Document:

EX-10.36

 Exhibit 10.36 

SLM Corporation 2012 Omnibus Incentive Plan 

2013 Restricted Stock Unit Term Sheet 
  

 
 Pursuant to the terms and
conditions of the SLM Corporation 2012 Omnibus Incentive Plan (the “Plan”), the subcommittee of the Compensation and Personnel Committee (the “Committee”) of the SLM Corporation Board of Directors (the “Subcommittee) hereby
grants to                  (the “Grantee”) on February 7, 2013 (the “Grant Date”) an award (the “Award”) of
                     shares of Restricted Stock Units (“RSUs”), which represent the right to acquire shares of common stock of SLM
Corporation (the “Corporation”) subject to the following terms and conditions (this “Agreement”): 
  

	 	1.	Vesting Schedule. Unless vested earlier as set forth below, the Award will vest, and will be converted into shares of common stock, in one-third increments on February 7, 2014, February 7, 2015 and
February 7, 2016. 

  

	 	2.	Employment Termination; Death; Disability. Except as provided below, if the Grantee voluntarily ceases to be an employee of the Corporation (or one of its subsidiaries) for any reason or his or her employment is
terminated by the Corporation for Misconduct, as determined by the Corporation in its sole discretion, he/she shall forfeit any portion of the Award that has not vested as of the date of such termination of employment. 

If not previously vested, the Award will continue to vest, and will be converted into shares of common stock, on the original vesting terms and
vesting dates set forth above in the event that (i) the Grantee’s employment is terminated by the Corporation for any reason other than for Misconduct, as determined by the Corporation in its sole discretion, or (ii) the Grantee
voluntarily ceases to be an employee of the Corporation (or one of its subsidiaries) and meets the Corporation’s retirement eligibility requirements under the Corporation’s then current retirement eligibility policy, which shall be
determined by the Corporation in its sole discretion. 
 If not previously vested, the Award will vest, and will be converted into shares of
common stock, upon death or Disability (provided that such Disability qualifies as a “disability” within the meaning of Treasury Regulation Section 1.409A-3(i)(4)). 

The Award shall be forfeited upon termination of employment due to Misconduct, as determined by the Corporation in its sole discretion. 

Notwithstanding anything stated herein, the Plan or in the SLM Corporation Change in Control Severance Plan for Senior Officers, this Award
shall not be subject to the terms set forth in the SLM Corporation Change in Control Severance Plan for Senior Officers. 
  

	 	3.	Change of Control. Notwithstanding anything to the contrary in this Agreement: 

  

	 	(a)	In the event of a Change of Control Transaction or a Change of Control in which the acquiring or surviving company in the transaction does not assume or continue outstanding Awards upon the Change of Control or Change
of Control Transaction, then any portion of the Award that is not vested shall become 100 percent vested; provided, however, the conversion of the accelerated portion of the RSUs into shares of common stock (i.e., the settlement of the Award) will
nevertheless be made at the same time or times as if such RSUs had vested in accordance with the vesting schedule set forth in Section 1 or, if earlier, upon the termination of Grantee’s employment for reasons other than Misconduct.

  

	 	(b)	If Grantee’s employment shall terminate within twenty-four months following a Change of Control or a Change of Control Transaction for any reason other than (i) by the Company for Misconduct, as determined by
the Corporation in its sole discretion or (ii) by Grantee’s voluntary termination of employment that is not a Termination of Employment for Good Reason, as defined in the Change in Control Severance Plan for Senior Officers (if applicable
to the Grantee), any portion of the Award not previously vested shall immediately become vested, and shall be converted into shares of common stock, upon such employment termination. 

