Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 

TRANSITION SERVICES AGREEMENT 
 BY
AND BETWEEN 
 NAVIENT CORPORATION 

AND 
 SLM CORPORATION 

DATED AS OF APRIL 29, 2014 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	DEFINITIONS	  
	
	ARTICLE II	  
	SERVICES, DURATION AND SERVICES MANAGERS	  
			
	 Section 2.01.
	 	 Services; Scope
	  	 	7	  
	 Section 2.02.
	 	 Duration of Services
	  	 	7	  
	 Section 2.03.
	 	 Pricing for Services
	  	 	7	  
	 Section 2.04.
	 	 Changes to Services
	  	 	7	  
	 Section 2.05.
	 	 Excluded Services
	  	 	8	  
	 Section 2.07.
	 	 Services Managers
	  	 	8	  
	 Section 2.08.
	 	 Personnel
	  	 	9	  
	
	ARTICLE III	  
	ADDITIONAL ARRANGEMENTS	  
			
	 Section 3.01.
	 	 Software and Software Licenses
	  	 	10	  
	 Section 3.02.
	 	 Computer-Based and Other Resources
	  	 	11	  
	 Section 3.03.
	 	 Access to Facilities
	  	 	11	  
	 Section 3.04.
	 	 Cooperation
	  	 	12	  
	 Section 3.05.
	 	 Security and Privacy
	  	 	12	  
	 Section 3.06.
	 	 IT Transition Completion Requirements; IT Transition Changes
	  	 	16	  
	
	ARTICLE IV	  
	COSTS AND DISBURSEMENTS	  
			
	 Section 4.01.
	 	 Costs and Disbursements
	  	 	19	  
	 Section 4.02.
	 	 Tax Matters
	  	 	20	  
	 Section 4.03.
	 	 No Right to Set-Off
	  	 	21	  
	
	ARTICLE V	  
	STANDARD FOR SERVICE	  
			
	 Section 5.01.
	 	 Standard for Service
	  	 	21	  
	 Section 5.02.
	 	 Disclaimer of Warranties
	  	 	22	  
	 Section 5.03.
	 	 Compliance with Laws and Regulations
	  	 	22	  
	
	ARTICLE VI	  
	LIMITED LIABILITY AND INDEMNIFICATION	  
			
	 Section 6.01.
	 	 Consequential and Other Damages
	  	 	22	  
	 Section 6.02.
	 	 Limitation of Liability
	  	 	23	  
	 Section 6.03.
	 	 Obligation To Re-perform; Liabilities
	  	 	23	  
	 Section 6.04.
	 	 Indemnification
	  	 	24	  
	 Section 6.05.
	 	 Liability for Payment Obligations
	  	 	24	  
	 Section 6.06.
	 	 Exclusion of Other Remedies
	  	 	24	  

  
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	ARTICLE VII	  
	TERM AND TERMINATION	  
			
	 Section 7.01.
	 	 Term and Termination
	  	 	24	  
	 Section 7.02.
	 	 Effect of Termination
	  	 	26	  
	 Section 7.03.
	 	 Force Majeure
	  	 	26	  
	
	ARTICLE VIII	  
	GENERAL PROVISIONS	  
			
	 Section 8.01.
	 	 No Agency
	  	 	27	  
	 Section 8.02.
	 	 Subcontractors
	  	 	27	  
	 Section 8.03.
	 	 Treatment of Confidential Information
	  	 	27	  
	 Section 8.04.
	 	 Further Assurances
	  	 	28	  
	 Section 8.05.
	 	 Dispute Resolution
	  	 	28	  
	 Section 8.06.
	 	 Notices
	  	 	29	  
	 Section 8.07.
	 	 Severability
	  	 	29	  
	 Section 8.08.
	 	 Entire Agreement
	  	 	29	  
	 Section 8.09.
	 	 No Third-Party Beneficiaries
	  	 	30	  
	 Section 8.10.
	 	 Governing Law
	  	 	30	  
	 Section 8.11.
	 	 Amendment; Waiver
	  	 	30	  
	 Section 8.12.
	 	 Rules of Construction
	  	 	30	  
	 Section 8.13.
	 	 Counterparts
	  	 	31	  
	 Section 8.14.
	 	 Assignability
	  	 	31	  
	 Section 8.15.
	 	 Public Announcements
	  	 	32	  
	 Section 8.16.
	 	 Non-Recourse
	  	 	32	  
	 Section 8.17.
	 	 Audit Rights
	  	 	32	  
	 Section 8.18.
	 	 Title to Intellectual Property
	  	 	32	  
	 Section 8.19.
	 	 Order of Precedence
	  	 	32	  
		
	EXHIBIT I: Services Managers	  			
	EXHIBIT II: Disclosing Party Security Requirements	  			
	EXHIBIT III: Key Employees	  			
	EXHIBIT IV: Excluded SMI Projects	  			
		
	SCHEDULE 1: Comprehensive Information Technology Services	  			
	SCHEDULE 2: Short-Term Shared Loan Servicing Services	  			
	SCHEDULE 3: Customer Experience Services	  			
	SCHEDULE 4: Trust Administration Services	  			
	SCHEDULE 5: Facilities Services	  			
	SCHEDULE 6: Third Party TSA Support Services	  			
	SCHEDULE 7: Government Relations	  			
	SCHEDULE 8: Services Business Development Support and IT Services	  			
	SCHEDULE 9: Financial and HR Systems Support Services	  			

  
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 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated as of April 29, 2014 (this “Agreement”), is by and between Navient
Corporation, a Delaware corporation (“Navient”), and SLM Corporation, a Delaware corporation (“SLM BankCo”). Unless otherwise defined in this Agreement, all capitalized terms used in this Agreement shall have the
meaning set forth in the Separation and Distribution Agreement, dated as of April 28, 2014, by and among Existing SLM, SLM BankCo and Navient (as amended, modified or supplemented from time to time in accordance with its terms, the
“Separation and Distribution Agreement”). 
 RECITALS 

WHEREAS, the board of directors of Existing SLM Corporation has determined that it is in the best interests of Existing SLM and its
stockholders to separate Existing SLM’s Navient Business and SLM BankCo Business; 
 WHEREAS, Existing SLM, SLM BankCo and Navient have
entered into the Separation and Distribution Agreement; 
 WHEREAS, in order to facilitate and provide for an orderly separation and
transition under the Separation and Distribution Agreement, the Parties (as defined herein) desire to enter into this Agreement to set forth the terms and conditions pursuant to which each of the Parties and their affiliates shall provide to the
other the Services (as defined herein) for a transitional period; and 
 WHEREAS, the Separation and Distribution Agreement requires
execution and delivery of this Agreement by Navient and SLM BankCo on or prior to the Distribution Date. 
 NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 The following capitalized terms used in this Agreement shall have the meanings set forth below: 

“Additional Services” shall have the meaning set forth in Section 2.04(a). 

“Agreement” shall have the meaning set forth in the Preamble. 

“Banking Agency Regulation P” shall have the meaning set forth in Section 3.05(c). 

“Cause” shall mean a person’s indictment for embezzlement or fraud, conviction of a felony, pleading guilty or nolo
contendere to a felony or breach of fiduciary duty, or deliberate disregard of the Code of Business Conduct of Navient. 

  
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 “CFPB Regulation P” shall have the meaning set forth in
Section 3.05(c). 
 “CIO” shall have the meaning set forth in Section 3.06(b). 

“Completion Criteria” shall have the meaning set forth in Section 3.06(a). 

“Confidential Information” shall have the meaning set forth in Section 8.03. 

“cost,” as used in any Schedule to this Agreement, shall mean the Provider’s fully loaded cost inclusive of all standard
overhead allocations, unless otherwise expressly provided in any such Schedule. 
 “Disaster Recovery/Business Continuity
Plan” shall have the meaning set forth in Section 3.08(b). 
 “Disclosing Party” shall have the
meaning set forth in Section 3.05(a). 
 “Disclosing Party Customer Information” shall have the meaning set
forth in Section 3.05(c). 
 “Disclosing Party Security Requirements” shall have the meaning set forth in
Section 3.05(b). 
 “DSS” shall have the meaning set forth in Section 3.05(g). 

“Force Majeure” shall have the meaning set forth in the Separation and Distribution Agreement. 

“FTC Final Rule” shall have the meaning set forth in Section 3.05(c). 

“GLB Requirements” shall have the meaning set forth in Section 3.05(c). 

“Group” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Information Security Program Requirements” shall have the meaning set forth in Section 3.05(c). 

“Interest Payment” shall have the meaning set forth in Section 4.01(d). 

“IT Transition” shall have the meaning set forth in Section 3.06(a). 

“IT Transition Milestones” shall have the meaning set forth in Section 3.06(a). 

“Key Employees” shall mean the individuals set forth on Exhibit III hereto. 

“Milestone Dates” shall have the meaning set forth in Section 3.06(b). 

“Navient” shall have the meaning set forth in the Preamble. 

  
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 “Navient Business Plan” shall mean the business plan of the Navient Group for
the two-year period following the date of this Agreement, in the form and on the terms approved by the Board of Directors of SLM Corporation in October 2013. 

“Navient Program Manager” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Navient Services” shall have the meaning set forth in Section 2.01. 

“Navient Services Manager” shall have the meaning set forth in Section 2.07(a). 

“Non-assignable Contract” shall have the meaning set forth in the Separation and Distribution Agreement. 

“Party” shall mean Navient and SLM BankCo individually, and “Parties” shall mean Navient and SLM BankCo
collectively, and, in each case, their permitted successors and assigns. 
 “PCI” shall have the meaning set forth in
Section 3.05(g). 
 “Preferred Stock” shall have the meaning set forth in the SMI Amended and Restated Charter.

 “Preferred Stock Period” shall have the meaning set forth in the SMI Amended and Restated Charter. 

“Provider” shall mean the Party or its Subsidiary or Affiliate providing a Service under this Agreement or obligated or
designated to complete a task. 
 “Provider Indemnified Party” shall have the meaning set forth in
Section 6.04. 
 “Receiving Party” shall have the meaning set forth in Section 3.05(a). 

“Receiving Party Personnel” shall have the meaning set forth in Section 3.05(b). 

“Recipient” shall mean the Party or its Subsidiary or Affiliate to or for whom a Service or task under this Agreement is
being provided or performed. 
 “Recipient Indemnified Party” shall have the meaning set forth in Section 6.05.

 “Redemption Date” has the meaning set forth in Section 3.06(h), 

“Redemption Price” has the meaning set forth in the SMI Amended and Restated Charter. 

“Reimbursement Charge(s)” shall have the meaning set forth in Section 4.01(b). 

“Representatives” shall have the meaning set forth in the Separation and Distribution Agreement. 

  
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 “Restricted Access Navient Customer Information” shall have the meaning set
forth in Section 3.05(h). 
 “Schedule(s)” shall have the meaning set forth in Section 2.01. 

“Security Incident” shall have the meaning set forth in Section 3.05(d). 

“Security Audit” shall have the meaning set forth in Section 3.05(e). 

“Separation and Distribution Agreement” shall have the meaning set forth in the Preamble. 

“Separation Projects” shall mean the separation and migration projects listed on Annex A to Statement of Work C to Schedule
1. 
 “Service Charge(s)” shall have the meaning set forth in Section 4.01(a). 

“Service Decrease” shall have the meaning set forth in Section 2.04(b). 

“Service Extension” shall have the meaning set forth in Section 7.01(c). 

“Service Increase” shall have the meaning set forth in Section 2.04(a). 

“Service Locations” shall have the meaning set forth in Section 3.08(a). 

“Services” shall have the meaning set forth in Section 2.01. 

“Shared Contract” shall have the meaning set forth in the Separation and Distribution Agreement. 

“SLM BankCo” shall have the meaning set forth in the Preamble. 

“SLM BankCo Business Plan” shall mean the business plan of the SLM BankCo Group for the two-year period following the date of
this Agreement, in the form and on the terms approved by the Board of Directors of SLM Corporation in October 2013. 
 “SLM BankCo
Program Manager” shall have the meaning set forth in the Separation and Distribution Agreement. 
 “SLM BankCo
Services” shall have the meaning set forth in Section 2.01. 
 “SLM BankCo Services Manager” shall
have the meaning set forth in Section 2.07(b). 
 “SMI” shall mean Sallie Mae, Inc., a Delaware corporation and
Subsidiary of Navient. 
 “SMI Amended and Restated Charter” shall mean the Amended and Restated Certificate of
Incorporation of SMI filed with the Secretary of State of the State of Delaware on April 28, 2014. 

  
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 “SMI Board” shall have the meaning set forth in the Separation and Distribution
Agreement. 
 “Special Preferred Director” shall have the meaning set forth in the SMI Amended and Restated Charter. 

“Subcontractors” shall have the meaning set forth in Section 3.05(c). 

“Taxes” shall have the meaning set forth in the Tax Matters Agreement. 

“Termination Charges” shall have the meaning set forth in Section 7.01(b)(i)(A). 

“Transfer Taxes” shall have the meaning set forth in Section 4.02. 

ARTICLE II 
 SERVICES,
DURATION AND SERVICES MANAGERS 
 Section 2.01. Services; Scope. Subject to the terms and conditions of this Agreement,
(a) Navient shall provide, or cause one or more of its Subsidiaries to provide, to the SLM BankCo Group the services for which Navient is the Provider as set forth in Schedules 1, 2, 3, 4, 5, 6,
7, 8 and 9 to this Agreement (the “Navient Services”) and (b) SLM BankCo shall provide, or cause one or more of its Subsidiaries to provide, to the Navient Group the services for which SLM BankCo is the
Provider as set forth in Schedules 1, 2, 3, 4, 5, 6, 7, 8 and 9 to this Agreement (the “SLM BankCo Services,” and, collectively with the Navient Services, any
Additional Services, any Service Increases, any Service Decreases and any New Services, the “Services”). The description and scope of the Services shall be as set forth on Schedules 1, 2, 3, 4, 5,
6, 7, 8 and 9 (each a “Schedule”, and collectively, the “Schedules”). All of the Services shall be for the sole use and benefit of the Recipient and its respective Affiliates. 

Section 2.02. Duration of Services. Subject to the terms of this Agreement, each of Navient and SLM BankCo shall provide or cause
to be provided to the respective Recipient(s) each Service until the earlier to occur of, with respect to each such Service, (a) the expiration of the duration of the term for such Service (or, subject to the terms of
Section 7.01(c), the expiration of any Service Extension) as set forth on the applicable Schedule or (b) the date on which such Service is terminated under Section 7.01(b); provided, however, that the
duration of the Services shall not extend beyond the two-year anniversary of the date of this Agreement. 
 Section 2.03. Pricing
for Services. Subject to the terms of this Agreement, the Service Charge for each Service to be provided by a Provider shall be as reflected on the Schedules. With respect to each Service or category of Services, the applicable Schedule shall
set forth (i) the Recipient that will be invoiced the Service Charge for such Service or category of Services and (ii) the Provider that will be paid such Service Charge. Service Charges and any applicable Reimbursement Charges shall be
invoiced and paid in accordance with Article IV. 
 Changes to Services. (a) Service Increases; Additional Services. After the
date of this Agreement, if a Recipient requests that a Provider (i) increase the volume, amount or frequency, as applicable, of any Service provided by a Provider (any such increase, a “Service Increase”) by up to 50% of the
volume, amount or frequency contemplated by the SLM BankCo 

  
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Business Plan or the Navient Business Plan, as applicable, or (ii) provide a service that is materially different from and in addition to the Services then included on the Schedules hereto
(each, an “Additional Service”) but was provided, immediately prior to the Effective Time, by a member of the Navient Group to the Pre-Separation Consumer Banking Business, in the case of a request by SLM BankCo, or by a member of
the SLM BankCo Group to the Pre-Separation Education Loan Business, in the case of a request by Navient (other than because the Parties agreed such service would not be provided), then in each case such Provider shall be obligated to perform such
Service Increase or Additional Service. If the Recipient requests that the Provider perform a Service Increase that exceeds 150% of the Services to be performed in the manner contemplated by the SLM BankCo Business Plan or Navient Business Plan, as
applicable, then the Provider shall use commercially reasonable efforts to cooperate with the Recipient to provide such Service Increase. 

