Sallie Mae 2015 Annual Report Download - page 245

(e) Purchase Date. The term "Purchase Date" shall mean the last day of an Offering Period,
except if the NASDAQ Stock Market is closed on the last day of an Offering Period, the Purchase
Date shall mean the immediately preceding trading day on the NASDAQ Stock Market.
(f) Participant. The term "Participant" shall mean an eligible employee who elects to participate
in the Plan pursuant to Paragraph 9.
6. ELIGIBILITY
All regular full-time and part-time employees working 24 or more hours per week of the Corporation
shall be eligible to participate in the Plan on their Entry Date; provided, however, that such eligible employees
complete the enrollment procedures established by the Committee prior to the enrollment deadline for such
Entry Date. Notwithstanding the prior sentence, the following individuals shall not be eligible to participate
in the Plan:
(a) any individual whose services are performed for the Employer pursuant to a contract between the
Employer and another entity, and whom the Employer treats as a leased employee;
(b) any individual that the Employer treats as an independent contractor;
(c) temporary employees;
(d) members of the Boards of Directors of the Corporation and of the Employers, unless otherwise
eligible as described above; and
(e) International employees.
7. PURCHASE PRICE
The Purchase Price per share shall be equal to the fair market value of a share of common stock on
the first business day of the Plan Year on which the NASDAQ Stock Market is open, less 15 percent of such
fair market value. Unless otherwise determined by the Board of Directors of the Corporation or the Committee,
the fair market value of a share of common stock on a particular date shall be deemed to be the closing price
of a share of common stock as recorded by the NASDAQ Stock Market on such date or, if no closing price
has been recorded on such date, on the next day in which a closing price is recorded.
8. OPTION TO PURCHASE STOCK
Prior to each Entry Date, the Corporation will offer eligible employees the opportunity to elect to
participate in the Plan. Each eligible employee who elects to participate will receive an Option to purchase
on the Purchase Date the number of full and/or fractional shares of common stock at the Purchase Price.