[ex1044001.jpg]
DM_US 14702698-2J064500.0013 SALLIE MAE 401(k) SAVINGS PLAN -- Plan Document --
Effective as of April30, 2014 Exhibit 10.44

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ARTICLE 1 1.01 1.02 ARTICLE2 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10
2.11 2. 12 2.13 2.14 2.15 2.16 2.17 2.18 2.19 2.20 2.21 2.22 2.23 2.24 2.25 2.26
2.27 2.28 2.29 2.30 2.3 I 2.32 2.33 2.34 2.35 2.36 TABLE OF CONTENTS Page NAME
AND EFFECTIVE DATE .............. ...... .......... ... ....... .......... ...
............. I Name of Plan ......... .. .............. .. ... ...... ... ...
.... .. ...... ... ... .... ....... ... .. .... ... .... ............ 1
Effective Date ...... .............. ................
................................. ....... ..... ............ .. ... 1
DEFINITIONS
.................................................................................................
3 Affiliated Employer .... ......... ...... ... ......... ... ... ..... .. ..
... .. .. ... ........ .. ... .... ........... .. ... 3 Aggregation Group
......... ..................... ................ ..... ....... ............
....... ..... ........ 3 Authorized Leave of Absence ......... ..... .. ......
.. ........ ... ........ .. ................. .... ........ 3 Beneficiary
........ ... .. ...... ... ..... ....... .. ........ .... .. ..... ......
........... ...... ....... ..... .. ... ....... . 3 Board of Directors
............................... ...................... .....
................................. 4 Code ....... ...... .. ... ... ,. ........
.... .. ... ... ...... ... .. .. ... ... ... .. ...... .. .. .. ... ...... ...
....... ...... ..... ... .. ... ...... ... .......... . ... .. ..... ...... 4
Committee ..... .... .... ... ... .. ................. ...... ... .. ....
......... .. ... .. .. ..... ............. .... ........ ... 4 Compensation
..... .................. ........ ...................... .... ..... ...........
.. .... ........ ....... ... . 4 Corporation .... .. .... .. .. ...... .... ...
.... ... .... ..... .. ... ..... .. ... ..... ... .. .............. .........
... .. ...... 5 Determination Date ................ ..................
........... ......... .................................... 5 Direct Rollover ...
.. ..... ..... ... ..... ... .... ..... ...... .. ... ..... ......... ..
........ .. .. .. .... .. .... ..... .. .... 5 Disabirity .. .. .......... ..
.... .. .... ... .. .. .. ..... .. .. .. ... .... .............. .. .... ......
.. .. ........ ... ... ....... .. 5 Effective Date .... .............
......................... ......... ........... ............ .. ... ..
............... .. 5 Eligible Retirement Plan
.................................................................. ............
.... 5 Eligible Rollover Distribution ... ... ........... .................
..................................... .. 6 Emp1oyee ................
............. ........ ............ ........ ...... ...... .. ...... ..
......... .......... ..... .. 6 Employee Account .. ..... .. ......... ...
...... ... ..... .. .. .... ........ ... .... ..... ... ........ .... ......
....... 7 Employee Contribution ......... ....................................
.................... ................... 8 Employer .. ... .. ...... ...
.............. ....... .. ... ........ ..... ............... ....... .. ..
............ ..... ..... .. .. 8 Employer Core Contribution .. .... .... .......
... .. ... ....... .. .. .......... ............ ...... ....... .... 8 Employer
Discretionary Profit-Sharing Contribution ................ ...... .......
......... 8 Employer Matching Contribution .. .... ... .. .... .... ....... ..
.. ........ .. .. ...... .. .... .. ... ..... .... 8 Employment Commencement
Date ....... ..... ......... ............................................ 8
ERISA ... ........ ....... .. ..... .. .. ....... ....... ...... .............
.... .... ....... ............ ... ....... ...... ..... 9 Five Percenr Owner ...
........... ....... .... .. ...... ...... .. ........ .. .... .. ..... ... .. ..
...... ........... ... 9 Fund · ··~~· · ·· ~r ....... .... . ~ ... ....... ...
.... ......................... ........................ ...........
..................... .................... 9 Highly Compensated Employee ..
........ .. ... ... ....... .. ...... ... .... .. .... .. ....... ........... ..
.. . 9 Hour of Service ......... ................. ......
........................ ............... ....... ................ 10 Key
Employee ....... ... .. ........ ............... ... ...... .. .. ...... .....
......... ...... ...... .. ... ..... ... .. . 10 Leased Employee .. .. ... ...
.... ........... ............... .... ..... ....... ... ... .... ......... ....
....... ... .. f 1 Named Fiduciary.... ........... ............... ....
............... ......... ................. ................ . ll Navient. ..
... ...... ............. .... ......... ................ .. .. .. .. .. ........
......... .. .. ...... ...... .. .. ..... · 1 l Navlent Common Stock .... ....
... .................... ..... .... .. .... ....................... .... ......
.. II Navient Stock Fund ............................. .............. .........
.. ..... ..... ...... ................. l l Navien€ Plan ... ........... ... ...
... .......... ..... .. ............ ..... ....... ..........................
... ...... I I Non-deferred Co1npensation ........... .............
..................... .... ................. ........ l 1 DM_US
14702698-H.064SOO.Ocm

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2.37 2.38 2.39 2.40 2.41 2.42 2.43 2.44 2.45 2.46 2.47 2.48 2.49 2.50 2.51 2.52
2.53 2.54 2.55 2.56 2.57 2.58 2.59 2.60 2.61 2.62 2.63 2.64 ARTlCLE3 3.01 3.02
3.03 3.04 3.05 3.06 ARTICLE4 4.01 TABLE OF CONTENTS (continued) Page Non-K,ey
Employee .. .. .. ........ .......................... ............... ..
.................. ............ . 13 Normal Retirement Age ...............
................... ........... .... ....... ............. ............ 1 3 One
Percent Owner .... .. .... ... ....... .... ........... ... ...... .. ..... ...
.... ....... ........ .... ..... ... .. . 13 Participant .. .. ....... .......
............... .. ....... ... ............. ....... ..... .... .. ...........
.............. . 13 Pension Plan...... .. ............ ............ ...........
.. ........... .. ... ............ ........... ....... ....... . 14 Period of
Service ... ...... ... ... ... ... .. .. ... ... ... .. ..... .... .. .. ...
..... .. .... ... ...... ..... ..... .. .. .... .. 14 Period of Severance ...
.... ........... .......... ......... ....................... ............ .....
.......... 14 Permissive Aggregation Group ........ ... ....... ....... ......
.. ... ...... ..... ............. .. ........ 14 Plan .. ... .. ........ ... ..
....... .. ... ...... .................. ........ .......... .. ... ..... ....
.. .. ......... .. .. .. ..... 14 Plan Administrator ....... ... ..... ....
................ ............ ............. ..... ........... .. ........... 14
Plan Year .......... ............. .. .... ........................ ............
.... ........ .... ..... ....... .. .. .... ... 14 Qualified Beneficiary .. ..
.. ...... .... .... ...... ... ... .. ... ..... .. ........ ...... ... .. ..
.... ........ .. ...... 14 Qualified Non-Elective Contribution
.................... ......................................... 15 Reempfoyment
Commencement Date ... ... ......... .......... ...... ...... .. ............. ..
... .. 15 Required Aggregation Group .... ........ ........ ......... ... .....
....... ......... .... .... ... .. ....... 15 Rollover Contribution
.................. ........... ...............................................
........ 15 Service Contract Act Contribution .. .. ....................
......... ... .. ....... .... .... .......... . 15 Severance from Service
Date......... ........ ... ......... .. ... .. ............ ........... .....
......... 15 SLI\11 Common Stock
.....................................................................................
15 SLM Stock Fund ....... ...... .... ..... .... ...... .............
.............. .. ................... ...... ...... 16 Top Heavy Group
.................. ..... .. ....... .... .... .. ..... ............. .......
........... .. .... .. .... 16 Top Heavy PJafl .... .......................
...... ...................................... ................ ....... 16 Trust
Agreement ..... ........... ..... ......... .. ... ...... ........ .. .. ....
....... ... ... ..... ... .. ........... . 16 Trustee .. .... ........ ..
.......... .. .. ........... ............ .... ........... ............
........................... 16 Valuation Date ....
.............................. .......... ...........
................................ ........ l7 Vested Benefit. ..............
....... ... .... ... ... ... .. ..... ..... .. .... ... .. ..... .. .... ... ...
.. .. ............. . 17 Year of Participation ...... ...
.................................. ................. ... ....... .............
... 17 Year of Vesting Service ........ ........... ........... ................
.......... ..... .................... 17 ELIGffiiLITY & PARTICIPATION
........................................... .................. 18 Eligibility
...... .. ............ ......... ......... ...... .. .... ....... .........
....... ....... .. ...... .... ..... .. .. .. 18 Participation ..... ....
......... ... .... ...... ...................... ... ... ...............
............. ...... ..... . 18 Re-employment of Former Parricipant or Former
Employee and Change in Employment Status ............. ..... .... ... ... ..
......... ..... ... ... .... ..... ......... ... 19 Transfer of Participant to
Another Employer ........ ................ ............ ..... ....... 20
Transfer of Participant to an Affitiated Employer
..................................... .... 20 Transfer of Participant from
Affiliated Employer ... ..... ..... ... .. ..... .. .. .. .......... .. 20
CONTRffiUTIONS .. .. ............. ................ ..... ........ ............
................ ............. 21 Employer Contributions .. ....... ..
............... .. ........ ............................................. 21
DM_US 1 4?02698 ·1~ .064500.00 1 3 -j j.

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4.02 4.03 4.04 4.05 4.06 4.07 ARTICLES 5.01 5.02 5.03 5.04 5.05 5.06 5.07
ARTICLE6 6.01 6.02 6.03 6.04 6.05 ARTICLE 7 7.0J 7.02 ARTICLE 8 8.01 8.02 8.03
8.04 8.05 TABLE OF CONTENTS (cominued) Page Rollover Contributions .... ... ...
...... ...... ..... .... .. ..................... ... ..... ...... ........
...... 22 Distribution of Employee Contributions that Exceed tile Statutory
Limitation ..... ........ ... .. ........ ........ .... .... ....... ... ... ...
... ........... .... ..... .. .. ..... .. ..... ...... 23 Change of Contribution
Rate and Suspension of Contributions ...... .............. 23 Paymenl to the
Trustee ...................... .................. ............ ..
............... ............. . 24 Safe Harbor Requirements .. ..
................... ..... .. ... ............. .... ......... .. .. .........
... .. 24 Maximum Benefit and Contribution Limitations
.......................................... 24 INVESTMENT ELECTIONS AND ACCOUNTS
OF PARTICIPANTS ........... ........................................
........................................ 27 Panicipant Investment Elections
...... .... ... ......... .. ........... .. ... ...... ..... .... .. .... .....
. 27 Investment Alternatives ........... .......... ..................
..................................... ..... 27 S.LM Stock Fund
...................................... ........................................
.. ............ 27 Allocation to Accounts ............ .. ... ....... ... ...
......... .. .... ......... .. ... ........... .... ........ 27 Determination of
Account Balances Binding ............ ............................ ...... .. 28
Panicipation of Additional Employers ... ..... ... .......... ..... ...... .....
.. .............. ..... 28 Voting Rights of SLM Common Stock ... ... .........
... ... ...... .... .. ..... ...... ... .. ..... .. . 28 lN...SERVICE
WITHDRAWALS AND LOANS .......... ...... ..... ........... .. .. .. .... 29
Withdrawals from Voluntary Contribution and Participant Contribution Sub~
Accounts .......... ......... ...... .... .......
................................. ...... 29 Withdrawals from Rollover
Contribudon Sub-Accounts .... .. .. ..... ...... ..... ...... 29 Withdrawal from
Employer Matching Contribution Sub-Accounts. Employer Discretionary
Profit-Sharjng Contribution Sub-Accounts. Employer Core Contribution
Sub-Accounts. and Servic~ Contract Act Contribution Sub-Accounts .........
......... .... ........................ ... ...... .......... ........ .. 30
Hardship Withdrawals from Employee Contribution Sub-Accounts ............ 30
Loans .... ....... ..... .. .. ..... .. ... ...... ........ ..... ..... .. ..
....... .... .... .. .. ......... ...... .. .. .... .. ...... .. 32 VESTING
...... ....... .... ..... .. ................... ........... ....... ...... ..
... .... .. .......... .......... .... 33 Vesting ...... .... ..... ..........
.. .......... ............ ....................
...................................... 33 Re-employment of Former Participants
......... ............................ ........ ........... . 33 DISTRIBUTIONS
.. ............ .. .... ....... .................. ............ .....
........... ................ 34 Earliest Time for and Method of Distribution of
Benefits .. ...... . .. ..... ..... ... ..... 34 Time of Payment
................................
.................................................. ... ....... 34 Distribution
of SrnaU Benefits ........ .... .... .. ............... .. .........
................... .. ...... 34 Larest Time for Distribution .. ... ...........
.. .. ....... .. ...... .. ... ....... ... .. .... .. ...... .. .... .... 35
Missing Participant or Beneficiary ... ............ .......... .......... .....
......... ...... ......... 36 DM US 14702b98-!Hl64~00.00t> -iii -

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8.06 8.07 ARTICLE9 9.01 9.02 9.03 ARTICLE 10 10.01 ARTICLE 11 11.01 11.02
ARTICLE 12 12.01 12.02 12.03 12.04 ARTICLE 13 13.01 13.02 13.03 ARTICLE 14 14.01
14.02 14.03 14.04 14.05 14.06 14.07 !4.08 14.09 14.10 I 4.1 1 TABLE OF CONTENTS
(continued) Page Election of Direct RoHover of a Vested Benefit.. .. .. ..
.......................... ... .... .. . 36 Death of a Participant During
QuaJified Military Service .. ................ .. .. ....... 37 PLAN
ADMINISTRATION .................................. ... .... ............. ...
............ .. .. . 38 Committee ............................ .........
........... ............ .......................................... 38 Powers
and Duties of the Committee ................... ..... ....... ..
......................... .. 38 Delegation of ResponsibiJides ..... .... ......
.. .... ................... .. .............. ....... ..... ... 38 CONTROL AND
MANAGEME T OF ASSETS .................................. ...... 39 In General.
...................................................................... .........
...... ....... .. .. ...... 39 FIDUCIARY LIABILITY INSURANCE AND INDEMNIFICATION
........ 40 Fiduciary Liability Insurance ....... ..... .......... ... ......
..................... .. ......... .... .. .. .. 40 Indemnity .....
.................... ......................................
...................................... .. 40 AMENDMENTS TO OR TERMINATION OF THE
PLAN ........................ 41 Right of Corporation to Amend or Terminate the
Plan ....... ............. .. ... ........ 41 Termination of Plan
................ .. ......... ..................................... ... .....
............... 41 Withdrawal of an Employer ......................
..................................... ....... ......... 41 Plan-to-Plan Transfer
...... .... ....... ... .. .. .. ................. .... ........ .......
.......... ... .... ...... 42 TOP HEAVY PROVISIONS ................. ..
........... ............. .................... .. .... ... 43 Top Heavy Plan
Requirements ....... ................................
............................ ... 43 Top Heavy Minimum Contribution Requirement
.................................. ... .. .. 43 Top-H.eavy Provisions
........... ... ..................... ......... .... ... ..........
.................. .... 43 MISCELLANEOUS .... ... ..... ...... ... .. .........
..... .. .... ................................ .... ..... .. 44 Rights of
Emptoyees ......... .............. ........ .............. ............. ..
..... .................... . 44 Notice of Address .......... .. ......... ....
....... .... .. ....... ... .......... .. ...... .. .. ...... ........... ... 44
Data4 .. ......... 4 .. .......... ..... .. ..... ..... ... .................
..... .................. .. . . ............ .. .... .... .. . .. ..... .......
. ..... .. .... .. .. . .. . . ..... .. 44 Merger ....... ... ... .. .........
... ... ...... .......... ..... .. ........ ........... ....... ... ............
....... ............................ 44 Fund to be for the Exclusive Benefit of
Panicipants ... ..... ..... ..... ............. ...... 44 Facility of Payment
.... ...............................................................
.................... . 45 Restrictions on Alienation .. .... ...... .. ........
....... ... ......... ....... ........ .... ...... ... .. .. .... 45 Headings
....... ....... .... .. .......... ........ .......... ..............
............ ...... ........................ 45 Construcljon ..... .. ....... ..
..... ...... ... ... ...... ............ .. ......... ... .......... ....
........ ............ 45 Exclusion and Severability ... .... ...... ... ....
..... .. .. ... ......... ...... .... .. ........ .... ........... 45 Special
Rule Relating to Military Service .... ............ .........................
............ 46 OM_US I4702693·21.064SOO.OOU - IV•

