in the aggregate, have a material adverse effect, or with respect to clause (C), where the failure to do so would not, singly

or in the aggregate, have a material adverse effect. The Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or

governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or

modification.

(t) No labor dispute with the employees of the Company or any of its subsidiaries exists, except as

described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, or, to the knowledge of the Company, is imminent, except where such dispute would not, singly or in the aggregate, have a material adverse effect on the Company

and its subsidiaries, taken as a whole.

(u) The Company and each of its subsidiaries maintain a system of internal

accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation

of financial statements in conformity with United States generally accepted accounting principles (“GAAP”) and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s

general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Since the end of the

Company’s most recent audited fiscal year, there has been (i) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (ii) no change in the Company’s internal

control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

(v) The interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement

fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

(w) The Company and each of its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed

through the date of this Agreement or have requested extensions thereof (except where the failure to file would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a whole), all returns that

have been filed have been true and complete in all material respects and the Company and each of its subsidiaries have paid all taxes required to be paid thereon (except for cases in which the failure to file or pay would not have a material adverse

effect on the Company and its subsidiaries, taken as a whole, or, except as currently being contested in good faith and for which reserves required by GAAP have been created in the financial statements of the Company). No tax deficiency has been

determined adversely to the Company or any of its subsidiaries which has had (nor does the Company nor any of its subsidiaries have any notice or knowledge of any tax deficiency which could reasonably be expected to be determined adversely to the

Company or its subsidiaries and which could reasonably be expected to have) a material adverse effect on the Company and its subsidiaries, taken as a whole.

(x) The statements set forth in (i) the Time of Sale Prospectus and the Prospectus under the captions “Description

of the Notes” and “Description of Debt Securities,” insofar as they purport to constitute a summary of the terms of the Indenture and the Securities, and under the caption “Certain U.S. Federal Income Tax

Considerations,” insofar as they purport to describe the provisions of the laws (including United States federal tax laws) referred to therein, (ii) the Annual Report on Form 10-K filed by the

Company with the Commission on February 6, 2026, which is incorporated by reference in the Time of Sale

Prospectus and the Prospectus, under the captions “Item 1. Business—Regulation” and “Item 3. Legal Proceedings,” as updated by the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, filed by the Company with the Commission on April 23, 2026 and July 23, 2026, respectively, insofar as they purport to describe the

provisions of the laws and documents referred to therein, (iii) the Proxy Statement on Schedule 14A filed by the Company with the Commission on April 29, 2026, specified sections of which are incorporated by reference in the Time of Sale

Prospectus and the Prospectus, under the caption “Related Person Transactions,” insofar as they purport to describe the provisions of the laws and documents referred to therein and (iv) in the Registration Statement in Item 15 of

Form S-3, insofar as they purport to describe the provisions of the laws and documents referred to therein, in each case fairly summarize in all material respects the matters described therein.

(y) KPMG LLP, whose report is incorporated by reference in the Prospectus, is an independent registered public accounting firm

with respect to the Company and its consolidated subsidiaries within the meaning of the Securities Act and the rules and regulations adopted by the Commission thereunder. The financial statements of the Company and its consolidated subsidiaries

(including the related notes) incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus present fairly in all material respects the financial condition, results of operations and cash flows of the

entities purported to be shown thereby at the dates and for the periods indicated and have been prepared in accordance with GAAP applied on a consistent basis throughout the periods indicated and conform in all material respects with the rules and

regulations adopted by the Commission under the Securities Act. Any pro forma financial information and any related notes thereto incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus has been

prepared in accordance with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and the assumptions underlying such pro forma financial information are reasonable.

(z) Neither the Company nor any of its subsidiaries, nor, to the Company’s knowledge, any director, officer, affiliate,

agent, employee or representative acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action, directly or indirectly, that has violated or would result in a violation by such persons of the U.S. Foreign Corrupt

Practices Act of 1977, as amended (the “FCPA”), and the rules and regulations thereunder, or any other applicable anti-bribery or anti-corruption laws (collectively, the “Anti-Bribery Laws”), including, without

limitation, by making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization or approval of the payment or giving of any money, property, gift, promise

to give, or authorization of the giving of anything else of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political party or party official or any candidate for foreign political office in

contravention of the Anti-Bribery Laws; and the Company and its subsidiaries have conducted their businesses in compliance with the Anti- Bribery Laws and have instituted and maintain and enforce policies and procedures designed to promote and

ensure, and which are reasonably expected to continue to promote and ensure, continued compliance therewith.

(aa) The operations of the Company and its subsidiaries are and have been

conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all

jurisdictions where the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental or regulatory agency

having jurisdiction over the Company or any of its subsidiaries (collectively, the “Anti-Money Laundering Laws”), except as would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries,

taken as a whole; and no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is

pending or, to the knowledge of the Company, threatened.

(bb) (i) None of the Company, any of its subsidiaries, or, to the

knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any sanctions administered by the U.S. government, (including, without limitation, the Office of Foreign

Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”)

(collectively, “Sanctions”); nor is the Company, any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, the Crimean Region and

the non-government controlled areas of the Zaporizhzhia and Kherson Regions of Ukraine, the so-called Donetsk People’s Republic, the

so-called Luhansk People’s Republic and any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Cuba, Iran, North Korea and Syria (with respect to Syria, only until July 1,

2025) (each, a “Sanctioned Country”) and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary,

joint venture partner or other person or entity (A) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (B) to fund or facilitate

any activities of or business in any Sanctioned Country, or (C) in any other manner that will result in a violation by any person (including any person participating in the transaction) of Sanctions.

(ii) Since April 24, 2019, the Company and its subsidiaries have not knowingly engaged in, and are not now knowingly

engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

(cc) The Company and each of its subsidiaries are in compliance with all

applicable laws administered by, and regulations of, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”), the Federal Deposit Insurance Corporation (the “FDIC”), the Office of the

Comptroller of the Currency (the “OCC”), the Consumer Financial Protection Bureau and any other federal or state bank regulatory authorities with jurisdiction over the Company or any of its subsidiaries (collectively, the

“Bank Regulatory Authorities”), except where the failure to be in compliance with such laws and regulations would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries, taken as a

whole. Neither the Company nor any of its subsidiaries is a party to or otherwise subject to any consent decree, memorandum of understanding, cease and desist order, order of prohibition or suspension, written commitment, supervisory agreement, or

written agreement or other written statement as described under 12 U.S.C. 1818(u) or under 12 U.S.C. 5563 and 12 U.S.C. 5565 (whether or not such Bank Regulatory Authority has determined that publication would be contrary to the public interest)

with any of the Bank Regulatory Authorities, except as described in the Registration Statement, Time of Sale Prospectus or Prospectus, or as would not, singly or in the aggregate, have a material adverse effect on the Company and its subsidiaries,

taken as a whole (collectively, “Regulatory Orders”). None of the Company or any of its subsidiaries has been advised in writing by any Bank Regulatory Authority that such Bank Regulatory Authority is contemplating issuing or

requesting any Regulatory Order, nor, to the Company’s knowledge, has the Company or any of its subsidiaries been advised other than in writing by any Bank Regulatory Authority that such Bank Regulatory Authority is contemplating issuing or

requesting any Regulatory Order.

(dd) The Company is a duly registered savings and loan holding company under the Home

Owners’ Loan Act (12 U.S.C. 1461 et seq.).

(ee) Synchrony Bank (the “Bank”) is a federally

chartered savings association regulated by the OCC and its charter is in full force and effect. The Bank is, and has been since January 1, 2016, in compliance with the requirements of the qualified thrift lender test (the requirements of which

are set forth at 12 U.S.C. 1467a(m)), including, but not limited to, the requirement to maintain at least 65% of the Bank’s portfolio assets in certain qualified thrift investments.

(ff) The deposit accounts of the Bank are insured up to applicable limits by the FDIC, all premiums and assessments required to

be paid in connection therewith have been paid when due, and no proceedings for the termination or revocation of such insurance are pending or, to the knowledge of the Company or the Bank, threatened.

(gg) The Bank is “well-capitalized” (as that term is defined at

12 C.F.R. 6.4(b)(1)) and has not been informed in writing by any Bank Regulatory Authority that its status as “well-capitalized” will change within one year, nor, to the Company’s knowledge, has the Bank been informed other than in

writing by any Bank Regulatory Authority that its status as “well-capitalized” will change within one year. If the Company were a federal savings association, it would qualify as “well-capitalized” (as that term is defined at

12 C.F.R. 6.4(b)(1)).

(hh) The Bank has received an overall Community Reinvestment Act (“CRA”) rating

of at least “satisfactory” and has not been informed in writing by any Bank Regulatory Authority that it may receive a less than “satisfactory” rating for CRA purposes within one year, nor, to the Company’s knowledge,

has the Bank been informed other than in writing by any Bank Regulatory Authority that it may receive a less than “satisfactory” rating for CRA purposes within one year. The Company is not aware of any facts or circumstances that exist

that would cause the Bank to not be in satisfactory compliance in any material respect with the CRA, and the regulations promulgated thereunder, or to be assigned a CRA rating by the OCC of lower than “satisfactory.”

2. Agreements to Sell and Purchase. The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis

of the representations and warranties herein contained, but subject to the conditions hereinafter stated, agrees to purchase, severally and not jointly, from the Company, at a purchase price (the “Purchase Price”) of 99.536% of

the principal amount of the 2030 Notes and 99.450% of the principal amount of the 2037 Notes, plus accrued interest, if any, from July 31, 2026 to the Closing Date, in the respective principal amount of the Securities set forth opposite the

names of the Underwriters set forth in Schedule I hereto.

3. Terms of Public Offering. The Company is advised by the

Representatives that the Underwriters propose to make a public offering of their respective portions of the Securities as soon after the Registration Statement and this Agreement have become effective as in the judgment of the Representatives is

advisable. The Company is further advised by the Representatives that the Securities are to be offered (a) to the public initially at a price (the “Public Offering Price”) equal to 99.936% of the principal amount of the 2030

Notes and 100.000% of the principal amount of the 2037 Notes, plus accrued interest, if any, from July 31, 2026 to the Closing Date, (b) to certain dealers selected by the Representatives at a price that represents a concession not in

excess of 0.250% of the principal amount under the Public Offering Price of the 2030 Notes and 0.350% of the principal amount under the Public Offering Price of the 2037 Notes; that the Underwriters, and such dealers may allow a discount to certain

other dealers with respect to the Securities not in excess of 0.150% of the principal amount of the 2030 Notes and 0.200% of the principal amount of the 2037 Notes. After the initial public offering of the Securities to the public, the Underwriters

may change the Public Offering Price with respect to the Securities and concessions and discount to dealers.

