Sallie Mae 2015 Annual Report Download - page 246

9. ENROLLING IN THE PLAN
An eligible employee may elect to participate in the Plan by completing the enrollment procedures
established by the Committee before the enrollment deadline announced for each Entry Date.
A Participant shall elect a percentage to be deducted regularly from his or her Eligible Compensation
on an after-tax basis provided that the Participant must elect an initial payroll deduction of no less than one
percent (1%) and no more than twenty-five percent (25%) of his or her Eligible Compensation, not to exceed
$7,500 per Offering Period. Only whole percentages may be elected.
A Participant may elect to change his or her payroll deduction percentage on a biweekly basis, as
limited by Paragraph 12.
Unless a Participant changes his or her payroll deduction percentage or ceases participation in the
Plan in accordance with Paragraphs 12 and 13, a Participant's payroll deductions, as limited by Paragraph
10, and his or her initial enrollment elections will continue until the end of the Offering Period. A Participant
must complete the enrollment procedures established by the Committee each Offering Period.
10. DEPOSITS
Pursuant to the enrollment procedures established by the Committee, after-tax payroll
contributions to the Plan will be deposited to a non-interest bearing omnibus account established for the
Plan at the Sallie Mae Bank, a related party. No other types of deposits may be made.
11. INDIVIDUAL BALANCES
Individual balances are record kept at Sallie Mae, by the Committee’s designates.
12. MINIMUM AND MAXIMUM CONTRIBUTIONS
A Participant must elect an initial payroll deduction of no less than one percent (1%) and no more
than twenty-five percent (25%) of his or her Eligible Compensation, not to exceed $7,500 per Offering Period.
A Participant may change his or her contribution during the Offering Period, including changing to zero
percent. Contributions other than by payroll deductions are not permitted. Only whole percentages are
allowed.
13. WITHDRAWALS FROM THE PLAN
A Participant may make one withdrawal during each Offering Period under the terms and procedures
established by the Committee. The withdrawal must be for the total amount of contributions on record at
the time the transaction is processed. The funds will be distributed to the employee through their regular
payroll check as soon as practicable but no later than thirty (30) days from the date the withdrawal request
is submitted. If a Participant receives a withdrawal during an Offering Period, he or she shall no longer
participate in the Plan for the remainder of such Offering Period. An eligible employee who has ceased
participation in the Plan may enter the Plan for the next Offering Period by following the enrollment procedures
established by the Committee, subject to Paragraph 9.