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14.12 14. t3 ARTICLE 15 15.01 15.02 15.03 ARTICLE !6 APPENDIX A APPENDIX B TABLE
OF CONTENTS (continued) Page Application of Forfejtures .... ....... ... .. ....
.. .. .. .. .... ... ......... .. ... .. .. .. .... ..... .. .. .... ..... . 46
Contractual Limitation Period ...... .............. .......... ..............
........................... 46 SPECIAL PROVISIO S APPLICABLE TO CORPORATE
TRANSACTIONS ...... .. ........ .. ...... ......... ........ ...... .. .....
........... .. ....... ..... .... ... ... 47 Special Vesting Provisions
......... ............ ........... .. ..........
................................ 47 USA Group Special Provisions ....... ..
..... ... .... ... .......... ... ....... .. ... ... .. .. .... ...... .. . 48
Southwest Smdent Services Corporation Special Provisions ..............
.......... 48 SIGN.ATURE ...... .... .... .. ... ... ......... .... ... .... ...
.............. ........ ... ............... ..... ....... 49 SALLIE MAE 40l (K)
SAVINGS PLAN PARTICIPATING EMPLOYERS ................... .....................
............... .. ........... ............ ....... .... ..... 50 ADDITIONAL
PROVISIONS RELATED TO REQUIRED MINIMUM DISTRIBUTIONS .... .. .. .. .... ..
......... .. .. .. ....... .. .. ... .... ... .... ...... ..... .. . 51 DM_US
14702698-23.064500.0013 -v~

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ARTICLE 1 NAME AND EFFECTIVE DATE 1.01 Name of Plan. Effective November 1, 1997,
this Plan shall be known as the Sallie Mae 401 (k) Savings Plan. Prior to
November l, 1997, the Plan was known as the Student Loan Marketing Association
Employees' Thrift and Savings Plan. This Plan is a profit-sharing plan. This
Plan is intended to qualify as a participant directed account plan under section
404( c) of ERISA. 1.02 Effective Date. The Effective Date of the Plan is April
l, 1974. The Plan was amended and restated to reflect statutory changes that are
generally effective January 1, 1997, (except to the extent an amendment required
by a statutory enactment is effective on a later date, as stated herein), and to
reflect administrative changes to the Plan. The Plan was restated as of February
28, 1999, to reflect amendments made to the Plan after January 1, 1997 and
effective on February 28, 1999 unless otherwise stated herein. The Plan was
further restated as of December 31 , 1999 to reflect amendments through December
31 , 1999, and the Plan was further restated as of December 31, 2001 to reflect
amendments through December 31, 2001 . The Plan was further amended by the First
Amendment to the Sallie Mae 401(k) Savings Plan to comply with the Economic
Growth and Tax Relief Reconciliation Act of 2001, and to incorporate certain
other plan design changes. The Plan was further amended by the Second Amendment
to the Sallie Mae 401(k) Savings Plan, effective as of January 1, 2003 or as
otherwise provided, to incorporate certain plan design changes. The Plan was
thereafter amended as of January 1, 2006 to incorporate changes to the optional
forms of benefit and for purposes of further defining eligibility and vesting
service for new participants added to the plan as a result of acquisition. In
addition, the Plan was amended by the First Amendment to the Sallie Mae 401(k)
Savings Plan (as most recently restated as of January 1, 2010), effective
January 1, 2007 (or such later effective date provided therein), to incorporate
certain changes required by the Heroes Earnings Assistance and Relief Tax Act of
2008. The Plan was further restated as of September 1, 2006, to reflect
amendments through January 1, 2006. The Plan (as most recently restated as of
September 1, 2006, to reflect amendments through January l, 2006) was then
amended as follows: ( 1) by the First Amendment, effective as of January 1,
2006, or as otherwise provided, to incorporate certain changes required by the
final regulations issued under section 401 (k) of the Code; (2) by the Second
Amendment, effective as of August 1, 2007, to incorporate changes related to a
freeze in eligibility and participation under the Plan; (3) by the Third
Amendment, effective as of October I , 2008, to make changes to the definition
of Compensation and the amount of Employer Core Contributions and Employer
Matching Contributions; (4) by the Fourth and Fifth Amendments, effective as of
January 1, 2008, to clarify the administrative provisions of the Plan and to
comply with the final regulations issued under section 415 of the Code; (5) by
the Sixth Amendment, effective as of September l, 2009, to reflect a special
employer discretionary contribution (a "Service Contract Act Contribution")
exclusively for employees designated by the Corporation as government contract
employees; (6) by the Seventh Amendment, effective January 1, 2007 and OM US
14702698·23.064500 .0013 -1-

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January l, 2008, to incorporate certain changes required by the Pension
Protection Act of 2006; (7) by the Eighth Amendment, effective for distributions
on and after January 1, 2003, to comply with the final regulations issued under
section 40l(a)(9) of the Code; and (8) by the Ninth Amendment, effective January
l, 2009, to clarify how the Plan has been administered. The Plan was further
amended and restated, effective as of January 1, 20 I 0, to reflect the merger
of the Sallie Mae 401 (k) Retirement Savings Plan into the Plan, to restore the
eligibility and participation provisions, and to reflect amendments through
January I, 2010. The Plan is hereby further amended and restated, effective at
4:00pm EDT on April 30, 2014, for the spinoff of Navient from the Corporation.
In connection with and pursuant to the spin-off of Navient from the Corporation,
the following portions of Employee Accounts shall be spun-off from the Plan and
transferred to, and received by, the Navient Plan: (a) Participants employed by
an Employer at 4:00pm EDT on April 30, 2014 shall have the Navient Plan receive
all Navient Common Stock distributed on April 30, 2014 with respect to SLM
Common Stock held in the SLM Stock Fund on April 30, 2014; and (b) individuals
employed by Navient or an affiliated employer of Navient at 4:00pm EDT on April
30, 2014 shall have (i) the Navient Plan receive all Navient Common Stock
distributed on April 30, 2014 with respect to SLM Common Stock held in the SLM
Stock Fund on April 30, 2014 and (ii) all accounts under the Plan (other than
the portion of any accounts invested in the SLM Stock Fund on April 30, 2014)
transferred to the Navient Plan as soon as practicable after April 30, 2014; and
(c) individuals who, as of 4 :00pm EDT on April 30, 2014, were treated as
terminated vested Participants under the Plan shall have (i) the Navient Plan
receive all Navient Common Stock distributed on April 30, 2014 with respect to
SLM Common Stock held in the SLM Stock Fund on April 30, 2014 and (ii) all
accounts under the Plan (other than the portion of any accounts invested in the
SLM Stock Fund on the April 30, 2014) transferred to the Navient Plan as soon as
practicable after April 30, 2014. Except as may otherwise be provided by ERISA
or other law or the terms of this Plan, the benefit of a former Participant who
terminated his employment with an Employer before the effective date of an
amendment shall be governed by the provisions of the Plan as in effect on the
date of such termination. OM_US 14702698-23.064500.0013 -2-

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ARTICLE2 DEFINITIONS The following words and phrases shall have the following
meanings unless a different meaning is plainly required by the context: 2.01
Affiliated Employer. "Affiliated Employer" means: (a) any corporation which is
in the same "controlled group of corporations", as defined in section 414(b) of
the Code, as an Employer, but which is not an Employer; (b) any trade or
business which is under common control, as defined in section 414(c) of the
Code, with an Employer, but which is not an Employer; (c) any employer that is a
member of an affiliated service group, as defined in section 414(m) of the Code,
that includes an Employer, but which is not an Employer; or (d) any other entity
that is required to be aggregated with an Employer pursuant to regulations under
section 4 I 4( o) of the Code, but which is not an Employer. A corporation, a
trade or business, an employer or an entity is an Affiliated Employer for all
purposes under the Plan only during the period or periods when the corporation
is a member of the same controlled group of corporations as an Employer, when
the trade or business is under common control with an Employer, when the
employer is a member of an affiliated service group that includes an Employer,
or when the entity is required to be aggregated with an Employer. For purposes
of Section 4.07, the definitions prescribed by sections 414(b) and 414(c) of the
Code shall be modified as provided by section 415(h) of the Code. 2.02
Aggregation Group. "Aggregation Group" means either a Required Aggregation Group
or a Permissive Aggregation Group. 2.03 Authorized Leave of Absence. "Authorized
Leave of Absence" means: (a) a leave of absence of an employee approved by an
Employer or Affiliated Employer in accordance with rules that apply on a uniform
basis to all similarly situated employees; or (b) a leave of absence of an
employee as required by the Veteran Re- employment Rights Act or other
applicable law. 2.04 Beneficiary. "Beneficiary" means the person, persons or
entity, including one or more trusts, last designated, on a form supplied by the
Committee, by a Participant as a beneficiary, co-beneficiary or contingent
beneficiary to receive benefits payable under the Plan in the event of the death
of the Participant; provided, however, that in the case of a married DM_US
14702698-23.064500.0013 -3-

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[ex1044010.jpg]
Participant, the Beneficiary shall be the Participant's survtvmg spouse, unless
the surviving spouse consents, on a form supplied by the Committee, to the
designation of another Beneficiary or Beneficiaries. The spouse' s consent must
acknowledge the effect of such designation, must be witnessed by a Plan
representative or a notary public, and, unless the spouse executes a general
consent, must acknowledge the specific non-spouse Beneficiary, if any, including
any class of Beneficiaries or any contingent Beneficiaries. A general consent to
permit the Participant to change his Beneficiary without any requirement of
further consent by his spouse is valid only if the spouse acknowledges that the
spouse has a right to limit consent to a specific Beneficiary and the spouse
voluntarily relinquishes that right. Notwithstanding the above, if it is
established to the satisfaction of a Plan representative that such consent may
not be obtained because there is no spouse or because the spouse cannot be
located, no consent will be required. Spousal consent is also not required if
the Participant is legally separated or the Participant has been abandoned,
within the meaning of local law, and the Participant has a court order to such
effect. If the spouse is legally incompetent to give consent, the spouse's legal
guardian, even if the guardian is the Participant, may give consent. If no
designation of a Beneficiary is in effect at the time of death of the
Participant, or if no person, persons or entity so designated shall survive the
Participant, the Beneficiary shall be the Participant's surviving spouse, if
any, or if there shall be no such surviving spouse, the Beneficiary shall be the
estate of the Participant. 2.05 Board of Directors. "Board of Directors" or
"Board" means the Board of Directors of the Corporation. 2.06 Code. "Code" means
the Internal Revenue Code of 1986, as amended. 2.07 Committee. "Committee" means
the committee appointed to administer the Plan as provided in Article 9 . 2.08
Compensation. "Compensation" means, for the portion of a Plan Year during which
an Employee is a Participant, the gross amount of base salary, overtime, shift
differential, bonus and commissions paid by the Employer to an Employee for
services rendered as an Employee to or on behalf of the Employer, including
payments for sick leave, vacation, holidays, jury duty, bereavement and other
paid leaves of absence, recruiting/job referral bonuses, plus any amount that is
deferred or reduced pursuant to a salary reduction agreement in respect of which
the Employer makes contributions to this Plan or to a cafeteria plan within the
meaning of section 125 of the Code, except that Compensation shall not include
severance, hiring bonuses, long-term disability payments, any amount deferred or
paid under a nonqualified deferred compensation plan maintained by the Employer;
amounts paid on account of the Corporation's Vacation Sell Program; or amounts
paid on account of the exercise of stock options or on account of the award or
vesting of restricted stock or other stock-based compensation. The annual
Compensation of each Participant taken into account under the Plan shall not
exceed $260,000 (for 2014), adjusted as of January I of each calendar year
pursuant to sections 40l(a)( 17) and 415(d) of the Code. DM_US
14702698-23.064500.001 3 -4-

