Sallie Mae 2015 Annual Report Download - page 217

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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. An
individual shall remain a Participant until that individual has received full distribution of
any amount credited to the Participant’s Account.
Plan. “Plan” means this plan, called the SLM Corporation Deferred Compensation Plan
for Key Employees, as established effective May 1, 2014, and as thereafter amended from
time to time.
Plan Year. “Plan Year” means the 12-month period beginning on each January 1 and ending
on the following December 31.
Post-Distribution Navient Share Price. “Post-Distribution Navient Share Price” means
the volume-weighted average of the “when issued” trading price on NASDAQ of a share
of common stock of Navient Corporation on the five trading days ending on the Distribution
Date.
Post-Distribution SLM BankCo Share Price. “Post-Distribution SLM BankCo Share
Price” means the volume-weighted average of the “ex-dividend” trading price on NASDAQ
of a share of common stock of SLM BankCo on the five trading days ending on the
Distribution Date.
Pre-Distribution SLM BankCo Share Price. “Pre-Distribution SLM BankCo Share Price”
means the sum of the Post-Distribution SLM BankCo Share Price and the Post-Distribution
Navient Share Price.
Retirement Distribution Account. “Retirement Distribution Account” means the account
maintained on behalf of a Participant to which Salary and/or Bonus Deferrals and
Supplemental Company Contributions are credited, pursuant to the Retirement Distribution
Option.
Retirement Distribution Option. “Retirement Distribution Option” means the Distribution
Option, pursuant to which benefits are payable in accordance with Section 7.1.
Salary. “Salary” means the total amount of cash remuneration paid by the Company to an
Eligible Employee for any calendar year of employment as base salary and/or severance
payments, including the Participant’s contributions of Salary under this Plan, any elective
deferrals, as defined in section 402(g) of the Code, and any compensation contributed on
behalf of an Eligible Employee to any cafeteria plan, as defined in section 125 of the Code,
maintained by the Company or an Affiliate, but not taking into account any fringe benefits,
moving and relocation expenses and other forms of welfare benefits.
Salary Deferral. “Salary Deferral” means that portion of Salary as to which a Participant
has made an annual election to defer receipt of, pursuant to the terms of this Plan.
Sallie Mae. “Sallie Mae” means SLM Corporation.