(b) Service Decreases. After the date of this Agreement, a Recipient may request the Provider to decrease the volume, amount, level or
frequency, as applicable, of any Service provided by a Provider (any such decrease, a “Service Decrease”) by providing a written notice to Provider; provided, however, that, after delivery of a notice of Service
Decrease, the Provider shall have no obligation to agree to a subsequent request of the Recipient for a Service Increase with respect to such decreased Services. 

Section 2.04. (c) Mutual Agreement; Supplements to Schedules. In connection with any request for Additional Services, Service
Increases or Service Decreases in accordance with this Section 2.04, the Navient Services Manager and the SLM BankCo Services Manager shall in good faith negotiate the terms of a supplement to the applicable Schedule, which terms shall
be consistent with the terms of, and the pricing methodology used for, similar Services provided under this Agreement. Upon the mutual written agreement of the Parties, the supplement to the applicable Schedule shall describe in reasonable detail
the nature, description, scope, expiration and duration, Service Charges and other terms applicable to such Additional Services, Service Increases or Service Decrease in a manner similar to that in which the Services are described in the existing
Schedules. Each supplement to the applicable Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such supplement and the Additional Services or Service Increases set forth therein shall be
deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. Excluded Services. It is not the intent of the Provider to render, nor of the Recipient to receive from the
Provider, professional advice or opinions, whether with regard to Tax, legal, treasury, finance, employment or other business and financial matters, technical advice, including environmental matters. The Recipient shall not rely on, or construe, any
Service rendered by or on behalf of the Provider as such professional advice or opinions or technical advice, and the Recipient shall seek all third-party professional advice and opinions or technical advice as it may desire or need. In addition, no
provision of this Agreement shall require any Provider to render services that are prohibited from being provided by the Provider or to the Recipient by any applicable Law or if the provision of such services by the Provider or to the Recipient
would violate any applicable Law. 
 Section 2.05. Services Managers. (a) Navient hereby appoints and designates the
individuals set forth on Exhibit I to act as the initial services managers for the corresponding Services Schedules on Exhibit I (each, a “Navient Services Manager”), each of whom will be 

  
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directly responsible for coordinating and managing the delivery of the Navient Services under the applicable Service Schedule and have authority to act on Navient’s behalf with respect to
matters relating to the provision of the identified Services under this Agreement. Each Navient Services Manager will report to the Navient Program Manager and will work with the personnel of the Navient Group to periodically address issues and
matters raised by SLM BankCo relating to the provision of Services under this Agreement. Navient shall notify SLM BankCo of the appointment of a different Navient Services Manager, if necessary, in accordance with Section 8.06. 

(b) SLM BankCo hereby appoints and designates the individuals set forth on Exhibit I to act as the initial services managers for the
corresponding Services Schedules on Exhibit I (each, a “SLM BankCo Services Manager”), each of whom will be directly responsible for coordinating and managing the delivery of the SLM BankCo Services under the applicable
Services Schedule and have authority to act on SLM BankCo’s behalf with respect to matters relating to the provision of the identified Services under this Agreement. Each SLM BankCo Services Manager will report to the SLM BankCo Program Manager
and will work with the personnel of the SLM BankCo Group to periodically address issues and matters raised by Navient relating to the provision of Services under this Agreement. SLM BankCo shall notify Navient of the appointment of a different SLM
BankCo Services Manager, if necessary, in accordance with Section 8.06. 
 Section 2.07. Personnel. (a) The
Provider of any Service will make available to the Recipient of such Service such personnel as may be necessary to provide such Service on the understanding that such personnel shall remain employed and/or engaged by the Provider. The Provider will
have the right, in its reasonable discretion, to (i) designate which personnel it will assign to perform such Service, and (ii) remove and replace such personnel at any time; provided, however, that any such removal or
replacement shall not be the basis for any increase in any Service Charge or Reimbursement Charge payable hereunder or relieve the Provider of its obligation to provide any Service hereunder; provided, further, that the Provider will
use its commercially reasonable efforts to limit the disruption to the Recipient in the transition of the Services to different personnel. 

(b) In the event that the provision of any Service by the Provider requires the cooperation and services of the personnel of the Recipient,
the Recipient will make available to the Provider such personnel (who shall be appropriately qualified for purposes of so supporting the provision of such Service by the Provider) as may be necessary for the Provider to provide such Service on the
understanding that such personnel shall remain employed and/or engaged by the Recipient. The Recipient will have the right, in its reasonable discretion, to (i) designate which personnel it will make available to the Provider in connection with
the provision of such Service, and (ii) remove and replace such personnel at any time; provided, however, that any resulting increase in costs to the Provider shall be borne by the Recipient and any resulting adverse effect to the
provision of such Service by the Provider will not be deemed a breach of this Agreement by the Provider; provided, further, that the Recipient will use its commercially reasonable efforts to limit the disruption to the Provider in the
transition of such personnel. If the Provider, in its reasonable discretion and following discussions with the Recipient, requests the Recipient to remove and/or replace any such personnel from their roles in respect of the Services being provided
by the Provider, the Recipient shall comply with such request. 

  
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 (c) No Provider shall be liable under this Agreement for any Liabilities incurred by the
Recipient Indemnified Parties that are primarily attributable to, or that are a consequence of, any actions or inactions of the personnel of the Recipient, except for any such actions or inactions undertaken pursuant to the direction of the
Provider. 
 (d) Nothing in this Agreement shall grant the Provider, or its employees, agents and third-party providers that are performing
the Services, the right directly or indirectly to control or direct the operations of the Recipient or any member of its Group. Such employees, agents and third-party providers shall not be required to report to the management of the Recipient nor
be deemed to be under the management or direction of the Recipient. The Recipient acknowledges and agrees that, except as may be expressly set forth herein as a Service or otherwise expressly set forth in the Separation and Distribution Agreement,
another Ancillary Agreement or any other applicable agreement, no Provider or any member of its Group shall be obligated to provide, or cause to be provided, any service or goods to any Recipient or any member of its Group. 

ARTICLE III 
 ADDITIONAL
ARRANGEMENTS 
 Section 3.01. Assistance Regarding Software and Software Licenses. Navient shall use commercially reasonable
efforts to assist SLM BankCo in its efforts to obtain licenses (or other appropriate rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for Navient to provide, and SLM BankCo to receive,
Navient Services or for Navient to transition such Navient Services to SLM BankCo; provided, however, that Navient shall not be required to pay any fees or other payments or incur any obligations or liabilities to enable SLM BankCo to
obtain any such license or rights (except and to the extent that SLM BankCo advances such fees or payments to Navient); provided, further, that Navient shall not be required to seek broader rights or more favorable terms for SLM BankCo
than those applicable to Effective Time Sallie Mae or as may be applicable to Navient from time to time hereafter; provided, further, that SLM BankCo shall bear only those costs that relate solely and directly to obtaining such
licenses (or other appropriate rights) in the ordinary course. The Parties acknowledge and agree that there can be no assurance that Navient’s efforts will be successful or that SLM BankCo will be able to obtain such licenses or rights on
acceptable terms or at all and, where Navient enjoys rights under any enterprise or site license or similar license, the Parties acknowledge that such license typically precludes partial transfers or assignments or operation of a service bureau on
behalf of unaffiliated entities. In the event that SLM BankCo is unable to obtain such software licenses, the Parties shall work together using commercially reasonable efforts to obtain an alternative software license to allow Navient to provide,
and SLM BankCo to receive, such Navient Services (or allow Navient to transition such Navient Services to SLM BankCo), and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any such new arrangement, which
amended Schedule shall not require SLM BankCo to pay for any fees, Taxes, expenses or costs relating to the software license that SLM BankCo was unable to obtain pursuant to the provisions of this Section 3.01(a). 

(a) If and to the extent requested by Navient, SLM BankCo shall use commercially reasonable efforts to assist Navient in its efforts to obtain
licenses (or other appropriate rights) to use, duplicate and distribute, as necessary and applicable, certain computer software necessary for SLM BankCo to provide, and Navient to receive, SLM BankCo Services or for SLM BankCo

  
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to transition such SLM BankCo Services to Navient; provided, however, that SLM BankCo shall not be required to pay any fees or other payments or incur any obligations or liabilities
to enable Navient to obtain any such license or rights (except and to the extent that Navient advances such fees or payments to SLM BankCo); provided, further, that SLM BankCo shall not be required to seek broader rights or more
favorable terms for Navient than those applicable to Effective Time Sallie Mae or as may be applicable to SLM BankCo from time to time hereafter; provided, further, that Navient shall bear only those costs that relate solely and
directly to obtaining such licenses (or other appropriate rights) in the ordinary course. The Parties acknowledge and agree that there can be no assurance that SLM BankCo’s efforts will be successful or that Navient will be able to obtain such
licenses or rights on acceptable terms or at all and, where SLM BankCo enjoys rights under any enterprise or site license or similar license, the Parties acknowledge that such license typically precludes partial transfers or assignments or operation
of a service bureau on behalf of unaffiliated entities. In the event that Navient is unable to obtain such software licenses, the Parties shall work together using commercially reasonable efforts to obtain an alternative software license to allow
SLM BankCo to provide, and Navient to receive, such SLM BankCo Services (or allow SLM BankCo to transition such SLM BankCo Services to Navient), and the Parties shall negotiate in good faith an amendment to the applicable Schedule to reflect any
such new arrangement, which amended Schedule shall not require Navient to pay for any fees, Taxes, expenses or costs relating to the software license that Navient was unable to obtain pursuant to the provisions of this Section 3.01(b). 

(b) In the event that there are any costs associated with obtaining software licenses in accordance with this Section 3.01 that
(i) would not be payable in the ordinary course, including in the form of a “transfer fee” or other similar fees or expenses payable by the Recipient or the Provider, and (ii) would not have been payable by the Recipient or the
Provider absent the need for a consent or waiver in connection with the license that the Recipient is seeking to obtain, such costs shall be paid by the Recipient. 

Section 3.02. Computer-Based and Other Resources. From and after the date of this Agreement, each Party and its Affiliates shall
cause all of their Representatives having access to the computer software, networks, hardware, technology or computer-based resources of the other Party and its Affiliates pursuant to the Separation and Distribution Agreement, or any Ancillary
Agreement, or in connection with the performance, receipt or delivery of any Service, to comply with all security guidelines (including physical security, network access, internet security, confidentiality and personal data security guidelines) of
such other Party and its Affiliates of which written notice is provided by such other Party. Each Party shall ensure that the access contemplated by this Section 3.02 shall be used by its Representatives only for the purposes contemplated by,
and subject to the terms of, this Agreement. 
 Section 3.03. Access to Facilities. (a) SLM BankCo shall, and shall cause
its Subsidiaries to, allow Navient and its Representatives reasonable access to the facilities of SLM BankCo necessary for Navient to fulfill its obligations under this Agreement. 

(b) Navient shall, and shall cause its Subsidiaries to, allow SLM BankCo and its Representatives reasonable access to the facilities of
Navient necessary for SLM BankCo to fulfill its obligations under this Agreement. 

  
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 (c) Notwithstanding the other rights of access of the Parties under this Agreement, each Party
shall, and shall cause its Subsidiaries to, afford the other Party, its Subsidiaries and Representatives, following not less than five business days’ prior written notice from the other Party, reasonable access during normal business hours to
the facilities, information, systems, infrastructure and personnel of the relevant Providers as reasonably necessary for the other Party to verify the adequacy of internal controls over information technology, reporting of financial data and related
processes employed in connection with the Services, including in connection with verifying compliance with Section 404 of the Sarbanes-Oxley Act of 2002; provided, however, such access shall not unreasonably interfere with any of
the business or operations of such Party or its Subsidiaries. 
 (d) Except as otherwise permitted by the other Party in writing, each Party
shall permit only its authorized Representatives, contractors, invitees or licensees to access the other Party’s facilities. 

Section 3.04. Cooperation. It is understood that it will require the significant efforts of both Parties to implement this
Agreement and to ensure performance of this Agreement by the Parties at the agreed-upon levels in accordance with all of the terms and conditions of this Agreement. The Parties will cooperate, acting in good faith and using commercially reasonable
efforts, to effect a smooth and orderly transition and performance of the Services provided under this Agreement from the Provider to the Recipient (including the assignment or transfer of the rights and obligations under any third-party contracts
relating to the Services); provided, however, that this Section 3.04 shall not require either Party to incur any out-of-pocket costs or expenses unless and except as expressly provided in this Agreement or otherwise agreed
to in writing by the Parties. Any Non-assignable Contract or Shared Contract shall be treated in the manner provided in Section 2.5 of the Separation and Distribution Agreement. 

Section 3.05. Security and Privacy. 

(a) Receiving Party; Disclosing Party. For purposes of this Section 3.05, “Receiving Party” means a party
that obtains, maintains, processes, receives or otherwise is permitted access to Confidential Information of the other party (“Disclosing Party”).

(b) Disclosing Party Security Requirements; Security Questionnaire. Receiving Party shall comply, and shall cause its employees
(“Receiving Party Personnel”) to comply (to the extent applicable to individuals), with the provisions set forth in Exhibit II (the “Disclosing Party Security Requirements”). As periodically requested by
Disclosing Party, but no more frequently than annually, Receiving Party shall promptly, fully and accurately complete Disclosing Party’s Information Security Questionnaire and other documents or requests for information regarding Receiving
Party’s information security practices relating to Disclosing Party’s Confidential Information (e.g., summaries of security audits, summaries of test results or other equivalent evaluations of Receiving Party’s information
security practices). 
 (c) Customer Information Handling Requirements. Receiving Party hereby agrees that (i) it shall comply,
(ii) it shall cause all Receiving Party Personnel to comply and (iii) it shall cause all agents, contractors, subcontractors, and vendors that perform services that are used by Receiving Party to provide the Services (collectively,
“Subcontractors”) to comply, to the extent 

  
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they have access to Disclosing Party Customer Information (as defined below), with all reuse, redisclosure and other customer information handling, processing, security and protection
requirements that are specifically required of a non-affiliated third-party processor or servicer (or subcontractor) under the Federal Trade Commission’s Privacy of Consumer Financial Information; Final Rule (16 CFR 313) (the “FTC Final
Rule”), the Joint Banking Agencies’ Privacy of Consumer Financial Information; Final Rule (12 CFR Parts 40, 216, 332 and 573) (the “Banking Agency Regulation P”), or the Bureau of Consumer Financial Protection’s
Privacy of Consumer Financial Information (Regulation P) (12 CFR 1016) (the “CFPB Regulation P”), as applicable, each implementing Title V of the Gramm-Leach-Bliley Act, Public Law 106-102 (the “GLB Requirements”)
and other applicable federal and state consumer privacy Laws. Without limiting the foregoing, Receiving Party agrees that: 
  

	 	(i)	it is prohibited from disclosing or using any “nonpublic personal information” (as defined in the GLB Requirements) that it may obtain, maintain, process or otherwise receive from, through or on behalf of
Disclosing Party in connection with this Agreement or as may have been received pursuant to the Separation and Distribution Agreement (the “Disclosing Party Customer Information”), except solely to carry out the purposes for which
it was disclosed, including use under an applicable exception contained in Section 313.14 or 313.15 of the FTC Final Rule, Section 332.14 or 332.15 of the Banking Agency Regulation P, or Section 1016.14 or 1016.15 of the CFPB
Regulation P, as applicable, in the ordinary course of business to carry out those purposes; and 

  

	 	(ii)	it has implemented and will maintain a written information security program that complies with applicable state laws and regulations pertaining to the protection of personal information (e.g., MA 201 CMR 17.00)
and that is designed to meet the following objectives as set forth in the Interagency Guidelines Establishing Information Security Standards; Final Rule (12 CFR Part 30, et al.) (the “Information Security Program
Requirements”): 

  

	 	(1)	Ensure the security and confidentiality of the Disclosing Party Customer Information; 

  

	 	(2)	Protect against any anticipated threats or hazards to the security or integrity of such information; 

  

	 	(3)	Protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any customer; and 

 

	 	(4)	Ensure the proper disposal of Disclosing Party Customer Information and “consumer information” (as that term is defined in the Interagency Guidelines Establishing Information Security Standards; Final Rule (12
CFR Part 30, et al.)). 

