Sallie Mae 2015 Annual Report Download - page 176
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Exhibit A
Example of calculation of “Average Bonus” Portion of Severance Payment under the Plan
(Based on a 24-month look back)
1. Assumptions/Given:
• Annual salary = $250,000
• Bonus (MIP) Target = 70% of annual rate ($175,000)
• Current Corp MIP Score = 40% (score for the most recent quarter-end in current
year)
• Termination Date = August 1, 2009
• 2008 bonus (paid in 2009) = $65,000
• 2007 bonus (paid in 2008) = $125,000
2. Compute 2009 (current year) estimated annual bonus:
• Bonus Target ($175,000) * most current Corp MIP Score (40%) = $70,000
3. Define 24-month period:
• Since Termination date is August 1, 2009, the look-back period would include:
• months in 2009
• All 12 months of 2008
• 4 months of 2007
4. Prorate each year’s annual bonus:
• 2009: 8 months @ $70,000 = $46,667
• 2008: 12 months @ $65,000 = $65,000
• 2007: 4 months @ $125,000 = $41,667
Total: 24 months = $153,333
5. Annualize 24 month prorated total by dividing by 2:
• $153,333 ÷ 2 = $76,667
• Round = $76,700