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[ex1044011.jpg]
2.09 Corporation. "Corporation" means SLM Corporation or any other person, firm
or corporation which may succeed to the business of SLM Corporation by merger,
consolidation or otherwise and which, by appropriate action, shall adopt the
Plan, except that prior to May 17, 2002, "Corporation" means USA Education, Inc.
, prior to July 31 , 2000, "Corporation" means SLM Holding Corporation, and
prior to August 7, 1997, "Corporation" means Student Loan Marketing Association.
2.10 Determination Date. "Determination Date" means, with respect to any Plan
Year, (a) the last day of the immediately preceding Plan Year, or (b) in the
case of the first Plan Year of the Plan, the last day of such Plan Year. 2.11
Direct Rollover. "Direct Rollover" means a payment by the Plan of an Eligible
Rollover Distribution to the Eligible Retirement Plan specified by the
Participant or a Qualified Beneficiary. 2.12 Disability. "Disability" means a
mental or physical condition for which an individual receives disability
benefits for total and permanent disability under either (a) the Federal Social
Security Act or (b) any welfare plan maintained by the Employer that provides
long-term disability benefits. 2.13 Effective Date. "Effective Date" means April
1, 1974, the date when this Plan first became effective. 2.14 Eligible
Retirement Plan. "Eligible Retirement Plan" means an individual retirement
account described in section 408(a) of the Code, an individual retirement
annuity described in section 408(b) of the Code, an annuity plan described in
section 403(a) of the Code, a qualified trust described in section 40l(a) of the
Code, an eligible deferred compensation plan described in section 457(b) of the
Code that is maintained by an eligible employer described in section
457(e)(l)(A) of the Code and that agrees to separately account for amounts
rolled into such plan from this Plan, an annuity contract described in section
403(b) of the Code, or a Roth IRA if the rollover requirements of sections
402(c) and 408A of the Code (as applicable) are met, that accepts the
Participant's or Qualified Beneficiary's Eligible Rollover Distribution.
However, in the case of an Eligible Rollover Distribution to a surviving spouse
who is not an alternate payee under a qualified domestic relations order, as
defined in section 414(p) of the Code, an Eligible Retirement Plan is an
individual retirement account described in section 408(a) of the Code or an
individual retirement annuity described in section 408(b) of the Code. In the
case of an Eligible Rollover Distribution to a Qualified Beneficiary who is the
Participant's or former Participant's surviving spouse, or spouse or former
spouse who is an alternate payee under a qualified domestic relations order (as
defined in section 414(p) of the Code), an Eligible Retirement Plan shall be
defined in the same manner as if such Qualified Beneficiary were the Employee.
However, in the case of an Eligible Rollover Distribution to any other Qualified
Beneficiary, an "Eligible Retirement Plan" shall include only an individual
retirement account described in section 408(a) of the Code, an individual
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described in section 408(b) of the Code, or a Roth IRA, if the rollover
requirements of sections 402(c) and 408A of the Code (as applicable) are met.
2.15 Eligible Rollover Distribution. "Eligible Rollover Distribution" means any
distribution of all or any portion of a Participant's Vested Benefit, except
that an Eligible Rollover Distribution does not include: any distribution that
is one of a series of substantially equal periodic payments, made not less
frequently than annually, for the life, or life expectancy, of the Participant
or the Participant's designated beneficiary or the joint lives (or joint life
expectancies) of the Participant and the Participant's designated beneficiary,
or for a specified period of ten years or more~ any distribution, to the extent
such distribution is required under section 40 l ( a)(9) of the Code; the
portion of any distribution that is not includible in gross income, determined
without regard to the exclusion for net unrealized appreciation with respect to
employer stock; and any amount distributed on account of hardship.
Notwithstanding any provision of the Plan to the contrary, a portion of a
distribution shall not fail to be an Eligible Rollover Distribution merely
because the portion consists of voluntary employee contributions that are not
includible in gross income~ provided, however, such portion may be transferred
only to an individual retirement account or annuity described in sections 408(a)
or (b) of the Code, a qualified retirement plan (either a defined contribution
plan or a defined benefit plan) described in section 40l(a) or 403(a) of the
Code, or an annuity contract described in section 403(b) of the Code that agrees
to separately account for amounts so transferred and earnings thereon, including
separately accounting for the portion of such distribution which is includible
in gross income and the portion of such distribution which is not so includible.
2.16 Employee. "Employee" means any person who is employed by an Employer.
Notwithstanding the prior provision, the following classifications of employees
are excluded: (a) any such person who is a member of a unit of employees covered
by a collective bargaining agreement where retirement benefits have been the
subject of good faith collective bargaining between the collective bargaining
agent and an Employer, unless such collective bargaining agreement expressly
provides for the inclusion of such persons as Participants in the Plan~ (b) any
such person who is a Leased Employee; (c) any such person who is treated by an
Employer as a Leased Employee, independent contractor, or employee of a third
party other than the Employer or Affiliated Employer, even if such person is
later determined to have been a common law employee of the Employer~ DM_US
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(d) any Employee who is hired in order to participate in a training program
established for the purpose of training and recruiting future full-time
Employees, such as intern, co-op, mentor or any other similar program that may
be implemented by the Employer; and (e) any Employee employed on a temporary or
periodic basis, by the Corporation or by any Affiliated Employer, where such
Employee from time to time accepts, at his or her discretion, job assignments
having a fixed and limited duration, such as (but not limited to) special
project(s) to cover illness, vacation or other temporary vacancies or unusual or
cyclical employment needs, at potentially varying rates of compensation
commensurate with each job assignment and who is classified in the Employer's
records as a "temporary employee." When used in the Plan without an initial
capital letter, the term "employee" means any person who is employed by an
Employer or Affiliated Employer under the common-law standard. 2.17 Employee
Account. "Employee Account" means a separate account maintained for each
Participant which is composed of the following sub-accounts (to the extent
amounts are credited to any such sub-account): (a) an Employee Contribution
sub-account, which consists of the Employee Contributions contributed to the
Plan pursuant to Section 4 .0l(a); (b) an Employer Matching Contribution
sub-account, which consists of the Employer Matching Contributions contributed
to the Plan pursuant to Section 4.0 l (b); (c) an Employer Discretionary
Profit-Sharing Contribution sub-account, which consists of the Employer
Discretionary Profit-Sharing Contributions contributed to the Plan pursuant to
Section 4 .0 1 (c); (d) an Employer Core Contribution sub-account, which
consists of the Employer Core Contributions contributed to the Plan pursuant to
Section 4.0l(d); (e) a Rollover Contribution sub-account, which consists of a
Participant's Rollover Contributions contributed to the Plan pursuant to Section
4.02; (f) a participant contribution sub-account, which consists of the
participant contributions contributed to the Plan prior to January 1, 1982; (g)
a voluntary contribution sub-account, which consists of the voluntary
contributions contributed to the Plan prior to January 1, 1987; (h) a Qualified
Non-Elective Contribution sub-account, which consists of any Qualified
Non-Elective Contributions that were previously contributed to the Plan as
necessary to pass the nondiscrimination tests described in section 40 I (k)(3),
401 (k)(l2), 40 I (m)(2), or 401 (m)( 11) of the Code; and DM_US
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(i) a Service Contract Act Contribution sub-account, which consists of the
Service Contract Act Contributions contributed to the Plan pursuant to Section
4.0 I (g). Each sub-account shall be adjusted as of each Valuation Date to
reflect investment earnings or losses thereon and any other applicable
adjustments thereto, including such allocations described in Section 5.04. From
time to time, additional sub-accounts may be established and maintained for
recordkeeping purposes to protect optional forms of benefits, rights and
features as may be required upon plan asset transfers arising from mergers and
acquisitions. 2.18 Employee Contribution. "Employee Contribution" means a
contribution made to the Plan by an Employer pursuant to an Employee's salary
deferral election. 2.19 Employer. "Employer" means the Corporation or any
wholly- or majority-owned subsidiary of the Corporation or any organization
affiliated with or associated with the Corporation which adopts the Plan and
becomes a party to it with the written approval of the Committee or otherwise
becomes a party to it as of 4:00pm EDT on April 30, 2014. A list of the
Employers as of the date of this restatement is attached hereto as Appendix A.
2.20 Employer Core Contribution. "Employer Core Contribution" means a
contribution to the Plan by the Employer in accordance with Section 4.0l(d).
2.21 Employer Discretionary Profit-Sharing Contribution. "Employer Discretionary
Profit-Sharing Contribution" means a contribution to the Plan by the Employer in
accordance with Section 4.0l(c). 2.22 Emplover Matching Contribution. "Employer
Matching Contribution" means a contribution to the Plan by the Employer in
accordance with Section 4.01 (b), which matches in whole or in part an Employee
Contribution made to the Plan on behalf of an Employee. 2.23 Employment
Commencement Date. "Employment Commencement Date" means the date an employee
first performs an Hour of Service for an Employer or Affiliated Employer. 2.24
ERISA. "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended from time to time. 2.25 Five Percent Owner. "Five Percent Owner" means
any person who owns (or is considered as owning within the meaning of section
318 of the Code, as modified by substituting "5 percent" for "50 percent" in
section 318(a)(2)(C) of the Code) more than five percent (5%) of the outstanding
stock of an Employer or any Affiliated Employer or stock possessing more than
five percent (5%) of the total combined voting power of all stock of an Employer
or any Affiliated Employer, or any person who owns more than five percent (5%)
of the capital or profits interest in any Affiliated Employer that is not a
corporation. DM_ US 14702698-23.064500.0013 -8-

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2.26 Fund. "Fund" means the trust fund established under the Trust Agreement and
funded by Employer and Employee contributions and from which benefits are to be
paid. 2.27 Highly Compensated Employee. "Highly Compensated Employee" means an
employee who is a highly compensated active employee or highly compensated
former employee, within the meaning of section 414( q) of the Code and the
regulations thereunder. A Highly Compensated Employee includes any active
employee who: (a) was a Five Percent Owner at any time during the current Plan
Year or the preceding Plan Year, or (b) for the preceding Plan Year, received
Non-deferred Compensation from the Employer in excess of $115,000 (for 2014), as
adjusted pursuant to sections 414(q) and 415(d) of the Code, and was in the
top-paid group of employees for such preceding Plan Year. The top-paid group of
employees is the group consisting of the top twenty percent (20%) of employees
when ranked on the basis of Non-deferred Compensation paid during such preceding
Plan Year, excluding the following employees: (i) (ii) ( l7Yz) hours per week;
employees who have not completed six (6) months of service; employees who
normally work less than seventeen and one-half (iii) employees who normally work
during not more than six (6) months during any Plan Year; (iv) employees who
have not attained age 21; and (v) except to the extent provided in regulations,
employees who are included in a unit of employees covered by an agreement which
the Secretary of Labor finds to be a collective bargaining agreement between
employee representatives and the Employer. A former employee shall be a Highly
Compensated Employee if (A) such employee was a Highly Compensated Employee when
such employee separated from service, or (B) such employee was a Highly
Compensated Employee at any time after attaining age fifty-five (55). Whether or
not a former employee is a Highly Compensated Employee shall be determined in
accordance with applicable regulations as in effect for that determination year.
2.28 Hour of Service. "Hour of Service" means: (a) Each hour for which an
employee is directly or indirectly paid, or entitled to payment, by an Employer
or Affiliated Employer for the performance of duties; DM_US
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(b) Each hour for which no duties were performed but for which back pay,
irrespective of mitigation of damages, has either been awarded or agreed to by
an Employer or Affiliated Employer, which hours shall be credited for the Plan
Year to which the award or agreement pertains; and (c) Each hour for which an
employee is directly or indirectly paid, or entitled to payment, by an Employer
or Affiliated Employer for a period during which no duties are performed,
irrespective of whether the employment relationship has terminated, due to
vacation, holiday, illness, incapacity (including disability), layoff, jury
duty, military duty or leave of absence, which hours shall be credited for the
Plan Year in which payment is made or due. An hour for which an employee is
directly or indirectly paid, or entitled to payment, on account of a period
during which no duties are performed shall not be credited to the employee if
such payment is made or due under a plan maintained solely for the purpose of
complying with applicable workers' compensation, unemployment compensation, or
disability insurance laws; and Hours of Service shall not be credited for a
payment which solely reimburses an employee for medical or medically related
expenses incurred by the employee. The same Hours of Service shall not be
credited under (a) or (c) above, as the case may be, and under (b) above.
Nothing herein shall be construed as denying an employee credit for an Hour of
Service if credit is required by ERISA or other Federal law. Notwithstanding
anything in this Section 2.28 to the contrary, Hours of Service shall be
calculated and credited pursuant to section 2530.200b-2 of the Department of
Labor regulations which are incorporated herein by reference. 2.29 Key Employee.
"Key Employee" means, for any Plan Year, any employee or former employee of an
Employer or an Affiliated Employer or beneficiary of such employee who, at any
time during such Plan Year is: (a) an officer of an Employer or an Affiliated
Employer having annual Non-deferred Compensation greater than $170,000 (for
2014), as adjusted annually by the Commissioner of Internal Revenue; provided
that no more than fifty (50) employees shall be treated as officers for such
purpose; (b) a Five Percent Owner within the meaning of sections 416(i)( I
)(A)(ii) and (B)(i) of the Code and the regulations thereunder; or (c) a One
Percent Owner having aggregate annual Non-deferred Compensation of more than
$150,000, within the meaning of sections 416(i)(l)(A)(iii) and (B)(ii) of the
Code and the regulations thereunder. 2.30 Leased Employee. "Leased Employee"
means any person, other than an employee of an Employer or Affiliated Employer,
who pursuant to an agreement between an Employer or Affiliated Employer and any
other person ("leasing organization") has performed DM_US
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services for an Employer or Affiliated Employer on a substantially full-time
basis for a period of at least one year and such services are performed under
the primary direction or control of the Employer or Affiliated Employer. A
Leased Employee shall be considered an employee of an Employer or an Affiliated
Employer to the extent required by ERISA and/or the Code. 2.31 Named Fiduciary.
"Named Fiduciary" means the Committee and the Trustee, but only with respect to
the specific responsibilities of each for the administration of the Plan and
Fund. The fiduciary responsibility of the Committee shall be as set forth in
Articles 9 and 10. The fiduciary responsibility of the Trustee shall be as set
forth in the Trust Agreement. 2.32 Navient. "Navient" means Navient Corporation.
2.33 Navient Common Stock. "Navient Common Stock" means common stock of Navient.
2.34 Navient Stock Fund. "Navient Stock Fund" means the portion of the Navient
Plan fund invested in Navient Common Stock. 2.35 Navient Plan. "Navient Plan"
means the Navient 40 I (k) Savings Plan as in effect on April 30, 2014. 2.36
Non-deferred Compensation. "Non-deferred Compensation" includes all of the
following: (a) The employee's wages, salaries, fees for professional services,
and other amounts received (without regard to whether or not an amount is paid
in cash) for personal services actually rendered in the course of employment
with the Employer to the extent that the amounts are includible in gross income
(including, but not limited to, commissions paid to salesmen, compensation for
services on the basis of a percentage of profits, commissions on insurance
premiums, tips, bonuses, fringe benefits, and reimbursements or other expense
allowances under a non-accountable plan (as described in section 1.62-2(c) of
the Treasury Regulations). (b) In the case of an employee who is an employee
within the meaning of section 401(c)(l) of the Code and the regulations
thereunder, the employee's earned income (as defined in section 40l(c)(2) of the
Code and the regulations thereunder) . (c) Amounts described in sections
104(a)(3), 105(a), and 105(h) of the Code, but only to the extent that these
amounts are includible in the gross income of the employee. (d) Amounts paid or
reimbursed by the Employer for moving expenses incurred by an employee, but only
to the extent that, at the time of the payment, it is reasonable to believe that
these amounts are not deductible by the Employer under section 217 of the Code.
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(e) The value of a non-qualified stock option granted to an employee by the
Employer, but only to the extent that the value of the option is includible in
the gross income of the employee for the taxable year in which granted. (f) The
amount includible in the gross income of an employee upon making the election
described in section 83(b) of the Code. (g) The amount of any elective deferral
(as defined in section 402(g)(3) of the Code), and any amount which is
contributed or deferred by the Employer at the election of the employee and
which is not includible in the gross income of the employee by reason of section
125, l32(f)(4), or 457 of the Code. (h) Amounts that are includible in the gross
income of an employee under the rules of section 409A or 457(f)( I )(A) of the
Code or because the amounts are constructively received by the employee. (i) Any
differential wage payment (as defined in section 340l(h)(2) of the Code) made by
the Employer. The following items are not included in the definition of
compensation: (i) Except to the extent required to be included in the definition
of compensation by section 415(c)(3)(0) of the Code, contributions made by the
Employer to a plan of deferred compensation (including a simplified employee
pension described in section 408(k) of the Code or a simple retirement account
described in section 408(p) of the Code, and whether or not qualified) to the
extent that, before the application of the section 415 limitations to that plan,
the contributions are not includible in the gross income of the employee for the
taxable year in which contributed. Additionally, any distributions from a plan
of deferred compensation (whether or not qualified) are not considered as
compensation for purposes of section 415 of the Code, regardless of whether such
amounts are includible in the gross income of the employee when distributed.
However, any amounts received by an employee pursuant to an unfunded non
qualified plan are permitted to be considered as compensation for section 415
purposes in the year the amounts are actually received, but only to the extent
such amounts are includible in the gross income of the employee. (ii) Amounts
realized from the exercise of a non-qualified stock option, or when restricted
stock (or other property) held by an employee either becomes freely transferable
or is no longer subject to a substantial risk of forfeiture (see section 83 of
the Code and the regulations thereunder). (iii) Amounts realized from the sale,
exchange or other disposition of stock acquired under a statutory stock option
(as defined in section 1.421-l(b) of the Treasury Regulations). DM_US
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(iv) Except to the extent required to be included in the definition of
compensation by section 415(c)(3)(D) of the Code, other amounts which receive
special tax benefits, such as premiums for group-term life insurance (but only
to the extent that the premiums are not includible in the gross income of the
employee and are not salary reduction amounts that are described in section I 25
of the Code), or other items of remuneration that are similar to any of the
items listed in paragraphs (i) through this (iv). 2.37 Non-Key Employee.
"Non-Key Employee" means any employee or former employee of an Employer or an
Affiliated Employer or beneficiary of such employee who is not a Key Employee,
within the meaning of section 416(i)(2) of the Code and the regulations
thereunder. 2.38 Normal Retirement Age. "Normal Retirement Age" means age
sixty-five (65). 2.39 One Percent Owner. "One Percent Owner" means any person
who would be a Five Percent Owner if "one percent (l%)" were substituted for
"five percent (5%)" each place it appears. 2.40 Participant. "Participant" means
any Employee who has satisfied the eligibility requirements for the Plan as
provided under Article 3 and who (a) has elected to participate in the Plan by
enrolling in the Plan as described in Section 3.02(a), and/or {b) who has
received an allocation of Employer Discretionary Profit-Sharing Contributions,
Employer Core Contributions, or Service Contract Act Contributions, as
applicable. In addition, each individual described in Section 1.02(b) or 1.02(c)
shall be treated as a Participant who had a severance of employment or
termination of employment with a deferred vested Employee Account.
Notwithstanding the foregoing, an individual described in Section 1.02(b) or
1.02(c) who becomes an Employee after April 30, 2014 shall cease to be treated
as having a severance of employment and termination of employment for purposes
of taking a distribution of his Employee Account under the Plan. 2.41 Pension
Plan. "Pension Plan" means any defined benefit plan or any defined contribution
plan established by an Employer or an Affiliated Employer and qualified under
section 401 of the Code. 2.42 Period of Service. "Period of Service" means the
period that begins on an employee' s Employment Commencement Date, or
Reemployment Commencement Date, with an Employer or Affiliated Employer and ends
on his Severance from Service Date, and includes the employee's total number of
years and months of service, crediting each completed and partial month as a
full month. In the event an employee has a Severance from Service Date followed
by a Reemployment Commencement Date within twelve ( 12) months of such Severance
from Service Date, the Period of Severance shall be treated as a Period of
Service. In addition, if an employee is on an Authorized Leave of Absence and
subsequently experiences a Severance from Service Date, but later has a
Reemployment Commencement Date within twelve ( 12) months of the day he was
first absent from employment because of the Authorized Leave of Absence, then
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the period from the Severance from Service Date until the Reemployment
Commencement Date shall be treated as a Period of Service. 2.43 Period of
Severance. "Period of Severance" shall be the period beginning on the Severance
from Service Date and ending on the employee's next Reemployment Commencement
Date. 2.44 Permissive Aggregation Group. "Permissive Aggregation Group" means a
Required Aggregation Group that also includes a Pension Plan of an Employer or
an Affiliated Employer which, although not required to be included in the
Required Aggregation Group, is treated by an Employer or an Affiliated Employer
as being part of such Required Aggregation Group, provided that such Required
Aggregation Group would continue to meet the requirements of sections 40l(a)(4)
and 4IO(b) of the Code with such Pension Plan being taken into account. 2.45
Plan. "Plan" means this Sallie Mae 40 I (k) Savings Plan and all authorized
amendments, except that, prior to November 1, 1997, Plan shall mean the Student
Loan Marketing Association Employees' Thrift and Savings Plan and all authorized
amendments. 2.46 Plan Administrator. "Plan Administrator" means the Committee.
2.47 Plan Year. "Plan Year" means the twelve (12) month period beginning on
January 1 and ending on December 31. 2.48 Qualified Beneficiary. "Qualified
Beneficiary" means a Participant's or former Participant's surviving spouse, or
former spouse who is the alternate payee under a qualified domestic relations
order, as defined in section 414(p) of the Code, or, effective January 1, 2010,
non-spouse designated beneficiary (as defined in section 401(a)(9)(E) of the
Code). 2.49 Qualified Non-Elective Contribution. "Qualified Non-Elective
Contribution" means a previous contribution by an Employer that was made to
enable the Plan to meet the nondiscrimination tests described in sections
40l(k)(3) , 40l(k)(l2), 40l(m)(2), or 40l(m)(ll) of the Code. 2.50 Reemployment
Commencement Date. "Reemployment Commencement Date" means the date an employee
first performs an Hour of Service for an Employer or Affiliated Employer
following a Period of Severance. 2.51 Required Aggregation Group. "Required
Aggregation Group" means (a) each Pension Plan of an Employer or an Affiliated
Employer in which a Key Employee is a Participant, and (b) each other Pension
Plan of an Employer or an Affiliated Employer which enables any Pension Plan
described in the immediately preceding clause (a) to meet the requirements of
section 40 I (a)( 4) or 41 O(b) of the Code. 2.52 Rollover Contribution.
"Rollover Contribution" means any rollover account or rollover contribution as
defined in section 402(c)(4), 403(a)(4) or 408(d)(3) of the Code. DM_US
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2.53 Service Contract Act Contribution. "Service Contract Act Contribution"
means a contribution to the Plan by the Employer in accordance with Section
4.0I(g). Effective April 30, 2014, no Employer shall make a Service Contract Act
Contribution to the Plan. 2.54 Severance from Service Date. "Severance from
Service Date" means: (a) the date on which an employee's employment is
terminated for any reason, other than an Authorized Leave of Absence; or (b) in
the case of an Authorized Leave of Absence, the earlier of (i) the first
anniversary of the first date of an Authorized Leave of Absence, or (ii) in the
event an employee fails to return to employment with an Employer or Affiliated
Employer on or before the expiration of an Authorized Leave of Absence, the date
following the date on which an Authorized Leave of Absence expires; or (c) in
the case of an absence from work which is due to the pregnancy of the employee,
the birth of a child of the employee, the adoption of a child by the employee,
or the caring for a child by the employee for a period beginning immediately
following the birth or adoption of the child, and which extends beyond the first
anniversary of the first day of such absence from work, the second anniversary
of the first date on which the employee commenced such absence from work. 2.55
SLM Common Stock. "SLM Common Stock" means common stock of the Corporation. 2.56
SLM Stock Fund. "SLM Stock Fund" means the portion of the Fund invested in SLM
Common Stock as described in Section 5.03. 2.57 Top Heavy Group. "Top Heavy
Group" means, with respect to any Plan Year, an Aggregation Group if, as of the
Determination Date with respect to such Plan Year, (a) the sum of (i) the
present value of the cumulative accrued benefits under all Pension Plans
included in such Aggregation Group, determined in accordance with section 416(g)
of the Code and the regulations thereunder, and (ii) the aggregate of the
accounts of Key Employees under all defined contribution plans included in such
Aggregation Group, as determined in accordance with section 416(g) of the Code
and the regulations thereunder, exceeds (b) sixty percent (60%) of a similar sum
determined for Key Employees and Non-Key Employees; provided, however, that if
any employee is a Non-Key Employee with respect to any Pension Plan for any Plan
Year, but such employee was a Key Employee with respect to such Pension Plan for
any prior Plan Year, any accrued benefit for such employee and any account of
such employee shall not be taken into account for purposes of the foregoing
determination; and provided further, that if any employee has not performed any
service for any Employer or Affiliated Employer maintaining the Pension Plan at
any time during the one (I )-year period ending on the Determination Date, any
accrued benefit for such employees and any account of such employees shall not
be taken into account. For purposes of determining the present value of the
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employee, or the amount of the account of any employee, such present value or
amount shall be increased by the aggregate distributions made with respect to
such employee under the Pension Plan during the one (I)-year period (or, in the
event such distribution is made for a reason other than severance from
employment, death, or disabi1ity, during the five (5)-year period) ending on the
Determination Date. The preceding sentence shall also apply to distributions
under a terminated Pension Plan which if it had not been terminated would have
been required to be included in the Aggregation Group. 2.58 Top Heavy Plan. "Top
Heavy Plan" means a plan included in a Top Heavy Group, except that (a) a simple
retirement account as described in section 408(p) of the Code is not a Top Heavy
Plan, and (b) a plan that consists solely of a cash or deferred arrangement
which meets the requirements of section 401(k)(l2) or 401(k)(l3) of the Code and
matching contributions with respect to which the requirements of section 40 I
(m)(l1) or 401 (m)(l2) are met is not a Top Heavy Plan, except that if such plan
described in this paragraph (b) would be treated as a Top Heavy Plan because it
is a member of an Aggregation Group that is a Top Heavy Group, contributions
under the plan may be taken into account in determining whether any other plan
in the Aggregation Group meets the requirements of section 416(c)(2) of the
Code. 2.59 Trust Agreement. "Trust Agreement" means the agreement, including all
authorized amendments, entered into by the Trustee and the Corporation pursuant
to which the Fund is established and maintained. 2.60 Trustee. "Trustee" means
the individual or entity designated as Trustee under the terms of the Trust
Agreement, or any successor Trustee which is a party to the Trust Agreement.
2.61 Valuation Date. "Valuation Date" means any date that the New York Stock
Exchange is open for trading. 2.62 Vested Benefit. "Vested Benefit" means the
portion of a Participant's Employee Account that is non-forfeitable. 2.63 Year
of Participation. "Year of Participation" means a twelve (12)-month period
beginning on the date an employee first becomes a Participant in the Plan. If a
Participant has a Severance from Service Date and does not receive a
distribution of his Plan benefit, he shall continue to be credited with Years of
Participation as long as his Plan benefit remains in the Plan. In the event a
Participant has a Severance from Service Date, receives a distribution of his
Plan benefit, and subsequently has a Reemployment Commencement Date, his Years
of Participation upon his reemployment shall be calculated from his Reemployment
Commencement Date and shall not include Years of Participation credited before
his Reemployment Commencement Date. 2.64 Year of Vesting Service. "Year of
Vesting Service" means a twelve (12) month Period of Service, aggregating all
Periods of Service, and crediting each completed and partial DM_US
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month as a full month of service. Years of Vesting Service shall also include
any years of vesting service from a prior employer recognized by the Plan in
effect prior to January I, 20 I 0. . If an employee has a Period of Severance
that exceeds twelve ( 12) months, his prior Years of Vesting Service shall be
used to determine his vesting percentage as of his Reemployment Commencement
Date only if (a) he was vested in any portion of his Employee Account derived
from Employer contributions, as of his Severance from Service Date, or (b) his
latest Period of Severance as of his Reemployment Commencement Date is either
(i) less than five (5) years, or (ii) a shorter period of time than his Period
of Service, immediately before the date such Period of Severance began. With
respect to employees re-employed on or after September 1, 2000, an employee' s
prior Years of Vesting Service shall be used to determine his Years of Vesting
Service as of his date of re-employment; provided that such prior Years of
Vesting Service shall not include any Years of Vesting Service previously
disregarded by reason of a prior Period of Severance. Wherever used in this
instrument, a masculine pronoun shall be deemed to include the masculine and
feminine gender, a singular word shall be deemed to include the singular and
plural and a plural word shall be deemed to include the singular and plural in
all cases where the context requires. DM_US 14702698·23.064500.0013 -!7-