 (d) Security Incidents. Unless specifically requested by law enforcement not to

  
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communicate with Disclosing Party, Receiving Party shall report to Disclosing Party all known Security Incidents. For clarity, with respect to SLM BankCo Confidential Information accessed by
Navient Representatives during the IT Transition, Navient shall be deemed to be the Receiving Party and SLM BankCo shall be deemed to be the Disclosing Party for purposes of SLM BankCo Confidential Information (including SLM BankCo’s Disclosing
Party Customer Information) hosted by Navient. With respect to Navient Confidential Information accessed by SLM BankCo Representatives during the IT Transition, SLM BankCo shall be deemed to be the Receiving Party and Navient shall be deemed to be
the Disclosing Party for purposes of Navient Confidential Information (including Navient’s Disclosing Party Customer Information) accessible by SLM BankCo. “Security Incident” means any unauthorized action by a known or unknown
person or automated program (e.g., worm, virus, web crawler, malware, etc.) that leads to one of the following: unintended disclosure of confidential, customer, employee or other sensitive information, denial of service, misuse of
system access, or unauthorized access or intrusion, all to the extent they affect the security, confidentiality or integrity of the Disclosing Party’s Confidential Information received, stored, processed, or maintained by Receiving Party.
“Security Incident” shall also include any contact by a law enforcement agency with Receiving Party regarding any of Disclosing Party’s Confidential Information, unless specifically mandated by law enforcement not to
communicate with Disclosing Party. To the extent Receiving Party becomes aware of any Security Incidents occurring with respect to its Subcontractors that have access (either authorized or unauthorized) to Disclosing Party’s Confidential
Information, Receiving Party shall be required to report such Security Incidents in accordance with the provisions of this Section. If a Security Incident occurs, Receiving Party shall notify Disclosing Party within 24 hours in accordance with the
procedure and contact information set forth on Exhibit II and provide the following information, to the extent known at such time: nature and impact of the Security Incident; actions already taken by Receiving Party; Receiving Party’s
assessment of immediate risk; and corrective measures to be taken, evaluation of alternatives and next steps. Receiving Party shall continue providing (i) appropriate status reports to Disclosing Party regarding the resolution of the Security
Incident and prevention of future such Security Incidents, and (ii) cooperation, as reasonably requested by Disclosing Party, in order to further investigate and resolve the Security Incident. Disclosing Party may require that the Services
provided by Receiving Party to Disclosing Party be suspended, connectivity with Receiving Party be terminated or that other appropriate action be taken pending such resolution. Receiving Party shall preserve evidence of all Security Incidents and
allow external forensic analysis either onsite or through shipment of components. Except as otherwise provided in Section 10.13 of the Separation and Distribution Agreement, Disputes arising in connection with a Security Incident,
including without limitation, Disputes regarding the occurrence or non-occurrence of a Security Incident or the appropriate remediation measures, shall be addressed using the same escalation processes and dispute resolution procedures as applicable
to Disputes arising in connection with the IT Transition. 
 (e) Security Audits. During the Term and thereafter for as long as
Receiving Party retains Disclosing Party Confidential Information, Disclosing Party, its representatives and agents will be entitled to conduct audits of Receiving Party’s relevant operations, facilities, and systems to confirm that Receiving
Party has complied with the Disclosing Party Security Requirements and the Information Security Program Requirements (each, a “Security Audit”); provided that, following the termination of this Agreement, such Security Audits may
only be 

  
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conducted by the Disclosing Party once per consecutive 12-month period commencing upon the effective date of termination of this Agreement. Any Security Audit shall be scheduled with reasonable
prior notice and conducted during normal business hours and shall not unreasonably interfere with Receiving Party’s business activities. Receiving Party may require any such auditor to sign a customary confidentiality agreement. In the event
that any Security Audit results in the discovery of material security risks to Disclosing Party Confidential Information, Receiving Party shall respond to Disclosing Party in writing with Receiving Party’s plan to promptly take reasonable
measures and corrective actions necessary to effectively eliminate the risk, at no cost to Disclosing Party. Receiving Party shall have 15 business days to cure such security risk, unless the parties mutually agree in writing to a longer period of
time for such cure. Disclosing Party’s right, and the right of its representatives and agents, to conduct Security Audits, and any exercise of such right, shall not in any way diminish or affect Receiving Party’s duties and liabilities
under this Agreement. The Parties acknowledge and agree that the audit rights and limitations provided in this paragraph (e) are independent from the audit rights and limitations provided in Section 8.17. 

(f) Subcontractors. Receiving Party shall be responsible for the acts and omissions of its Subcontractors as if they were the acts and
omissions of its employees. Without limiting the foregoing, Receiving Party (a) shall oversee any such Subcontractors that obtain, maintain, process, receive, or otherwise are permitted access to Disclosing Party’s Confidential Information
(including, without limitation, all Disclosing Party Customer Information) by taking reasonable steps to select and retain Subcontractors that are capable of maintaining appropriate safeguards to protect the security and confidentiality of the
Disclosing Party’s Confidential Information, (b) shall require Subcontractors to comply with (i) confidentiality provisions substantially similar to those set forth in this Agreement, (ii) to the extent the Subcontractor has
access to Disclosing Party Customer Information, privacy and security provisions substantially similar to those set forth in the Customer Information Handling Requirements paragraphs of this Agreement, and (iii) to the extent the Subcontractor
has access to, stores, or processes the Disclosing Party’s customers’ cardholder information, the PCI DSS (defined immediately below) in effect from time to time, and (c) shall take commercially reasonable steps to require
Subcontractors to adhere to the Disclosing Party Security Requirements set forth in Exhibit II. Receiving Party shall provide Disclosing Party with a list of Subcontractors from time-to-time as reasonably requested by Disclosing Party. 

(g) PCI Requirements. If Receiving Party has access to, stores, or processes the Disclosing Party’s customers’ cardholder
information, Receiving Party hereby confirms that it has on file a current Report on Compliance, evidencing that it is in compliance with the payment card industry (“PCI”) data security standard (“DSS”). Receiving
Party shall provide Disclosing Party with a copy of the PCI DSS Attestation of Compliance Letter upon request. In addition to the foregoing, to the extent applicable to the Services being provided to Disclosing Party hereunder, Receiving Party will
comply with and adhere to the PCI DSS in effect from time to time. Each party shall be responsible for the implementation, testing, and compliance with respect to PCI data security controls within their respective PCI DSS boundaries. These
requirements are applicable to all infrastructure and systems processing or storing any cardholder information as defined by the PCI DSS. Any change in Receiving Party’s PCI compliance and/or certification status shall be promptly
communicated to Disclosing Party.

  
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 (h) Limitations on Access. Notwithstanding anything contained herein to the contrary, SLM
BankCo shall not, and shall cause its Representatives to not, access or attempt to access any customer/loan information except (i) the Navient customer information as necessary to perform the SLM BankCo Services, and (ii) the customer
information pertaining to SLM BankCo owned loans (including loans owned by third party lenders who have contracted with SLM BankCo to provide certain services) (all customer information other than that described in subsections (i) and
(ii) is collectively referred to as the “Restricted Access Navient Customer Information.” If SLM BankCo inadvertently or otherwise accesses any Restricted Access Navient Customer Information, SLM BankCo agrees to not to use or
disclose the Restricted Access Navient Customer Information. 
 Section 3.06. IT Transition Completion Requirements; IT Transition
Governance. 
 (a) Upon approval by a majority of the members of the SMI Board, which approval shall include the approval
of the Special Preferred Director, that the “Completion Criteria” for each “IT Transition Milestone”, as each is described in Schedule 1, have been satisfied, the migration of SLM BankCo’s customer data,
servicing and origination service functions to an independent SLM BankCo platform or alternative long-term platform (the “IT Transition”) shall be deemed to be complete. 

(b) The Chief Information Officers of each of Navient and SLM BankCo (each, a “CIO”) shall coordinate and
manage the delivery of Services under Schedule 1 so as to allow the IT Transition Milestones to be completed by the applicable “Milestone Dates” set forth on Schedule 1. The CIO’s shall promptly escalate all
Service delivery issues, material delays in completing the IT Transition Milestones, and material disputes arising under Schedule 1 to the Separation and Oversight Committee. 

(c) Any proposal by either Party to: 

(i) modify the IT Transition Milestones (including the addition or removal of Separation Projects comprising any IT Transition
Milestone); 
 (ii) modify any of the Completion Criteria or Milestone Dates; 

(iii) amend the material terms of Schedule 1 or any Statement of Work thereunder; or 

(iv) modify the cost allocation, budgets or spend commitments provided in Schedule 1 in any material respect; 

in each case, shall be promptly submitted to the Separation and Oversight Committee for approval. If the Separation and
Oversight Committee does not unanimously approve any such proposal, such proposal shall be escalated to the SMI Board for approval by a majority of the members of the SMI Board, which approval shall include the approval of the Special Preferred
Director. 

  
 -16- 

 (d) If any IT Transition Milestone is not completed by the applicable Milestone
Date, the SMI Board will promptly meet to review (i) the impact to the remaining IT Transition Milestones and associated Milestone Dates, (ii) the remediation efforts undertaken by the Parties in respect of such uncompleted IT Transition
Milestone, and (iii) the incremental costs, if any, to be incurred by the Parties in respect of such uncompleted IT Transition Milestone and remediation efforts. The SMI Board shall review and approve any additional budget or cost allocation
arising out of the uncompleted IT Transition Milestone in accordance with paragraph (c) above (including the requirement of approval by the Special Preferred Director). 

(e) Navient shall cause any proposed changes to the operations of SMI that would reasonably be expected to adversely affect, in
any material respect, the ability of the Navient Group to timely satisfy Navient’s obligations in respect of the Completion Criteria for any IT Transition Milestone to be promptly submitted to the SMI Board for approval by a majority of the
members of the SMI Board of Directors of SMI, which approval shall include the approval of the Special Preferred Director; provided, however that the foregoing consent requirement shall not apply to the SMI projects and operations that are set forth
on Exhibit IV. 
 (f) Prior to any termination (other than a termination for Cause or at the request of SLM BankCo) or
replacement of a Key Employee of SMI during the Preferred Stock Period, Navient shall provide prompt written notice to the Special Preferred Director of Navient’s intention to terminate or replace such Key Employee. Navient shall cause any such
proposed termination or replacement to be submitted to the SMI Board for approval by a majority of the members of the SMI Board, which approval shall include the approval of the Special Preferred Director. Notwithstanding anything to the contrary
herein, SMI may terminate a Key Employee for Cause (without the approval of, or provision of prior notice to, SLM BankCo or the Special Preferred Director) to the extent it reasonably determines, in consultation with counsel, that Cause for
termination of such Key Employee exists. 
 (g) SLM BankCo shall not make any changes to the operations of the SLM BankCo
Group that would reasonably be expected to adversely affect, in any material respect, the ability of the Navient Group to timely satisfy Navient’s obligations in respect of the Completion Criteria for any IT Transition Milestone without the
prior written consent of Navient. Further, SLM BankCo shall not reassign any Key Employee, or any other employee of SLM BankCo assigned to perform Services pursuant to Statement of Work C (Separation Projects) under Schedule 1 for
Projects that have a material impact to the fulfillment of the IT Transition Milestones, in each case without Navient’s prior written consent. Notwithstanding anything to the contrary herein, SLM BankCo may terminate a Key Employee for Cause
(without the approval of Navient SLM BankCo) to the extent it reasonably determines, in consultation with counsel, that Cause for termination of such Key Employee exists. 

(h) Navient shall cause SMI to redeem all of the issued and outstanding shares of Preferred Stock, out of funds legally
available therefor, for the Redemption Price on the date (the “Redemption Date”) that is the earlier to occur of (i) three business days 

  
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following the determination, and approval by the SMI Board pursuant to paragraph (a) that the IT Transition has been completed, and (ii) the 24 month anniversary of the initial issuance
of the Preferred Stock. 
 Section 3.07. Additional Special Preferred Director Approval Rights. 

(a) During the Preferred Stock Period, Navient shall not permit SMI to enter into any merger, consolidation or combination of
SMI into or with any other corporation or entity (regardless of whether SMI is the surviving entity) without the approval of the majority of the members of the SMI Board, which approval shall include the approval of the Special Preferred Director.

 (b) During the Preferred Stock Period, Navient shall cause the Chief Executive Officer of SMI to certify to the holder(s)
of the Preferred Stock, within five business days after the end of each calendar quarter, that none of the actions described in Sections 3.06(e) or (h) or paragraph (a) above have been effected by SMI during such quarter (or,
if any such action has been taken, that the actions taken by SMI comply with the provisions of Sections 3.06 and 3.07(a). 

Section 3.08. Disaster Recovery; Business Continuity. 

(a) Disaster Recovery and Business Continuity. Receiving Party will be responsible for disaster recovery and business
continuity planning, testing, implementation, and execution related to all locations from which services are provided under this Agreement (including locations of Receiving Party’s Subcontractors, “Service Locations”).
Receiving Party shall provide the services described in this Section 3.08 without extra charge to the Disclosing Party: 

(i) maintaining and testing the Disaster Recovery/Business Continuity Plan (as defined below); 

(ii) implementing the Disaster Recovery/Business Continuity Plan in the event of a disaster affecting Service Locations within
the specified timeframes; 
 (iii) carrying out disaster recovery, business continuity or redundancy procedures related to
the services in accordance with such Disaster Recovery/Business Continuity Plan; and 
 (iv) designing and implementing a
Disaster Recovery/Business Continuity plan to minimize disruption to the business of Disclosing Party. 
 (b) Disaster
Recovery/Business Continuity Plan. Receiving Party shall maintain a Disaster Recovery/Business Continuity plan (the “Disaster Recovery/Business Continuity Plan”) that covers services that are provided to Disclosing Party and
each of the proposed Service Locations. The Receiving Party will provide a target recovery time objective (RTO) and recovery point objective (RPO) of 48 hours and 2 hours, respectively, unless a lower minimum is provided in the Disaster
Recovery/Business Continuity Plan in respect of any particular application. 

  
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 (c) Testing. Receiving Party will test the Disaster Recovery/Business
Continuity Plan on at least an annual basis or more often as required by any regulatory authority having authority over Receiving Party. 

(d) Priority. If a disaster or major site impact occurs involving the need to recover operations at a Service Location
or to operate from a fallback site and, as a result, it is necessary for Receiving Party or its Subcontractors to allocate limited resources between or among several organizations, Receiving Party shall not treat Disclosing Party less favorably than
any other customer for purposes of allocation of such resources. 
 ARTICLE IV 

COSTS AND DISBURSEMENTS 

Section 4.01. Costs and Disbursements. (a) Except as otherwise provided in this Agreement, a Recipient of Services shall pay
to the Provider of such Services a fee for the Services (or category of Services, as applicable) (each fee constituting a “Service Charge” and, collectively, “Service Charges”) as listed on the Schedules. During the
term of this Agreement, the amount of a Service Charge for any Services (or category of Services, as applicable) may increase or decrease to the extent of: (i) any increases or decreases mutually agreed to by the Parties, (ii) any Service
Charges applicable to any Additional Services, Service Increases, Service Decreases or New Services, and (iii) any increase or decrease in the rates or charges imposed by any unaffiliated third-party provider that is providing Services. 