4. Payment and Delivery. Payment for the Securities shall be made to the Company in

Federal or other funds immediately available in New York City against delivery of such Securities for the respective accounts of the several Underwriters at 10:00 a.m. (New York City time) on July 31, 2026, or at such other time on the same or

such other date, not later than seven full business days thereafter as the Representatives and the Company determine, such time and date being referred to as the “Closing Date.”

The Securities shall be registered in such names and in such denominations as the Representatives shall request in writing not later than one

full business day prior to the Closing Date. The Securities shall be delivered to the Representatives on the Closing Date for the respective accounts of the several Underwriters, against payment of the Purchase Price therefor.

5. Conditions to the Underwriters’ Obligations. The several obligations of the Underwriters are subject to the

following conditions:

(a) Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

(i) there shall not have occurred any downgrading of the Company by any “nationally recognized statistical rating

organization,” as such term is defined in Section 3(a)(62) of the Exchange Act (“NRSRO”), nor shall any public announcement have been given of any intended or potential downgrading or of any review for a possible change

that does not indicate the direction of the possible change, in the rating accorded any of the securities of the Company by any such NRSRO; and

(ii) there shall not have occurred any material adverse change in the financial condition, earnings, business or operations of

the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus (exclusive of any amendments or supplements thereto subsequent to the date of this Agreement).

(b) The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive

officer of the Company, to the effect set forth in Section 5(a) above and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of the Closing Date and that the Company has

complied with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the Closing Date.

The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

(c) The Underwriters shall have received on the Closing Date an opinion letter (including certain negative assurances) of

Sidley Austin LLP, outside U.S. counsel for the Company, dated the Closing Date, substantially in the form set forth in Exhibit A.

(d) The Underwriters shall have received on the Closing Date an opinion of

Covington & Burling LLP, special U.S. regulatory counsel for the Company, dated the Closing Date, substantially in the form set forth in Exhibit B.

The opinions of Sidley Austin LLP and Covington & Burling LLP described in Sections 5(c) and 5(d) above shall be rendered to the

Underwriters at the request of the Company and shall so state therein.

(e) The Underwriters shall have received on the

Closing Date an opinion and negative assurance letter of Davis Polk & Wardwell LLP, counsel for the Underwriters, each dated the Closing Date, with respect to such matters as the Underwriters shall reasonably request.

(f) The Underwriters shall have received executed copies of the Base Indenture and the Sixteenth Supplemental Indenture.

(g) The Underwriters shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof or

the Closing Date, as the case may be, in form and substance satisfactory to the Underwriters, from KPMG LLP, an independent registered public accounting firm, containing statements and information of the type ordinarily included in

accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus; provided that

the letter delivered on the Closing Date shall use a “cut-off date” not earlier than the date hereof.

6. Covenants of the Company. In further consideration of the agreements of the Underwriters herein contained, the Company covenants

with each Underwriter as follows:

(a) To furnish to the Representatives in New York City, without charge, prior to 10:00

a.m. (New York City time) on the business day next succeeding the date of this Agreement or as promptly as practicable thereafter and during the period mentioned in Section 6(e) or 6(f) below, as many copies of the Time of Sale Prospectus, the

Prospectus and any supplements and amendments thereto or to the Registration Statement as the Representatives may reasonably request.

(b) At any time on or prior to the Closing Date, before amending or supplementing the Registration Statement, the Time of Sale

Prospectus or the Prospectus, to furnish to the Representatives a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Representatives reasonably object, and to file with the

Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

prospectus relating to the Securities prepared by or on behalf of, used by, or referred to by the Company and not to use or refer to any such proposed free writing prospectus to which the Representatives reasonably object.

(d) Not to take any action that would result in an Underwriter or the Company being required to file with the Commission

pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.

(e) If the Time of Sale Prospectus is being used to solicit offers to buy the Securities at a time when the Prospectus is not

yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances,

not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the opinion of counsel for the

Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request,

either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the Time of Sale Prospectus is delivered to a

prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply with

applicable law.

(f) If, during such period after the first date of the public offering of the Securities as in the opinion

of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act) is required by law to be delivered in connection with sales by an Underwriter or dealer, any event shall occur or

condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under

the Securities Act) is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare, file with the

Commission and furnish, at its own expense, to the Underwriters and to the dealers (whose names and addresses the Representatives will furnish to the Company) to which Securities may have been sold by the Representatives on behalf of the

Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu

thereof the notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.

(g) To endeavor to qualify the Securities for offer and sale under the

securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request.

(h) To make generally

available to the Company’s security holders and to the Representatives, as soon as practicable, an earnings statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date

of this Agreement, which shall satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder, provided that the Company will be deemed to have furnished such statement to its

security holders and the Representatives to the extent it is filed on the Commission’s Electronic Data Gathering, Analysis and Retrieval system.

(i) During the period beginning on the date hereof and continuing to and including the Closing Date, not to offer, sell,

contract to sell or otherwise dispose of any debt securities of the Company or warrants to purchase or otherwise acquire debt securities of the Company substantially similar to the Securities (other than the Securities).

(j) To prepare a final term sheet relating to the offering of the Securities, containing only information that describes the

final terms of the Securities or the offering in a form consented to by the Representatives, and to file such final term sheet within the period required by Rule 433(d)(5)(ii) under the Securities Act following the date the final terms have been

established for the offering of the Securities.

7. Expenses. Whether or not the transactions contemplated in this Agreement are

consummated or this Agreement is terminated, the Company agrees to pay or cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements and expenses of the

Company’s counsel and the Company’s accountants in connection with the registration and delivery of the Securities under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration

Statement, any Preliminary Prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, all printing

costs associated therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii) all costs and expenses related to the issuance and delivery of the Securities to the

Underwriters, (iii) the cost of printing or the reasonable fees of counsel in producing any Blue Sky or Legal Investment memorandum in connection with the offer and sale of the Securities under state securities laws and all expenses in

connection with the qualification of the Securities for offer and sale under state securities laws as provided in Section 6(g) hereof, including filing fees and the reasonable fees and disbursements of counsel for the

Underwriters in connection with such qualification and in connection with the Blue Sky or Legal Investment memorandum, (iv) all filing fees and the reasonable fees and disbursements of

counsel to the Underwriters incurred in connection with the review and qualification of the offering of the Securities by the Financial Industry Regulatory Authority, Inc., (v) all fees charged by the rating agencies for ratings of the Securities,

(vi) the cost of printing certificates representing the Securities, (vii) the costs and charges of any trustee, calculation agent, transfer agent, registrar or depositary, (viii) the costs and expenses of the Company relating to

investor presentations on any “road show” undertaken in connection with the marketing of the offering of the Securities, including, without limitation, expenses associated with the production of any Electronic Road Show, expenses

associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives

and officers of the Company and any such consultants, and the Company’s pro rata share (based on the number of seats occupied by representatives and officers of the Company and any such consultants, on the one hand, and by representatives and

officers of the Underwriters, on the other hand) of the cost of any aircraft chartered in connection with the road show with the prior approval of the Company (with the remainder of the cost of such aircraft to be paid by the Underwriters), and

(ix) all other costs and expenses incident to the performance of the obligations of the Company hereunder for which provision is not otherwise made in this Section. It is understood, however, that except as provided in this Section,

Section 9 entitled “Indemnity and Contribution” and the last paragraph of Section 11 below, the Underwriters will pay all of their costs and expenses, including fees and disbursements of their counsel, transfer taxes payable on

resale of any of the Securities by them and any advertising expenses connected with any offers they may make.

8. Covenants of the

Underwriters. Each Underwriter severally covenants with the Company not to take any action that would result in the Company being required to file with the Commission under Rule 433(d) a free writing prospectus prepared by or on behalf of such

Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter (other than, for the avoidance of doubt, the final term sheet prepared by the Company and filed with the Commission

pursuant to Section 6(j)). Each Underwriter severally acknowledges and agrees that, except as may be set forth in Schedule II hereto, the Company has not authorized or approved any “issuer information” (as defined in Rule 433(h)

under the Securities Act) for use in any free writing prospectus prepared by or on behalf of the Underwriters.

9. Indemnity and

Contribution.

(a) The Company agrees to indemnify and hold harmless each Underwriter, its directors, officers,

employees and agents and each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of any Underwriter within the meaning of Rule

405 under the Securities Act from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with

defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment

thereof, any Preliminary Prospectus, the Time of Sale Prospectus or any amendment or supplement thereto, any free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act, any Electronic

Road Show or the Prospectus (if used within the period set forth in Section 6(f) hereof and as amended or supplemented if the Company shall have furnished any amendments or supplements thereto), or caused by any omission or alleged omission to

state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged

untrue statement or omission based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein.

(b) Each Underwriter agrees, severally but not jointly, to indemnify and hold harmless the Company, its directors, its officers

who sign the Registration Statement and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the

Company to such Underwriter, but only with reference to information relating to such Underwriter furnished to the Company in writing by the Representatives on behalf of such Underwriter expressly for use in the Registration Statement, any

Preliminary Prospectus, the Time of Sale Prospectus, any free writing prospectus that the Company has filed or is required to file pursuant to Rule 433(d) under the Securities Act, any Electronic Road Show or the Prospectus or, in each case, any

amendment or supplement thereto (the “Underwriter Information”).

any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Section 9(a) or 9(b), such person (the “indemnified party”) shall promptly notify the person

against whom such indemnity may be sought (the “indemnifying party”) in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent

the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the

right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel

or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or

potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any

proceeding or related proceedings in the same jurisdiction, be liable for (i) the fees and expenses of more than one separate firm (in addition to any local counsel) for all Underwriters and

all persons, if any, who control any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act or who are affiliates of any Underwriter within the meaning of Rule 405 under the Securities

Act, and (ii) the fees and expenses of more than one separate firm (in addition to any local counsel) for the Company, its directors, its officers who sign the Registration Statement and each person, if any, who controls the Company within the

meaning of either such Section, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate firm for the Underwriters and such control persons and affiliates of any Underwriters, such firm shall be

designated in writing by the Representatives. In the case of any such separate firm for the Company and such directors, officers and control persons of the Company, such firm shall be designated in writing by the Company. The indemnifying party

shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from

and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which

any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are

the subject matter of such proceeding.

