Sallie Mae 2015 Annual Report Download - page 216

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Earnings Crediting Options. “Earnings Crediting Options” means the deemed investment
options selected by the Participant from time to time pursuant to which deemed earnings
are credited to the Participant’s Distribution Option Account.
Eligible Employee. “Eligible Employee” means an Employee who is a member of the
group of selected management and/or highly compensated Employees of the Company and
who is designated by the Committee as eligible to participate in the Plan.
Employee. “Employee” means any individual employed by the Company, in accordance
with the personnel policies and practices of the Company, including citizens of the United
States employed outside of their home country and resident aliens employed in the United
States; provided, however, that to qualify as an “Employee” for purposes of the Plan, the
individual must be a member of a group of “key management or other highly compensated
employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement
Income Security Act of 1974, as amended.
End Termination Date. “End Termination Date” means the date of termination of a
Participant’s Service with the Company and its Affiliates and shall be determined without
reference to any compensation continuation arrangement or severance benefit arrangement
that may be applicable.
Enrollment Agreement. “Enrollment Agreement” means the authorization, in form and
substance, satisfactory to the Committee, which an Eligible Employee files in order to
participate in the Plan.
Grandfathered Funds. “Grandfathered Funds” means amounts deferred under the
Predecessor Plan before January 1, 2005 (and the earnings credited thereon before, on or
after January 1, 2005) for which (i) the Participant had a legally binding right as of
December 31, 2004, to be paid the amount, and (ii) such right to the amount was earned and
vested as of December 31, 2004, and was credited to the Participant’s Account balance
hereunder.
In-Service Distribution Account. “In-Service Distribution Account” means the account
maintained on behalf of a Participant for each Distribution Option Period to which Salary
and/or Bonus Deferrals are credited, pursuant to the In-Service Distribution Option.
In-Service Distribution Option. “In-Service Distribution Option” means the Distribution
Option, pursuant to which benefits are payable in accordance with Section 7.2.
Participant. “Participant” means an Eligible Employee who has filed a complete
Enrollment Agreement with the Committee or its designee, in accordance with the provisions
of Section 4, and who is making Salary and/or Bonus Deferrals into the Plan. In the event
that the Participant becomes incompetent, the term shall mean his personal representative
or guardian, who shall have the rights of a Participant, except the right to change the form
and timing of the commencement of benefits elected by the Participant on the Enrollment
Agreement. In the event of the death of a Participant, the term shall mean his Beneficiary,