(b) Except as otherwise provided in this Agreement or the Schedules, the Recipient shall reimburse the Provider for reasonable out-of-pocket
costs and expenses incurred by the Provider or its Affiliates in connection with providing the Services (including necessary travel-related expenses) to the extent that such costs and expenses are not reflected in the Service Charge for such
Services (each such cost or expense, a “Reimbursement Charge” and, collectively, “Reimbursement Charges”); provided, however, that any such cost or expense that is materially inconsistent with
historical practice between the Parties for any Service (including business travel-related expenses) shall require advance approval of the Recipient. Any authorized travel-related expenses incurred in performing the Services shall be incurred and
charged to the Recipient in accordance with the Provider’s then-applicable business travel policies. 
 (c) Unless otherwise provided
on a Schedule, each Provider shall prepare a monthly invoice that reflects all Service Charges and Reimbursement Charges with respect to the Services provided to each Recipient during the prior calendar month; provided, however, that to the extent
any third-party costs and expenses are to be included in any Service Charges or Reimbursement Charges, each Provider shall have up to 60 days following receipt of the applicable invoice for such third-party costs or expenses before invoicing to each
Recipient. Such invoice shall be submitted to the Recipient within 30 calendar days following the end of the prior calendar month and shall provide the Recipient with documentation reasonably necessary to support the calculation of such Service
Charges and any Reimbursement Charges. 

  
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 (d) The Recipient shall pay the amount of each monthly invoice of Service Charges and
Reimbursement Charges by wire transfer (or such other method of payment as may be agreed between the Parties) to the Provider within 30 calendar days of the receipt of each such invoice, including appropriate documentation as described herein, as
instructed by the Provider. In the absence of a timely notice of a billing dispute in accordance with the provisions of Article VII of the Separation and Distribution Agreement, if the Recipient fails to pay such undisputed amount by the due date,
the Recipient shall be obligated to pay to the Provider, in addition to the amount due, interest at an annual default interest rate of the Prime Rate plus two percent (2%) per annum, or the maximum legal rate, whichever is lower (the
“Interest Payment”), accruing from the date the payment was due through the date of actual payment. In the event of any billing dispute, the Recipient shall promptly pay any undisputed amount. All amounts due and payable hereunder
shall be invoiced and paid in U.S. dollars. 
 (e) Subject to the confidentiality provisions set forth in Section 8.03, each
Party shall, and shall cause their respective Affiliates to, provide, upon 10 days’ prior written notice from the other Party, any information within such Party’s or its Affiliates’ possession that the requesting Party reasonably
requests in connection with any Services being provided to such requesting Party by an unaffiliated third-party provider, including any applicable invoices, agreements documenting the arrangements between such third-party provider and the Provider
and other supporting documentation; provided, however, that each Party shall make no more than one such request during any fiscal quarter. 

Section 4.02. Tax Matters. 

(a) Without limiting any provisions of this Agreement, the Recipient shall be responsible for (i) all excise, sales, use, transfer,
stamp, documentary, filing, recordation and other similar Taxes, (ii) all value added, goods and services or similar recoverable indirect Taxes, if any, and (iii) any related interest and penalties incurred solely as a result of the
Recipient’s failure to timely pay such Taxes to Provider (collectively, “Transfer Taxes”), in each case imposed or assessed as a result of the provision of Services by the Provider. The Party required to account for Transfer
Tax shall provide to the other Party evidence of the remittance of the amount of such Transfer Tax to the relevant Governmental Authority. The Provider agrees that it shall take commercially reasonable actions to cooperate with the Recipient in
obtaining any refund, return, rebate, exemption, or the like of any Transfer Tax, including by filing any necessary exemption or other similar forms, certificates, or other similar documents. The Recipient shall promptly reimburse the Provider for
any costs incurred by the Provider or its Affiliates in connection with the Recipient obtaining a refund or overpayment of refund, return, rebate, exemption, or the like of any Transfer Tax. For the avoidance of doubt, any applicable gross
receipts-based or net income-based Taxes shall be borne by the Provider. 
 (b) The Recipient shall be entitled to deduct and withhold Taxes
required by any Governmental Requirements to be withheld on payments made pursuant to this Agreement. To the extent any amounts are so withheld, the Recipient shall (i) pay, in addition to the amount otherwise due to the Provider under this
Agreement, such additional amount as is necessary to ensure that the net amount actually received by the Provider will equal the full amount the Provider would have received had no such deduction or withholding been required, (ii) pay such
deducted and withheld amount to the proper Governmental Authority, and (iii) promptly provide 

  
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to the Provider evidence of such payment to such Governmental Authority. The Provider shall, prior to the date of any payment to be made pursuant to this Agreement, at the request of the
Recipient, make commercially reasonable efforts to provide the Recipient any certificate or other documentary evidence (x) required by Governmental Requirements or (y) which the Provider is entitled by Governmental Requirements to provide
in order to reduce the amount of any Taxes that may be deducted or withheld from such payment and the Recipient agrees to accept and act in reliance on any such duly and properly executed certificate or other applicable documentary evidence. 

(c) If the Provider (i) receives any refund (whether by payment, offset, credit or otherwise) or (ii) utilizes any overpayment of
Taxes that are borne by Recipient pursuant to this Agreement, then the Provider shall promptly pay, or cause to be paid, to the Recipient an amount equal to the deficiency or excess, as the case may be, with respect to the amount that the Recipient
has borne if the amount of such refund or overpayment (including, for the avoidance of doubt, any interest or other amounts received with respect to such refund or overpayment) had been included originally in the determination of the amounts to be
borne by Recipient pursuant to this Agreement, net of any additional Taxes and costs the Provider incurs or will incur as a result of the receipt of or in obtaining such refund or such overpayment. 

Section 4.03. No Right to Set-Off. The Recipient shall timely pay the full amount of Service Charges and Reimbursement Charges
and, except in the case of amounts disputed in good faith, shall not set-off, counterclaim or otherwise withhold any amount owed to the Provider under this Agreement on account of any obligation owed by the Provider to the Recipient. 

ARTICLE V 
 STANDARD FOR
SERVICE 
 Section 5.01. Standard for Service. (a) The Provider agrees (i) to perform the Services with
substantially the same nature, quality, standard of care and service levels at which the same or similar services were performed by or on behalf of the Provider (or its predecessor) during the 12 months prior to the Distribution Date or as otherwise
provided in the Schedules or; and (ii) upon receipt of written notice from the Recipient identifying any outage, interruption or other failure of any Service, except as otherwise provided in the Schedules, to respond to such outage,
interruption or other failure of such Service in a manner that is substantially similar to the manner in which such Provider or its Affiliates responded to any outage, interruption or other failure of the same or similar services prior to the
Distribution Date. Except as otherwise provided in the Schedules, the Parties acknowledge that an outage, interruption or other failure of any Service shall not be deemed to be a breach of the provisions of this Section 5.01 so long as the
applicable Provider complies with the foregoing clause (ii). 
 (b) Nothing in this Agreement shall require the Provider to perform or cause
to be performed any Service to the extent the manner of such performance would be prohibited by or constitute a violation of applicable Law or any existing contract or agreement with a third party. If the Provider is or becomes aware of any
potential violation on the part of the Provider, the Provider shall promptly send a written notice to the Recipient of any such potential violation. The Parties each agree to cooperate and use commercially reasonable efforts to obtain any

  
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necessary third-party consents required under any existing contract or agreement with a third party to allow the Provider to perform or cause to be performed any Service in accordance with the
standards set forth in Section 5.01(a) and/or the applicable Schedule. Any costs and expenses incurred by either Party in connection with obtaining any such third-party consent that is required to allow the Provider to perform or cause to be
performed any Service shall be solely the responsibility of the Recipient. If, with respect to a Service, the Parties, despite the use of such commercially reasonable efforts, are unable to obtain a required third-party consent or the performance of
such Service by the Provider would continue to constitute a violation of applicable Laws, the Provider shall use commercially reasonable efforts in good faith to provide such Services in a manner as closely as possible to the standards described in
Section 5.01(a) and in the applicable Schedules. 
 Section 5.02. Disclaimer of Warranties. EXCEPT AS EXPRESSLY SET FORTH
IN THIS AGREEMENT (INCLUDING THE SCHEDULES AND EXHIBITS HERETO), THE PARTIES ACKNOWLEDGE AND AGREE THAT THE SERVICES ARE PROVIDED AS-IS, THAT EACH RECIPIENT ASSUMES ALL RISKS AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE UPON THE
SERVICES AND EACH PROVIDER, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT THERETO. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT (INCLUDING THE SCHEDULES AND EXHIBITS HERETO), TO THE MAXIMUM
EXTENT PERMITTED BY APPLICABLE LAW, EACH PROVIDER HEREBY EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES REGARDING THE SERVICES, WHETHER EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, INCLUDING ANY
REPRESENTATION OR WARRANTY IN REGARD TO QUALITY, PERFORMANCE, NONINFRINGEMENT, COMMERCIAL UTILITY, MERCHANTABILITY OR FITNESS OF ANY SERVICE FOR A PARTICULAR PURPOSE. 

Section 5.03. Compliance with Laws and Regulations. Each Party shall be responsible for its own compliance and its
Subcontractors’ compliance with any and all Laws applicable to its performance under this Agreement, including, without limitation, Laws applicable to a Receiving Party’s obligations under Section 3.05. No Party shall knowingly
take any action in violation of any such applicable Law that results in liability being imposed on the other Party. 
 ARTICLE VI 

LIMITED LIABILITY AND INDEMNIFICATION 

Section 6.01. Consequential and Other Damages. Other than with respect to servicing and collections activities that are Navient
Liabilities pursuant to Section 2.3(a)(i)(B) of the Separation and Distribution Agreement, notwithstanding anything to the contrary contained in the Separation and Distribution Agreement or this Agreement, except for breaches of
confidentiality obligations (including, without limitation, breach of confidentiality obligations relating to customer information or a Receiving Party’s breach of Section 3.05), or in the case of bad faith, gross negligence or
willful misconduct (including the willful refusal to provide Services), no Party shall be liable to the other Party or any of its Affiliates or Representatives, whether in contract, tort (including negligence and strict liability) or otherwise, at
law or equity, for any special, indirect, incidental, punitive or consequential damages whatsoever (including 

  
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lost profits or damages calculated on multiples of earnings approaches), which in any way arise out of, relate to or are a consequence of, the performance or nonperformance by such Party
(including any Affiliates and Representatives and any unaffiliated third-party providers, in each case, providing any applicable Services) under this Agreement or the provision of, or failure to provide, any Services under this Agreement, including
with respect to loss of profits, business interruptions or claims of customers, even if such Party has been advised of the possibility of such damages. 

Section 6.02. Limitation of Liability. 

(a) Other than with respect to servicing and collections activities that are Navient Liabilities pursuant to Section 2.3(a)(i)(B)
of the Separation and Distribution Agreement, and except as otherwise provided on a Schedule, the Liabilities of each Provider and its Affiliates and Representatives, collectively, under this Agreement for any act or failure to act in connection
herewith (including the performance or breach of this Agreement), or from the sale, delivery, provision or use of any Services provided under or contemplated by this Agreement, whether in contract, tort (including negligence and strict liability) or
otherwise, at law or equity, except for breaches of confidentiality obligations (including, without limitation, breach of confidentiality obligations relating to customer information or a Receiving Party’s breach of Section 3.05) or
in the case of bad faith, gross negligence or willful misconduct (including the willful refusal to provide Services), shall not exceed the total aggregate Service Charges (excluding for the avoidance of doubt any Reimbursement Charges) actually paid
to such Provider pursuant to this Agreement; provided, that until the Operational Servicing Date, Navient’s Liabilities under Statement of Work A (IT Hosting) to Schedule 1 shall be limited as provided in paragraph (b) below. 

(b) Notwithstanding the limitation set forth in paragraph (a) above and except for breaches of confidentiality obligations (including,
without limitation, breach of confidentiality obligations relating to customer information or a Navient’s breach of Section 3.05) or in the case of bad faith, gross negligence or willful misconduct (including the willful refusal to
provide Services), the aggregate Liabilities of Navient and its Affiliates and Representatives, collectively, under this Agreement for Navient’s act or failure to act under Statement of Work A (IT Hosting) to Schedule 1 (including the
performance or breach of Statement of Work A) occurring prior to the Operational Servicing Date shall be limited as follows: (1) Navient shall not be liable for the first $10,000,000 of Liabilities incurred by SLM BankCo attributable to
such breach, and (2) if SLM BankCo’s Liabilities exceed $10,000,000, then Navient shall be liable for the next $35,000,000 of such SLM BankCo Liabilities over $10,000,000. 

Section 6.03. Obligation To Re-perform; Liabilities. In the event of any breach of this Agreement by any Provider with respect to
the provision of any Services (with respect to which the Provider can reasonably be expected to re-perform in a commercially reasonable manner), the Provider shall (a) promptly correct in all material respects such error, defect or breach or
re-perform in all material respects such Services at the request of the Recipient and at the sole cost and expense of the Provider and (b) subject to the limitations set forth in Sections 6.01 and 6.02, reimburse the Recipient and
its Affiliates and Representatives for Liabilities attributable to such breach by the Provider. Except as provided on a Schedule, the remedy set forth in this Section 6.03 

  
 -23- 

 
shall be the sole and exclusive remedy of the Recipient for any such breach of this Agreement solely in the event that re-performance is possible in a commercially reasonable manner. Any request
for re-performance in accordance with this Section 6.03 by the Recipient must be in writing and specify in reasonable detail the particular error, defect or breach, and such request must be made no more than one month from the date such
error, defect or breach becomes apparent or should have reasonably become apparent to the Recipient. 
 Section 6.04.
Indemnification. Subject to the limitations and other provisions of this Agreement, the provisions of Article IV of the Separation and Distribution Agreement shall govern indemnification matters and procedures arising under or in
connection with this Agreement. 
 Section 6.05. Liability for Payment Obligations. Nothing in this Article VI shall be
deemed to eliminate or limit, in any respect, Navient’s or SLM BankCo’s express obligation in this Agreement to pay Service Charges and Reimbursement Charges for Services rendered in accordance with this Agreement. 

Section 6.06. Exclusion of Other Remedies. Except as otherwise provided in the Schedules hereto, the provisions of
Sections 6.03 of this Agreement shall, to the maximum extent permitted by applicable Law, be the sole and exclusive remedies of the Provider Indemnified Parties and the Recipient Indemnified Parties, as applicable, for any claim, loss,
damage, expense or liability, whether arising from statute, principle of common or civil law, principles of strict liability, tort, contract or otherwise under this Agreement. 