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3.01 Eligibility. ARTICLE3 ELIGIBILITY & PARTICIPATION (a) Emolovee
Contributions. An Employee shall be eligible to elect to have Employee
Contributions made on his behalf beginning on any date coincident with or next
following the date the Employee is credited with a one ( l) month Period of
Service with an Employer; provided that such Employee is an Employee on such
date and satisfies the requirements of Section 3.02. (b) Employer Matching
Contributions. A Participant shall be eligible to receive Employer Matching
Contributions beginning with the first pay period coincident with or next
following the date the Participant completes a six (6) month Period of Service
with an Employer, provided that the Participant is an Employee on such date. (c)
Employer Core Contributions. An Employee shall be eligible to receive Employer
Core Contributions equal to one percent (1 %) of the Participant's Compensation
on a pay period basis once the Employee has completed a one ( 1) month Period of
Service. . (d) Service Contract Act Contributions. Effective September 1, 2009,
any Employee (i) who is eligible to elect to have Employee Contributions made on
his behalf in accordance with Section 3.01(a), and (ii) who is designated by the
Corporation to be a government contract employee, shall be eligible to receive
Service Contract Act Contributions in an amount necessary to meet the
requirements of the Federal Service Contract Act. Effective after April 30,
2014, no Participant shall be eligible to receive Service Contract Act
Contributions under the Plan. 3.02 Participation. (a) General. To become a
Participant, an Employee must enroll in the Plan pursuant to procedures
promulgated by the Committee, including making a salary reduction election
whereby the Employee elects to reduce his Compensation by an amount permitted
under Section 4.01 (a) and the Employer agrees to contribute such amount to the
Plan on behalf of the Employee. An Employee who is eligible to become a
Participant in the Plan, in accordance with Section 3.0 l, will become a
Participant as soon as administratively feasible after the date he completes the
enrollment procedures described above. (b) Employer Discretionary Profit-Sharing
Contributions and Employer Core Contributions. An Employee who is eligible to
become a Participant in the Plan, in accordance with Section 3.01, will become a
Participant without completing the enrollment procedures described in Section
3.02(a) upon receiving an allocation of Employer Discretionary Profit- DM_US
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Sharing Contributions in accordance with Section 4.0l(c) hereof or an Employer
Core Contribution in accordance with Section 4.0l(d) hereof. (c) Service
Contract Act Contributions. An Employee who is eligible to become a Participant
in the Plan, in accordance with Section 3.0 I , will become a Participant
without completing the enrollment procedures described above upon receiving an
allocation of Service Contract Act Contributions in accordance with Section 4.01
(g) hereof. 3.03 Re-employment of Former Participant or Former Employee and
Change in Employment Status. (a) Change in Employment Status: Eligibility for
Employee Contributions. Effective January 1, 2010, if an employee or a former
employee who has completed a one (I)-month Period of Service, but who was not an
Employee on the date coinciding with or next following the date on which the
employee completed such service requirement, becomes or again becomes an
Employee on or after January 1, 2010, then such Employee shall be eligible to
become a Participant and have Employee Contributions made on his behalf as of
the first day he becomes or again becomes an Employee; provided that he
completes the enrollment process to become a Participant in the Plan, in the
manner described in Section 3.02. In the case of such a Participant, his
Employer will commence making Employee Contributions on his behalf as soon as
administratively feasible following receipt of the Participant' s salary
reduction authorization. (b) Change in Employment Status: Eligibility for
Employer Matching Contributions. Effective January 1, 2010, if an employee or a
former employee who has completed a twelve (12)-month Period of Service (and,
effective January I, 2013, a six (6)-month Period of Service), but who was not
an Employee on the date coinciding with or next following the date on which the
employee completed such service requirement, becomes or again becomes an
Employee on or after January 1, 20 10, then such Employee shall be eligible to
receive Employer Matching Contributions as of the first day he becomes or again
becomes an Employee; provided that he completes the enrollment process to become
a Participant in the Plan, in the manner described in Section 3.02. (c)
Re-employment of Former Participant: Eligibility for Employee Contributions.
Effective January 1, 2010, if a former Participant who terminated employment
again becomes an Employee on or after January I , 2010, then such Employee shall
be eligible to become a Participant and have Employee Contributions made on his
behalf as of the first day he again becomes an Employee; provided that he
completes the enrollment process to become a Participant in Plan, in the manner
described in Section 3.02. In the case of such a Participant, the Employer will
commence making Employee Contributions on his behalf as soon as administratively
feasible following receipt of the Participant's salary reduction authorization.
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(d) Re-employment of Former Participant: Eligibility for Matching Contributions.
Effective January I, 2010, if a former Participant who terminated employment and
had completed a twelve (12)-month Period of Service (or, effective January l,
2013, a six (6)-month Period of Service) again becomes an Employee on or after
January 1, 2010, then such Employee shall be eligible to receive Employer
Matching Contributions as of the first day he again becomes an Employee~
provided that he completes the enrollment process to become a Participant in the
Plan, in the manner described in Section 3.02. (e) Effective January I, 2010,
with respect to Employees re-employed on or after January I, 20 10, an Employee
's prior Period of Service shall be used to determine his Period of Service as
of his date of re-employment; provided that such Period of Service shalJ not
include any Period of Service previously disregarded by reason of a prior Period
of Severance. (f) A former Participant or former Employee who has a Period of
Severance, and whose prior Period of Service is not reinstated as described
above, must meet the eligibility requirements of Section 3.0 I before becoming a
Participant in the Plan. Notwithstanding the foregoing provisions of this
Section 3.03, the terms of the Plan in effect prior to January I , 2010 shall
determine an individual's eligibility for benefits under the Plan prior to
January 1, 2010. 3.04 Transfer of Participant to Another Employer. A Participant
who transfers from one Employer to another Employer will continue to be a
Participant in the Plan. 3.05 Transfer of Participant to an Affiliated Employer.
A Participant who transfers from an Employer to Upromise, Inc. or Asset
Performance Group, LLC on or after July I , 2007 shaH remain a Participant in
the Plan upon such transfer, and shall continue to be a Participant in the Plan
until such Participant terminates employment or is reclassified to an ineligible
classification set forth in Sections 2.15(a)-(e). 3.06 Transfer of Participant
from Affiliated Employer. A Participant who transfers to an Employer from an
Affiliated Employer shall receive credit under the Plan for service with such
Affiliated Employer as if the Participant' s service was for the Employer. DM_US
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ARTICLE 4 CONTRIBUTIONS 4.01 Employer Contributions. (a) Employee Contributions.
For each Plan Year, the Employer shall contribute to the Plan on behalf of each
Participant an amount equal to a whole percentage up to seventy-five percent
(75%) of a Participant's Compensation, pursuant to the salary reduction
authorization of the Participant; provided, however, that the aggregate amount
of Employee Contributions contributed to the Plan and to all other plans,
contracts and arrangements maintained by the Employer on behalf of any
Participant for any calendar year shall not exceed the dollar limit contained in
sections 402(g)(5) and 415(d) of the Code in effect for such calendar year,
except to the extent permitted under section 414(v) of the Code. The Employer
will begin contributing Employee Contributions to the Plan commencing as soon as
administratively feasible following receipt of the Participant's salary
reduction authorization. All Employee Contributions will be credited to the
Participant's Employee Contribution sub-account. The Participant will at all
times be fully vested in his Employee Contribution sub-account. (b) Employer
Matching Contributions. The Employer wiH contribute to the Plan for each
Participant e1igible to receive Employer Matching Contributions (on a pay period
basis) an amount equal to one hundred percent (100%) of the Participant's
Employee Contributions that do not exceed three percent (3%) of Compensation,
plus fifty percent (50%) of the Participant's Employee Contributions that exceed
three percent (3%) of Compensation but that do not exceed five percent (5%) of
Compensation. Employer Matching Contributions are intended to satisfy the safe
harbor nondiscrimination requirements of section 401 (k)( 12) of the Code and
shall be one hundred percent ( 100%) vested when made. In compliance therewith,
the Employer shaH provide each eligible Employee with notice of the Employee's
rights and obligations under the Plan (which notice may be provided through
electronic media), within a reasonable period of time before the beginning of
each Plan Year (or, in the Plan Year an Employee first becomes eJigible, within
a reasonable period before becoming eligible), in accordance with the
requirements of section 40l(k)(l2) of the Code (and the regulations and other
guidance issued thereunder). Notwithstanding anything in the Plan to the
contrary, effective January 1, 2009, no true-up Employer Matching Contributions
may be made to a Participant who is eligible to receive Employer Matching
Contribulions in accordance with this Section 4.0l(b). (c) Employer
Discretionary Profit-Sharing Contributions. From time to time, the Employer may
make an Employer Discretionary Profit-Sharing Contribution to the Fund. All
allocations of Employer Discretionary Profit-Sharing Contributions determined
above shall be credited to the Employee's Employer Discretionary Profit-Sharing
Contribution sub-account, which sub-account shall at all times be fully vested.
(d) Employer Core Contributions. The Employer shall make Employer Core
Contributions in accordance with and on behalf of each eligible Employee
described in Section DM_US 14702698-23.064500.0013 -21-

