Sallie Mae 2015 Annual Report Download - page 166
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ARTICLE 1
NAME, PURPOSE AND EFFECTIVE DATE
1.01 Name and Purpose of Plan. The name of this plan is the SLM Corporation
Executive Severance Plan for Senior Officers (“Plan”). The purpose of the Plan is to provide
compensation and benefits to certain senior level officers of SLM Corporation (the
“Corporation”) and Sallie Mae, Inc. upon employment termination.
1.02 Effective Date. The effective date of the Plan is May 22, 2009. The Plan was
amended on September 22, 2011 and June 25, 2015. The compensation and benefits payable
under the Plan are payable upon certain employment terminations that occur after the effective
date of this Plan.
1.03 Employment Contracts Govern; Change in Control Severance Plan. To the
extent that an Eligible Officer is a party to an employment or other contract or agreement that
provides for any severance payments upon such Eligible Officer’s termination of employment
with the Corporation or any of its subsidiaries, then that contract or agreement governs, and not
this Plan. Upon the expiration of such contract or agreement, this Plan will govern. In addition,
an Eligible Officer shall not be entitled to receive benefits more than once under this Plan as a
result of holding titles with multiple entities with the Corporation and the group of companies
under common control with the Corporation. In addition, to the extent that the Change in
Control Severance Plan for Senior Officers provides for severance payments upon an Eligible
Officer’s termination of employment with the Corporation or any of its subsidiaries, then that
Plan will govern, and not this Plan.
1.04 ERISA Status. This Plan is intended to be an unfunded plan that is maintained
primarily to provide severance compensation and benefits to a select group of “management or
highly compensated employees” within the meaning of Sections 201, 301, and 401 of the
Employee Retirement Income Security Act of 1974 (“ERISA”), and therefore to be exempt from
the provisions of Parts 2, 3, and 4 of Title I of ERISA.