(d) To the extent the indemnification provided for in Section 9(a) or 9(b) is

unavailable to an indemnified party in respect of any losses, claims, damages or liabilities referred to under such paragraph, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall

contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) if the indemnifying party is the Company, in such proportion as is appropriate to reflect the relative benefits

received by the indemnifying party on the one hand and the indemnified party or parties on the other hand from the offering of the Securities, (ii) if the indemnifying party is an Underwriter, in such proportion as is appropriate to reflect the

relative fault of such Underwriter on the one hand and the indemnified party or parties on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities or (iii) if the allocation

provided by clause (i) or (ii) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above or the relative fault referred to in clause

(ii) above but also the relative fault (in cases covered by clause (i) above) or the relative benefits (in cases covered by clause (ii) above) of the indemnifying party or parties on the one hand and of the indemnified party or

parties on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable

considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other hand in connection with the offering of the Securities shall be deemed to be in the

same respective proportions as the net proceeds from the offering of the Securities (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in

the table on the cover of the Prospectus, bear to the aggregate Public Offering Price of the Securities. The relative fault of the Company on the one hand and the Underwriters on the other hand shall be determined by reference to, among other

things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by the Underwriters and the parties’ relative intent,

knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters’ respective obligations to contribute pursuant to this Section 9 are several in proportion to the respective aggregate

principal amount of Securities they have purchased hereunder, and not joint.

(e) The Company and the Underwriters agree

that it would not be just or equitable if contribution pursuant to this Section 9 were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that

does not take account of the equitable considerations referred to in Section 9(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section 9(d) shall be deemed to

include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this

Section 9, no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any

damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the

Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 9 are not exclusive and shall not limit any rights or remedies which may

otherwise be available to any indemnified party at law or in equity.

(f) The indemnity and contribution provisions

contained in this Section 9 and the representations, warranties and other statements of the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement,

(ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter or by or on behalf of the Company, its officers or directors or any person controlling the Company and

(iii) acceptance of and payment for any of the Securities.

10. Termination. The Underwriters may terminate this Agreement by notice given by the

Representatives to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date (i) trading in securities generally on or by the New York Stock Exchange (the “NYSE”) shall have been

suspended or materially limited, (ii) trading of any securities of the Company shall have been suspended on the NYSE, (iii) a general moratorium on commercial banking activities in the State of New York or the United States shall have been

declared by federal or New York State authorities, or (iv) there shall have occurred any material outbreak, or material escalation, of hostilities or other national or international calamity or crisis, which in each case of (i) through

(iv) above is of such magnitude and severity in its effect on the financial markets of the United States, in the reasonable judgment of the Representatives, as to prevent or materially impair the delivery, or enforcement of contracts for sale, of

the Securities.

11. Effectiveness; Defaulting Underwriters. This Agreement shall become effective upon the execution and delivery

hereof by the parties hereto.

If, on the Closing Date, any one or more of the Underwriters shall fail or refuse to purchase Securities

that it has or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of Securities to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the principal amount of Securities set forth

opposite their respective names in Schedule I bears to the aggregate principal amount of Securities set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as the

Representatives may specify, to purchase the Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; provided that in no event shall the principal amount of Securities that any

Underwriter has agreed to purchase on such date pursuant to this Agreement be increased pursuant to this Section 11 by an amount in excess of one-ninth of such principal amount of Securities without the

written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Securities and the aggregate principal amount of Securities with respect to which such default occurs is more than one-tenth of the aggregate principal amount of Securities to be purchased on such date, and arrangements satisfactory to the Representatives and the Company for the purchase of such Securities are not made within 36

hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the Company. In any such case either the Representatives or the Company shall have

the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement, in the Time of Sale Prospectus, in the Prospectus or in any other documents or

arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any one of them, because of

any failure or refusal on the part of the Company to comply with the terms or to fulfill any of the conditions of this Agreement, or if for any reason the Company shall be unable to perform its obligations under this Agreement, the Company will

reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the

fees and disbursements of their counsel) reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

12. USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of Pub. L.

107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may

include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

13. Counterparts. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as

if the signatures thereto and hereto were upon the same instrument. The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document

related to this Agreement, if any, shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other

electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or

stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal

Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the

Uniform Commercial Code.

14. Applicable Law. THIS AGREEMENT, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO

THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

15. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be

deemed a part of this Agreement.

16. Nature of Relationship. The Company and the Underwriters acknowledge and agree that, in

connection with all aspects of each transaction contemplated by this Agreement, the Company and the Underwriters have an arms-length business relationship that creates no fiduciary duty on the part of either party and each expressly disclaims any

fiduciary relationship. In addition, the Company acknowledges and agrees that the Underwriters may have interests that differ from those of the Company.

17. Entire Agreement. This Agreement, together with any contemporaneous written

agreements and any prior written agreements (to the extent not superseded by this Agreement) that relate to the offering of the Securities, represents the entire agreement between the Company and the Underwriters with respect to the preparation of

any Preliminary Prospectus, the Time of Sale Prospectus, the Prospectus, the conduct of the offering, and the purchase and sale of the Securities.

18. Notices. All communications hereunder shall be in writing and effective only upon receipt and if to the Underwriters shall be

delivered, mailed or sent to the Representatives at J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York 10017, Attention: Investment Grade Syndicate Desk, Fax: (212) 834-6081; TD Securities (USA)

LLC, 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017, Attention: Equity Capital Markets, Email: USTMG@tdsecurities.com; Wells Fargo Securities, LLC, 550 South Tryon Street, 5th Floor, Charlotte, North Carolina 28202, Attention: Transaction

Management, Email: tmgcapitalmarkets@wellsfargo.com; and if to the Company shall be delivered, mailed or sent to SYNCHRONY FINANCIAL, 777 Long Ridge Road, Stamford, Connecticut 06902, Attention: Jonathan S. Mothner, Esq.

19. Jury Trial Waiver. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY

DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

20. Recognition of the U.S. Special Resolution Regimes.

(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution

Regime, the transfer from such party of this Agreement and any interest and obligation in or under this Agreement will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and

any such interest and obligation, were governed by the laws of the United States or a state of the United States.

(b) In

the event that any Underwriter that is a Covered Entity or any BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such

Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

As used in Section 20:

“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance

with, 12 U.S.C. § 1841(k).

“Covered Entity” means any of the following:

a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R.

§§ 252.81, 47.2 or 382.1, as applicable.

“U.S. Special Resolution Regime” means each of (i) the Federal

Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

[Signature Page Follows]

Very truly yours,

SYNCHRONY FINANCIAL

By:

/s/ Christopher J. Coffey

Name: Christopher J. Coffey

Title: SVP, Treasury – Funding, Investment & Liquidity

[Signature Page to

Underwriting Agreement]

Accepted as of the date hereof

J.P. Morgan Securities LLC

TD Securities (USA) LLC

Wells Fargo Securities, LLC

Acting severally on behalf of itself and the several Underwriters named in Schedule I hereto.

J.P. Morgan Securities LLC

By:

/s/ Som Bhattacharyya

Name: Som Bhattacharyya

Title: Executive Director

TD Securities (USA) LLC

By:

/s/ Brian Bednarski

Name: Brian Bednarski

Title: Director

Wells Fargo Securities, LLC

By:

/s/ Carolyn Hurley

Name: Carolyn Hurley

Title: Managing Director, Transaction Management

SCHEDULE I

Underwriter

Principal

Amount of 2030

Securities To

Be Purchased

Principal

Amount of 2037

Securities To

Be Purchased

J.P. Morgan Securities LLC

157,980,000

131,650,000

TD Securities (USA) LLC

157,980,000

131,650,000

Wells Fargo Securities, LLC

158,040,000

131,700,000

Academy Securities, Inc.

18,000,000

15,000,000

Blaylock Van, LLC

18,000,000

15,000,000

CastleOak Securities, L.P.

18,000,000

15,000,000

Mischler Financial Group, Inc.

18,000,000

15,000,000

R. Seelaus & Co., LLC

18,000,000

15,000,000

Samuel A. Ramirez & Company, Inc.

18,000,000

15,000,000

Siebert Williams Shank & Co., LLC

18,000,000

15,000,000

Total:

600,000,000

500,000,000

SCHEDULE II

TIME OF SALE PROSPECTUS

Prospectus dated July 17, 2025 relating to the Shelf Securities

Preliminary Prospectus Supplement dated July 28, 2026 relating to the Securities

Pricing Term Sheet dated July 28, 2026 relating to the Securities (attached as Exhibit C hereto)

SCHEDULE III

LIST OF DESIGNATED SUBSIDIARIES

Designated Subsidiaries

Jurisdiction of Organization

Synchrony Bank

United States

Synchrony Lending, Inc.

Delaware

EXHIBIT A

FORM OF U.S. COMPANY COUNSEL OPINION

EXHIBIT B

FORM OF SPECIAL U.S. REGULATORY COUNSEL OPINION

EXHIBIT C

Pricing Term Sheet

Issuer Free Writing Prospectus

Dated July 28, 2026

Filed Pursuant to Rule 433

Registration Statement No. 333-288729

Supplementing the Preliminary

Prospectus Supplement dated July 28, 2026

(To the Prospectus dated July 17, 2025)

$600,000,000 5.450%

Fixed-to-Floating Rate Senior Notes due 2030 (the “2030 Notes”)

$500,000,000 6.276% Fixed-to-Floating Rate Senior Notes due 2037

(the “2037 Notes”)

(together, the “Notes” for this “Offering”)

The information in this pricing term sheet relates to the Offering of SYNCHRONY FINANCIAL (the “Issuer”), and should be read together with the

preliminary prospectus supplement dated July 28, 2026 relating to the Offering, and the accompanying prospectus dated July 17, 2025 included in the Issuer’s Registration Statement on Form S-3 (File No. 333-288729) (as supplemented by such preliminary prospectus supplement, the “Preliminary Prospectus”).

The information in this pricing term sheet supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the

Preliminary Prospectus. Terms used but not defined herein have the meanings given in the Preliminary Prospectus.

Issuer:

SYNCHRONY FINANCIAL

Title of Securities:

2030 Notes: 5.450% Fixed-to-Floating Rate Senior Notes due 2030

2037 Notes: 6.276%

Fixed-to-Floating Rate Senior Notes due 2037

Expected Ratings*:

[ ]/[ ] (S&P/Fitch)

Ranking:

Senior Unsecured

Aggregate Principal Amount:

$1,100,000,000

Aggregate Net Proceeds to Issuer (before estimated offering expenses):

$ 1,094,466,000

Format:

SEC Registered

Denominations:

Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof

Method of Settlement:

DTC

Trade Date:

July 28, 2026

Settlement Date**:

July 31, 2026 (T+3)

Joint Book-Running Managers:

J.P. Morgan Securities LLC

TD Securities (USA)

LLC

Wells Fargo Securities, LLC

Co-Managers:

Academy Securities, Inc.