 

	 	4.	 Taxes; Dividends. The Grantee of the Award shall make such arrangements as may reasonably be required by the Corporation, including
transferring a sufficient number of shares of the Corporation’s stock, to satisfy the income and employment tax withholding requirements that accrue upon the Award becoming vested or, if applicable, settled in shares of the Corporation’s
common stock (by approving this Agreement, the Committee 

  
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 SLM Corporation 2012 Omnibus Incentive Plan 

2013 Restricted Stock Unit Term Sheet 
  

 
  

	 	
hereby approves the transfer of such shares to the Corporation for purposes of SEC Rule 16b-3). Dividends declared on an unvested Award will not be paid currently. Instead, amounts equal to such
dividends will be credited to an account established on behalf of the Grantee and such amounts will be deemed to be invested in additional shares of the Corporation’s common stock (“Dividend Equivalents”). Such Dividend Equivalents
will be subject to the same vesting schedule to which the Award is subject. Upon vesting of any portion of the Award, the amount of Dividend Equivalents allocable to such Award (and any fractional share amount) will also vest and will be converted
into shares of the Corporations’ common stock (provided that any fractional share amount shall be paid in cash). 

  

	 	5.	Section 409A. For purposes of section 409A of the Internal Revenue Code, the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), each
payment and benefit payable under this Agreement is hereby designated as a separate payment. The parties intend that all RSUs provided under this Agreement and shares issuable hereunder comply with the requirements of Section 409A so that none
of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. Notwithstanding anything in the Plan or this Agreement to the contrary, if the
vesting of the balance, or some lesser portion of the balance, of the RSUs is to be accelerated in connection with the Grantee’s termination of service, such accelerated RSUs will not be payable by virtue of such acceleration until and unless
the Grantee has a “separation from service” within the meaning of Section Treasury Regulation 1-409A-1(h), as determined by the Corporation, in its sole discretion. Further, and notwithstanding anything in the Plan or this Agreement to the
contrary, if (x) any of the RSUs to be provided in connection with the Grantee’s separation from service do not qualify for any reason to be exempt from Section 409A, (y) the Grantee is, at the time of such separation from
service, a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) and (z) the payment of such RSUs would result in the imposition of additional tax under Section 409A if paid to the Grantee on or within
the six (6) month period following the Grantee’s separation from service, then, to the extent necessary to avoid the imposition of such additional taxation, the payment of any such RSUs otherwise payable to the Grantee during such six
(6) month period will accrue and will not be made until the date six (6) months and one (1) day following the date of the Grantee’s separation from service and on such date (or, if earlier, the date of the Grantee’s death),
the Grantee will receive all payments and benefits that would have been paid during such period in a single lump sum. 

  

	 	6.	Clawback Provision. Notwithstanding anything to the contrary herein, if the Board of Directors of the Corporation, or an appropriate committee thereof, determines that, any material misstatement of financial
results or a performance metric criteria has occurred as a result of the Grantee’s conduct or the Grantee has committed a material violation of corporate policy or has committed fraud or misconduct, then the Board or committee shall consider
all factors, with particular scrutiny when one of the top 20 members of management are involved, and the Board or such committee, may in its sole discretion require reimbursement of any compensation resulting from the vesting, exercise or settlement
of Options and/or Restricted Stock/RSUs and the cancellation of any outstanding Options and/or Restricted Stock/RSUs from the Grantee (whether or not such individual is currently employed by the Corporation) during the three-year period following
the date the Board first learns of the violation, fraud or misconduct. 

  

	 	7.	Securities Law Compliance. The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any transfer or sale by the Grantee of any shares of
the Corporation’s common stock, including without limitation (a) restrictions under an insider trading policy and (b) restrictions that may be necessary in the absence of an effective registration statement under the Securities Act of
1933, as amended, covering the shares of the Corporation’s common stock. The sale of the shares must also comply with other applicable laws and regulations governing the sale of such shares. 

 

	 	8.	 Data Privacy. As an essential term of this award, the Grantee consents to the collection, use and transfer, in electronic or other form, of
personal data as described herein for the exclusive purpose of implementing, administering and managing Grantee’s participation in the Plan. By accepting this award, the Grantee acknowledges that the Corporation holds certain personal
information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security number or other identification number, salary, tax rates and amounts, nationality, job title, any shares of stock
held in the Corporation, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, 

  
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 SLM Corporation 2012 Omnibus Incentive Plan 

2013 Restricted Stock Unit Term Sheet 
  

 
  

	 	
vested, unvested or outstanding, for the purpose of implementing, administering and managing the Plan (“Data”). Grantee acknowledges that Data may be transferred to any third parties
assisting in the implementation, administration and management of the Plan, that these recipients may be located in jurisdictions that may have different data privacy laws and protections, and Grantee authorizes the recipients to receive, possess,
use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the
Grantee or the Corporation may elect to deposit any shares of the Corporation’s common stock. Grantee acknowledges that Data may be held to implement, administer and manage the Grantee’s participation in the Plan as determined by the
Corporation, and that Grantee may request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, provided however, that refusing
or withdrawing Grantee’s consent may adversely affect Grantee’s ability to participate in the Plan. 

