Sallie Mae 2015 Annual Report Download - page 241
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8
rights, claim, interest or lien in any property which the Corporation may have, acquire, or otherwise
identify to assist the Corporation in fulfilling its obligation to any and all Directors under the Plan.
9. ADMINISTRATION AND TERMINATION
The Plan shall be administered by the Chief Human Resources Officer of the Corporation
who shall provide a copy of this Plan to each Director.
The Board may, at any time and in its sole discretion, terminate or amend the Plan in
accordance with Section 409A; provided, however, that no such termination or amendment shall
reduce or in any manner adversely affect the rights of any Director with respect to benefits that are
payable or become payable under the Plan as of the effective date of such amendment or termination.
In the event of termination, existing Deferred Accounts shall be paid in accordance with the terms
of the Plan except to the extent the Plan is terminated in accordance with the requirements of
Section 409A, in which event the existing Deferred Accounts shall be paid in accordance with
Section 409A.