Sallie Mae 2015 Annual Report Download - page 215

2
Beneficiary. “Beneficiary” means the person or persons designated as such in accordance
with Section 13.3.
Board. “Board” means the Board of Directors of SLM Corporation.
Bonus. “Bonus” means any cash performance-based compensation earned pursuant to the
SLM Corporation Management Incentive Plan, any successor plan to the SLM Corporation
Management Incentive Plan, and any other performance-based compensation designated by
the Committee as eligible to be deferred pursuant hereto.
Bonus Deferral. “Bonus Deferral” means that portion of Bonus which a Participant has
made an election to defer receipt of pursuant to the terms of this Plan.
Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time.
Committee. “Committee” means the SLM Corporation Retirement Committee, or such
other committee whose members may be appointed by and serving at the pleasure of the
management-level Enterprise Risk Committee of the Company.
Company. “Company” means SLM Corporation and any Affiliate, unless the Affiliate has
made an affirmative election not to adopt the Plan. A Company may revoke its participation
in the Plan at any time, but until such revocation, all the provisions of the Plan and
amendments thereto shall apply to the Eligible Employees of the Company. In the event a
Company revokes its participation in the Plan, the Plan shall be deemed terminated only
with respect to such Company.
Disabled. “Disabled” has the meaning giving in Code Section 409A and the guidance issued
thereunder.
Distribution Date. “Distribution Date” has the meaning set forth in the Separation
Agreement.
Distribution Option. “Distribution Option” means one of the two distribution options
which are available under the Plan, consisting of the Retirement Distribution Option and
the In-Service Distribution Option, both described in Section 7.
Distribution Option Account. “Distribution Option Account” or “Account” means the
account or accounts established on behalf of a Participant, on the books of the Company,
pursuant to Section 5.1, which shall be comprised of a Retirement Distribution Account and/
or one or more In-Service Distribution Accounts.
Distribution Option Period. “Distribution Option Period” means, with respect to the In-
Service Distribution Account only, a period of five Plan Years for which an Eligible
Employee elects, in the Enrollment Agreement for the first such Plan Year, the time and
manner of payment of amounts credited to the Eligible Employee’s In-Service Distribution
Option Account for all Plan Years in the Distribution Option Period.