  

	 	9.	Electronic Delivery. The Corporation may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request Grantee’s consent to
participate in the Plan by electronic means. Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the
Corporation or another third party designated by the Corporation, and such consent shall remain in effect throughout Grantee’s term of service with the Corporation (or its subsidiaries) and thereafter until withdrawn in writing by Grantee.

  

	 	10.	Definitions. Capitalized terms not otherwise defined herein are defined in the Plan. 

  

					
		 	Accepted by:
		
		 	  

		
		 	  

		 	Date

			
	
	SLM CORPORATION
	
	/s/ JOHN F. REMONDI
		
	BY:	 	John F. Remondi
		 	Chief Executive Officer

  
 Page 3 of 3EX-10.38

 Exhibit 10.38 
  

 
 300 Continental Drive 
 Newark,
DE 19713 
 Anthony P. Terracciano 
 Chairman 

January 15, 2014 

Mr. Raymond Quinlan 
 293 Hemlock Road 

Fairfield, CT 06824 
 Dear Mr. Quinlan: 

On behalf of SLM Corporation, I am pleased to offer you employment as an officer of SLM Corporation in the position of Vice Chairman of SLM Corporation,
effective January 21, 2014. Until such time as the separation of SLM’s business into two distinct publicly-traded entities, as described in the Form 10 of New Corporation filed with the Securities and Exchange Commission on
December 6, 2013, as currently filed or later amended (the “Separation and Distribution”), your responsibilities as Vice Chairman will be to participate in all decisions (a) relating to the separation of the Private Education
Lending segment of SLM, including allocation of assets, liabilities and personnel, and (b) relating to the anticipated publicly-traded entity owning the existing industrial loan company subsidiary and various related consumer finance lines such
as UPromise Rewards (“BankCo”), including designing your own organizational structure for BankCo, the industrial loan company and other subsidiaries owned by BankCo, including the titles and responsibilities of the executives of BankCo and
its subsidiaries. You will be appointed to the Boards of Directors of SLM and Sallie Mae Bank (the “Bank”), in each case, at the respective board meetings immediately following your effective date of employment. As a member of the Board of
Directors of SLM, you will also be a member of a to-be-formed Transition Committee of the Board that will be tasked with monitoring and making decisions regarding the Separation and Distribution when the Board of Directors is not in session. 

Following the Separation and Distribution, you will assume the titles of director, Executive Chairman of the Board and Chief Executive Officer of BankCo and
Chief Executive Officer of the Bank. At that time, you will have all duties, roles, and responsibilities commensurate with your titles, including those discussed in clause (b) above. At all times during your employment with BankCo, you will be
the senior most executive of BankCo and will report directly to the board of directors of BankCo. SLM’s obligations and rights under this letter agreement, and any other to which you are subject with SLM, will automatically become those of
BankCo in connection with the Separation and Distribution. 
 For 2014, your annual salary of $600,000 will be paid bi-weekly, and you will be eligible to
participate in the 2014 SLM Corporation Management Incentive Plan (MIP) with a target bonus of 150% of base salary in the amount of $900,000. The bonus will be paid in a form and subject to the terms and conditions commensurate with bonuses paid to
other BankCo executives. More information on the terms and conditions of the MIP will be provided upon your effective date of employment. SLM’s conversion to BankCo will not change your compensation. In addition, in January 2014, you will
receive a long-term incentive award with a grant value of approximately $2,270,000. This award will be subject to the SLM Corporation 2012 Omnibus Incentive Plan (the “Omnibus Plan”) and the Term Sheet(s) granting the award and will be in
the form(s) and will have the vesting and other terms commensurate with awards granted to other BankCo executives at that time. 
 You will also receive at
your effective date of employment an equity grant of restricted stock units with a grant value of $1,300,000. The award will be granted using the closing market price of SLM on that date. 