ARTICLE VII 
 TERM AND
TERMINATION 
 Section 7.01. Term and Termination. (a) This Agreement shall commence immediately upon the Distribution
Date and shall terminate upon the earlier to occur of: (i) the last date on which either Party is obligated to provide any Service to the other Party in accordance with the terms of this Agreement (not to extend beyond the two-year anniversary
of this Agreement) or (ii) the mutual written agreement of the Parties to terminate this Agreement in its entirety. 
 (b) (i) Without
prejudice to a Recipient’s rights with respect to a Force Majeure set forth in Section 7.03, and except as otherwise set forth in a Schedule, a Recipient may from time to time terminate this Agreement with respect to the entirety of
any individual Service but not a portion thereof: 
 (A) for any reason or no reason, upon providing at least 30 days’ prior written
notice to the Provider; provided, however, that the Recipient shall pay to the Provider the necessary and reasonable documented out-of-pocket costs incurred in connection with the wind down of such Service other than any employee
severance and relocation expenses, but including unamortized license fees and costs for equipment used to provide such Service, contractual obligations under agreements used to provide such Service, any breakage or termination fees and any other
termination costs payable by the Provider with respect to any resources or pursuant to any 

  
 -24- 

 
other third-party agreements that were used by the Provider to provide such Service (or an equitably allocated portion thereof, in the case of any such equipment, resources or agreements that
also were used for purposes other than providing Services) (“Termination Charges”); or 
 (B) if the Provider of such
Service has failed to perform any of its material obligations under this Agreement with respect to such Service, unless the Provider has (x) cured such failure within the 30-day period following receipt by the Provider of a written notice of
such failure from the Recipient or, (y) the Provider has made substantial progress to cure such failure and implemented a plan that results in a cure of such failure within 60 days of receipt by the Provider of the written notice from the
Recipient. 
 (ii) A Provider may terminate this Agreement with respect to one or more Services, in whole but not in part, at
any time upon prior written notice to the Recipient if the Recipient has failed to perform any of its material obligations under this Agreement relating to such Services, including making payment of Service Charges and Reimbursement Charges when
due, unless the Recipient has (x) cured such failure within the 30-day period following receipt by the Recipient of a written notice of such failure from the Provider or, (y) other than the Recipient’s failure to pay Service Charges
or Reimbursement Charges when due (which is governed by clause (x)), the Recipient has made substantial progress to cure such breach and implemented a plan that results in a cure of such breach within 60 days of receipt by the Recipient of the
written notice from the Provider. The relevant Schedule shall be updated to reflect any terminated Service. 
 (iii) In the
event that any Service is terminated other than at the end of a month, the Service Charge associated with such Service shall be pro-rated appropriately. The Parties acknowledge that there may be interdependencies among the Services being provided
under this Agreement that may not be identified on the applicable Schedules and agree that, if the Provider’s ability to provide a particular Service in accordance with this Agreement is materially and adversely affected by the termination of
another Service in accordance with this Section 7.01(b), then the Parties shall negotiate in good faith to amend the Schedule relating to such affected continuing Service, which amendment shall be consistent with the terms of, and the
pricing methodology used for, comparable Services. 
 (c) In connection with the termination of any Service identified on the Schedules as
being subject to the provisions of this Section 7.01(c), if the Recipient reasonably determines that it will require such Service to continue beyond the date on which such Service is scheduled to terminate in the applicable Schedule, the
Recipient may request the Provider to extend such Service for up to six months (unless otherwise provided in the Schedule applicable to such Service) (each, a “Service Extension”) by written notice to the Provider no less than 90
days prior to the date of such scheduled termination, and the Parties shall use commercially reasonable efforts to comply with such Service Extension; provided, however, that (i) there shall be no more than one Service Extension
with respect to each Service, (ii) the Provider shall not be obligated to provide such Service Extension if a third-party consent is required and cannot be 

  
 -25- 

 
obtained by the Provider, (iii) each Service Extension shall be permissible under applicable Law, including bank and bank holding company regulations, and (iv) no Service Extension may
extend past the conclusion of the Preferred Stock Period. Unless otherwise agreed, Service Charges relating to any Service Extension shall be increased by 5% of the Service Charge reflected on the Schedules with respect to such Service. Within five
days following either Party’s receipt of a written notice requesting a Service Extension, the Navient Services Manager and the SLM BankCo Services Manager shall in good faith (x) negotiate the terms of an amendment to the applicable
Schedule, which amendment shall be consistent with the terms of, and the pricing methodology used for, the applicable Service (subject to the 5% increase of the applicable Service Charges, as described above); and (y) determine the costs and
expenses (which shall not include any Service Charges payable under this Agreement), if any, that would be incurred by the Provider or the Recipient, as the case may be, in connection with the provision of such Service Extension, which costs and
expenses shall be borne solely by the Recipient. Each such amended Schedule, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such agreement and any Services provided pursuant to such Service
Extensions shall be deemed “Services” provided under this Agreement, in each case subject to the terms and conditions of this Agreement. If a Recipient requests any subsequent extension of Services, such extension shall be subject to
mutual agreement of the Parties and shall be provided at a mutually agreed market rate. 
 Section 7.02. Effect of Termination.
Upon termination of any Service pursuant to this Agreement, the Provider of the terminated Service will have no further obligation to provide the terminated Service, and the relevant Recipient will have no obligation to pay any future Service
Charges relating to any such Service; provided, however, that the Recipient shall remain obligated to the relevant Provider for (a) the Service Charges, Reimbursement Charges, and Transfer Taxes owed and payable in respect of
Services provided prior to the effective date of termination and (b) any applicable Termination Charges payable in the event that the Recipient terminates such Service pursuant to Section 7.01(b)(i)(A). In connection with the
termination of any Service, the provisions of this Agreement not relating solely to such terminated Service shall survive any such termination, and in connection with a termination of this Agreement, Article I, Article VI (including
liability in respect of any indemnifiable Liabilities under this Agreement arising or occurring on or prior to the date of termination), Article VII, Article VIII, Section 3.05 (so long as the Receiving Party continues to
hold or store Confidential Information) and liability for all due and unpaid Service Charges, Reimbursement Charges, Termination Charges and Transfer Taxes, shall continue to survive indefinitely. 

Section 7.03. Force Majeure. Notwithstanding anything to the contrary herein, if either party is rendered unable, in whole or in
part, by a Force Majeure to satisfy its obligations under this Agreement, such party shall not be deemed to have breached any such obligation upon delivery of written notice of such event to the other Party hereto, for so long as such party remains
unable to perform such obligation as a result of such event. The following events shall not constitute force majeure events: (a) acts or omissions of subcontractors; and (b) delays or failures to the extent they could have been
avoided or their impact mitigated through the use of commercially reasonable business continuity measures. If either Party is unable to materially perform its obligations under this Agreement and its performance is excused pursuant to this
Section 7.03 for a period of 30 consecutive days, the other Party may terminate this Agreement upon at least three business days’ written notice and shall not be required to pay any Termination Charges pursuant to
Section 7.01(b). 

  
 -26- 

 ARTICLE VIII 

GENERAL PROVISIONS 

Section 8.01. No Agency. Nothing in this Agreement shall be deemed in any way or for any purpose to constitute any Party an agent
of an unaffiliated party in the conduct of such other Party’s business. A Provider of any Service under this Agreement shall act as an independent contractor and not as the agent of the Recipient in performing such Service, maintaining control
over its employees, its subcontractors and their employees and complying with all withholding of income at source requirements, whether federal, national, state, local or foreign. 

Section 8.02. Subcontractors. A Provider may hire or engage one or more subcontractors to perform any or all of its obligations
under this Agreement; provided, however, that (a) such Provider shall use the same degree of care in selecting any such subcontractor as it would if such contractor was being retained to provide similar services to the Provider
and (b) such Provider shall in all cases remain primarily responsible for all of its obligations under this Agreement with respect to the scope of the Services, the standard for services as set forth in Article V and the content of the
Services provided to the Recipient. 
 Section 8.03. Treatment of Confidential Information. (a) The Parties shall not, and
shall cause all other persons providing Services or having access to information of the other Party that is confidential or proprietary (including, without limitation, Disclosing Party Customer Information, “Confidential
Information”) not to, disclose to any other person or use, except for purposes of this Agreement, any Confidential Information of the other Party; provided, however, that the Confidential Information may be used by such Party
to the extent that such Confidential Information has been (i) in the public domain through no fault of such Party or any member of such Group or any of their respective Representatives, (ii) later lawfully acquired from other sources by
such Party (or any member of such Party’s Group) which sources are not themselves bound by a confidentiality obligation or (iii) independently generated without reference to any Confidential Information of the other Party; provided,
further, that each Party may disclose Confidential Information of the other Party, to the extent not prohibited by applicable Law: (i) to its Representatives on a need-to-know basis in connection with the performance of such Party’s
obligations under this Agreement; (ii) in any report, statement, testimony or other submission required to be made to any Governmental Authority having jurisdiction over the disclosing Party; or (iii) in order to comply with applicable
Law, or in response to any summons, subpoena or other legal process or formal or informal investigative demand issued to the disclosing Party in the course of any litigation, investigation or administrative proceeding. In the event that a Party
becomes legally compelled (based on advice of counsel) by deposition, interrogatory, request for documents subpoena, civil investigative demand or similar judicial or administrative process to disclose any Confidential Information of the other
Party, such disclosing Party shall provide the other Party with prompt prior written notice of such requirement, and, to the extent reasonably practicable, cooperate with the other Party (at such other Party’s expense) to obtain a protective
order or similar remedy to cause such Confidential Information not to be disclosed, including interposing all available objections thereto, such as objections based on settlement privilege. In the event that such protective order or other similar
remedy is not obtained, the disclosing Party 

  
 -27- 

 
shall furnish only that portion of the Confidential Information that has been legally compelled, and shall exercise its commercially reasonable efforts (at such other Party’s expense) to
obtain assurance that confidential treatment will be accorded such Confidential Information. 
 (b) Upon the termination of this Agreement,
either Party may request, in such Party’s sole discretion, that all Confidential Information belonging to such Party either be promptly returned to such Party or promptly destroyed by the other Party, and in either case not retained by such
other Party or its Affiliates or their respective Subcontractors in any form. Notwithstanding anything to the contrary contained herein, each Party’s legal department may retain an archival copy of all or any portion of such Confidential
Information to the extent required by applicable Law. The rights and obligations of the Parties regarding the non-disclosure and use of Confidential Information exchanged under this Agreement shall survive any return, retention or destruction of any
Confidential Information. 
 (c) All Confidential Information shall remain the property of the Disclosing Party. 

(d) Each Party shall, and shall cause its Representatives to, protect the Confidential Information of the other Party by using the same degree
of care to prevent the unauthorized disclosure of such as the Party uses to protect its own confidential information of a like nature, but in any event no less than a reasonable degree of care. 

(e) Each Party shall be liable for any failure by its respective Representatives to comply with the restrictions on use and disclosure of
Confidential Information contained in this Agreement. 
 (f) Each Party shall comply with all applicable local, state, national, federal and
foreign privacy and data protection Laws that are or that may in the future be applicable to the provision of Services under this Agreement. 

Section 8.04. Further Assurances. Each Party covenants and agrees that, without any additional consideration, it shall execute and
deliver any further legal instruments and perform any acts that are or may become necessary to effectuate this Agreement. 

Section 8.05. Dispute Resolution. Any Dispute shall be resolved in accordance with the procedures set forth in Article VII
and Section 10.13 of the Separation and Distribution Agreement, which shall be the sole and exclusive procedures for the resolution of any such Dispute unless otherwise specified herein or in Article VII or
Section 10.13 of the Separation and Distribution Agreement. 

  
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 Section 8.06. Notices. Except with respect to routine communications by the Navient
Services Manager and the SLM BankCo Services Manager under Section 2.06, all notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been
duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with receipt confirmed (followed by delivery of an original via overnight courier service) or by registered or certified
mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 8.06): 

 

	 	(i)	if to Navient: 

 Navient Corporation 

Attention: Paul Mayer 
 2001
Edmund Halley Drive 
 Reston, Virginia 20191 

with copies to: 
 Navient
Corporation 
 Attention: General Counsel 

2001 Edmund Halley Drive 

Reston, Virginia 20191 
  

	 	(ii)	if to SLM BankCo: 

 SLM Corporation 

Attention: Paul Thome 
 175
South West Temple, 6th Floor 
 Salt Lake City, UT 84101 

with copies to: 
 SLM
Corporation 
 Attention: General Counsel 

300 Continental Drive 
 Newark,
Delaware 19713: 
 Section 8.07. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by
this Agreement is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent
possible. 
 Section 8.08. Entire Agreement. This Agreement, together with the documents referenced herein (including the
Schedules, the Separation and Distribution Agreement and any other Ancillary Agreements) constitutes the entire agreement between the Parties and their respective Affiliates with respect to the subject matter hereof and supersedes all prior written
and 

  
 -29- 

 
oral and all contemporaneous oral agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements
or understandings between the Parties other than those set forth or referred to herein or therein. 
 Section 8.09. No Third-Party
Beneficiaries. Except as provided in Article VI with respect to Provider Indemnified Parties and Recipient Indemnified Parties, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing
in this Agreement, express or implied, is intended to or shall confer upon any other Person, including any union or any employee or former employee of Navient or SLM BankCo, any legal or equitable right, benefit or remedy of any nature whatsoever,
including any rights of employment for any specified period, under or by reason of this Agreement. 
 Section 8.10. Governing
Law. This Agreement (and any claims or disputes arising out of or related to this Agreement or to the transactions contemplated by this Agreement or to the inducement of any Party to enter into this Agreement or the transactions contemplated by
this Agreement, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall in all respects be governed by, and construed in accordance with, the Laws of the State of Delaware,
including all matters of construction, validity and performance, in each case without reference to any conflict of Law rules that might lead to the application of the Laws of any other jurisdiction. 

Section 8.11. Amendment; Waiver. No provision of this Agreement, including any Schedules to this Agreement, may be amended,
supplemented or modified except by a written instrument making specific reference to this Agreement or any such Schedules to this Agreement, as applicable, signed by each of the Parties. Waiver by a Party of any default by the other Party of any
provision of this Agreement shall not be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the waiving Party. 

Section 8.12. Rules of Construction. Interpretation of this Agreement shall be governed by the following rules of construction:
(a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Article, Section, paragraph, Exhibit and
Schedule are references to the Articles, Sections, paragraphs, Exhibits and Schedules of this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d) the word “including” and words of
similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (e) the word “or” shall not be exclusive; (f) references to “written” or “in writing”
include in electronic form; (g) provisions shall apply, when appropriate, to successive events and transactions; (h) the headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement; (i) Navient and SLM BankCo have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if
drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; (j) a reference
to any Person includes such Person’s successors and permitted assigns; (k) any reference to “days” means calendar days unless Business Days are expressly specified; and (l) when calculating the period of time before

  
 -30- 

 
which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded, and if the
last day of such period is not a Business Day, the period shall end on the next succeeding Business Day. 
 Section 8.13.
Counterparts. This Agreement may be executed in one or more counterparts, and by each Party in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the
same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of this Agreement. 

Section 8.14. Assignability. This Agreement shall not be assigned or transferred by operation of Law or otherwise without the
prior written consent of Navient and SLM BankCo, except that each Party may: 
 (a) assign all of its rights and obligations under this
Agreement to any of its Subsidiaries; provided, that no such assignment shall release Navient or SLM BankCo, as the case may be, from any liability or obligation under this Agreement; 

(b) in connection with the divestiture of any Subsidiary or business of such Party that is a Recipient to an acquiror that is not a competitor
of the Provider, assign to the acquiror of such Subsidiary or business its rights and obligations as a Recipient with respect to the Services provided to such divested Subsidiary or business under this Agreement; provided, however,
that (i) no such assignment shall release Navient or SLM BankCo, as the case may be, from any liability or obligation under this Agreement; (ii) any and all costs and expenses incurred by either Party in connection with such assignment
(including in connection with clause (iii) of this proviso) shall be borne solely by the assigning Party; and (iii) the Parties shall in good faith negotiate any amendments to this Agreement, including the Schedules and Exhibits hereto,
that may be necessary or appropriate in order to assign such Services; and 
 (c) in connection with the divestiture of any Subsidiary or
business of such Party that is a Recipient to an acquiror that is a competitor of the Provider, assign to the acquiror of such Subsidiary or business its rights and obligations as a Recipient with respect to the Services provided to such divested
Subsidiary or business under this Agreement; provided, however, that (i) no such assignment shall release Navient or SLM BankCo, as the case may be, from any liability or obligation under this Agreement; (ii) any and all
costs and expenses incurred by either Party in connection with such assignment (including in connection with clause (iii) of this proviso) shall be borne solely by the assigning Party; (iii) the Parties shall in good faith negotiate any
amendments to this Agreement, including the Schedules and Exhibits hereto, that may be necessary or appropriate in order to ensure that such assignment will not (x) materially and adversely affect the businesses and operations of each of the
Parties and their respective Affiliates or (y) create a competitive disadvantage for the Provider with respect to an acquiror that is a competitor; and (iv) no Party shall be obligated to provide any such assigned Services to an acquiror
that is a competitor if the provision of such assigned Services to such acquiror would disrupt the operation of such Party’s businesses or create a competitive disadvantage for such Party with respect to such acquiror. 