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3.0l(c) hereof, which Employer Core Contributions shall become one hundred
percent (100%) vested upon a Participant' s completion of one (I) Year of
Vesting Service. (e) Other Employer Contributions. The Employer may also make
additional contributions to the Plan to correct any errors; provided that such
additional contributions are in the best interest of the Participants. (f)
Employee Catch-Up Contributions. Effective January I, 2002, all Participants who
are eligible to make Employee Contributions under this Plan and who have
attained age fifty (50) before the close of the calendar year shall be eligible
to make catch-up contributions in accordance with, and subject to the
limitations of, section 414(v) of the Code. Such catch-up contributions shall
not be taken into account for purposes of the Plan implementing the required
limitations of sections 402(g) and 415 of the Code. The Plan shall not be
treated as failing to satisfy the provisions of the Plan implementing the
requirements of section 401(k)(3), 40l(k)(ll), 401(k)(l2), 410(b), or 416 of the
Code, as applicable, by reason of the making of such catch-up contributions.
Employer Matching Contributions shall be made with respect to amounts
contributed as catch-up contributions. (g) Service Contract Act Contributions.
Effective September 1, 2009, the Employer may make a Service Contract Act
Contribution to the Plan on behalf of each eligible Employee described in
Section 3.0l(d). All allocations of Service Contract Act Contributions shall be
credited to an Employee's Service Contract Act Contribution sub-account, which
sub account shall at all times be fully vested. Effective after April 30, 2014,
no Employer shall make a Service Contact Act Contribution to the Plan. 4.02
Rollover Contributions. An Employee may file an application with the Plan's
third party administrator to have the Trustee accept his Rollover Contribution,
even if he has not satisfied the eligibility requirements to become a
Participant. Any such request shall state the amount of the Rollover
Contribution and include a statement that such contribution qualifies as a
Rollover Contribution. In addition, the Committee may require the Employee to
submit such other evidence and documentation as the Committee and the Trustee
determine is necessary to insure that the contribution qualifies as a Rollover
Contribution. If the Committee and the Trustee accept the Rollover Contribution,
the Employee's Rollover Contribution shall be credited to the Employee's
Rollover Contribution sub-account. The Employee shall elect to direct the
investment of his Rollover Contribution among the investment alternatives as are
then currently available. The Employee shall at all times be fully vested in his
Rollover Contribution sub-account. In addition to distributions from a qualified
plan described in section 40l(a) or 403(a) of the Code that are otherwise
includible in gross income or a "conduit IRA" containing those assets , the Plan
will accept Rollover Contributions (including direct Rollover Contributions in
accordance with section 40l(a)(31) of the Code), subject to the Committee' s
determination that such amounts meet the requirements for Rollover
Contributions, of (1) distributions from an DM_US 14702698-23.064500.0013 -22-

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annuity contract described in section 403(b) of the Code that are otherwise
includible in gross income, (2) distributions from an eligible plan under
section 457(b) of the Code which is maintained by a state, political subdivision
of a state, or any agency or instrumentality of a state or political subdivision
of a state, that are otherwise includible in gross income and (3) distributions
from an individual retirement account or annuity described in section 408(a) or
(b) of the Code that are otherwise includible in gross income. The Plan will not
accept as Rollover Contributions amounts consisting of after-tax employee
contributions. 4.03 Distribution of Employee Contributions that Exceed the
Statutory Limitation. If any amount constituting "excess deferrals", within the
meaning of section 402(g) of the Code, is required to be included in the gross
income of a Participant under section 402(g)( 1) of the Code for any taxable
year of the Participant, the Participant shall notify the Committee of such
excess deferrals by March 1 following the close of the taxable year with respect
to which the excess deferrals were made, and the Committee shall direct the
Trustee to distribute, in accordance with section 402(g)(2) of the Code and the
regulations thereunder, to the Participant, not later than the next following
April 15, the amount of excess deferrals allocated to the Plan for such taxable
year, including any income allocable thereto for the taxable year. No Employer
Matching Contributions shall be made with respect to such excess deferrals; or
if Employer Matching Contributions have been made with respect to such excess
deferrals, they shall be forfeited. In all events, the income attributable to
excess deferrals will be determined in accordance with section 402(g) of the
Code and the regulations issued thereunder. 4.04 Change of Contribution Rate and
Suspension of Contributions. A Participant may elect to change the percentage
rate of salary reduction specified in his salary reduction authorization or to
suspend his Employee Contributions in the manner prescribed by the Committee.
Any such change will become effective as soon as administratively feasible. A
Participant may elect to suspend all of his Employee Contributions, which
results in the cancellation of the salary reduction authorization between the
Participant and the Employer, in accordance with procedures promulgated by the
Committee. Any such suspension will become effective as soon as administratively
feasible. A Participant whose Employee Contributions have been suspended as
provided in this paragraph may reinstate such contributions in accordance with
procedures promulgated by the Committee, which shall be effective as soon as
administratively feasible. See Section 6.04 for a discussion of the mandatory
suspension of contributions following a hardship withdrawal. DM_US
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4.05 Payment to the Trustee. Employee Contributions shall be transmitted to the
Trustee as soon as administratively feasible, but in no event later than the
fifteenth (15th) business day of the month fol1owing the month in which the
Employee Contributions would otherwise have been payable to the Participant in
cash. Employer Matching Contributions shal1 be transmitted to the Trustee no
later than the date prescribed by law for the filing of the Corporation's
Federal tax return for the year for which the contribution is made, including
extensions of such time granted by the Internal Revenue Service. Employer
Discretionary Profit-Sharing Contributions and Service Contract Act
Contributions, if made for a particular year, shall be transmitted to the
Trustee no later than December 31 of the year after the year for which the
contribution is made. Notwithstanding the foregoing, in no event shall Employee
Contributions or Employer Matching Contributions be contributed to the Fund (i)
before the Participant has made a salary reduction election pursuant to Sections
3.02 and 4.0 I (a), or (ii) before the earlier of (A) the Participant's
performance of services that relate to the Compensation that, but for the
Participant's salary reduction election, would have been paid to the Participant
or (B) the date the Compensation is made currently available to the Participant.
4.06 Safe Harbor Requirements. The Plan is intended to satisfy the safe harbor
requirements in accordance with section 401(k)(l2) of the Code, and as such is
not subject to the nondiscrimination testing under section 401 (k)(3) of the
Code. 4.07 Maximum Benefit and Contribution Limitations. (a) In accordance with
the requirements of section 415 of the Code and the final regulations issued on
April 5, 2007 thereunder (which are hereby incorporated by reference), in no
event shall the contributions made to a Participant's Employee Account for any
Plan Year exceed the amount permitted under section 415 of the Code. As of
January 1 of each calendar year, the dollar limitation under section
415(c)(l)(A) of the Code, as adjusted pursuant to section 415(d) of the Code,
shall become effective under the Plan. (b) For the purposes of section 415 of
the Code and this Section 4.07, compensation means wages as reported in Box I on
Form W-2, or in such other box or on such other form as may be designated for
purposes of withholding tax by the Federal government. Compensation shall also
include elective deferrals, as defined in section 402(g) of the Code, and
amounts that are excluded from compensation under section 125 or 457 of the
Code. Effective January 1, 2008, the definition of compensation for purposes of
applying the limitations under section 415 of the Code shall comply with section
l.415(c)-2(d)(4) of the Treasury Regulations and shall be subject to the
following: (i) Compensation for a limitation year shall also include the
following amounts if paid by the later of two and one-half (2Yz) months after
the Participant's severance from employment or the end of the limitation year
that includes the date of the Participant's severance from employment: payments
of regular compensation for services during the Participant's regular working
hours, or compensation for services outside the Participant's regular working
hours (such as overtime or shift deferential), commissions, bonuses, or other
DM_ US 14 702698-23.064500.0013 -24-

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similar payments; provided that, absent a severance from employment, the
payments would have been made to the Participant while the Participant continued
employment with the Corporation or an Affiliated Employer. (ii) Any payment not
described in Section 4.07(b)(i) above will not be included in compensation if
paid after the Participant's severance from employment, even if paid by the
later of two and one-half (2Y2) months after the date of severance from
employment or the end of the limitation year that includes the date of the
severance from employment; provided, however, that compensation shall include
amounts paid by the Corporation or an Affiliated Employer to an individual who
does not currently perform services for the Corporation or an Affiliated
Employer by reason of qualified military service (within the meaning of section
414(u)(5) of the Code) to the extent such amounts do not exceed the amounts the
individual would have received if the individual had continued to perform
services for the Corporation or Affiliated Employer rather than entering
qualified military service. (iii) Compensation shall not include amounts in
excess of the applicable dollar limit under section 401(a)(l7) of the Code, as
adjusted by the Internal Revenue Service for increases in the cost of living
determined in accordance with section 40 I (a)(l7)(B) of the Code and the
regulations and other guidance issued thereunder. (iv) Compensation shall
include any differential wage payment (as defined in section 3401(h)(2) of the
Code) made by the Employer. (c) The limitation year, as defined in section 415
of the Code, for the Plan shall be the Plan Year. If for any Plan Year the
limitation of this Section 4.07 shall be exceeded, then the Plan shall correct
such excess in accordance with the Employee Plans Compliance Resolution System
("EPCRS") as set forth in Revenue Procedure 2013-12 or any superseding guidance.
(d) If a Participant also partiCipates in another tax-qualified defined
contribution plan maintained by the Corporation or an Affiliated Employer (as
modified by application of section 415(h) of the Code), the various plans shall
be considered a single defined contribution plan and the otherwise applicable
limitation on the contributions made to a Participant's Employee Account for any
Plan Year under this Plan shall be adjusted as follows: (i) If the Participant
previously participated in another tax-qualified defined contribution plan
maintained by the Corporation or an Affiliated Employer (as modified by the
application of section 415(h) of the Code) within the same limitation year prior
to becoming a Participant in the Plan, the otherwise applicable limitation on
the contributions made to a Participant's Employee Account for any Plan Year
under this Plan for that limitation year shall be reduced by the amount of
annual additions (within the meaning of section 415(c)(2) of the Code) allocated
under any such other defined contribution plan for that limitation year; and
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(ii) If, at any point during a limitation year, a Participant ceases being a
Participant in the Plan and becomes a participant in another tax-qualified
defined contribution plan maintained by the Corporation or an Affiliated
Employer (as modified by the application of section 415(h) of the Code) within
the same limitation year, the otherwise applicable limitation on annual
additions (within the meaning of section 415(c)(2) of the Code) under any such
other defined contribution plan for that limitation year shall be reduced by the
amount of the contributions made to a Participant's Employee Account for any
Plan Year allocated under the Plan for that limitation year. DM_US
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ARTICLES INVESTMENT ELECTIONS AND ACCOUNTS OF PARTICIPANTS 5.01 Participant
Investment Elections. Subject to Section 5.03, at such time and in such manner
as designated by the Committee, a Participant may elect to direct the investment
of his Employee Account balance among the investment alternatives provided for
in accordance with Section 5.02. In the event no investment election is
received, a Participant's Employee Account shall be invested in an investment
fund as available from time to time, which has been designated as a default
investment fund by the Committee, and may constitute a qualified default
investment alternative within the meaning of section 404(c)(5) of ERISA. 5.02
Investment Alternatives. The Committee will direct the Trustee as to the
specific investment alternatives which may be available from time to time.
Notwithstanding the foregoing, and subject to Section 5.03, SLM Common Stock
shall be one of the investment alternatives. Each Participant shall inform the
Trustee of his investment election and the Trustee shall allocate his Employee
Account accordingly. 5.03 SLM Stock Fund. All investments in SLM Common Stock
shall be maintained in the SLM Stock Fund. Each Employee described in Section l
.02(a) may allocate contributions, if any, to the SLM Stock Fund. Each
individual described in Section l.02(b) and each individual described in Section
1.02( c) shall be prohibited from increasing their holdings in the SLM Stock
Fund and may elect to liquidate their holdings in the SLM Stock Fund and invest
the proceeds in any other investment alternative offered under the Plan. 5.04
Allocation to Accounts. As of each Valuation Date, the Trustee shall determine
the fair market value of the Fund, as well as the fair market value of the
Employee Account of each Participant. The value of the Employee Account of each
Participant as of a Valuation Date, shall be equal to the value of such Account
as of the last Valuation Date, plus or minus all applicable adjustments,
including the following: (a) Allocation of Investment Earnings and Expenses. The
Participant's Employee Account shall be credited with the amount of investment
income, any realized or unrealized capital gains or losses and any expenses
since the last Valuation Date, in accordance with a policy promulgated by the
Committee. (b) Allocation of Employer Contributions. The Employee Contribution
sub-account, Employer Matching Contribution sub-account, Employer Discretionary
Profit-Sharing Contribution sub-account, Employer Core Contribution sub-account,
and Service Contract Act Contribution sub-account, if any, of each Participant
shall be credited with any Employee Contributions, Employer Matching
Contributions, Employer Discretionary Profit-Sharing Contributions, Employer
Core Contributions, and Service Contract Act Contributions respectively, which
have been contributed thereto in accordance with Section 4.01 and allocated to
the Participant's Employee Account. Employee Contributions, any Employer
Matching Contributions which are based on the Employee Contributions, Employer
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Discretionary Profit-Sharing Contributions, Employer Core Contributions, and any
Service Contract Act Contributions shall be allocated to the Employee Account as
of the Trustee's receipt of such contributions. The Qualified Non-Elective
Contribution sub-account contains any Qualified Non-Elective Contributions that
were previously contributed and allocated to the Participant' s Employee
Account. (c) Allocation of Loan Repayments. The appropriate sub-accounts of the
Employee Account of each Participant shall be credited with all loan repayments,
such repayments being credited towards both principal and interest. (d)
Allocation of Withdrawals and Distributions. The appropriate sub-accounts of the
Employee Account of each Participant shall be charged with any withdrawals or
loans made pursuant to Article 6 and with any distributions made pursuant to
Article 8 since the last Valuation Date. 5.05 Determination of Account Balances
Binding. In determining the value of the Fund and Employee Accounts, the Trustee
and the Committee shall exercise their best judgment, and all such
determinations of value in the absence of bad faith shall be binding upon all
Participants and their Beneficiaries. 5.06 Participation of Additional
Employers. Subject to Section 14.12, in the event that affiliated or subsidiary
organizations become signatory hereto, the Trustee may invest all funds without
segregating assets between or among signatory Employers. 5.07 Voting Rights of
SLM Common Stock. Each Participant and former Participant who terminated
employment or, in the event of his death, his Beneficiary shall have the right
to direct the Trustee as to the manner in which whole shares of SLM Common Stock
allocated to his Employee Account as of the record date are to be voted on each
matter brought before an annual or special shareholders' meeting. Before each
such meeting of shareholders, the Trustee shall cause to be furnished to each
Participant, former Participant who terminated employment and Beneficiary a copy
of the proxy solicitation material, together with a form requesting directions
on how such shares of SLM Common Stock allocated to such Participant's account
shall be voted on each such matter. Upon timely receipt of such directions, the
Trustee shall on each such matter vote, as directed, the number of shares of SLM
Common Stock allocated to such Participant's Employee Account, and the Trustee
shall have no discretion in such matter. The Trustee shall establish procedures
as are necessary to maintain the confidentiality from the Employer of the
directions of individuals. The Trustee shall vote allocated shares for which it
has not received direction and unallocated shares of SLM Common Stock in the
same proportion as directed shares are voted, and shall have no discretion in
such matter. DM_US 14702698·23.064500.0013 -28-