Blaylock Van, LLC

CastleOak Securities, L.P.

Mischler Financial Group, Inc.

R. Seelaus & Co., LLC

Samuel A. Ramirez &

Company, Inc.

Siebert Williams Shank & Co., LLC

5.450%

Fixed-to-Floating Rate Senior Notes due 2030

Price to Public:

99.936% of the principal amount

Principal Amount:

$600,000,000

Maturity Date:

October 15, 2030

Fixed Rate Period:

From, and including, July 31, 2026 to, but excluding, October 15, 2029.

Floating Rate Period:

From, and including, October 15, 2029 to, but excluding, the maturity date.

Coupon:

Fixed Rate Period: 5.450% per annum.

Floating Rate Period: Compounded SOFR, determined as set forth under “Description of Notes—Interest—Floating Rate Period” in the

preliminary prospectus supplement, plus 134.6 basis points.

Treasury Benchmark:

4.125% due July 15, 2029

Treasury Benchmark Price:

99-16 1/8

Treasury Benchmark Yield:

4.305%

Spread to Treasury Benchmark:

+117 basis points

Yield to Maturity:

5.475%

Day Count Convention:

Fixed Rate Period: 30/360

Floating Rate Period: Actual/360

Interest Payment Dates:

Fixed Rate Period: Semi-annually, in arrears, on April 15 and October 15 of each year, beginning on October 15, 2026

and ending on October 15, 2029.

Floating Rate Period: Quarterly, in

arrears, on January 15, 2030, April 15, 2030, July 15, 2030 and at the maturity date.

Optional Redemption:

The Notes will be redeemable at the Issuer’s option, in whole or in part, at any time and from time to time, on or after

January 28, 2027 (181 days from July 31, 2026) (or, if additional Notes are issued thereafter, beginning 181 days after the issue date of such additional Notes), and prior to October 15, 2029 (the date that is one year prior to the

maturity date), at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:

(a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, discounted to the redemption date

(assuming that the Notes to be redeemed matured on October 15, 2029 (the date that is one year prior to the maturity date)) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the preliminary prospectus supplement) plus 20 basis points less (b) interest accrued on the Notes to be redeemed to the date of redemption; and

100% of the principal amount of the Notes to be redeemed,

plus, in either case, accrued and unpaid interest thereon, if any, to, but excluding,

the redemption date.

In addition, the Issuer may, at its option, redeem the Notes

(i) in whole but not in part on October 15, 2029 (the date that is one year prior to the maturity date) or (ii) in whole or in part, at any time and from time to time, on or after September 15, 2030 (the date that is 30 days

prior to the maturity date), in each case at a redemption price equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

The Notes will not be subject to repayment at the option of the holder at any time prior

to maturity.

CUSIP / ISIN:

87165BBC6 / US87165BBC63

6.276%

Fixed-to-Floating Rate Senior Notes due 2037

Price to Public:

100.000% of the principal amount

Principal Amount:

$500,000,000

Maturity Date:

July 31, 2037

Fixed Rate Period:

From, and including, July 31, 2026 to, but excluding, July 31, 2036.

Floating Rate Period:

From, and including, July 31, 2036 to, but excluding, the maturity date.

Coupon:

Fixed Rate Period: 6.276% per annum.

Floating Rate Period: Compounded SOFR, determined as set forth under “Description of Notes—Interest—Floating Rate Period” in the

preliminary prospectus supplement, plus 202.9 basis points.

Treasury Benchmark:

4.375% due May 15, 2036

Treasury Benchmark Price:

98-06

Treasury Benchmark Yield:

4.606%

Spread to Treasury Benchmark:

+167 basis points

Yield to Maturity:

6.276%

Day Count Convention:

Fixed Rate Period: 30/360

Floating Rate Period: Actual/360

Interest Payment Dates:

Fixed Rate Period: Semi-annually, in arrears, on January 31 and July 31 of each year, beginning on January 31, 2027 and

ending on July 31, 2036.

Floating Rate Period: Quarterly, in arrears, on

October 31, 2036, January 31, 2037, April 30, 2037 and at the maturity date.

Optional Redemption:

The Notes will be redeemable at the Issuer’s option, in whole or in part, at any time and from time to time, on or after

January 28, 2027 (181 days from July 31, 2026) (or, if additional Notes are issued thereafter, beginning 181 days after the issue date of such additional Notes), and prior to July 31, 2036 (the date that is one year prior to the

maturity date), at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:

(a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, discounted to the redemption date

(assuming that the Notes to be redeemed matured on July 31, 2036 (the date that is one year prior to the maturity date)) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the preliminary prospectus supplement) plus 30 basis points less (b) interest accrued on the Notes to be redeemed to the date of redemption; and

100% of the principal amount of the Notes to be redeemed,

plus, in either case, accrued and unpaid interest thereon, if any, to, but excluding,

the redemption date.

In addition, the Issuer may, at its option, redeem the Notes

(i) in whole but not in part on July 31, 2036 (the date that is one year prior to the maturity date) or (ii) in whole or in part, at any time and from time to time, on or after May 2, 2037 (the date that is 90 days prior to the

maturity date), in each case at a redemption price equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

The Notes will not be subject to repayment at the option of the holder at any time prior

to maturity.

CUSIP / ISIN:

87165BBD4 / US87165BBD47

A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision

or withdrawal at any time.

It is expected that delivery of the Notes will be made against payment therefor on or about July 31,

2026, which will be the third business day after the date of the prospectus supplement. Under Rule 15c6-1 of the Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of

1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on the date of the prospectus

supplement will be required, by virtue of the fact that the Notes will settle in three business days, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Such purchasers should consult their own

advisors in this regard.

It is anticipated that the notes will be issued without original issue discount for U.S. federal income

tax purposes. In such case, interest on a note will be includable by a U.S. holder as interest income at the time it accrues or is received in accordance with its method of accounting for U.S. federal income tax purposes and will be ordinary income.

The Issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement dated July 28, 2026 with the SEC

for the Offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus in that registration statement and other documents the Issuer has filed with the SEC for

more complete information about the Issuer and this Offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement related to the Offering and the

accompanying prospectus may be obtained by contacting: J.P. Morgan Securities LLC collect at (212) 834-4533, TD Securities (USA) LLC at 1-855-495-9846 or Wells Fargo Securities, LLC at 1-800-645-3751.

ANY DISCLAIMER OR OTHER NOTICE THAT MAY APPEAR BELOW IS NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMER OR NOTICE WAS

AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT BY BLOOMBERG OR ANOTHER EMAIL SYSTEM.

EX-4.1

Filename: d112401dex41.htm · Sequence: 3

EX-4.1

Exhibit 4.1

SYNCHRONY FINANCIAL

AND

THE BANK OF NEW

YORK MELLON,

as Trustee

SIXTEENTH SUPPLEMENTAL INDENTURE

Dated as of July 31, 2026

to the

INDENTURE

Dated as of August 11, 2014

TABLE OF CONTENTS

Page

ARTICLE I

DEFINITIONS

Section 1.01.

Relation to Base Indenture

Section 1.02.

Definition of Terms

ARTICLE II

GENERAL TERMS AND CONDITIONS OF THE NOTES

Section 2.01.

Designation and Principal Amount

Section 2.02.

Maturity

Section 2.03.

Form, Payment and Appointment

Section 2.04.

Global Notes

Section 2.05.

Interest

Section 2.06.

No Sinking Fund

Section 2.07.

Satisfaction and Discharge

ARTICLE III

REDEMPTION OF THE NOTES

Section 3.01.

Optional Redemption by Company

Section 3.02.

Notice of Redemption; Selection of Notes to be Redeemed

Section 3.03.

Payment of Redemption Price

Section 3.04.

No Other Redemption

ARTICLE IV

FORMS OF NOTES

Section 4.01.

Forms of Notes

ARTICLE V

ORIGINAL ISSUE OF NOTES

Section 5.01.

Original Issue of Notes

ARTICLE VI

MISCELLANEOUS

Section 6.01.

Ratification of Indenture

Section 6.02.

Trustee Not Responsible for Recitals

Section 6.03.

Governing Law

Section 6.04.

Waiver of Trial by Jury

Section 6.05.

Table of Contents, Headings, etc.

Section 6.06.

Execution in Counterparts

Section 6.07.

Separability; Benefits

EXHIBIT A

Form of 5.450%

Fixed-to-Floating Rate Senior Notes due 2030

A-1

EXHIBIT B

Form of 6.276%

Fixed-to-Floating Rate Senior Notes due 2037

B-1

THIS SIXTEENTH SUPPLEMENTAL INDENTURE (this “Sixteenth Supplemental

Indenture”), dated as of July 31, 2026, 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 Twelfth Supplemental Indenture, dated as of August 2,

2024, between the Company and the Trustee, providing for the issuance of the 5.935% Senior Notes due 2030 and providing, among other things, for certain provisions applicable to notes issued after the date of such supplemental indenture (the

“Twelfth Supplemental Indenture” and, together with the Base Indenture and this Sixteenth Supplemental Indenture, the “Indenture”);

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 5.450% Fixed-to-Floating Rate Senior Notes due 2030 (the “2030 Notes”) and its 6.276% Fixed-to-Floating Rate Senior Notes due 2037 (the “2037 Notes” and, together with the 2030 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 Sixteenth Supplemental Indenture;

WHEREAS, the Company has

requested that the Trustee execute and deliver this Sixteenth Supplemental Indenture, and all requirements necessary to make this Sixteenth 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 Sixteenth Supplemental

Indenture has been duly authorized in all respects; and

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein

and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I

DEFINITIONS

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

Indenture.

Section 1.02. Definition of Terms. For all purposes of this Sixteenth 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 Sixteenth Supplemental Indenture has the same meaning throughout;

(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):

“2030 Notes First Par Call Date” shall have the meaning set forth in Section 3.01(a).

“2037 Notes First Par Call Date” shall have the meaning set forth

in Section 3.01(b).

“2030 Notes Fixed Rate Period” shall have the meaning set forth in

Section 2.05(a)(i).

“2037 Notes Fixed Rate Period” shall have the meaning set forth in Section 2.05(a)(ii).