  
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 Section 8.15. Public Announcements. From and after the Distribution Date, the Parties
shall consult with each other before issuing, and give each other the opportunity to review and comment upon, that portion of any press release or other public statement that relates to the transactions contemplated by this Agreement, and shall not
issue any such press release or make any such public statement prior to such consultation, except (a) as may be required by applicable Law, court process or by obligations pursuant to any listing agreement with any national securities exchange
or national securities quotation system; or (b) as otherwise set forth in the Separation and Distribution Agreement. 

Section 8.16. Non-Recourse. No past, present or future director, officer, employee, incorporator, member, partner, shareholder,
Affiliate, agent, attorney or representative of either Navient or SLM BankCo or their Affiliates shall have any liability for any obligations or liabilities of Navient or SLM BankCo, respectively, under this Agreement or for any claims based on, in
respect of, or by reason of, the transactions contemplated by this Agreement. 
 Section 8.17. Audit Rights. Each Party may, at
such Party’s sole cost and expense, from time to time (but no more frequently than once per year) audit the books and records of the other Party reasonably relating to the Services that the other Party is obligated to provide under this
Agreement and to otherwise verify such Party’s compliance with the terms and conditions of this Agreement. Each Party shall reasonably cooperate with any audit conducted by the other Party pursuant to this Section 8.17;
provided that the Party conducting the audit shall give the other Party reasonable written notice of any audit, but in no event less than 30 days’ notice, prior to such audit. Any audit pursuant to this Section 8.17 shall be
conducted during normal business hours for the applicable location in a manner that does not materially disrupt the operations of the other Party. The Parties acknowledge and agree that the audit rights and limitations provided in this
Section 8.17 are independent from the audit rights and limitations provided in Section 3.05(e). 

Section 8.18. Title to Intellectual Property. Except as expressly provided for under the terms of this Agreement (including the
Schedules and Exhibits hereto), each Party acknowledges that it shall acquire no right, title or interest (including any license rights or rights of use) in any Intellectual Property which is owned or licensed by the other Party, by reason of the
provision or receipt of the Services provided hereunder. Neither Party shall remove or alter any copyright, trademark, confidentiality or other proprietary notices that appear on any Intellectual Property owned or licensed by the other Party.
Neither Partyshall attempt to decompile, translate, reverse engineer or make excessive copies of any Intellectual Property owned or licensed by the other Party, and each Party shall promptly notify the other Party of any such attempt, regardless of
whether by the notifying Party or any third party, of which the notifying Partybecomes aware. 
 Section 8.19. Order of
Precedence. The following shall apply to the extent of any conflict among the terms in the various documents within this Agreement (including Schedules and Exhibits): 

(a) to the extent the conflicting provisions can reasonably be interpreted so that such provisions are consistent with each other, such
consistent interpretations will prevail; and 

  
 -32- 

 (b) to the extent paragraph (a) above does not resolve such conflict, then the Schedules and
Exhibits will prevail over a conflicting term in this Agreement. 
 [The remainder of this page is intentionally left blank.] 

  
 -33- 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed on the date first
written above by their respective duly authorized officers. 
  

					
	NAVIENT CORPORATION
		
	By:	 	 /s/ John F. Remondi

		 	Name:	 	John F. Remondi
		 	Title:	 	Chief Executive Officer
	
	SLM CORPORATION
		
	By:	 	 /s/ Raymond Quinlan

		 	Name:	 	Raymond Quinlan
		 	Title:	 	Chief Executive Officer

  
 -34- 

 Exhibit I 

Services Managers 
  

			
	Overall Services Managers	  	
		
	 Initial SLM BankCo Services Manager:
	  	Paul Thome
		
	 Initial Navient Services Manager:
	  	Paul Mayer
		
	Service Schedule Services Managers	  	
		
	Schedule 1 (Comprehensive IT):	  	
		
	 Initial SLM BankCo Services Manager:
	  	Mike Brannon
		
	 Initial Navient Services Manager:
	  	Mary Jo Adams
		
	Schedule 2 (Short-Term Shared Loan Servicing):	  	
		
	 Initial SLM BankCo Services Manager:
	  	Tim Hanrahan
		
	 Initial Navient Services Manager:
	  	Mike Maier
		
	Schedule 3 (Customer Experience):	  	
		
	 Initial SLM BankCo Services Manager:
	  	Tim Hanrahan
		
	 Initial Navient Services Manager:
	  	Lisa Stashik
		
	Schedule 4 (Trust Administration):	  	
		
	 Initial SLM BankCo Services Manager:
	  	Lance Welch
		
	 Initial Navient Services Manager:
	  	Scott Booher
		
	Schedule 5 (Facilities Services):	  	
		
	 Initial SLM BankCo Services Manager:
	  	Larry Zepp
		
	 Initial Navient Services Manager:
	  	Joe Muffler

  
 -35- 

			
		
	Schedule 6 (Third Party TSA Support):	  	
		
	 Initial SLM BankCo Services Manager:
	  	David O’Connell
		
	 Initial Navient Services Manager:
	  	Mary Jo Adams
		
	Schedule 7 (Government Relations):	  	
		
	 Initial SLM BankCo Services Manager:
	  	Rick Nelson
		
	 Initial Navient Services Manager:
	  	Tim Morrison
	
	Schedule 8 (Services Business Development Support and IT Services Support):
		
	 Initial SLM BankCo Services Manager:
	  	Kirk Etten
		
	 Initial Navient Services Manager:
	  	Wendy Kincaid
		
	Schedule 9 (Financial and HR Systems Support Services)	  	
		
	 Initial SLM BankCo Services Manager:
	  	Brian Carp
		
	 Initial Navient Services Manager:
	  	Peter Strang

  
 -36- 

 Exhibit II 

DISCLOSING PARTY SECURITY REQUIREMENTS 

Access to Disclosing Party Confidential Information (including, without limitation, any non-public personal information or personally identifiable information
of customers or consumers for which the Disclosing Party is the custodian) shall, subject to the other applicable provisions of the Agreement, be restricted to the Receiving Party with whom the Disclosing Party is contracting under the Agreement and
the employees and, to the extent permitted by the Agreement, the permitted Subcontractors of the Disclosing Party (and their respective personnel) (each, including the Receiving Party, an “Accessing Party”) who (1) shall
provide the Services under the Agreement and (2) have been properly trained and instructed as to all obligations set forth in the Agreement and this Exhibit H with respect to the access and use of such Disclosing Party Confidential
Information. Any Accessing Party hardware or software used to accesses, process, store or transmit any Disclosing Party Confidential Information shall be referred to herein as an “Affected Computing Device.” In order to prevent
unauthorized use, access, modification, or disruption to Disclosing Party Confidential Information, information security measures shall be implemented with respect to any Affected Computing Device. 

In addition to the security of Affected Computing Devices, this Exhibit must take a broader view of security. The security of these devices is dependent upon
the Accessing Party maintaining a secure infrastructure that implements an array of industry standard controls. Therefore, this Exhibit covers the infrastructure necessary to protect the Affected Computing Device. This does not cover the Accessing
Party’s entire infrastructure and controls regime, but only the slice which assures the security of the Affected Computing Devices. 
 Access
Control 
  

	 	1.	Access to Affected Computing Devices shall be configured with the concept of “Least Privilege” enforced. Access to Affected Computing Devices shall be granted only to those individuals who shall have it in
order to provide the Services. 

  

	 	2.	Access to Affected Computing Devices shall be granted in line with formally documented user administration processes that are designed to ensure: 

 

	 	a.	All users granted access to Affected Computing Devices shall be explicitly approved by appropriate Accessing Party management; and 

  

	 	b.	Provisioning and de-provisioning of access to critical Affected Computing Devices is reviewed at regularly scheduled intervals by appropriate Accessing Party management. 

 

	 	3.	All Affected Computing Devices shall be configured to require users to periodically change their passwords. Password length, complexity and reuse shall adhere to industry standard practices. 

  
 -37- 

	 	4.	Accessing Party shall limit access by means of wireless networking to Disclosing Party Confidential Information to the minimum required situations. Where such wireless access is necessary, such Accessing Party shall
require that authentication, encryption, and security for the wireless network meets generally accepted industry standard practices. 

  

	 	5.	Accessing Party authentication credentials that are no longer required or that are no longer authorized to obtain access to Disclosing Party Confidential Information from Affected Computing Devices shall be (promptly
disabled. 

  

	 	6.	In the event that Accessing Party is provided with Disclosing Party administered credentials or devices to permit access to Disclosing Party Confidential Information, Accessing Party shall promptly notify the Disclosing
Party, within 24 hours in a manner that is mutually agreed upon by the parties, of a personnel change whereby an individual no longer requires Disclosing Party administered authentication credentials to Disclosing Party Confidential Information.

  

	 	7.	Network protection mechanisms meeting industry standard practices shall be implemented for all Accessing Party company networks accessing Disclosing Party Confidential Information. 

 

	 	8.	Accessing Party’s personnel shall exercise restraint with their access privileges to Disclosing Party Confidential Information, shall not attempt to circumvent or subvert any security measures and not use their
access for anything other than the provision of Services. 

  

	 	9.	Access to Disclosing Party Confidential Information over the public Internet shall be restricted. 

Logging & Monitoring 
  

	 	10.	All Affected Computing Devices shall be configured to audit relevant security events using industry standard practices. 

  

	 	11.	Audit and event logs for Affected Computing Devices shall be adequately protected to prevent contents from being modified or deleted in an unauthorized fashion. 

 

	 	12.	System logs are to be analyzed for suspicious activity. 

 Patching & Configuration Management

  

	 	13.	Accessing Party shall maintain a security patching/update validation process that is designed to ensure that all Affected Computing Devices are patched in a timely manner consistent with industry standard practices.

  

	 	14.	Accessing Party shall follow industry standard practices to implement secure system configurations. 

  

	 	15.	Accessing Party change control management procedures shall be documented and followed. 

  
 -38- 

 Storage & Media Protection 

 

	 	16.	Servers, enterprise data storage devices, backup tapes and media, and other Affected Computing Devices used to support network communications shall be located in a secure and restricted access location within Accessing
Party facilities, or approved Subcontractor facilities, 

  

	 	17.	All backup media, including tapes, sent off site that contains Disclosing Party Confidential Information shall be encrypted using industry standard practices. 

 

	 	18.	When Disclosing Party Confidential Information is required to be destroyed or disposed per the terms of the Agreement, such Disclosing Party Confidential Information, whether in paper, electronic or other form requires
secure disposal or destruction. These measures shall be in line with industry standard practices. 

 Physical & Environmental
Protection 
  

	 	19.	Accessing Party Facilities at which Affected Computing Devices are stored or maintained shall have appropriate controls implemented that restrict physical access to only authorized personnel. Visitor access to such
facilities shall be based on authentication of visitor identity and visitors shall be escorted. 

  

	 	20.	Data centers housing Disclosing Party Confidential Information are required to have controlled access with working security cameras. Data center access control lists shall be kept current. 

 

	 	21.	Accessing Party shall provide at least 90 days’ advance notification to Disclosing Party prior to relocation or transfer of Accessing Party’s datacenter housing Disclosing Party Confidential Information.

 Vulnerability Assessments 
  

	 	22.	Accessing Party shall maintain a vulnerability management and assessment program based on industry standard practices that frequently assesses Affected Computing Devices and mitigates or eliminates vulnerabilities.

  

	 	23.	Routine network and database scans shall be scheduled. The scan results shall be analyzed and vulnerabilities identified and remediated within a timeframe commensurate with the relative risk. 

 

	 	24.	Accessing Party shall engage, at its expense, an unrelated security firm to perform an annual penetration test of Affected Computing devices. Accessing Party shall implement security controls and practices to
mitigate risks identified during such an assessment.

  
 -39- 

 Encryption 
  

	 	25.	When Disclosing Party Confidential Information is being accessed, or transmitted, over the Internet or via a public switched network, the communications session shall utilize a secure transport mechanism meeting
industry standard for encryption. All laptops, hand-held devices and removable storage devices, shall utilize full disk encryption meeting industry standards for encryption. 

Malware Protection 
  

	 	26.	Affected Computing Devices shall be appropriately and reasonably protected against malicious software. All such Affected Computing Devices shall be configured with up-to-date anti-virus. 

Security Awareness & Training 
  

	 	27.	All Accessing Party personnel who have access to Disclosing Party Confidential Information are required to successfully complete initial security awareness training, including affirmative acknowledgement of their
security and privacy responsibilities, and annual refresher training thereafter. 

 Host-Based Security – End Point Computing 

 

	 	28.	Only devices provided by or under the management of Accessing Party personnel or by Disclosing Party may be used to access Disclosing Party Confidential Information. Public resources such as hotel PC kiosks, or other
public-access terminals such as those available in malls and airports, may not be used for this purpose. 

 Policies and Procedures

  

	 	29.	Upon request, but no more frequently than annually, Accessing Party shall permit Disclosing Party to review its information security, physical security, and privacy policy at the Accessing Party’s facility.

  

	 	30.	Accessing Party shall develop, implement, and maintain logical network diagrams and security documentation for the Affected Computing Devices to provide an overview of the security requirements and a description of the
security controls in place. 

 Change Management 
  

	 	31.	Accessing Party shall utilize a change management process based on industry standards that is designed to ensure that Accessing Party information security personnel have insight and approval over changes affecting
security devices (e.g., firewalls, VPNs, IPS) and systems handling authentication, authorization, and auditing. 

  
 -40- 

 Data Loss Prevention 
  

	 	32.	Accessing Party shall maintain an approach to data loss prevention in-line with industry standards to mitigate the risk of unauthorized data disclosure from applications and network infrastructure. 

Asset Inventory 
  

	 	33.	Accessing Party shall maintain an asset inventory of all critical Affected Computing Devices that access, store, process or transmit Disclosing Party Confidential Information. 

Remote Access 
  

	 	34.	In the event Accessing Party requires remote access to Disclosing Party’s network: 

  

	 	a.	Accessing Party’s use of individually assigned Disclosing Party remote access credentials and authentication devices are for the sole use of that individual and not to be shared with anyone else for any reason.

  

	 	b.	Accessing Party remote access to Disclosing Party’s network will require a Disclosing Party approved or Disclosing Party-provided multi-factor authentication. 

Background Investigations 
  

	 	35.	Accessing Party on-boarding process for personnel that will have access to Disclosing Party Confidential Information shall include, at its expense, an industry standard background investigation. 

 

	 	36.	Accessing Party shall not assign any individual to Disclosing Party who (1) has been convicted of a felony of any nature or a misdemeanor of violence, theft or fraud or a crime involving dishonesty or breach of
trust; (2) has an unverifiable SSN, address, employment, or education; or (3) appears on the OFAC list. 

  

	 	37.	Accessing Party shall promptly notify Disclosing Party in the event Accessing Party becomes aware that any individual assigned to Disclosing Party is under investigation or arrested for, or convicted of, a felony of any
nature or a misdemeanor of violence, theft or fraud or a crime involving dishonesty or breach of trust. 

 Systems Development and
Maintenance 
  

	 	38.	Accessing Party will annually conduct appropriate application security reviews for critical applications and prior to the promotion of production changes to critical application. 

  
 -41- 

 Segregation of Duties 
  

	 	39.	Accessing Party shall safeguard Disclosing Party Confidential Information by employing commercially reasonable practices, techniques and/or technologies, to implement segregation of duties. 

Cloud Service Delivery1 
  

	 	40.	Accessing Party shall document controls used to maintain logical separation of data (prevent inadvertent release of data) in multi-tenant environments. 