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ARTICLE 6 IN-SERVICE WITHDRAWALS AND LOANS 6.01 Withdrawals from Voluntary
Contribution and Participant Contribution Sub-Accounts. A Participant is
entitled to make up to two (2) withdrawals each Plan Year, on any business date,
from his voluntary contribution sub-account and up to two (2) withdrawals each
Plan Year, on any business date, from his participant contribution sub-account;
provided, however, that after the withdrawal, his Vested Benefit equals or
exceeds the amount of the security for his loans, if any, under Section 6.05.
The amount credited to his voluntary contribution sub-account and participant
contribution sub-account shall be determined on the date of the withdrawal. Any
amount withdrawn by a Participant under this Section 6.0 I shall be deemed to
have been first withdrawn from his voluntary contributions, then from his
participant contributions, then from the investment earnings on his voluntary
contributions, and finally from the investment earnings on his participant
contributions. Withdrawals from the voluntary contribution sub-account and the
participant contribution sub-account may be in cash or in SLM Common Stock.
Withdrawals shall be made from the investment funds in which the sub-account is
invested in accordance with a policy promulgated by the Committee, except that a
Participant may not receive a distribution from the SLM Common Stock Fund, if he
is restricted from trading in the SLM Common Stock Fund at the time of the
distribution. The Committee may establish a minimum amount that may be withdrawn
under this Section 6.01 , or under this Section 6.01 and any other Section of
Article 6, in the aggregate. 6.02 Withdrawals from Rollover Contribution
Sub-Accounts. A Participant is entitled to make up to two (2) withdrawals each
Plan Year, on any business day, from his Rollover Contribution sub-account;
provided, however, that after the withdrawal his Vested Benefit equals or
exceeds the amount of the security for his loans, if any, under Section 6.05.
The number of withdrawals permitted under this Section 6.02 shall be decreased
by the number of any withdrawal from a Participant's voluntary contribution or
participant contribution sub accounts pursuant to Section 6.01, unless the
withdrawal pursuant to this Section 6.02 is made on the same date as the
withdrawal pursuant to Section 6.0 1. The amount credited to his Rollover
Contribution sub-account shall be determined on the date of the withdrawal.
Withdrawals from the Rollover Contribution sub-account may be made only in cash.
The Participant may make a withdrawal from his Rollover Contribution sub-account
provided that the Participant elects to withdraw, or has already withdtawn, one
hundred percent (100%) of the amounts credited to his voluntary contribution and
participant contribution sub-accounts. Withdrawals shall be made from each
investment fund in accordance with a policy promulgated by the Committee, except
that a Participant may not receive a distribution from the SLM Common Stock Fund
if he is restricted from trading in SLM Common Stock on the date of the
distribution. The Committee may establish a minimum amount that may be withdrawn
under this Section 6.02, or under this Section 6.02 and any other Section of
Article 6 in the aggregate. DM_us 14702698-23.0645oo.oon -29-

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6.03 Withdrawals from Employer Matching Contribution Sub-Accounts, Employer
Discretionary Profit-Sharing Contribution Sub-Accounts, Employer Core
Contribution Sub-Accounts, and Service Contract Act Contribution Sub-Accounts. A
Participant who has completed five (5) Years of Participation in the Plan as of
the date of a withdrawal and who has elected to withdraw, or has already
withdrawn, one hundred percent ( 100%) of the amounts credited to his voluntary
contribution, participant contribution, and Rollover Contribution sub-accounts
is entitled to make up to two (2) withdrawals (per sub account type) each Plan
Year, on any business day, of any part or all of the amount credited to each of
the following sub-accounts: his Employer Matching Contribution sub-account (with
respect to Employer Matching Contributions made prior to January 1, 2003 only)
(referred to as "Pre-2003 Employer Matching Contributions"), his Employer
Discretionary Profit-Sharing Contribution sub-account, his Employer Core
Contribution sub-account and his Service Contract Act Contribution sub-account,
if applicable~ provided, however, that after the withdrawal his Vested Benefit
equals or exceeds the amount of the security for his loans, if any, under
Section 6.05. The amount credited to his Pre-2003 Employer Matching Contribution
sub-account, his Employer Discretionary Profit-Sharing Contribution sub-account,
his Employer Core Contribution sub-account, and his Service Contract Act
Contribution sub-account shall be determined on the date of withdrawal.
Withdrawals from the Pre-2003 Employer Matching Contribution sub-account, the
Employer Discretionary Profit-Sharing Contribution sub-account, the Employer
Core Contribution sub-account and the Service Contract Act Contribution
sub-account may be made only in cash. Withdrawals shall be made from the
investment funds in accordance with a policy promulgated by the Committee,
except that a Participant may not receive a distribution from the SLM Common
Stock Fund, if he is restricted from trading in SLM Common Stock on the date of
distribution. 6.04 Hardship Withdrawals from Employee Contribution Sub-Accounts.
In the event of financial hardship, a Participant may apply to the Plan's third
party administrator for the distribution of part or all of the value of the
vested portion of his Employee Account (excluding amounts credited to his
Employer Matching Contribution sub-account and earnings thereon as well as
earnings attributable to amounts credited to his Employee Contribution
sub-account on or after January 1, 1989) determined as of the date of his
hardship withdrawal; provided, however, that the Participant elects to withdraw,
or has already withdrawn, one hundred percent (100%) of the amount he is able to
withdraw from his voluntary contribution, participant contribution, Rollover
Contribution, Pre-2003 Employer Matching Contribution, Employer Discretionary
Profit-Sharing Contribution, Employer Core Contribution, and Service Contract
Act Contribution sub-accounts, and provided that after the withdrawal his Vested
Benefit equals or exceeds the amount of the security for his loans, if any,
under Section 6.05. In addition, a hardship withdrawal will only be permitted if
the Participant has applied for or received the maximum amount of loans
available pursuant to the terms of the Plan. In accordance with procedures
established by the Plan's third party administrator, a Participant's hardship
withdrawal date is the business day coincident with or immediately following the
date the Plan's third party administrator approves his application for the
hardship withdrawal. Hardship withdrawals may be made only in cash. Hardship
withdrawals shall be made from the investment funds in DM US
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accordance with a policy promulgated by the Committee, except that no hardship
distribution may be made from the SLM Common Stock Fund if the Participant is
restricted from trading in SLM Common Stock at the time he requests the
distribution. A distribution will be on account of financial hardship if the
distribution is made both on account of an immediate and heavy financial need of
the Participant and is necessary to satisfy such financial need. A distribution
from the Plan under this Section 6.04 may be made only for the following types
of financial hardships: (a) expenses for (or necessary to obtain) medical care
described in section 2l3(d) of the Code previously incurred by the Participant,
his spouse or his dependents (as defined in section 152 of the Code and without
regard to sections 152(b)(l), 152(b)(2), and 152(d)(l)(B) of the Code), which
expenses are not covered by insurance; (b) costs directly related to the
purchase of a principal residence for the Participant, excluding mortgage
payments; (c) payment of tuition, related educational fees, and room and board
expenses for up to the next twelve months of post-secondary education for the
Participant, his spouse, children, or dependents (as defined in section 152 of
the Code and without regard to sections 152(b )(I), 152(b)(2), and 152(d)(l )(B)
of the Code); (d) payments necessary to prevent the eviction of the Participant
from his principal residence or foreclosure on the mortgage on that residence;
or (e) funeral or burial expenses for the Participant's deceased parent, spouse,
children or dependents (as defined in section 152 of the Code and without regard
to section 152(d)(l)(B) of the Code); (f) expenses for the repair of damage to
the Participant's principal residence that would qualify for the casualty
deduction under section 165 of the Code (determined without regard to whether
the loss exceeds ten percent (10%) of adjusted gross income); or (g) other
events that qualify as a financial hardship distribution as provided for in
revenue rulings, notices or other documents of general applicability published
by the Internal Revenue Service under section 401 (k) of the Code. A
distribution from the Plan for a financial hardship will not exceed the amount
required to relieve the financial hardship, taking into account the extent such
hardship may be satisfied from other resources that are reasonably available to
the Participant. The amount of an immediate and heavy financial need may include
any amounts necessary to pay any Federal, state, or local income taxes or
penalties reasonably anticipated to result from the distribution. Unless the
Plan's third party administrator has actual knowledge to the contrary, a
distribution will be treated as necessary to satisfy a financial need if the
Participant represents in DM_US 14702698-23.064500.001 3 -31-

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writing or such other form as may be required by the Plan's third party
administrator that his financial hardship cannot reasonably be relieved: (i)
through reimbursement or compensation by insurance or otherwise; (ii) by
liquidation of the Participant's assets; (iii) by cessation of Employee
Contributions; (iv) by other distributions or nontaxable loans from plans
maintained by his Employer or by any other employer, or by borrowing from
commercial sources on reasonable commercial terms in an amount sufficient to
satisfy the need; or (v) by cash dividends, if any, paid on the shares of SLM
Common Stock in the Participant's Employee Account and available for
distribution. A need cannot reasonably be relieved by one of the actions listed
immediately above if the effect would be to increase the amount of the need. The
Employee Contributions of a Participant who makes a hardship withdrawal wiJI be
suspended for the six (6) calendar-month period immediately following the date
of his hardship withdrawal. Upon the termination of the six (6) calendar-month
period of suspension, a Participant shall be eligible to re-elect to have
Employee Contributions made on his behalf in accordance with Section 3.0l(a).
6.05 Loans. The Committee will make loans available to all Participants who are
parties in interest, as defined in section 3(14) of ERISA, on a reasonably
equivalent basis. Such loans will be adequately secured, bear a reasonable rate
of interest and be made in accordance with the rules in the Plan Loan Program
Procedures, which is incorporated herein by reference. DM US
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ARTICLE7 VESTING 7.01 Vesting. The amounts, if any, credited to a Participant's
voluntary contribution, participant contribution, Employee Contribution,
Employer Matching Contribution, Employer Discretionary Profit-Sharing
Contribution, Service Contract Act Contribution, Qualified Non-Elective
Contribution, and Rollover Contribution sub-accounts are nonforfeitable. A
Participant shall become one hundred percent (100%) vested in any amounts
credited to his Employer Core Contribution sub-account upon the Participant's
completion of one (I) Year of Vesting Service. Notwithstanding the foregoing, a
Participant shall become one hundred percent ( 100%) vested in all amounts in
the Participant's Employee Account upon the earlier of the Participant reaching
Normal Retirement Age or upon the Participant's Severance from Service Date,
when such severance is due to the Participant' s death or Disability. In
addition, if a Participant dies on or after January I, 2007 while performing
qualified military service (as defined in section 414(u)(5) of the Code), the
Participant shall become one hundred percent ( 100%) vested in all amounts in
the Participant's Employee Account. 7.02 Re-employment of Former Participants.
If a former Participant who terminated employment chooses not to receive a
distribution of his Vested Benefit following his Severance from Service Date and
who was not one hundred percent (I 00%) vested in his Employer Matching
Contribution sub-account is reemployed by an Employer and again becomes an
Employee, any amount forfeited at the date of prior termination shall be
contributed to his Employer Matching Contribution sub-account, effective as of
the date of reemployment. DM_US 14702698-23.064500.0013 -33-

