Sallie Mae 2015 Annual Report Download - page 177
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257
Exhibit B
Example of calculation of “Average Bonus” Portion of Severance Payment under the Plan – with
less than 2 years of service
(Example assumes 18 months of employment from January 1, 2008, through June 30, 2009)
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) 4
• Termination Date = June 30, 2009
• 2008 bonus (paid in 2009) = $65,000
• 2007 bonus (paid in 2008) = N/A
2. Use whole months for the calculation regardless of the day within the month the
termination falls.
3. If the termination falls between the last day of the quarter and the day the company score
for that month is finalized, TBD will be placed on the worksheet until the final company score is
posted.
4. Round to the nearest $100.
5. Compute 2009 (current year) estimated annual bonus:
• Bonus Target ($175,000) * most current Corp MIP Score (40%) = $70,000
6. Define 24-month period since Termination date is June 30, 2009, the look-back period
would include:
• 6 months in 2009
• All 12 months of 2008
• 0 months of 2007 - No additional service time since 18 months total service
7. Prorate each year’s annual bonus:
• 2009: 8 months @ $70,000 = $35,000
• 2008: 12 months @ $65,000 = $65,000
• 6 months no service = $0
Total: 24 months = $100,000