Sallie Mae 2015 Annual Report Download - page 208

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The Employer Matching Contribution Credit will be credited by the Corporation in an
amount equal to each dollar of a Deferred Pay Credit credited to a Supplemental Savings Plan
Account.
5.3. Investment Credits: At the same times as allowed under the Qualified 401(k) Plan,
and subject to the same rules, a Participant may request that his Supplemental Savings Plan Account
be deemed to be credited for these purposes to the core investment funds then offered under the
Qualified 401(k) Plan in accordance with the Participant’s specific direction. In such event, the
Participant’s directions for the “investment” of his Supplemental Savings Plan Account will be
subject to restrictions similar to those on investment and reinvestment that apply under the Qualified
401(k) Plan. The Corporation may refuse to follow a Participant’s “investment” direction on a
prospective basis or refuse to continue to make the Investment Credits based on the investment
performance of the Qualified 401(k) Plan Account. In no event will amounts credited to the
Participant’s Supplemental Savings Plan Account be eligible for loans. Investment Credits will be
made until the Supplemental Savings Plan Account is fully distributed to the Participant. A
Participant’s Supplemental Savings Plan Account will initially be automatically deemed to be
credited with Investment Credits based on the performance of the core investment selected by the
Participant.
Effective as of the Distribution, as defined in the Separation and Distribution Agreement,
dated as of April 28, 2014, by and among SLM Corporation, New BLC Corporation, a Delaware
corporation (“SLM BankCo”), and Navient Corporation, each Supplemental Savings Plan Account
with amounts deemed invested in SLM Corporation common stock will be credited with one share
of Navient Corporation common stock and one share of SLM BankCo common stock for each share
of SLM Corporation common stock credited to such account. Following the Distribution, any
additional deferrals deemed to be invested in Company stock will be deemed invested in SLM
BankCo common stock, and no additional deferrals will be deemed invested in Navient common
stock.
6. VESTING
A Participant will at all times be fully vested in Deferred Pay Credits and Employer Matching
Contributions Credits. A Participant will be vested in Investment Credits at the same time and in
the same manner that corresponds to his vesting percentage under each of the Credits described in
this section.
7. DISTRIBUTIONS
7.1. Distribution of the vested amounts in a Participant’s Supplemental Savings Plan
Account will be made as follows. In the first year in which a Participant becomes eligible to
participate in the Supplemental Savings Plan, the Participant must make an election with respect
to the form and timing of payment of his benefit under the Supplemental Savings Plan, provided
the election is made within 30 days after the date the Participant becomes a Participant in the
Supplemental Savings Plan and in a manner acceptable to the Corporation. In the case of all other
Participants, including any new Participant who fails to make an election within the 30-day period
described above, the Participant shall make an election in a manner acceptable to the Corporation