Stein Mart 2015 Annual Report Download - page 46

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STEIN MART, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in tables in thousands, except per share amounts)
F-22
year terms unless either party provides notice of termination at least 180 days prior to expiration of the initial or current renewal term. The
Agreement contains early termination rights for each party, including termination rights upon default or upon other specified events.
The Agreement provides for greater compensation to us by Synchrony, in part due to the significant growth of our credit card program
since the addition of a private label card in 2011. The non-financial terms of the Agreement are substantially the same as the Prior
Agreement. Synchrony extends credit directly to cardholders under the Program to finance purchases from Stein Mart and, for co-brand
cardholders, from other retailers. Synchrony provides all servicing for the credit card accounts, including customer service and collections,
and bears all credit and fraud losses. We maintain a cardholder rewards program and fund rewards redeemed by cardholders as part of
that program. Co-brand cardholders earn reward certificates based on purchase volume and all cardholders can participate in in-store
“extra savings events”. An operating committee with equal representation of Stein Mart and Synchrony oversees the Program.