“2030 Notes Fixed Rate Period Interest Payment Date” shall have the meaning set forth in Section 2.05(a)(i).

“2037 Notes Fixed Rate Period Interest Payment Date” shall have the meaning set forth in Section 2.05(a)(ii).

“2030 Notes Floating Rate Period” shall have the meaning set forth in Section 2.05(b)(i).

“2037 Notes Floating Rate Period” shall have the meaning set forth in Section 2.05(b)(ii).

“2030 Notes Floating Rate Period Interest Payment Date” shall have the meaning set forth in Section 2.05(b)(i).

“2037 Notes Floating Rate Period Interest Payment Date” shall have the meaning set forth in Section 2.05(b)(ii).

“2030 Notes Maturity Date” shall have the meaning set forth in Section 2.02(a).

“2037 Notes Maturity Date” shall have the meaning set forth in Section 2.02(b).

“2030 Notes Optional Redemption Price” shall mean, with respect to any redemption of the 2030 Notes, the applicable

redemption price for such 2030 Notes set forth in Section 3.01(a).

“2037 Notes Optional Redemption Price” shall

mean, with respect to any redemption of the 2037 Notes, the applicable redemption price for such 2037 Notes set forth in Section 3.01(b).

“2030 Notes Redemption Date” shall mean, with respect to any redemption of the 2030 Notes, the date fixed for such

redemption pursuant to the Indenture and such 2030 Notes.

“2037 Notes Redemption Date” shall mean, with respect to any

redemption of the 2037 Notes, the date fixed for such redemption pursuant to the Indenture and such 2037 Notes.

“Benchmark” shall have the meaning of, initially, Compounded SOFR; provided that if a Benchmark Transition Event and its

related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

“Benchmark Replacement” shall have the meaning of the first alternative set forth in the order below that can be

determined by the Company or its designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement Date and the Company or its

designee shall have determined that the ISDA Fallback Rate determined in accordance with clause (2) below is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate

notes at such time, then clause (2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with clause (3) below:

(1)

the sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant

Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

(2)

the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

(3)

the sum of: (a) the alternate rate of interest that has been selected by the Company or its designee as

the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark

Replacement Adjustment.

“Benchmark Replacement Adjustment” shall have the meaning of the first

alternative set forth in the order below that can be determined by the Company or its designee as of the Benchmark Replacement Date:

(1)

the spread adjustment (which may be a positive or negative value or zero), or method for calculating or

determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

(2)

if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA

Fallback Adjustment; or

(3)

the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company

or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark

Replacement for U.S. dollar-denominated floating rate notes at such time.

“Benchmark Replacement Conforming

Changes” shall have the meaning of, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of

determining rates and making payments of interest, the rounding of amounts or tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner

substantially consistent with market practice (or, if the Company or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market practice for

use of the Benchmark Replacement exists, in such other manner as the Company or its designee determines is reasonably practicable).

“Benchmark Replacement Date” shall have the meaning of the earliest to occur of the following events with respect to the

then-current Benchmark (including any daily published component used in the calculation thereof):

(1)

in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the

later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

(2)

in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the

public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise

to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

“Benchmark Transition Event” shall have the meaning of the occurrence of one or more of the following events with

respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

(1)

a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such

component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator

that will continue to provide the Benchmark (or such component);

(2)

a public statement or publication of information by the regulatory supervisor for the administrator of the

Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction

over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator for the Benchmark

(or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the

Benchmark (or such component); or

(3)

a public statement or publication of information by the regulatory supervisor for the administrator of the

Benchmark announcing that the Benchmark is no longer representative.

“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.

“Calculation Agent” shall mean the firm appointed by the Company prior to the commencement of the applicable Floating Rate

Period. The Company or an affiliate of the Company may assume the duties of the Calculation Agent.

“Compounded SOFR”

With respect to any Floating Rate Period, “Compounded SOFR” will be determined by the Calculation Agent in accordance with

the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point):

where:

“SOFR IndexStart” means, for periods other than the initial

interest period in the applicable Floating Rate Period, the SOFR Index value on the preceding Interest Payment Determination Date, and, for the initial interest period in the applicable Floating Rate Period, the SOFR Index value on the date that is

two U.S. Government Securities Business Days before the first day of such initial interest period (such first day expected to be October 15, 2029 in the case of the 2030 Notes and July 31, 2036 in the case of the 2037 Notes);

“SOFR IndexEnd” means the SOFR Index value on the Interest

Payment Determination Date relating to the applicable Floating Rate Period Interest Payment Date (or in the final Floating Rate Period of each series of Notes, relating to the Maturity Date of such series of Notes, or, in the case of the redemption

of the applicable Notes, relating to the applicable Redemption Date); and

“d” is the number of calendar days in the

relevant Observation Period.

For purposes of determining Compounded SOFR,

“Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each Floating Rate

Period Interest Payment Date (or, in the case of the redemption of the applicable Notes, preceding the applicable Redemption Date).

“Observation Period” means, in respect of each Floating Rate Period for

each series of Notes, the period from, and including, the date two U.S. Government Securities Business Days preceding the first date of the relevant Floating Rate Period, but excluding, the date two U.S. Government Securities Business Days prior to

the relevant Floating Rate Period Interest Payment Date for such Floating Rate Period (or in the final Floating Rate Period for such series of Notes, preceding the applicable Maturity Date or, in the case of the redemption of the applicable Notes,

preceding the applicable Redemption Date).

“SOFR” means the daily secured overnight financing rate as provided by the

SOFR Administrator on the SOFR Administrator’s Website.

“SOFR Administrator” means the Federal Reserve Bank of

New York (the “FRBNY”) (or a successor administrator of SOFR).

“SOFR Administrator’s Website” means

the website of the FRBNY, currently at www.newyorkfed.org, or any successor source.

“SOFR Index” means, with respect

to any U.S. Government Securities Business Day:

(1)

the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR

Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); or

(2)

if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time,

then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “SOFR Index unavailable provisions” described

below; or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, Compounded SOFR shall be the rate determined pursuant to the “Benchmark Transition Provisions” provisions

described in Section 2.05(f).

“U.S. Government Securities Business Day” means any day except

for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in

U.S. government securities.

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

“First Par Call Date” shall mean the 2030 Notes First Par Call Date and the 2037 Notes First Par Call Date, as the

case may be.

“Fixed Rate Period” shall mean the 2030 Notes Fixed Rate Period and the 2037 Notes Fixed Rate Period, as

the case may be.

“Fixed Rate Period Interest Payment Date” shall mean the 2030 Notes Fixed Rate Period Interest

Payment Date and the 2037 Notes Fixed Rate Period Interest Payment Date, as the case may be.

“Floating Rate Period”

shall mean the 2030 Notes Floating Rate Period and the 2037 Notes Floating Rate Period, as the case may be.

“Floating Rate

Period Interest Payment Date” shall mean the 2030 Notes Floating Rate Period Interest Payment Date and the 2037 Notes Floating Rate Period Interest Payment Date, as the case may be.

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

“Interest Payment Date” means the Floating Rate Period Interest Payment Date and the Fixed Rate Period Interest Payment

Date.

“ISDA” means the International Swaps and Derivatives Association, Inc., or any successor thereto.

“ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as

amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply

for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be

effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

“Maturity Date” shall mean the 2030 Notes Maturity Date and the 2037 Notes Maturity Date, as the case may be.

“Optional Redemption Price” shall mean the 2030 Notes Optional Redemption Price and the 2037 Notes Optional Redemption

Price, as the case may be.

“Record Date” means the calendar day that is 15 calendar days prior to each Interest

Payment Date (whether or not a Business Day).

“Redemption Date” shall mean the 2030 Notes Redemption Date and the 2037

Notes Redemption Date, as the case may be.

“Reference Time” with respect to any determination of the Benchmark means

(1) if the Benchmark is Compounded SOFR, the SOFR Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark

Replacement Conforming Changes.

“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a

committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.

“Remaining

Life” shall have the meaning set forth in the defined term “Treasury Rate”.

“Treasury Rate”

shall mean, with respect to any Redemption Date, the yield determined by the Company in accordance with the following two paragraphs.

The Treasury Rate

shall be determined by the Company as of 4:15 p.m., New York City time (or as of such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the

relevant Redemption Date based upon the yield or yields for the most recent day that appear as of such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as

“Selected Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any

successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the relevant

Redemption Date to the applicable First Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding

to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the applicable First Par Call Date

on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the

yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant

number of months or years, as applicable, of such Treasury constant maturity from the relevant Redemption Date.

If on the third business day preceding the relevant Redemption Date H.15 TCM is no longer published, the

Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such Redemption Date of the United States Treasury

security maturing on, or with a maturity that is closest to, the applicable First Par Call Date, as applicable. If there is no United States Treasury security maturing on the applicable First Par Call Date but there are two or more United States

Treasury securities with a maturity date equally distant from the applicable First Par Call Date, one with a maturity date preceding the applicable First Par Call Date and one with a maturity date following the applicable First Par Call Date, the

Company shall select the United States Treasury security with a maturity date preceding the applicable First Par Call Date. If there are two or more United States Treasury securities maturing on the applicable First Par Call Date or two or more

United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon

the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the

applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three

decimal places.

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement

Adjustment.

The terms “Base Indenture,” “Company,” “Indenture,”

“Twelfth Supplemental Indenture,” “Sixteenth Supplemental Indenture,” “Notes,” and “Trustee” shall have the respective meanings set forth in the recitals to this Sixteenth

Supplemental Indenture and the paragraph preceding such recitals.

ARTICLE II

GENERAL TERMS AND CONDITIONS OF THE

NOTES

Section 2.01. Designation and Principal Amount. The Notes may be issued from time to time upon written

order of the Company for the authentication and delivery of Notes pursuant to Section 2.03 of the Base Indenture.

There is hereby

authorized a series of Securities designated as 5.450% Fixed-to-Floating Rate Senior Notes due 2030, initially limited in aggregate principal amount to

U.S. $600,000,000 (except for 2030 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 2030 Notes

pursuant to Sections 2.06, 2.07, 2.08, 2.09, 3.03 or 10.04 of the Base Indenture).

There is hereby authorized a series of Securities

designated as 6.276% Fixed-to-Floating Rate Senior Notes due 2037, initially limited in aggregate principal amount to U.S. $500,000,000 (except for 2037 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 2037 Notes pursuant to Sections 2.06, 2.07, 2.08, 2.09,

3.03 or 10.04 of the Base Indenture).

Section 2.02. Maturity.

(a) The date upon which the 2030 Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is

October 15, 2030 (the “2030 Notes Maturity Date”).