 
The terms of this grant will be subject to the Omnibus Plan and the Term Sheet granting the award; provided that, in any event, the grant document will provide that the restricted stock unit
grant will convert to BankCo restricted stock units upon the Separation and Distribution. 
 You will participate in the benefits provided to officers at
the Executive Officer level, including the SLM Corporation Executive Severance Plan for Senior Officers (the “Severance Plan”) and the Change in Control Severance Plan for Senior Officers (the “Change in Control Plan”). In the
event that SLM makes a public announcement that the Separation and Distribution will not occur or SLM makes a public announcement whereby it can be reasonably inferred that the Separation and Distribution will not occur, and, in either case, you, at
your sole discretion, choose to terminate your employment by written notice to the board of directors of SLM or BankCo, as the case may be, within 60 days of such public announcement (a “Non-Separation Termination”), or the Separation and
Distribution has not been consummated by December 31, 2014, and you, at your sole discretion, choose to terminate your employment by written notice to the board of directors of SLM or BankCo, as the case may be, within 30 days of such date
(also a “Non-Separation Termination”), your termination will be pursuant to Section 3.02(a)(III) of the Severance Plan, and you will be entitled to, and subject to, all such terms and conditions stated thereunder. In the event of a
Non-Separation Termination, your severance benefits will be determined as if you were the “Chief Executive Officer”. For the avoidance of doubt, in the event the Severance Plan is amended or terminated prior to such Non-Separation
Termination, your termination will remain pursuant to Section 3.02(a)(III) of the Severance Plan as in effect on the date hereof. Other benefits include the Executive Physical program and the Supplemental 401k Savings Plan, in addition to our
regular package of employee benefits. 
 In connection with the Separation and Distribution, you will remain eligible to participate in the Severance Plan
and the Change in Control Plan (in either case, or a successor plan adopted by BankCo, if any), subject to Sections 6.01 and 6.08 of each plan. For the avoidance of doubt for purposes of the Severance Plan, before the Separation and Distribution,
you will have the title of “Vice Chairman,” except as expressly provided above with respect to a Non-Separation Termination, and, following the Separation and Distribution, you will have the title of “Chief Executive Officer.”

 You will be indemnified under SLM policies and procedures in accordance with the terms stated therein and, at all times during your employment with SLM
or BankCo, as applicable, will be a named insured in any directors and officers’ policies maintained by the relevant entity. 
 SLM and BankCo, as
applicable, will withhold all taxes and charges that they are required by law to withhold. 
 You represent that you have not taken, and agree that you will
not take in connection with your employment with SLM, any action that would violate any contractual or other restriction or obligation that is binding on you or any continuing duty you may owe to others. You acknowledge that in the event of a
conflict with any other agreement (whether written or oral) or understanding that you have with SLM, the terms of this letter agreement control and that this letter agreement supersedes any prior discussions regarding your employment with SLM. 

This offer is contingent on SLM’s standard employment practices, which means that your acceptance of this offer serves as an agreement to participate in
company-required background checks, which include drug screening and fingerprinting. We retain the right to rescind our offer depending on the outcome of these steps. 

As you may know, employment at Sallie Mae is at-will and nothing in this offer changes this status. This offer does not include any statement that may have
been made by representatives of Sallie Mae other than those in Human Resources. 
 Please indicate your acceptance of our offer as set forth herein by
signing and returning this letter, as well as the enclosed Employment Application, Background Check Authorization and Agreement Regarding Confidentiality, Intellectual Property and Non-Solicitation. In addition, prior to your start date, please
complete the other steps outlined in the attachment. 

 Ray, we are delighted to have you join Sallie Mae and look forward to working with you. Please contact me at
302-283-8340 with any questions you may have or if I can be of further assistance in your upcoming transition. 
  

	
	Sincerely,
	
	/s/ Anthony P. Terracciano
	
	Anthony P. Terracciano
	Chairman

  

					
	Agreed and Signed:	 	 /s/ Raymond J. Quinlan
	 	Date: January 16, 2014

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