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ARTICLES DISTRIBUTIONS 8.01 Earliest Time for and Method of Distribution of
Benefits. (a) Except in the case of distributions under Article 6, a
Participant' s Vested Benefit may be distributed from the Plan no earlier than
the Participant's termination of employment, death, Disability, or upon his
attainment of age fifty-nine and one-half (59Y2). (b) A Participant's entire
Plan vested account balance shall be distributable on account of the
Participant' s severance from employment, regardless of when the severance from
employment occurred. However, such a distribution shall be subject to the other
provisions of the Plan regarding distributions, other than any provisions that
required a separation from service before such amounts may be distributed.
Distributions shall be made in a lump sum, reduced by the outstanding balance of
any loan. The Participant or his Beneficiary may elect to have the Participant's
Vested Benefit paid (i) all in cash, (ii) all in SLM Common Stock or (iii) in a
combination of cash and SLM Common Stock. If the Participant or Beneficiary
elects to receive SLM Common Stock, fractional shares of SLM Common Stock will
be paid in cash to the Participant or his Beneficiary. 8.02 Time of Payment.
Upon a Participant's termination of employment, Disability, or death, the
Participant (or his Beneficiary in the case of death) may request a distribution
of benefits and such distribution shall be made as soon as administratively
feasible after the Trustee receives such request for distribution; except as
provided in Section 8.03, a distribution shall not be made to a former
Participant who terminated employment, without his consent, before he attains
his Normal Retirement Age, unless the distribution is made after the Plan
terminates and the Employer and/or Affiliated Employer do not maintain another
defined contribution plan, as defined in section 414(i) of the Code, other than
an employee stock ownership plan, as defined in section 4975(e)(7) of the Code.
The amount of the distribution will be the Participant's Vested Benefit as of
the date of distribution. If a Participant does not request to receive his
Vested Benefit at his Severance from Service Date, then the Participant's
Employee Account will continue to be subject to adjustments in accordance with
Section 5.03. 8.03 Distribution of Small Benefits. Notwithstanding anything in
Section 8.02 to the contrary, if the Participant's vested Employee Account
balance does not exceed $1 ,000, his Employee Account balance shall be
distributed to him after his Severance from Service Date without his request. If
the Participant's vested Employee Account balance exceeds $1 ,000, then any
mandatory distribution of his Employee Account balance before his Normal
Retirement Age, to the extent such mandatory distribution is an Eligible
Rollover Distribution subject to section 40l(a)(31) of the Code, shall be
automatically rolled over to an individual retirement account. DM_US
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Effective for distributions made after December 31 , 2001 (except for purposes
of an automatic rollover to an individual retirement account, as described in
the preceding paragraph), the net value of the vested portion of a Participant's
account balance shall be determined without regard to that portion of the
account that is attributable to rollover contributions (and earnings allocable
thereto) within the meaning of sections 402(c), 403(a)(4), 403(b)(8),
408(d)(3)(A)(ii) , and 457(e)(l6) of the Code. 8.04 Latest Time for
Distribution. In no event may a distribution under this Article to a Participant
begin later than the sixtieth (60th) day after the latest of the close of the
Plan Year in which: (a) occurs the date on which the Participant attains his
Normal Retirement Age; (b) occurs the fifth (5th) anniversary of the date on
which the Participant commenced participation in the Plan; or (c) the
Participant terminates his service with an Employer or Affiliated Employer and
is not then reemployed by another Employer or Affiliated Employer.
Notwithstanding the foregoing or any other provision in the Plan, in accordance
with section 401 (a)(9) of the Code and regulations thereunder, including the
minimum distribution incidental benefit requirement of section 40l(a)(9)(G) of
the Code and sections 1.40l(a)(9)-l through l.40l(a)(9)-9 of the Treasury
Regulations, benefit payments shall be made or commenced not later than April 1
of the calendar year following the later of (i) the calendar year in which a
Participant attains age seventy and one-half (?OY2 ), or (ii) the calendar year
in which the Participant retires; provided, however, that benefit payments to a
Five Percent Owner shall be made or commence to be made no later than April 1 of
the calendar year following the calendar year in which the Participant attains
age seventy and one-half (?OY2). Plan benefits made in accordance with this
provision shaH be distributed over the life expectancy of the Participant. The
Participant' s life expectancy will be recalculated annually in accordance with
section 40l(a)(9)(D) of the Code. If minimum distributions have begun to a
Participant pursuant to this paragraph, upon his subsequent termination of
employment, his Vested Benefit will be paid to him under the rules in Sections
8.0 I and 8.02, but not less rapidly than is required by section 40l(a)(9) of
the Code. In the case of a Participant's death, the Participant's entire Vested
Benefit will be paid to his Beneficiary within five (5) years of the
Participant's date of death. Notwithstanding the preceding paragraph, if the
amount of the payment required to commence on the date determined under the
above paragraph cannot be ascertained by such date, a payment retroactive to
such date shall be made no later than sixty (60) days after the earliest date on
which the amount of such payment can be ascertained. DM_ US
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With respect to minimum required distributions under the Plan made on or after
January 1, 2003 for calendar years beginning on or after January 1, 2003, the
Plan will apply the minimum distribution requirements of section 40l(a)(9) of
the Code in accordance with Appendix B to the Plan and the requirements of
section 40l(a)(9) of the Code and sections 1.40 l(a)(9)-l through 1.401 (a)(9)-9
of the Treasury Regulations. Notwithstanding the foregoing provisions of Section
8.04, a Participant or Beneficiary who would have been required to receive
required minimum distributions for 2009 but for the enactment of section
40l(a)(9)(H) of the Code ("2009 RMDs"), and who would have satisfied that
requirement by receiving distributions that are (l) equal to the 2009 RMDs or
(2) one or more payments in a series of substantially equal distributions (that
include the 2009 RMDs) made at least annually and expected to last for the life
(or life expectancy) of the Participant, the joint lives (or joint life
expectancy) of the Participant and the Participant's designated Beneficiary, or
for a period of at least 10 years ("Extended 2009 RMDs"), will not receive those
distributions for 2009, unless the Participant or Beneficiary chooses to receive
such distributions. Participants and Beneficiaries described in the preceding
sentence wiU be given the opportunity to elect to receive the distributions
described in the preceding sentence. In addition, solely for purposes of
applying the direct rollover provisions of the Plan, including but not limited
to Section 2.14, 2009 RMDs and Extended 2009 RMDs (both as defined above) will
be treated as Eligible Rollover Distributions. 8.05 Missing Participant or
Beneficiary. Unclaimed benefits shall be canceled and applied to reduce Employer
contributions if the Committee has not been able to locate the payee after
making reasonable efforts to do so, in accordance with a procedure adopted by
the Committee. Upon the cancellation of unclaimed benefits, the Plan shall have
no further liability to pay the benefit. However, if the payee later submits a
claim for his benefit, the canceled benefit shall be reinstated, without any
adjustment for interest or earnings, and the Employer shall make an additional
contribution to the Plan to fund the reinstated benefit. Notwithstanding
anything in this Section 8.05 to the contrary, in the event any portion of such
an Employee Account has been paid to the State pursuant to the State's escheat
laws, to the extent permitted under Federal law, the Employee Account will not
be reinstated upon the payee's filing of a claim, and the payee must look to the
State for payment. 8.06 Election of Direct Rollover of a Vested Benefit.
Notwithstanding any provision of the Plan to the contrary, a Participant or
Qualified Beneficiary may elect, at the time and in the manner prescribed by the
Committee, to have any portion of an Eligible Rollover Distribution paid
directly to an Eligible Retirement Plan specified by the Participant or
Qualified Beneficiary in a Direct Rollover. 8.07 Death of a Participant During
Qualified Military Service. If a Participant dies while performing qualified
military service (as defined in section 414(u)(5) of the Code) on or after
January l, 2007, the Participant's Beneficiaries shall be entitled to any
additional benefits (other than benefit accruals) under the Plan as if the
Participant had died during service with the Employer. DM_US
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ARTICLE9 PLAN ADMINISTRATION 9.01 Committee. The Plan shall be administered by
the SLM Corporation Retirement Committee, or such other committee as may be,
appointed by, and serving at the pleasure of, the Board of Directors from time
to time. 9.02 Powers and Duties of the Committee. The Committee shall have the
discretion to determine all matters relating to eligibility and benefits under
the Plan and shall have the discretion to determine all matters relating to the
interpretation and operation of the Plan. Decisions of the Committee shall be
binding unless arbitrary or capricious. In addition, the Committee shall have
the responsibilities and duties described in the Charter of the Committee, as
amended from time to time. 9.03 Delegation of Responsibilities. In accordance
with the Charter of the Committee, as amended from time to time, the Committee
may delegate certain Plan responsibilities to management of the Corporation.
DM_US 14702698-23.064500.0013 -37-

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ARTICLE 10 CONTROL AND MANAGEMENT OF ASSETS 10.01 In General. (a) Trustee. All
assets of the Plan shall be held by the Trustee pursuant to the terms of the
Trust Agreement not inconsistent herewith. The Trustee shall follow the policies
and guidelines of the Committee with respect to the choice of investment
alternatives. Each Participant or Beneficiary shall have the right to direct the
Trustee with respect to the investment of his Employee Account and the Trustee
shall follow the investment directions of the Participant or Beneficiary in
accordance with section 404(c) of ERISA. In the event the Participant or
Beneficiary fails to provide an investment direction, the Trustee shall invest
the Employee Account in the default investment fund selected by the Committee,
which may constitute a qualified default investment alternative fund within the
meaning of section 404( c )(5) of ERISA. (b) Named Fiduciary for Investment. The
Committee shall serve as the Named Fiduciary and shall develop the overall
policies and guidelines for the investment of Plan assets, including the
selection of the investment alternatives which are to be made available to
Participants. DM_US 14702698-23.064500.0011 -38-

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ARTICLE 11 FIDUCIARY LIABILITY INSURANCE AND INDEMNIFICATION 11.01 Fiduciary
Liability Insurance. The Plan may purchase insurance for its fiduciaries or for
itself to cover liability or losses occurring by reason of the act or omission
of a fiduciary, if such insurance permits recourse by the insurer against such a
fiduciary who has committed a breach of fiduciary duties. A fiduciary may
purchase insurance to cover his own liability for any act or omission. Each
Employer may purchase insurance to cover potential liability of one or more
persons who serve in a fiduciary capacity with respect to the Plan. Nothing in
this Section 11.01 shall be construed as requiring the purchase of any
insurance. 11.02 Indemnity. The Employers may, consistent with applicable law,
indemnify the members of the Board of Directors, and the members of the
Committee from any liability, loss or other financial consequence with respect
to any act or omission relating to the Plan by means other than the provision of
fiduciary liability insurance; except that to the extent any such liability,
loss or consequence results from a person's gross negligence or willful
misconduct, such person shall not be so indemnified. The provisions of Section
ll.Ol shall apply, to the extent applicable, prior to the provisions of this
Section 11.02. DM_US 14702698·23.064500.0011 -39-

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ARTICLE 12 AMENDMENTS TO OR TERMINATION OF THE PLAN 12.01 Right of Corporation
to Amend or Terminate the Plan. While it is the intention of the Corporation to
continue the Plan indefinitely, the Corporation reserves the right to terminate
its contributions or terminate the Plan in whole or in part at any time by an
instrument in writing pursuant to authority of a vote of the Board of Directors.
The Corporation reserves the right to amend the Plan pursuant to authority
granted to the Corporation and may delegate such authority. However, the Plan
shall not be amended in such manner as would cause or permit any part of the
Fund to be diverted to purposes other than for the exclusive benefit of
Participants of the Plan and their Beneficiaries, nor in such manner as would
cause or permit any portion of such corpus to revert to, or become the property
of, any Employer prior to the satisfaction of all liabilities under the Plan
with respect to such Participants or to increase the duties or liabilities of
the Trustee without its written consent. Unless otherwise required or permitted
by law, no amendment to the Plan shall decrease a Participant's account balance
or eliminate an optional form of distribution notwithstanding the preceding
sentence. Furthermore, no amendment to the Plan shall have the effect of
decreasing a Participant's vested interest determined without regard to such
amendment as of the later of the date such amendment is adopted, or the date it
becomes effective. Notwithstanding any provision of the Plan to the contrary,
effective on or after August 9, 2006, no amendment shall decrease a
Participant's or former Participant's accrued benefit under the Plan as of the
applicable amendment date, or otherwise place greater restrictions or conditions
on a Participant's or former Participant's right to protected benefits under
section 4ll(d)(6) of the Code, even if the amendment merely adds a restriction
or condition that is otherwise permitted under the vesting rules in sections 411
(a)(3) through ( 11) of the Code. 12.02 Termination of Plan. In the event that
the Plan is terminated or partially terminated or in the event of a complete
discontinuance of contributions, the right of all Participants, or those
Participants so affected in the case of a partial termination, to benefits
accrued under the Plan as of the date of such termination, partial termination
or discontinuance of contributions, shall be non-forfeitable; and after
providing for the expenses of the Plan, the remaining assets of the Plan shall
be allocated by the Committee. Upon complete termination of the Plan, the
Committee shall liquidate the entire Fund as soon as administratively practical
if the Employers and Affiliated Employers do not maintain another defined
contribution plan, as defined in section 414(i) of the Code, other than an
employee stock ownership plan, as defined in section 4975(e)(7) of the Code.
12.03 Withdrawal of an Employer. Each Employer which adopts the Plan shall have
the right at any time to terminate the Plan as to its employees or to withdraw
its share of assets from the Fund while the Plan continues in effect for the
employees of each other Employer. In the event of such withdrawal or
termination, such Employer shall deliver to the Corporation and the Committee,
at least thirty (30) days prior to the effective date of such termination or
withdrawal, a certified copy of the vote of its governing body authorizing such
termination or withdrawal. The Committee will advise the Trustee to segregate a
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representing the interest of the Employees of such Employer in the Fund. The
Trustee, as directed by the Committee, shall transfer such assets to a fund
exempt under section 501 of the Code for purposes of providing benefits for such
Employees under another plan, or if no such fund exists, distribute such assets
currently to the Employees of the withdrawing Employer. 12.04 Plan-to-Plan
Transfer. Upon the sale of substantially all of the assets and liabilities of an
Employer, the Committee may, upon the written request of the purchaser of such
assets and liabilities, instruct the Trustee to segregate a portion of the Fund
representing the interest in the Fund of Employees who continue employment with
such purchaser and to transfer such portion of the Fund to the plan of such
purchaser; provided, however, that such purchaser represents to the Committee
that the plan is qualified under section 40l(a) of the Code and that the benefit
of each Employee immediately after the transfer shaH be at least equal to the
benefit the Employee was entitled to immediately before the transfer. DM_US
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ARTICLE 13 TOP HEAVY PROVISIONS 13.01 Top Heavy Plan Requirements.
Notwithstanding any other provision of the Plan, if for any Plan Year the Plan
is determined to be a Top Heavy Plan, then the top heavy minimum benefit
requirement of section 416(c) of the Code, as set forth in Section 13.02, shall
apply. 13.02 Top Heavy Minimum Contribution Requirement. For any Plan Year with
respect to which the Plan is determined to be a Top Heavy Plan, with respect to
each Employee who is a Non-Key Employee for such Plan Year, the Top Heavy
requirements shall be met by providing, under the defined benefit plan sponsored
by the Corporation and qualified under section 40l(a) of the Code, the minimum
accrued benefit derived from employer contributions necessary to satisfy the
benefit requirement of section 416( c) of the Code. 13.03 Top~Heavy Provisions.
(a) This Section 13.03 shall apply for purposes of determining whether the plan
is a Top-Heavy Plan under section 416(g) of the Code and whether the Plan
satisfies the minimum benefits requirements of section 416(c) of the Code. (b)
Minimum Benefits/Matching Contributions. Employer matching contributions shall
be taken into account for purposes of satisfying the minimum contribution
requirements of section 416(c)(2) of the Code, and the Plan. The preceding
sentence shall apply with respect to matching contributions under the Plan or,
if the Plan provides that the minimum contribution requirement shall be met in
another plan, such other plan. Employer matching contributions that are used to
satisfy the minimum contribution requirements shall be treated as matching
contributions for purposes of the actual contribution percentage test and other
requirements of section 401 (m) of the Code. DM_US 14702698-23.064500.0013 -42-

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ARTICLE 14 MISCELLANEOUS 14.01 Rights of Employees. Nothing herein contained
shall be deemed to give any employee the right to be retained in the employ of
the Employer or to interfere with the right of the Employer to discharge such
employee at any time, nor shall it be deemed to give the Employer the right to
require the employee to remain in its employ, nor shall it interfere with the
employee' s right to terminate his employment at any time. 14.02 Notice of
Address. Each person entitled to benefits under the Plan must inform the
Committee, in accordance with a procedure adopted by the Committee, of his post
office address and each change of post office address. Any communication,
statement or notice addressed to such person at such address shall be deemed
sufficient for all purposes of the Plan, and there shall be no obligation on the
part of the Employer, the Committee or Trustee to search for or to ascertain the
location of such person. 14.03 Data. Each person entitled to benefits under the
Plan must furnish to the Committee such documents, evidence, or other
information as the Committee considers necessary or desirable for the purposes
of administering the Plan or to protect the Plan. The Committee shall be
entitled to rely on representations made by employees, Participants and
Beneficiaries with respect to age, marital status and other personal facts,
unless it knows said representations are false. 14.04 Merger. This Plan shall
not be merged into, or consolidated with, nor shall any assets or liabilities be
transferred to, any plan under circumstances resulting in a transfer of assets
or liabilities from this Plan to another plan, unless immediately after any such
merger, consolidation or transfer, each Participant would, if the Plan had then
terminated, receive a benefit immediately after the merger, consolidation or
transfer which would be equal to or greater than the benefit he would have been
entitled to receive immediately before the merger, consolidation or transfer, if
the Plan had then terminated. 14.05 Fund to be for the Exclusive Benefit of
Participants. The contributions of the Employers to the Fund shall be for the
exclusive purpose of providing benefits to the Participants and their
Beneficiaries and no part of the Fund shall revert to the Employers, except as
follows: (a) if a contribution is made to the Fund by an Employer under mistake
of fact, such contribution shall be returned within one ( 1) year after its
payment; or (b) if any part or alJ of a contribution is disallowed as a
deduction under section 404 of the Code with respect to an Employer, then to the
extent of such disallowance it may be returned to the Employer within one (I)
year after the disallowance. Employer contributions made to the Plan are
conditioned on deductibility under section 404 of the Code. Notwithstanding the
prior sentence, at the election of the Employer, contributions that are not
deductible under section 404 of the Code solely because of section 404(a)(7) of
the Code may be DM_US 14702698-23.064500.0013 -43-