(b) The date upon which the 2037 Notes shall become due and

payable at final maturity, together with any accrued and unpaid interest, is July 31, 2037 (the “2037 Notes Maturity Date”).

Section 2.03. Form, Payment and Appointment. Except as provided in Section 2.04, the Notes of each series shall be issued in fully

registered, certificated form. Principal of and premium, if any, and interest on the Notes will be payable, the transfer of such Notes will be registrable, and such Notes will be exchangeable for Notes of a like aggregate principal amount bearing

identical terms and provisions, at the office or agency of the Company maintained for such purpose in the City of Pittsburgh and State of Pennsylvania, which shall initially be the Principal Office of the Trustee located therein; 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.

Section 2.04. Global Notes.

(a) The Notes of each series shall be issued initially in the form of one or more permanent Global Securities in registered form (each, a

“Global Note”). The Depository Trust Company (“DTC”) shall initially act as the Depositary for the Notes. Each Global Note (i) shall be deposited with the Depositary or its custodian and registered in the

name of DTC or DTC’s nominee, (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions, and (iii) shall bear a legend substantially to the effect set forth in Section 2.12 of

the Base Indenture.

(b) The aggregate amount of Outstanding Notes represented by any Global Note may from time to time be increased or

decreased to reflect exchanges or other increases or decrease in the principal amount thereof. The Trustee may make any endorsement on a Global Note to reflect the amount, or any increase or decrease in the amount, or changes in the rights of

holders of the Notes represented thereby, in each case in accordance with the terms of the Indenture and the Notes. Each Global Note shall represent the aggregate principal amount of Notes from time to time endorsed thereon.

(c) Unless and until any Global Note for any series of Notes is exchanged for Notes of such series in certificated form, such Global Note may

be transferred, in whole but not in part, and any payments on the Notes evidenced by such Global Note shall be made, only to the Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the Company or to a

nominee of such successor Depositary, in each case as the Securityholder of such Notes.

Section 2.05. Interest.

(a) Fixed Rate Period.

(i) During the period from, and including, the issue date, to, but excluding, October 15, 2029 (the “2030 Notes

Fixed Rate Period”), the 2030 Notes shall bear interest at the rate of 5.450% per annum. Such interest shall be payable semi-annually, in arrears, on April 15 and October 15 of each year, beginning on October 15, 2026, and

ending on October 15, 2029 (each, a “2030 Notes Fixed Rate Period Interest Payment Date”).

(ii)

During the period from, and including, the issue date, to, but excluding, July 31, 2036 (the “2037 Notes Fixed Rate Period”), the 2037 Notes shall bear interest at the rate of 6.276% per annum. Such interest shall be payable

semi-annually, in arrears, on January 31 and July 31 of each year, beginning on January 31, 2027, and ending on July 31, 2036 (each, a “2037 Notes Fixed Rate Period Interest Payment Date”).

(iii) Interest shall be computed on the basis of a 360-day year consisting of twelve 30-day months. If any scheduled Fixed Rate Period Interest Payment Date, Maturity Date or any Redemption Date falls on a day that is not a Business Day, then payment of any interest, principal or premium payable on

such date shall be postponed to the next succeeding Business Day, with the same force and effect as if made on the date such payment was due, and no interest or other payment shall accrue as a result of such delay.

(b) Floating Rate Period.

(i) During the period from, and including, October 15, 2029 to, but excluding, the 2030 Notes Maturity Date (the

“2030 Notes Floating Rate Period”), the 2030 Notes shall bear interest at a floating rate per annum equal to the Benchmark plus 134.6 basis points, as determined in arrears by the Calculation Agent in the manner described herein.

Such interest shall be payable quarterly, in arrears, on January 15, 2030, April 15, 2030, July 15, 2030 and at the 2030 Notes Maturity Date (each a “2030 Notes Floating Rate Period Interest Payment Date”).

(ii) During the period from, and including, July 31, 2036 to, but excluding, the 2037 Notes Maturity Date (the

“2037 Notes Floating Rate Period”), the 2037 Notes shall bear interest at a floating rate per annum equal to the Benchmark plus 202.9 basis points, as determined in arrears by the Calculation Agent in the manner described herein.

Such interest shall be payable quarterly, in arrears, on October 31, 2036, January 31, 2037, April 30, 2037 and at the 2037 Notes Maturity Date (each a “2037 Notes Floating Rate Period Interest Payment Date”).

(iii) Floating Rate Period Interest Payment Date interest shall be computed on the basis of the actual number of days in each

Floating Rate Period (or any other relevant period) and a 360-day year. The amount of accrued interest payable on the applicable Notes for each Floating Rate Period shall be computed by multiplying

(i) the outstanding principal amount of the applicable Notes by (ii) the product of (a) the interest rate for the relevant Floating Rate Period multiplied by (b) the quotient of the actual number of calendar days in the

applicable Observation Period relating to such Floating Rate Period (or any other relevant period) divided by 360. The interest rate on the applicable Notes shall in no event be lower than zero.

(iv) If any scheduled Floating Rate Period Interest Payment Date (other than the Maturity Date or any Redemption Date) falls on

a day that is not a Business Day, such Floating Rate Period Interest Payment Date shall be postponed to the next succeeding Business Day, except that, if the next succeeding Business Day falls in the next calendar month, then such Floating Rate

Period Interest Payment Date shall be advanced to the immediately preceding day that is a Business Day. If any such Floating Rate Period Interest Payment Date (other than the Maturity Date or any Redemption Date) is postponed or brought forward as

described above, the payment of interest due on such postponed or brought forward Floating Rate Period Interest Payment Date shall include interest accrued to but excluding such postponed or brought forward Floating Rate Period Interest Payment

Date.

(v) The Calculation Agent shall determine the Benchmark, the interest rate and accrued interest for each interest

period in arrears as soon as reasonably practicable on or after the Interest Payment Determination Date for such interest period and prior to the relevant Interest Payment Date and shall notify the Company (if the Company is not the Calculation

Agent) of the Benchmark, such interest rate and accrued interest for each interest period as soon as reasonably practicable after such determination, but in any event by the Business Day immediately prior to the Floating Rate Period Interest Payment

Date. At the written request of a Holder of the applicable Notes, the Company shall provide the Benchmark, the interest rate and the amount of interest accrued with respect to any interest period, after the Benchmark, such interest rate and accrued

interest have been determined. The Calculation Agent’s determination of any interest rate, and its calculation of interest payments for any Floating Rate Period, shall be maintained on file at the Calculation Agent’s principal offices

and shall be provided in writing to the Trustee.

registered at the close of business on the Record Date preceding the relevant Interest Payment Date.

(d) In the event that the Maturity

Date or a Redemption Date for any Note falls on a day that is not a Business Day, then the related payments of principal, premium, if any, and interest shall be made on the next succeeding day that is a Business Day (and no additional interest shall

accrue on the amount payable for the period from and after such Maturity Date or Redemption Date, as the case may be). If a Redemption Date of any Note falls within the applicable Floating Rate Period but does not occur on a Floating Rate Period

Interest Payment Date, (i) the related Interest Payment Determination Date shall be deemed to be the date that is two U.S. Government Securities Business Days prior to such Redemption Date, (ii) the related Observation Period shall be

deemed to end on (and exclude) the second U.S. Government Securities Business Day falling prior to such Redemption Date, (iii) the Floating Rate Period shall be deemed to be shortened accordingly and (iv) corresponding adjustments shall be

deemed to be made to the Benchmark.

(e) SOFR Index Unavailable Provisions. If a SOFR IndexStart or SOFR IndexEnd is not

published on the associated Interest Payment Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” means, for the applicable interest

period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the SOFR

Administrator’s Website currently at https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates, or any successor source. For the purposes of this provision, references in the SOFR Averages compounding

formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If SOFR (“SOFRi”) does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in

respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website.

(f) Benchmark Transition Provisions.

(i) Benchmark Replacement. In the event that the Company or its designee determines that a Benchmark Transition Event

and its related Benchmark Replacement Date have occurred on or prior to the applicable Reference Time in respect of any determination of the Benchmark on any date, the applicable Benchmark Replacement shall replace the then-current Benchmark for all

purposes relating to the Notes in respect of such determination on such date and all determinations on all subsequent dates.

(ii) Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the

Company or its designee shall have the right to make Benchmark Replacement Conforming Changes from time to time.

(iii)

Decisions and Determinations. All determinations, decisions, elections and any calculations made by the Company or its designee for the purposes of determining the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark

Replacement Conforming Changes shall be conclusive and binding on the Holders of the Notes, the Company, the Calculation Agent, the Trustee and the paying agent, absent manifest error. If made by the Company as Calculation Agent, will be made in the

Company’s sole discretion. If made by the Company’s designee, such determinations, decisions, elections and calculations shall be made after consulting with the Company, and such designees shall not make any such determination, decision,

election or calculation to which the Company objects. Notwithstanding anything to the contrary in this Indenture, any determinations, decisions, calculations or elections made in accordance with this provision shall become effective without consent

from the Holders of the Notes or any other party. Any determination, decision or election pursuant to the benchmark replacement provisions shall be made by the Company or its designee (which may be the Company’s affiliate) on the basis as

described above, and in no event shall the Trustee or the Calculation Agent be responsible for making any such determination, decision or election. None of the Trustee, paying agent, or the Calculation Agent (if other than the Company or its

affiliate) shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence

of, any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such

a rate or index have been satisfied, (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement

Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing, including, but not limited to, adjustments as to any alternative spread thereon, the business day convention, interest determination dates or any other

relevant methodology applicable to such substitute or successor benchmark. In connection with the foregoing, each of the Trustee, paying agent, and Calculation Agent (if other than the Company or its affiliate) shall be entitled to conclusively rely

on any determinations made by the Company or its designee without independent investigation, and none of the Trustee, paying agent, and Calculation Agent (if other than the Company or its affiliate) will have any

liability for actions taken at the direction of the Company in connection therewith. None of the Trustee, paying agent, or the Calculation Agent (if other than the Company or its affiliate) shall

be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Sixteenth Supplemental Indenture or the Notes as a result of the unavailability of SOFR, or other applicable Benchmark Replacement, including as

a result of any failure, inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this Sixteenth Supplemental Indenture

or the Notes and reasonably required for the performance of such duties. None of the Trustee, paying agent, or Calculation Agent (if other than the Company or its affiliate) shall be responsible or liable for the Company’s actions or omissions

or for those of any of the Company’s designees, or for any failure or delay in the performance by the Company or any of its designees, nor shall any of the Trustee, paying agent, or Calculation Agent (if other than the Company or its

affiliate) be under any obligation to oversee or monitor the Company’s performance or the performance of any of the Company’s designees. The Trustee may conclusively rely, without investigation, on the Calculation Agent’s

determination of the interest rate during the Floating Rate Periods.