 

	1 	Adapted from the Cloud Security Alliance Cloud Controls Matrix Version 1.1 (2010), http://www.cloudsecurityalliance.org/cm.html 

  
 -42- 

 Exhibit III 

Key Employees 
  

	A.	Navient Key Employees 

  

	 	1.	Pat Lawicki 

  

	 	2.	Cheri Dayton 

  

	 	3.	Jon Jones 

  

	 	4.	Matt Anderson 

  

	 	5.	Michael Castagna 

  

	 	6.	Jeff Dossman 

  

	 	7.	Rich Jackson 

  

	 	8.	Brenda Nethery 

  

	 	9.	Mark Perrault 

  

	 	10.	Carol Swartz 

  

	B.	SLM BankCo Key Employees 

  

	 	1.	Dan Kennedy 

  

	 	2.	Jerry Archer 

  

	 	3.	Mike Brannon 

  

	 	4.	Mike Migliore 

  

	 	5.	Mike Bandy 

  

	 	6.	John Sullivan 

  
 -43- 

 Exhibit IV 

Excluded SMI Projects 
  

	1.	Regulatory, legislative, and production ticket support 

  

	2.	FDR (by FDR), CLASS, CLASS ED, Collection systems development 

  

	3.	Collection Platform Replacement 

  

	4.	Telephony Replacement Projects, including I3/IVR 

  

	5.	xPressions Deployment 

  

	6.	IT Cost Reduction Initiatives 

  

	7.	IT On-going Upgrades/Deployments/Maintenance 

  

	8.	Business activities included in the Navient business plan presented to the SLM Board in October 2013. 

  

	9.	Initiatives to support ED Servicing including default prevention and customer experience initiatives to support ED Scorecard improvement 

  
 -44- 

 Schedule 1 

Comprehensive Information Technology Services 

[See attached.] 

  
 -45- 

 Schedule 2 

Short-Term Shared Loan Servicing Services 

[See attached.] 

  
 -46- 

 Schedule 3 

Customer Experience Services 
 [See
attached.] 

  
 -47- 

 Schedule 4 

Trust Administration Services 

[See attached.] 

  
 -48- 

 Schedule 5 

Facilities Services 
 [See
attached.] 

  
 -49- 

 Schedule 6 

Third Party TSA Support Services 

[See attached.] 

  
 -50- 

 Schedule 7 

Government Relations Services 

[See attached.] 

  
 -51- 

 Schedule 8 

Services Business Development Support and IT Services 

[See attached.] 

  
 -52- 

 Schedule 9 

Financial and HR Systems Support Services 

[See attached.] 

  
 -53-EX-10.2

 Exhibit 10.2 

EMPLOYEE MATTERS AGREEMENT 

between 
 NEW BLC CORPORATION 

and 
 NAVIENT CORPORATION 

dated as of 
 April 28, 2014

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE I DEFINITIONS
	  	 	2	  
			
	 Section 1.1
	 	Definitions	  	 	2	  
	 Section 1.2
	 	Interpretation	  	 	8	  
		
	 ARTICLE II ASSIGNMENT OF EMPLOYEES
	  	 	10	  
			
	 Section 2.1
	 	Active Employees	  	 	10	  
	 Section 2.2
	 	Former Employees	  	 	11	  
	 Section 2.3
	 	Employment Law Obligations	  	 	11	  
	 Section 2.4
	 	Employee Records	  	 	11	  
		
	 ARTICLE III EQUITY AND INCENTIVE COMPENSATION PLANS
	  	 	13	  
			
	 Section 3.1
	 	General Principles	  	 	13	  
	 Section 3.2
	 	Restricted Stock	  	 	15	  
	 Section 3.3
	 	Restricted Stock Units	  	 	15	  
	 Section 3.4
	 	Stock Options	  	 	16	  
	 Section 3.5
	 	Performance Stock Units	  	 	17	  
	 Section 3.6
	 	Section 16(b) of the Exchange Act; Code Sections 162(m) and 409A	  	 	17	  
	 Section 3.7
	 	Certain Bonus Payments	  	 	18	  
	 Section 3.8
	 	ESPP	  	 	19	  
	 Section 3.9
	 	Registration Statements; Blackouts	  	 	19	  
		
	 ARTICLE IV GENERAL PRINCIPLES FOR ALLOCATION OF LIABILITIES
	  	 	20	  
			
	 Section 4.1
	 	General Principles	  	 	20	  
	 Section 4.2
	 	Sponsorship and/or Establishment of NewCo Plans	  	 	21	  
	 Section 4.3
	 	Service Credit	  	 	22	  
	 Section 4.4
	 	Plan Administration	  	 	23	  
		
	 ARTICLE V COLI POLICIES
	  	 	23	  
			
	 Section 5.1
	 	COLI	  	 	23	  
		
	 ARTICLE VI THRIFT PLANS
	  	 	24	  
			
	 Section 6.1
	 	General Principles	  	 	24	  
	 Section 6.2
	 	Treatment of SLM BankCo Common Stock and NewCo Common Stock	  	 	24	  
	 Section 6.3
	 	Transfer of Accounts	  	 	25	  
	 Section 6.4
	 	Supplemental 401(k) Plan	  	 	25	  
	 Section 6.5
	 	Deferred Compensation Plans	  	 	26	  

  
 i 

							
	 ARTICLE VII WELFARE PLANS
	  	 	26	  
			
	 Section 7.1
	 	Establishment of NewCo Welfare Plans	  	 	26	  
	 Section 7.2
	 	Transitional Matters Under NewCo Welfare Plans	  	 	27	  
	 Section 7.3
	 	Continuity of Benefits, Benefit Elections and Beneficiary Designations	  	 	28	  
	 Section 7.4
	 	Insurance Contracts	  	 	29	  
	 Section 7.5
	 	Third-Party Vendors	  	 	29	  
	 Section 7.6
	 	Claims Experience	  	 	29	  
		
	 ARTICLE VIII BENEFIT ARRANGEMENTS
	  	 	29	  
		
	 ARTICLE IX WORKERS’ COMPENSATION AND UNEMPLOYMENT COMPENSATION
	  	 	29	  
			
	 Section 9.1
	 	Workers’ Compensation	  	 	29	  
	 Section 9.2
	 	Unemployment Compensation	  	 	30	  
		
	 ARTICLE X RETENTION, SEVERANCE AND OTHER MATTERS
	  	 	30	  
			
	 Section 10.1
	 	Retention Agreements	  	 	30	  
	 Section 10.2
	 	Severance	  	 	30	  
	 Section 10.3
	 	Accrued Time Off	  	 	31	  
	 Section 10.4
	 	Leaves of Absence	  	 	31	  
	 Section 10.5
	 	Director Programs	  	 	31	  
	 Section 10.6
	 	Restrictive Covenants in Employment and Other Agreements	  	 	31	  
		
	 ARTICLE XI LEGACY LIABILITY
	  	 	32	  
			
	 Section 11.1
	 	Legacy Pension Plan	  	 	32	  
	 Section 11.2
	 	Scholarships	  	 	32	  
		
	 ARTICLE XII GENERAL PROVISIONS
	  	 	32	  
			
	 Section 12.1
	 	Preservation of Rights to Amend	  	 	32	  
	 Section 12.2
	 	Confidentiality	  	 	32	  
	 Section 12.3
	 	Administrative Complaints/Litigation	  	 	32	  
	 Section 12.4
	 	Reimbursement and Indemnification	  	 	33	  
	 Section 12.5
	 	Costs of Compliance with Agreement	  	 	33	  
	 Section 12.6
	 	Fiduciary Matters	  	 	33	  
	 Section 12.7
	 	Entire Agreement	  	 	33	  
	 Section 12.8
	 	Binding Effect; No Third-Party Beneficiaries; Assignment	  	 	34	  
	 Section 12.9
	 	Amendment; Waivers	  	 	34	  
	 Section 12.10
	 	Remedies Cumulative	  	 	34	  
	 Section 12.11
	 	Notices	  	 	34	  
	 Section 12.12
	 	Counterparts	  	 	34	  
	 Section 12.13
	 	Severability	  	 	35	  
	 Section 12.14
	 	Governing Law	  	 	35	  
	 Section12.15
	 	Performance	  	 	35	  
	 Section 12.16
	 	Construction	  	 	35	  
	 Section 12.17
	 	Effect if Distribution Does Not Occur	  	 	35	  

  
 ii 

 EMPLOYEE MATTERS AGREEMENT 

THIS EMPLOYEE MATTERS AGREEMENT dated as of April 28, 2014, between New BLC Corporation, a Delaware corporation (“SLM
BankCo”), and Navient Corporation, a Delaware corporation (“NewCo”). SLM BankCo and NewCo are sometimes referred to herein, individually, as a “Party,” and, collectively, as the “Parties.” Capitalized
terms used herein and not otherwise defined shall have the respective meanings ascribed to such terms in Article I hereof. 
 RECITALS

 WHEREAS, the Board of Directors of SLM Corporation, a Delaware Corporation (“Existing SLM”), has determined that it
would be in the best interests of its stockholders that its education loan management business be separated from its consumer banking business (the “Separation”); 

WHEREAS, the Separation will involve an internal corporate reorganization of Existing SLM and its subsidiaries, pursuant to which all of the
assets and liabilities associated with Existing SLM’s loan management, services and asset recovery business will be transferred to NewCo and its subsidiaries, and those assets and liabilities (to the extent not assumed by NewCo) associated with
its consumer banking business will remain with or be transferred to SLM BankCo and its subsidiaries; 
 WHEREAS, as part of the internal
corporation reorganization, (x) SLM BankCo, which is a newly formed holding company, will become the publicly traded successor to Existing SLM by means of a holding company merger effected pursuant to Section 251(g) of the Delaware General
Corporation Law (the “DGCL”), and (y) Existing SLM will become a subsidiary of NewCo and retain directly or indirectly the assets and liabilities associated with Existing SLM’s businesses other than the consumer banking
business to be retained by or transferred to SLM BankCo and its subsidiaries; 
 WHEREAS, immediately following the internal corporate
reorganization, SLM BankCo will own all of the issued and outstanding shares of NewCo common stock, which it will distribute to SLM BankCo stockholders, on a pro rata basis, as of a record date previously determined by the Existing SLM Board
of Directors (the “Distribution”), thereby completing the Separation; 
 WHEREAS, the Parties and Existing SLM are entering
into the Separation Agreement, which sets forth the agreement of the Parties and Existing SLM regarding the internal corporate reorganization and other transactions necessary to effect the Separation, including the Distribution; 

WHEREAS, the Separation Agreement provides, among other things, subject to the terms and conditions thereof, for the execution and delivery of
various agreements, including this Agreement, in order to facilitate and provide for the Separation, provide a framework for the relationship of SLM BankCo and NewCo after the Separation and provide for the allocation between SLM BankCo and NewCo of
all of the assets, liabilities, and obligations of Existing SLM and its subsidiaries attributable to periods prior to and after the Separation; and 

  
 1 

 WHEREAS, this Agreement is being entered into in order to allocate between SLM BankCo and NewCo
certain assets, liabilities and obligations, and related responsibilities, with respect to employees, employee compensation, benefit plans and programs, and to set forth the agreement of SLM BankCo and NewCo with respect to the matters set forth
herein. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained, the Parties, intending
to be legally bound, agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Definitions. As used in this
Agreement, the following terms shall have the meanings set forth in this Section 1.1: 
 (a) “2014 Pre-Spin Bonus” has
the meaning set forth in Section 3.7. 
 (b) “Adjusted SLM BankCo RSA” has the meaning set forth in
Section 3.2(a). 
 (c) “Adjusted SLM BankCo RSU” has the meaning set forth in Section 3.3(b). 

(d) “Adjusted NewCo RSU” has the meaning set forth in Section 3.3(b). 

(e) “Affiliate” shall mean, when used with respect to a specified Person, a Person that, directly or indirectly, through one
or more intermediaries, controls, is controlled by or is under common control with such specified Person. For the purpose of this definition, “control” (including with correlative meanings, “controlled by” and “under common
control with”), when used with respect to any specified Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of
voting securities or other interests, by contract, agreement, obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment, undertaking or otherwise. It is expressly agreed that, from and after the Effective Time,
for purposes of this Agreement and the Ancillary Agreements, (a) no member of the NewCo Group shall be deemed an Affiliate of any member of the SLM BankCo Group and (b) no member of the SLM BankCo Group shall be deemed to be an Affiliate
of any member of the NewCo Group; except that the foregoing shall not affect the treatment of SLM BankCo and SMI as “affiliates” for purposes of federal customer data privacy laws, including the Gramm-Leach-Bliley Act during the Preferred
Stock Period (as defined in the Separation Agreement). 
 (f) “Agreement” means this Employee Matters Agreement together
with all Schedules hereto and all amendments, changes and supplements hereto and thereto entered into in accordance with Section 12.9. 

(g) “Ancillary Agreements” has the meaning set forth in the Separation Agreement. 

(h) “Benefit Arrangement” means any contract, agreement, policy, practice, program, plan, trust or arrangement (other than any
deferred compensation, profit sharing, bonus, stock-based compensation or other form of incentive compensation) providing for benefits, 

  
 2 

 
perquisites or compensation of any nature to any Employee, or to any family member, dependent or beneficiary of any such Employee, including travel and accident insurance, tuition reimbursement,
vacation, sick, personal or bereavement days, and holidays. 
 (i) “COBRA” means the U.S. Consolidated Omnibus Budget
Reconciliation Act of 1985, as codified at Part 6 of Subtitle B of Title I of ERISA and at Code Section 4980B. 
 (j)
“Code” means the Internal Revenue Code of 1986. 
 (k) “Code Sections” means a section of the Code. 

(l) “Confidential Information” has the meaning set forth in the Separation Agreement. 

(m) “Deferred Compensation Plan” has the meaning set forth in Section 6.5. 

(n) “DGCL” has the meaning set forth in the recitals to this Agreement. 

(o) “Distribution” has the meaning set forth in the recitals to this Agreement. 

(p) “Distribution Date” has the meaning set forth in the Separation Agreement. 

(q) “Effective Time” means 4 p.m., Eastern Standard Time, on the Distribution Date. 

(r) “Employee” means any SLM BankCo Employee, NewCo Employee or Former NewCo Employee. 

(s) “Employee Records” has the meaning set forth in Section 2.4(a). 

(t) “ERISA” means the U.S. Employee Retirement Income Security Act of 1974. 

(u) “ESPP” means the Amended and Restated Sallie Mae Employee Stock Purchase Plan. 

(v) “Exchange Act” means the Securities Exchange Act of 1934. 

(w) “Existing SLM” has the meaning set forth in the preamble to this Agreement. 

(x) “FMLA” means the U.S. Family and Medical Leave Act. 

(y) “Former NewCo Employee” has the meaning set forth in Section 2.2(a). 

(z) “Group” means collectively the Sallie Mae Group, NewCo Group and the SLM BankCo Group. 

(aa) “Initial Employment Date” means, for any person, the first date such person was employed by any member of the Sallie Mae
Group. 
 (bb) “IRS” means the U.S. Internal Revenue Service. 

  
 3 

 (cc) “Legacy Pension Liabilities” has the meaning set forth in
Section 11.1. 
 (dd) “Legacy Performance Stock Units” has the meaning set forth in Section 3.5(a). 

(ee) “Legacy Sallie Mae Employee” has the meaning set forth in Section 2.2(a). 

(ff) “Legacy SLM BankCo Option” has the meaning set forth in Section 3.4(a). 

(gg) “Measurement Date” has the meaning set forth in Section 3.5(a). 

(hh) “Merger” has the meaning set forth in the Separation Agreement. 

(ii) “Merger Date” means the date on which the Merger becomes effective in accordance with Section 251 and
Section 103 under the DGCL. 
 (jj) “NASDAQ” means the NASDAQ Global Select Market. 

(kk) “NewCo” has the meaning set forth in the preamble to this Agreement. 

(ll) “NewCo Benefit Arrangement” means any Benefit Arrangement sponsored by a member of the NewCo Group. 

(mm) “NewCo Common Stock” means the common stock of NewCo, par value $0.01 per share. 

(nn) “NewCo Director” means an individual who is a non-employee director of NewCo following the Distribution. 

(oo) “NewCo Employee” means any individual who is employed by a member of the NewCo Group on the Distribution Date. 

