Sallie Mae 2015 Annual Report Download - page 168
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For purposes of this Plan, “Misconduct” means: (a) embezzlement, fraud, conviction of a
felony crime, pleading guilty or nolo contendere to a felony crime, or breach of fiduciary duty or
deliberate disregard of the Corporation’s Code of Business Code; (b) personal dishonesty of
Eligible Officer materially injurious to the Corporation; (c) an unauthorized disclosure of any
Proprietary Information; or (d) competing with the Corporation while employed by the
Corporation or during the Restricted Period, in contravention of the non-competition and non-
solicitation agreements substantially in the form provided in Exhibit C upon termination of
employment.
2.05 “Termination of Employment For Good Reason” means: (a) a material
reduction in the position or responsibilities of the Eligible Officer not including a change in title
only; (b) a reduction in Eligible Officer’s Base Salary or a material reduction in Eligible
Officer’s compensation arrangements (provided that variability in the value of stock-based
compensation or in the compensation provided under the SLM Corporation Incentive Plan or a
successor plan will not be deemed to cause a material reduction in compensation); or (c) a
relocation of the Eligible Officer’s primary work location to a distance of more than seventy-five
(75) miles from its location. If an Eligible Officer continues his or her employment with the
Corporation for more than six (6) months after the occurrence of an event described above that
constitutes a Termination for Good Reason, then the Eligible Officer shall be deemed to have
given his or her consent to such event and the Eligible Officer shall not be eligible for a
Severance Payment under this Plan as a result of that event and shall be deemed to have waived
all rights in regard to such event.
2.06 “Termination Date” means the Eligible Officer’s last date of employment with
the Corporation.
2.07 “Termination of Eligible Officer’s Employment Without Cause” means
termination of an Eligible Officer’s employment by the Corporation for any reason other than
“For Cause” or on account of death or disability, as defined in the Corporation’s long-term
disability policy in effect at the time of termination (“Disability”).