Section 2.06. No Sinking Fund. The Notes are not entitled to

the benefit of any sinking fund.

Section 2.07. Satisfaction and Discharge. Article 12 of the Base Indenture contains provisions for

discharge of the Indenture and the legal and covenant defeasance of the obligations of the Company with respect to any series of Securities at any time upon compliance by the Company with certain conditions set forth therein, which provisions shall

apply to the Notes.

ARTICLE III

REDEMPTION OF THE NOTES

Section 3.01. Optional Redemption by Company.

(a) The 2030 Notes may not be redeemed by the Company prior to January 28, 2027. On or after January 28, 2027 (181 days after

July 31, 2026) (or, if additional notes are issued, beginning 181 days after the issue date of such additional notes), and, prior to October 15, 2029 (one year prior to the 2030 Notes Maturity Date (the “2030 Notes First

Par Call Date”)), the Company may redeem the 2030 Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal

to the greater of:

(i) (1) the sum of the present values of the remaining scheduled payments of principal and

interest thereon discounted to the 2030 Notes Redemption Date (assuming that the 2030 Notes matured on the 2030 Notes First Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 0.200% less (2) interest accrued to the 2030 Notes Redemption Date; and

(ii) 100% of the principal amount of the 2030 Notes to be redeemed,

plus, in each case of (i) and (ii), accrued and unpaid interest, if any, to, but excluding, the 2030 Notes Redemption Date of the 2030 Notes to be

redeemed.

On the 2030 Notes First Par Call Date, the Company may redeem the 2030 Notes, in whole but not in part, at a redemption price

equal to 100% of the aggregate principal amount of the 2030 Notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the 2030 Notes Redemption Date.

On or after September 15, 2030 (the date that is 30 days prior to the 2030 Notes Maturity Date), the Company may redeem the 2030 Notes,

in whole or in part, at any time and from time to time, at its option at a redemption price equal to 100% of the aggregate principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the

2030 Notes Redemption Date.

The term “2030 Notes Optional Redemption Price” means,

with respect to any redemption of Notes of this series, the applicable redemption price for such 2030 Notes set forth in the preceding three paragraphs; and the term “2030 Notes Redemption Date” means, with respect to any

redemption of the 2030 Notes, the date fixed for such redemption pursuant to the Indenture and the 2030 Notes.

(b) The 2037 Notes may not

be redeemed by the Company prior to January 28, 2027. On or after January 28, 2027 (181 days after July 31, 2026) (or, if additional notes are issued, beginning 181 days after the issue date of such additional notes), and, prior to

July 31, 2036 (one year prior to the 2037 Notes Maturity Date (the “2037 Notes First Par Call Date”)), the Company may redeem the 2037 Notes at its option, in whole or in part, at any time and from time to time, at a

redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(i) (1) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to

the 2037 Notes Redemption Date (assuming that the 2037 Notes matured on the 2037 Notes First Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve

30-day months) at the applicable Treasury Rate plus 0.300% less (2) interest accrued to the 2037 Notes Redemption Date; and

(ii) 100% of the principal amount of the 2037 Notes to be redeemed,

plus, in each case of (i) and (ii), accrued and unpaid interest, if any, to, but excluding, the 2037 Notes Redemption Date of the 2037 Notes to be

redeemed.

On the 2037 Notes First Par Call Date, the Company may redeem the 2037 Notes, in whole but not in part, at a redemption price

equal to 100% of the aggregate principal amount of the 2037 Notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the 2037 Notes Redemption Date.

On or after May 2, 2037 (the date that is 90 days prior to the 2037 Notes Maturity Date), the Company may redeem the 2037 Notes, in whole

or in part, at any time and from time to time, at its option at a redemption price equal to 100% of the aggregate principal amount of the 2037 Notes being redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the 2037 Notes

Redemption Date.

The term “2037 Notes Optional Redemption Price” means, with respect to any redemption

of Notes of this series, the applicable redemption price for such 2037 Notes set forth in the preceding three paragraphs; and the term “2037 Notes Redemption Date” means, with respect to any redemption of the 2037 Notes, the date

fixed for such redemption pursuant to the Indenture and the 2037 Notes.

option, then (a) notwithstanding the foregoing, installments of interest on the Notes of such series that are due and payable on any Interest Payment Date falling on or prior to a Redemption Date for the Notes of such series shall be payable on

that Interest Payment Date to the registered holders thereof as of the close of business on the relevant Record Date according to the terms of the Notes of such series and the Indenture and (b) the redemption price shall, if applicable, be

calculated on the basis of a 360-day year consisting of twelve 30-day months.

The Trustee shall not be responsible for determining the redemption price, including, without limitation, any applicable Optional Redemption

Price.

Section 3.02. Notice of Redemption; Selection of Notes to be Redeemed. The Company shall mail or electronically deliver (or

otherwise deliver in accordance with the applicable procedures of the Depositary if the series of Notes to be redeemed are issued in the form of one or more Global Notes) notice of any redemption to the registered holders of the Notes of the series

to be redeemed at least 5 and not more than 60 days prior to the relevant Redemption Date. If the Notes are only partially redeemed pursuant to Section 3.01, the Notes of the series to be redeemed will be selected by the Trustee by lot;

provided that if at the time of redemption the Notes of the series to be redeemed are registered as a Global Note, the Depositary shall determine, in accordance with its procedures, the principal amount of the Notes of the series to be redeemed held

by each of its participants that holds a position in such Notes.

Section 3.03. Payment of Redemption Price. The Optional Redemption Price for any

Notes to be redeemed shall be paid prior to 12:00 noon, New York City time, on the relevant Redemption Date or at such later time as is then permitted by the rules of the Depositary for the applicable series of Notes (if then registered as a Global

Note); provided that the Company shall deposit with the Trustee an amount sufficient to pay the Optional Redemption Price for the Notes to be redeemed by 10:00 a.m., New York City time, on the date such Optional Redemption Price is to be

paid.

Section 3.04. No Other Redemption. Except as set forth in Section 3.01, the Notes of each series shall not be redeemable

by the Company prior to the applicable Maturity Date. The provisions of this Article 3 shall supersede any conflicting provisions contained in Article 3 of the Base Indenture.

ARTICLE IV

FORMS OF NOTES

Section 4.01. Forms of Notes.

(a) The 2030 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 2030 Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof.

(b) The 2037 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 2037 Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof.

ARTICLE V

ORIGINAL ISSUE OF NOTES

Section 5.01. Original Issue of Notes. The Notes having an aggregate principal amount of U.S. $1,100,000,000, consisting of

$600,000,000 aggregate principal amount of 2030 Notes and $500,000,000 aggregate principal amount of 2037 Notes (in each case, subject to the last paragraph of Section 2.02 of the Base Indenture), may from time to time, upon execution of this

Sixteenth 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).

ARTICLE VI

MISCELLANEOUS

Section 6.01. Ratification of Indenture. The Base Indenture, as supplemented by the Twelfth Supplemental Indenture and this Sixteenth

Supplemental Indenture, is in all respects ratified and confirmed, and this Sixteenth 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 Sixteenth Supplemental Indenture.

Section 6.03. Governing Law. THIS SIXTEENTH SUPPLEMENTAL INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR

RELATED TO THIS SIXTEENTH 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 Sixteenth 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 Sixteenth Supplemental Indenture, and each of the other documents

executed on the date hereof in connection with this Sixteenth Supplemental Indenture and the authentication and delivery of the Notes, 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. Delivery of an executed counterpart of a signature page by electronic mail or other electronic means (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform

Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) shall be effective as delivery of a manually executed counterpart thereof.

Section 6.07. Separability; Benefits. In case any one or more of the provisions contained in this Sixteenth 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 Sixteenth 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 Sixteenth Supplemental Indenture.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Sixteenth Supplemental Indenture to

be duly executed, as of the day and year first written above.

SYNCHRONY FINANCIAL

By:

/s/ Christopher J. Coffey

Name: Christopher J. Coffey

Title: Senior Vice President, Treasury

Funding, Investments & Liquidity

[Signature Page to Sixteenth Supplemental Indenture]

IN WITNESS WHEREOF, the parties hereto have caused this Sixteenth Supplemental Indenture to

be duly executed, as of the day and year first written above.

THE BANK OF NEW YORK MELLON, as Trustee

By:

/s/ Nathaniel Henkle

Name: Nathaniel Henkle

Title: Agent

[Signature Page to Sixteenth 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

5.450%

Fixed-to-Floating Rate Senior Note due 2030

CUSIP: 87165B

BC6

ISIN: US 87165BBC63

$________

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 October 15, 2030 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest during the period (a) from, and including, the issue date, to, but

excluding, October 15, 2029 (the “Fixed Rate Period”), at the rate of 5.450% per annum thereon, semi-annually in arrears on April 15 and October 15 of each year, with payment commencing on October 15, 2026 and

ending on October 15, 2029 (each, a “Fixed Rate Period Interest Payment Date”); and (b) from, and including, October 15, 2029 to, but excluding, the Maturity Date (the “Floating Rate Period”) at a

floating rate per annum equal to the Benchmark plus 134.6 basis points, as determined in arrears by the Calculation Agent, quarterly in arrears on January 15, 2030, April 15, 2030, July 15, 2030 and at the Maturity Date (each a

“Floating Rate Period Interest Payment Date”).

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 relevant Record Date; provided that the interest

due on the Maturity Date or a Redemption 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 City of Pittsburgh and State of Pennsylvania, which shall initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of

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

America as at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by

check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an account appropriately designated by the Person entitled to payment, provided that the paying agent shall have

received written notice of such account designation at least five Business Days prior to the date of such payment (subject to surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the Maturity Date).

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all

purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the

Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

A-2

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

SYNCHRONY FINANCIAL

By:

Name:

Title:

[Signature Page to

Global Note]

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated: __________

THE BANK OF NEW YORK MELLON, as Trustee

By:

Authorized Signatory

[Signature Page to

Global Note]

REVERSE OF NOTE

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be

issued in one or more series under an Indenture (the “Base Indenture”), dated as of August 11, 2014, between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term

includes any successor trustee), which has been amended and supplemented by the Twelfth Supplemental Indenture, dated as of August 2, 2024, between the Company and the Trustee (the “Twelfth Supplemental Indenture”), and the

Sixteenth Supplemental Indenture, dated as of July 31, 2026, between the Company and the Trustee (the “Sixteenth Supplemental Indenture”). The Base Indenture, as supplemented by the Twelfth Supplemental Indenture and the

Sixteenth Supplemental Indenture, is the “Indenture” to which reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders

of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $600,000,000.

