Sallie Mae 2015 Annual Report Download - page 211

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7.7. Unless expressly provided, no amounts payable under the Supplemental Savings
Plan will be deemed to be compensation for purposes of computing benefits payable under any
other plan of compensation or benefit by the Corporation.
8. SOURCE OF PAYMENT
All benefits under the Supplemental Savings Plan will be paid from the general assets of
the Corporation, and no special or separate fund will be established or other segregation of assets
made to assure such payments. Nothing contained in the Supplemental Savings Plan will create a
trust of any kind. In the event that any Participant or other person acquires a right to receive payments
from the Corporation under the Supplemental Savings Plan, such right will be no greater than the
right of any unsecured general creditor of the Corporation.
9. PLAN ADMINISTRATION
The Supplemental Savings Plan will be administered by the SLM Corporation Retirement
Committee (the “Administrator’’) or such other committee whose members may be appointed by
and serving at the pleasure of the management-level Enterprise Risk Committee of the Corporation.
The Administrator will have full power, discretion and authority to interpret, construe and administer
the Supplemental Savings Plan and any part thereof, and the Administrator’s interpretation and
construction hereof, and actions thereunder, will be binding on all persons for all purposes. The
Administrator may employ legal counsel, consultants, actuaries and agents as it may deem desirable
in the administration of the Supplemental Savings Plan and may rely on the opinion of such counsel
or the computations of such consultants. Except as otherwise provided by law, the Administrator
will not incur any liability whatsoever on account of any matter connected with or related to the
Supplemental Savings Plan or the administration of the Supplemental Savings Plan, unless the
Administrator has acted in bad faith, or has willfully neglected his duties, in respect of the
Supplemental Savings Plan.
10. INTERESTS NOT TRANSFERABLE
The interest of any Participant, the Participant’s spouse or the Participant’s beneficiary or
beneficiaries under the Supplemental Savings Plan is not subject to the claims of creditors and may
not be voluntarily or involuntarily sold, transferred, assigned, alienated or encumbered.
11. AMENDMENT AND TERMINATION
The Supplemental Savings Plan may at any time be amended, suspended or terminated, in
whole or in part, by the Corporation. No such action will adversely affect the contractual promise
of the Corporation to pay to a Participant amounts credited under the Supplemental Savings Plan
as of the date of such action, as determined by the Administrator. Notwithstanding the foregoing,
the Supplemental Savings Plan may at any time be amended in such a way as is necessary to ensure
that the requirements of the Internal Revenue Code are satisfied so that the qualified status of the
Qualified 401(k) Plan is preserved. Further, in no event shall any amendment, modification or
termination be made in a manner that is inconsistent with the requirements under Code Section 409A.