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maintained in the Plan, provided such contributions do not exceed the greater of
(i) the amount of contributions not in excess of six percent (6%) of
compensation (within the meaning of section 404(a) of the Code and including any
differential wage payment (as defined in section 340l(h)(2) of the Code) made by
the Employer) paid or accrued (during the taxable year for which the
contributions were made) to beneficiaries under the Plan, or (ii) the sum of
Employer Matching Contributions plus the amount of contributions described in
section 402(g)(3)(A) of the Code. 14.06 Facility of Payment. If it shall be
found that (a) a person entitled to receive any payment under the Plan is
physically or mentally incompetent to receive such payment and to give a valid
release thereof, and (b) another person or an institution is then maintaining or
has custody of such person, and no guardian, committee or other representative
of the estate of such person has been duly appointed by a court of competent
jurisdiction, the payment may be made to such other person or institution
referred to in (b) above, and the release of such other person or institution
shall be a valid and complete discharge for the payment. 14.07 Restrictions on
Alienation. Except with respect to the (a) creation, assignment, or recognition
of a right to a benefit payable with respect to a Participant pursuant to a
qualified domestic relations order (as defined in section 414(p) of the Code)
and, (b) the creation, assignment, or recognition of a right to a benefit
payable to the Plan pursuant to section 40l(a)(l3)(C) of the Code, no benefit
payable under the Plan to any person shall be subject to any manner of
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or
charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge,
encumber, or charge the same shall be void; and no such benefit shall in any
manner be liable for, or subject to, the debts, contracts, liabilities,
engagements, or torts of any person nor shall it be subject to attachment or
legal process for, or against, any person, and the same shall not be recognized
under the Plan. Distributions may be made to an alternate payee pursuant to a
qualified domestic relations order (as defined in section 414(p) of the Code)
before the Participant attains the earliest retirement date, as defined in
section 414(p)(4)(B) of the Code, under the Plan. 14.08 Headings. The headings
of the Plan are inserted for convenience and reference only and shall have no
effect upon the meaning of the provisions hereof. 14.09 Construction. The Plan
shall be construed, regulated and administered under the laws of the state of
Delaware, except that if any such laws are superseded by any applicable Federal
law or statute, such Federal law or statute shall apply. 14.10 Exclusion and
Severability. Each provision hereof shall be independent of each other provision
hereof and if any provision of the Plan proves to be, or is held by any court,
or tribunal, board or authority of competent jurisdiction to be void or invalid
as to any Participant or group of Participants, such provision shall be
disregarded and shall be deemed to be null and void and not part of the Plan.
However, such invalidation of any provision shall not otherwise impair or affect
the Plan or any of the other provisions or terms hereof. DM_ US 14
702698-23.064500.0013

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14.11 Special Rule Relating to Military Service. Notwithstanding any provision
in this Plan to the contrary, contributions, benefits and service credit with
respect to qualified military service will be provided in accordance with
section 414(u) of the Code and the mandatory provisions of the Heroes Earnings
Assistance and Relief Tax Act of 2008. 14.12 Application of Forfeitures.
Forfeitures arising under the Plan with respect to an Employer's Participants
shall be applied, at the discretion of that Employer, either to reduce that
Employer's contributions in such proportions as that Employer may direct or to
pay administrative expenses of the Plan. Non-vested amounts shall be forfeited
from a Participant's Employee Account upon the earlier of (a) the date the
entire vested portion of the Participant' s Employee Account is distributed and
(b) the date the Participant incurs a five (5)-year Period of Severance;
provided that in the event such forfeiture occurs as of the date the entire
vested portion of the Participant's Employee Account is distributed, such
previously forfeited amount (without any adjustment for earnings) shall be
reinstated on behalf of the Participant only if such Participant becomes
re-employed before he incurs a five (5)-year Period of Severance, and the
Participant repays back to the Plan the entire amount of the previous
distribution before the earlier of (i) five (5) years after the first date on
which the Participant is subsequently reemployed by the Employer, or (ii) the
close of the first five (5)-year Period of Severance commencing after the date
of distribution. 14.13 Contractual Limitation Period. No action at Jaw or in
equity shall be brought to recover benefits under the Plan until the mandatory
appeal rights described in the Plan have been exercised and the Plan benefits
requested in such appeal have been denied in whole or in part. If any judicial
proceeding is undertaken to appeal the denial of a claim, challenge the amount
of any benefit under the Plan or bring any other action under ERISA other than a
breach of fiduciary duty claim, any such judicial proceeding must be filed
within the earlier date of the following: (a) ninety (90) days after the final
decision on any administrative claim for benefits submitted to the Committee; or
(b) within three (3) years after the date when the Participant or Beneficiary
submits their authorization to commence payment of the Plan benefits at issue in
the judicial proceeding. The evidence presented in such a judicial proceeding
will be strictly limited to the evidence timely presented to the Committee (or
its designee). DM_US 14702698·23.064500.0013 -45-

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ARTICLE 15 SPECIAL PROVISIONS APPLICABLE TO CORPORATE TRANSACTIONS 15.01 Special
Vesting Provisions. The following provisions shall apply in determining a
Participant's Vested Benefit. (a) Former Employees of EFCI, Inc. Any Employee
who becomes an employee of Education First Marketing L.L.C., effective January
l, 1997, shall be one hundred percent ( 100%) vested in his Employee Account at
all times, provided his immediately preceding employer was EFCI, Inc.
Notwithstanding the foregoing, amounts in any such Employee's Employer Core
Contribution sub-account shall become one hundred percent (100%) vested upon the
Employee's completion of one ( l) Year of Vesting Service. (b) Employees of
Kaludis Consulting Group. Inc. Any Employee of Kaludis Consulting Group, Inc.
whose Employment Commencement Date is prior to January 1, 1998, shall be one
hundred percent ( 100%) vested in his Employee Account at all times. However, if
an Employee described in the prior sentence incurs a Severance from Service Date
and is subsequently reemployed by the Employer, any benefit accrued on or after
the Reemployment Commencement Date shall not be subject to this special vesting
provision, but shall be subject to the general vesting provisions described in
Article 7. Notwithstanding the foregoing, amounts in any such Employee's
Employer Core Contribution sub-account shall become one hundred percent ( 100%)
vested upon the Employee's completion of one ( l) Year of Vesting Service. (c)
Former Employees of USA Group. Individuals who were employed by USA Group on
July 31, 2000, and who became eligible to be Participants in the Plan on August
l, 2000 shall be one hundred percent ( 100%) vested in any Employer Matching
Contributions at all times. (d) An individual described in Section 1.02(b) or
1.02( c) shall be one hundred percent ( l 00%) vested in the portion of his
Employer Matching Contribution and Employer Core Contribution sub-accounts
invested in the SLM Stock Fund as of April 30, 2014. (e) Matching contributions
made to the Sallie Mae Retirement Savings Plan on behalf of a Participant prior
to July I, 2004 and transferred to the Participant' s Employee Account under
this Plan on or as soon as practicable after January 1, 2010 shall become vested
in accordance with the following schedule: Years of Vesting Service Less than
one I year 2 years 3 years DM_US 14702698-23.064500.0013 -46- Percent Vested 0%
0% 50% 100%

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(f) Matching contributions made to the Pioneer Credit Recovery 40l(k) Savings
Plan that were transferred to the Sallie Mae Retirement Savings Plan on January
I, 2005 and again transferred to the Participant's Employee Account under this
Plan on or as soon as practicable after January 1, 2010 shal1 become vested in
accordance with the following schedule: Years of Vesting Service Less than one 1
year 2 years 3 years 4 years 5 years 15.02 USA Group Special Provisions. Percent
Vested 0% 20% 40% 60% 80% IOO% (a) EIP Account Provisions. The following
provlSlons shaH apply to individuals who were employed by USA Group on July 31,
2000, who were eligible to and became Participants in the Plan on August 1,
2000, and who had "EIP Accounts" under the USA Group Plan (as described in
Supplement C to the USA Group Plan ("Supplement C")) (hereinafter referred to as
"USA Group/EIP Participants"). (i) Vesting. USA Group/EIP Participants shall be
one hundred percent (I 00%) vested in their EIP Accounts as of August 1, 2000.
(ii) In-Service Withdrawals. USA Group!EIP Participants shall be permitted to
take in-service withdrawals of the amounts credited to their EIP Accounts at any
time in the form of a single lump sum representing all or a portion of the
amount credited to the EIP Account in accordance with procedures established by
the Committee. (iii) Distributions. USA Group/EIP Participants shall be
permitted to take distributions of amounts credited to their EIP Accounts only
in the form of a single lump sum representing the entire amount credited to the
EIP Account following their termination of employment and in accordance with
procedures established by the Committee. 15.03 Southwest Student Services
Corporation Special Provisions. With respect to any individual who is employed
by Southwest Student Services Corporation on March 31 , 2005, and who becomes a
Participant in the Plan on April 1, 2005, such individual shall be one hundred
percent (I 00%) vested in his Southwest plan account transferred to the Plan.
DM_US 14702698·23.064500.001 ~

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ARTICLE 16 SIGNATURE The Plan as herein amended and restated has hereby been
approved and is adopted effective as of the dates set forth herein this 30th day
of April, 2014. easley Senior Vice President and Chief Human Resources Officer
Dated: Apri~ 2014 DM_US 14702698-23.064500.0013 -48-

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APPENDIX A SALLIE MAE 401(K) SAVINGS PLAN PARTICIPATING EMPLOYERS As of the date
of this Plan restatement the following Employers participate in the Sallie Mae
401 (k) Savings Plan: • Upromise, Inc. • Sallie Mae Bank • SMB Servicing
Company, Inc. DM_US 14702698·23.064500.0013 -49-

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APPENDIXB ADDITIONAL PROVISIONS RELATED TO REQUIRED MINIMUM DISTRIBUTIONS
Effective for calendar years on and after January 1, 2003, the minimum required
distributions made to Participants pursuant to Section 8.04 shall be made in
accordance with the following provisions: B.l The Vested Benefit of each
Participant who is a five percent (5%) owner (as defined in section 416(i) of
the Code, but without regard to the top-heavy status of the Plan) shall be
distributed or shall commence to be distributed, in accordance with section 40 l
(a)(9) of the Code and the regulations issued thereunder, no later than the
April 1 following the close of the calendar year in which the Participant
attains age ?Olf2, regardless of whether his employment is terminated as of such
date. The Vested Benefit of each Participant who is not a five percent (5%)
owner shall be distributed or shall commence to be distributed, in accordance
with section 40l(a)(9) of the Code and the regulations issued thereunder, no
later than the Aprill following the later of: (a) the calendar year in which the
Participant attains age seventy and one-half (?Olf2), or (b) the calendar year
in which the Participant terminates employment. All distributions under this
Plan shall comply with the incidental death benefit requirements of section 401
(a)(9)(G) of the Code and the regulations (including section l.40l(a)(9)-2 of
the Treasury Regulations) and other guidance issued thereunder. B.2 The
provisions of this Section 8.2 will apply for purposes of determining required
minimum distributions for calendar years beginning with the 2003 calendar year.
The requirements of this Section B.2 will take precedence over any inconsistent
provisions of the Plan. All distributions required under this Section will be
determined and made in accordance with the Treasury Regulations under section
40l(a)(9) of the Code. (a) Time and Manner of Distribution. The Participant's
entire interest will be distributed, or begin to be distributed, to the
Participant no later than the Participant's Required Beginning Date. If the
Participant dies before distributions begin, the Participant's entire interest
will be distributed, or begin to be distributed, no later than as follows: (1)
If the Participant's surviving spouse is the Participant's sole Designated
Beneficiary, then distribution of the Participant's Vested Benefit shall be made
to the surviving spouse pursuant to Section 8.04. (2) If the Participant's
surviving spouse is not the Participant's sole Designated Beneficiary, then
distribution of the Participant's Vested Benefit shall be made to the Designated
Beneficiary pursuant to Section 8.04. (3) If there is no Designated Beneficiary
as of the date of the Participant' s death, the Participant's Vested Benefit
will be distributed pursuant to Sections 2.04, 8.04 and 8.05. DM_US
14702698-23.064500.0013 -50-

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(4) If the Participant's surv1vmg spouse is the Participant' s sole Designated
Beneficiary and the surviving spouse dies after the Participant but before
distributions to the surviving spouse begin, this Section B.2(a), other than
Section B.2(a)( l ), will apply as if the surviving spouse were the Participant.
For purposes of this Section B.2(a) and Section B.2(d), unless Section B.2(a)(4)
applies, distributions are considered to begin on the Participant's Required
Beginning Date. If Section B.2(a)(4) applies, distributions are considered to
begin on the date distributions are required to begin to the surviving spouse
under Section B.2(a)( 1). (b) Forms of Distribution. Unless the Participant's
interest is distributed in a single sum on or before the Required Beginning
Date, as of the first Distribution Calendar Year distributions will be made in
accordance with Sections B.2(c) and B.2(d). (c) Required Minimum Distributions
During Participant's Lifetime. During the Participant's lifetime, the minimum
amount that will be distributed for each Distribution Calendar Year is the
lesser of: (1) the quotient obtained by dividing the Participant's 40 l (a)(9)
Account Balance by the distribution period in the Uniform Lifetime Table set
forth in section 1.40l(a)(9)-9 of the Treasury Regulations, using the
Participant's age as of the Participant's birthday in the Distribution Calendar
Year~ or (2) if the Participant's sole Designated Beneficiary for the
Distribution Calendar Year is the Participant's spouse, the quotient obtained by
dividing the Participant's 40l(a)(9) Account Balance by the number in the Joint
and Last Survivor Table set forth in section 1.40l(a)(9)-9 of the Treasury
Regulations, using the Participant's and spouse's attained ages as of the
Participant's and spouse's birthdays in the Distribution Calendar Year. Required
minimum distributions will be determined under this Section B.2(c) beginning
with the first Distribution Calendar Year and up to and including the
Distribution Calendar Year that includes the Participant's date of death. (d) If
the Participant dies on or after the date distributions begin, the Participant's
entire remaining interest under the Plan will be distributed in accordance with
Section B.2(a). (e) For purposes of this Section B.2, the following terms shall
have the meanings as set forth below unless the context requires otherwise: (1)
Designated Beneficiary. The individual who is the Beneficiary and is the
Designated Beneficiary under section 40l(a)(9) of the Code and section
1.40l(a)(9)-l, Q&A-4, of the Treasury Regulations. DM_US 14702698-2J.064500.0013
-51-

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(2) Distribution Calendar Year. A calendar year for which a minimum distribution
is required. For distributions beginning before the Participant' s death, the
first Distribution Calendar Year is the calendar year immediately preceding the
calendar year which contains the Participant's Required Beginning Date. For
distributions beginning after the Participant's death, the first Distribution
Calendar Year is the calendar year in which distributions are required to begin
under Section B.2(a). The required minimum distribution for the Participant's
first Distribution Calendar Year will be made on or before the Participant's
Required Beginning Date. The required minimum distribution for other
Distribution Calendar Years, including the required minimum distribution for the
Distribution Calendar Year in which the Participant' s Required Beginning Date
occurs, will be made on or before December 31 of that Distribution Calendar
Year. (3) Participant's 40l(a)(9) Account Balance. The Vested Benefit balance as
of the last valuation date in the calendar year immediately preceding the
Distribution Calendar Year (valuation calendar year) increased by the amount of
any contributions made and allocated or forfeitures allocated to the Vested
Benefit balance as of dates in the valuation calendar year after the valuation
date and decreased by distributions made in the valuation calendar year after
the valuation date. The Vested Benefit balance for the valuation calendar year
includes any amounts rolled over or transferred to the Plan either in the
valuation calendar year or in the Distribution Calendar Year if distributed or
transferred in the valuation calendar year. (4) Required Beginning Date. The
date specified in Section 8.04, as applicable. DM_US 14702698-23.064500.0013

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