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

The Notes may not be redeemed by the Company prior to January 28, 2027. On or after January 28, 2027 (181 days after July 31,

2026) (or, if additional Notes are issued, beginning 181 days after the issue date of such additional Notes), and, prior to October 15, 2029 (one year prior to the Maturity Date (the “First Par Call Date”)), the

Company may redeem the Notes of this series, in whole or in part, at its option, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to

the Redemption Date (assuming that the Notes matured on the First Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at

the applicable Treasury Rate plus 0.200% less (b) interest accrued to the Redemption Date; and

(ii) 100% of the

principal amount of the Notes to be redeemed,

plus, in each case of (i) and (ii), accrued and unpaid interest, if any, to, but excluding, the

Redemption Date of the Notes to be redeemed.

On the First Par Call Date, the Company may redeem the Notes of this series, in whole but

not in part, at a redemption price equal to 100% of the aggregate principal amount of the Notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date.

On or after September 15, 2030 (the date that is 30 days prior to the Maturity Date), the Company may redeem the Notes, in whole or in

part, at any time and from time to time, at its option at a redemption price equal to 100% of the aggregate principal amount of the Notes of this series being redeemed, plus accrued and unpaid interest thereon, if any, 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 three paragraphs; and the term “Redemption Date” means, with respect to any redemption of Notes of this series, the date fixed for such redemption pursuant

to the Indenture and the Notes of this series.

The Company shall mail or electronically deliver (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 5 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 by lot; 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,

A-R-1

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 Sixteenth 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 hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security

Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer

in form satisfactory to the Company and the Security Registrar duly executed by the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate

principal amount, will be issued to the designated transferee or transferees.

The Notes of this series are issuable only in registered

form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Sixteenth 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-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:

Date

Amount of decrease

in principal amount

of this

Note

Amount of increase

in principal amount

of this

Note

Principal amount of

this Note following

such decrease

increase

Signature of

authorized signatory

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

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

SYNCHRONY FINANCIAL

6.276%

Fixed-to-Floating Rate Senior Note due 2037

CUSIP: 87165B

BD4

ISIN: US 87165BBD47

$________

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 July 31, 2037 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest during the period (a) from, and including, the issue date, to, but

excluding, July 31, 2036 (the “Fixed Rate Period”), at the rate of 6.276% per annum thereon, semi-annually in arrears on January 31 and July 31 of each year, with payment commencing on January 31, 2027 and

ending on July 31, 2036 (each, a “Fixed Rate Period Interest Payment Date”); and (b) from, and including, July 31, 2036 to, but excluding, the Maturity Date (the “Floating Rate Period”) at a

floating rate per annum equal to the Benchmark plus 202.9 basis points, as determined in arrears by the Calculation Agent, quarterly in arrears on October 31, 2036, January 31, 2037, April 30, 2037 and at the Maturity Date (each a

“Floating Rate Period Interest Payment Date”).

The interest so payable, and punctually paid or duly provided for, on

due on the Maturity Date or a Redemption 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 City of Pittsburgh and State of Pennsylvania, which shall

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

initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and

private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to an

account appropriately designated by the Person entitled to payment, provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to

surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the Maturity Date).

Reference is hereby made

to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this

Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

B-2

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

SYNCHRONY FINANCIAL

By:

Name:

Title:

[Signature Page to

Global Note]

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated: __________

THE BANK OF NEW YORK MELLON, as Trustee

By:

Authorized Signatory

[Signature Page to

Global Note]

REVERSE OF NOTE

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be

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

The Notes may not be redeemed by the Company prior to January 28, 2027. On or after January 28, 2027 (181 days after July 31,

2026) (or, if additional Notes are issued, beginning 181 days after the issue date of such additional Notes), and, prior to July 31, 2036 (one year prior to the Maturity Date (the “First Par Call Date”)), the Company

may redeem the Notes of this series, in whole or in part, at its option, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

(i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to

the Redemption Date (assuming that the Notes matured on the First Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at

the applicable Treasury Rate plus 0.300% less (b) interest accrued to the Redemption Date; and

(ii) 100% of the

principal amount of the Notes to be redeemed,

plus, in each case of (i) and (ii), accrued and unpaid interest, if any, to, but excluding, the

Redemption Date of the Notes to be redeemed.

On the First Par Call Date, the Company may redeem the Notes of this series, in whole but

not in part, at a redemption price equal to 100% of the aggregate principal amount of the Notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date.

On or after May 2, 2037 (the date that is 90 days prior to the Maturity Date), the Company may redeem the Notes, in whole or in part, at

any time and from time to time, at its option at a redemption price equal to 100% of the aggregate principal amount of the Notes of this series being redeemed, plus accrued and unpaid interest thereon, if any, 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 three paragraphs; and the term “Redemption Date” means, with respect to any redemption of Notes of this series, the date fixed for such redemption pursuant to the

Indenture and the Notes of this series.

The Company shall mail or electronically deliver (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 5 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 by lot; 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,

B-R-1

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

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

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

the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security

principal amount, will be issued to the designated transferee or transferees.

The Notes of this series are issuable only in registered

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

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

in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

SCHEDULE OF INCREASES OR DECREASES IN NOTE

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

this Note have been made:

Date

Amount of decrease

in principal amount

of this

Note

Amount of increase

in principal amount

of this

Note

Principal amount of

this Note following

such decrease

increase

Signature of

authorized signatory

Trustee

EX-5.1

Filename: d112401dex51.htm · Sequence: 4

EX-5.1

SIDLEY AUSTIN LLP

787 SEVENTH

AVENUE

NEW YORK, NY 10019

+1 212 839

5300

+1 212 839 5599 FAX

AMERICA • ASIA PACIFIC • EUROPE

Exhibit 5.1

July 31, 2026

SYNCHRONY FINANCIAL

777 Long Ridge Road

Stamford, Connecticut 06902

Re:

Registration Statement on Form S-3

Ladies and Gentlemen:

We refer to the Registration Statement on Form S-3, File No. 333-288729 (the

“Registration Statement”), filed by SYNCHRONY FINANCIAL, a Delaware corporation (the “Company”), with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the

“Securities Act”), which Registration Statement became effective upon filing pursuant to Rule 462(e) under the Securities Act. Pursuant to the Registration Statement, the Company is issuing $600,000,000 aggregate principal

amount of the Company’s 5.450% Fixed-to-Floating Rate Senior Notes due 2030 (the “2030 Notes”) and $500,000,000 aggregate principal amount of the

Company’s 6.276% Fixed-to-Floating Rate Senior Notes due 2037 (the “2037 Notes” and, together with the 2030 Notes, the

“Securities”). The Securities are being issued under an Indenture dated as of August 11, 2014 (the “Base Indenture”), as amended and supplemented, including by a Twelfth Supplemental Indenture dated as of

August 2, 2024 (the “Twelfth Supplemental Indenture”) and a Sixteenth Supplemental Indenture dated as of July 31, 2026 (the “Sixteenth Supplemental Indenture” and, together with the Twelfth

Supplemental Indenture and the Base Indenture, the “Indenture”), each between the Company and The Bank of New York Mellon, as trustee (the “Trustee”). The Securities are to be sold by the Company pursuant to an

underwriting agreement dated July 28, 2026 (the “Underwriting Agreement”) among the Company and the Underwriters named therein.

This opinion letter is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation

S-K under the Securities Act.

We have examined the Registration Statement, the Indenture, the

Underwriting Agreement, the Securities in global form and the resolutions adopted by the board of directors of the Company relating to the Registration Statement, the Indenture, the Underwriting Agreement and the issuance of the Securities by

the Company. We have also examined originals, or copies of originals certified to our satisfaction, of such agreements, documents, certificates and statements of the Company and other corporate documents and instruments, and have examined such

questions of law, as we have considered relevant and necessary as a basis for this opinion

Sidley Austin (NY) LLP

is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships

SYNCHRONY FINANCIAL

July 31, 2026

Page

letter. We have assumed the authenticity of all documents submitted to us as originals, the genuineness of all signatures, the legal capacity of all persons and the conformity with the original

documents of any copies thereof submitted to us for examination. As to facts relevant to the opinions expressed herein, we have relied without independent investigation or verification upon, and assumed the accuracy and completeness of,

certificates, letters and oral and written statements and representations of public officials and officers and other representatives of the Company.

Based on and subject to the foregoing and the other limitations, qualifications and assumptions set forth herein, we are of the opinion that

the Securities will constitute valid and binding obligations of the Company when the Securities are duly executed by duly authorized officers of the Company and duly authenticated by the Trustee, all in accordance with the provisions of the

Indenture, and delivered to the purchasers thereof against payment of the agreed consideration therefor in accordance with the Underwriting Agreement.

Our opinion is subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar

laws relating to or affecting creditors’ rights generally, including, to the extent applicable, the rights or remedies of creditors of a “financial company” (as defined in Section 201 of the Dodd-Frank Wall Street Reform and

Consumer Protection Act) or the affiliates thereof, and to general equitable principles (regardless of whether considered in a proceeding in equity or at law), including concepts of commercial reasonableness, good faith and fair dealing and the

possible unavailability of specific performance or injunctive relief. Our opinion is also subject to (i) provisions of law which may require that a judgment for money damages rendered by a court in the United States of America be expressed only

in United States dollars, (ii) requirements that a claim with respect to any debt securities or other obligations that are denominated or payable other than in United States dollars (or a judgment denominated or payable other than in United

States dollars in respect of such claim) be converted into United States dollars at a rate of exchange prevailing on a date determined pursuant to applicable law and (iii) governmental authority to limit, delay or prohibit the making of

payments outside of the United States of America or in a foreign currency.

This opinion letter is limited to the General Corporation

Law of the State of Delaware and the laws of the State of New York (excluding the securities laws of the State of New York). We express no opinion as to the laws, rules or regulations of any other jurisdiction, including, without limitation, the

federal laws of the United States of America or any state securities or blue sky laws.

We hereby consent to the filing of this opinion

letter as an Exhibit to the Registration Statement and to all references to our Firm included in or made a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is

required under Section 7 of the Securities Act.

Very truly yours,

/s/ Sidley Austin LLP

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