(pp) “NewCo Entity” means any (x) member of the NewCo Group (together with each current and former, direct or indirect,
Subsidiary of any such member (and of any such former Subsidiary)) and (y) any former Subsidiary of Existing SLM, or line of business of a Subsidiary of Existing SLM, that was sold or otherwise disposed of prior to the Distribution Date. For
purposes of this definition, all lines of business that are treated as “discontinued operations” in the consolidated financial statements of NewCo shall be deemed to have been part of a NewCo Entity. For purposes of this definition, no SLM
BankCo Entity shall be considered a NewCo Entity. The Parties acknowledge that this term is defined differently in the Separation Agreement. 

(qq) “NewCo Equity Awards” means NewCo RSAs, NewCo RSUs or Post-Distribution NewCo Options. 

(rr) “NewCo ESPP” means an employee stock purchase plan sponsored by NewCo with terms substantially similar to those of the
ESPP as of the Distribution Date. 
 (ss) “NewCo Group” means, collectively, NewCo and each NewCo Subsidiary. 

  
 4 

 (tt) “NewCo New Equity Plan” means the Navient Corporation 2014 Omnibus
Incentive Plan, under which the NewCo equity-based awards described in Article III shall be issued. 
 (uu) “NewCo Reimbursement
Account” has the meaning set forth in Section 7.3(b). 
 (vv) “NewCo RSU” has the meaning set forth in
Section 3.3(a). 
 (ww) “NewCo Subsidiary” means any direct or indirect Subsidiary of NewCo, as of the Distribution
Date. 
 (xx) “NewCo Supplemental 401(k) Plan” has the meaning set forth in Section 6.4. 

(yy) “NewCo Thrift Plan” has the meaning set forth in Section 6.1. 

(zz) “NewCo Thrift Plan Beneficiaries” has the meaning set forth in Section 6.1. 

(aaa) “NewCo Welfare Plan” means any Welfare Plan sponsored or maintained by any one or more members of the NewCo Group on the
Distribution Date. 
 (bbb) “NewCo Welfare Plan Participants” has the meaning set forth in Section 7.1. 

(ccc) “Participating NewCo Employers” has the meaning set forth in Section 7.1. 

(ddd) “Participation Period” has the meaning set forth in Section 7.3(b). 

(eee) “Party” or “Parties” has the meaning set forth in the preamble to this Agreement. 

(fff) “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, a union, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 

(ggg) “Post-Distribution NewCo Share Price” means the volume-weighted average of the “when issued” trading price on
NASDAQ of a share of NewCo Common Stock on the five trading days ending on the Distribution Date. 
 (hhh) “Post-Distribution NewCo
Option” has the meaning set forth in Section 3.4(a). 
 (iii) “Post-Distribution SLM BankCo Option” has the
meaning set forth in Section 3.4(a). 
 (jjj) “Post-Distribution SLM BankCo Option Price
Target” means, as to a particular Post-Distribution SLM BankCo Option that is to include a Price Target, the number determined by multiplying the Price Target of the Legacy SLM BankCo Option in respect of which such Post-Distribution SLM BankCo Option is to be granted by a fraction, the numerator of which is the Post-Distribution SLM BankCo Share Price and the denominator of which is the Pre-Distribution SLM BankCo Share Price. 

  
 5 

 (kkk) “Post-Distribution SLM BankCo Share Price” means the volume-weighted
average of the “ex-dividend” trading price of a share of SLM BankCo Common Stock on the five trading days ending on the Distribution Date. 

(lll) “Pre-Distribution SLM BankCo Share Price” means the sum of the Post-Distribution SLM BankCo Share Price and the
Post-Distribution NewCo Share Price. 
 (mmm) “Price Target” means any SLM BankCo Stock Price (or Prices) that is (or are)
specified as an exercisability trigger in a SLM BankCo Option. 
 (nnn) “Privacy Contract” means any contract entered into
in connection with applicable privacy protection laws or regulations. 
 (ooo) “Registration Statement Effectiveness Date”
means the first date on which the applicable registration statement on Form S-8 (or other appropriate form) contemplated by Section 3.9 shall be effective under the Securities Act. 

(ppp) “Post-Distribution NewCo Option” has the meaning set forth in Section 3.4(a). 

(qqq) “Post-Distribution NewCo Option Price Target” means, as to a particular Post-Distribution NewCo Option that is to
include a Price Target, the number determined by multiplying the Price Target of the Legacy SLM BankCo Option in respect of which such Post-Distribution NewCo Option is to be granted multiplied by (ii) a fraction, the numerator of which is the Post-Distribution NewCo Share Price and the denominator of which is the Pre-Distribution SLM BankCo Share Price. 

(rrr) “Post-Distribution SLM BankCo Option” has the meaning set forth in Section 3.4(a). 

(sss) “Sallie Mae Group” means Existing SLM and its predecessors and every Subsidiary of Existing SLM and such predecessors in
existence at any time prior to the Merger Date. 
 (ttt) “SEC” means the Securities and Exchange Commission. 

(uuu) “Securities Act” means the Securities Act of 1933. 

(vvv) “Separation” has the meaning set forth in the recitals to this Agreement. 

(www) “Separation Agreement” means the Separation and Distribution Agreement, dated as of April 28, 2014, among the
Parties and Existing SLM, together with all Schedules and all amendments and supplements thereto. 
 (xxx) “SLM BankCo” has
the meaning set forth in the preamble to this Agreement. 
 (yyy) “SLM BankCo Benefit Arrangement” means any Benefit
Arrangement sponsored or maintained by a member of the SLM BankCo Group on the Distribution Date. For purposes of this definition, a Benefit Arrangement sponsored or maintained by any one or more members of the SLM BankCo Group includes any former
Benefit Arrangement of Existing SLM 

  
 6 

 
that has been assumed by one or more members of the SLM BankCo Group (expressly or by the terms of the applicable Benefit Arrangement). Effective on the Merger Date, SLM BankCo shall assume each
Benefit Arrangement then sponsored or maintained by Existing SLM, unless otherwise provided in the Agreement. 
 (zzz) “SLM BankCo
Common Stock” means (i) for any period prior to the Merger Date, the common stock of Existing SLM, par value $0.20 per share, and (ii) for any period from and following the Merger Date, the common stock of SLM BankCo, par value
$0.20 per share. 
 (aaaa) “SLM BankCo Deferred Compensation Plan” has the meaning set forth in Section 6.5. 

(bbbb) “SLM BankCo Director” means an individual who is a non-employee director of SLM BankCo following the Distribution Date.

 (cccc) “SLM BankCo Employee” means any individual who is employed by a member of the SLM BankCo Group on the Distribution
Date. 
 (dddd) “SLM BankCo Entity” means any member of the SLM BankCo Group. For purposes of this definition, no NewCo
Entity shall be considered a SLM BankCo Entity. The Parties acknowledge that this term is defined differently in the Separation Agreement. 

(eeee) “SLM BankCo Equity Awards” means Legacy SLM BankCo Options, SLM BankCo Options, SLM BankCo RSAs, SLM BankCo RSUs or
Post-Distribution SLM BankCo Options. 
 (ffff) “SLM BankCo Group” means, collectively, SLM BankCo and each SLM BankCo
Subsidiary. For purposes of this definition, no member of the NewCo Group shall be deemed a member of the SLM BankCo Group. 
 (gggg)
“SLM BankCo Legacy Equity Plan” means any equity plan sponsored or maintained by the SLM BankCo Group immediately prior to the Distribution Date. For purposes of this definition, an equity plan sponsored or maintained by SLM BankCo
includes a former equity plan of Existing SLM that has been assumed by SLM BankCo (expressly or by the terms of the applicable equity plan). Effective on the Merger Date, SLM BankCo shall assume each equity plan then sponsored or maintained by
Existing SLM, unless otherwise provided in the Agreement. 
 (hhhh) “SLM BankCo Options” means options to purchase shares of
SLM BankCo Common Stock granted pursuant to any of the SLM BankCo Legacy Equity Plans, including options granted prior to the Merger Date by Existing SLM and assumed by SLM BankCo. 

(iiii) “SLM BankCo Rabbi Trust” has the meaning set forth in Section 5.1. 

(jjjj) “SLM BankCo RSAs” means unvested restricted stock awards issued under any of the SLM BankCo Legacy Equity Plans,
including awards issued by Existing SLM prior to the Merger Date and assumed by SLM BankCo. 

  
 7 

 (kkkk) “SLM BankCo RSUs” means restricted stock units or deferred stock units
issued under any of the SLM BankCo Legacy Equity Plans that are not subject to performance conditions, including units issued by Existing SLM prior to the Merger Date and assumed by SLM BankCo. 

(llll) “SLM BankCo Subsidiary” means any Subsidiary of SLM BankCo as of the Distribution Date. For purposes of this
definition, no NewCo Subsidiary shall be considered a SLM BankCo Subsidiary. 
 (mmmm) “SLM BankCo Thrift Plan” means the
Sallie Mae 401(k) Savings Plan. 
 (nnnn) “SLM BankCo Thrift Plan Beneficiaries” has the meaning set forth in
Section 6.1. 
 (oooo) “SLM BankCo Welfare Plan” means any Welfare Plan sponsored or maintained by any one or more
members of the SLM BankCo Group on the Distribution Date. For purposes of this definition, a Welfare Plan sponsored or maintained by any one or more members of the SLM BankCo Group includes former Welfare Plans of Existing SLM that have been assumed
by a member of the SLM BankCo Group (expressly or by the terms of the applicable Welfare Plan). Effective on the Merger Date, SLM BankCo shall assume each Welfare Plan then sponsored or maintained by Existing SLM, unless otherwise provided in the
Agreement. 
 (pppp) “Subsidiary” means, with respect to any specified Person, any corporation, partnership, limited
liability company, joint venture or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board
of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such specified Person or by any one or more of its Subsidiaries, or by such specified Person
and one or more of its Subsidiaries. 
 (qqqq) “Supplemental 401(k) Plan” has the meaning set forth in Section 6.4.

 (rrrr) “U.S.” means the United States of America. 

(ssss) “WARN” means the U.S. Worker Adjustment and Retraining Notification Act, and any applicable state or local law
equivalent. 
 (tttt) “Welfare Plan” means a “welfare plan” as defined in ERISA Section 3(1) and also means a
cafeteria plan under Code Section 125 and any benefits offered thereunder, including pre-tax premium conversion benefits, a dependent care assistance program, contribution funding toward a health savings account and flex or cashable credits.

 Interpretation. In this Agreement, unless the context clearly indicates otherwise: 

(uuuu) words used in the singular include the plural and words used in the plural include the singular; 

(vvvv) if a word or phrase is defined in this Agreement, its other grammatical forms, as used in this Agreement, shall have a corresponding
meaning; 

  
 8 

 (wwww) reference to any gender includes the other gender and the neuter; 

(xxxx) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without
limitation”; 
 (yyyy) the words “shall” and “will” are used interchangeably and have the same meaning; 

(zzzz) the word “or” shall have the inclusive meaning represented by the phrase “and/or”; 

(aaaaa) relative to the determination of any period of time, “from” means “from and including,” “to” means
“to but excluding” and “through” means “through and including”; 
 (bbbbb) all references to a specific time of
day in this Agreement shall be based upon Eastern Standard Time or Eastern Daylight Savings Time, as applicable, on the date in question; 

(ccccc) whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are specified; 

(ddddd) accounting terms used herein shall have the meanings historically ascribed to them by Existing SLM and its Subsidiaries for periods
prior to the Merger Date, including NewCo for this purpose, in its and their internal accounting and financial policies and procedures in effect immediately prior to the date of this Agreement; 

(eeeee) reference to any Article, Section or Schedule means such Article or Section of, or such Schedule to, this Agreement, as the case may
be, and references in any Section or definition to any clause means such clause of such Section or definition; 
 (fffff) the words
“this Agreement,” “herein,” “hereunder,” “hereof,” “hereto” and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision of
this Agreement; 
 (ggggg) reference to any agreement, instrument or other document means such agreement, instrument or other document as
amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by this Agreement; 

(hhhhh) reference to any Law (including statutes and ordinances) means such Law (including any and all rules and regulations promulgated
thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 

(iiiii) references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are
permitted by this Agreement; and any reference to a third party shall be deemed to mean a Person who is not a Party or an Affiliate of a Party; 

  
 9 

 (jjjjj) if there is any conflict between the provisions of the main body of this Agreement and
the Schedules hereto, the provisions of the main body of this Agreement shall control unless explicitly stated otherwise in such Schedule; 

(kkkkk) unless otherwise specified in this Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the
U.S.; 
 (lllll) the titles to Articles and headings of Sections contained in this Agreement, in any Schedule and in the table of contents to
this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or interpretation of this Agreement; and 

(mmmmm) any portion of this Agreement obligating a Party to take any action or refrain from taking any action, as the case may be, shall mean
that such Party shall also be obligated to cause its relevant Subsidiaries to take such action or refrain from taking such action, as the case may be. 

ARTICLE II 
 ASSIGNMENT OF
EMPLOYEES 
 Active Employees. 
 (a) NewCo
Employees. Except as otherwise set forth in this Agreement, effective as of the Distribution Date, the employment of the NewCo Employees will be continued by a member of the NewCo Group. Prior to such date, NewCo Employees will be transferred
and assigned to the applicable member of the NewCo Group. Each of the Parties agrees to execute, and to seek to have the applicable employees execute, such documentation as may be necessary to reflect such assignments and transfers. 

(b) SLM BankCo Employees. Except as otherwise set forth in this Agreement, effective as of the Distribution Date, the employment of the
SLM BankCo Employees will be continued by a member of the SLM BankCo Group. Prior to such date, SLM BankCo Employees will be transferred and assigned to the applicable member of the SLM BankCo Group. Each of the Parties agrees to execute, and to
seek to have the applicable employees execute, such documentation as may be necessary to reflect such assignments and transfers. 
 (c)
At-Will Status. Notwithstanding the above or any other provision of this Agreement, nothing in this Agreement shall create any obligation on the part of any member of the SLM BankCo Group or any member of the NewCo Group to continue the
employment of any employee for any period following the date of this Agreement or the Distribution or to change the employment status of any employee from “at will,” to the extent such employee is an “at will” employee under
applicable law. 
 (d) Severance. The Distribution and the assignment, transfer or continuation of the employment of employees as
contemplated by this Section 2.1 shall not be deemed a severance of employment of any employee for purposes of this Agreement or any plan, policy, practice or arrangement of any member of the Group. 

  
 10 

 (e) Change of Control/Change in Control. Neither the completion of the Distribution nor
any transaction in connection with the Distribution (including the Merger) shall be deemed a “change of control” or “change in control” for purposes of any plan, policy, practice or arrangement relating to directors, former
directors, employees, former employees or consultants of any member of the Group. 
 Former Employees. 

(f) Any individual who has previously worked as an employee for a member (or former member) of the Sallie Mae Group but who is not employed by
the Sallie Mae Group as of the time immediately prior to the Distribution Date shall be referred to as a “Legacy Sallie Mae Employee”. For purposes of this Agreement, any Legacy Sallie Mae Employee shall be deemed to be a
“Former NewCo Employee.” 
 Employment Law Obligations. 

(g) WARN Act. After the Distribution Date, (i) SLM BankCo shall be responsible for providing any necessary WARN notice (and meeting
any similar state law notice requirements) with respect to any termination of any SLM BankCo Employee and (ii) NewCo shall be responsible for providing any necessary WARN notice (and meeting any similar state law notice requirements) with
respect to any termination of any NewCo Employee. 
 (h) Compliance With Employment Laws. On and after the Distribution Date,
(i) each member of the SLM BankCo Group shall be responsible for adopting and maintaining any policies or practices, and for all other actions and inactions, necessary to comply with employment-related laws and requirements relating to the
employment of SLM BankCo Employees, and (ii) each member of the NewCo Group shall be responsible for adopting and maintaining any policies or practices, and for all other actions and inactions, necessary to comply with employment-related laws
and requirements relating to the employment of NewCo Employees and the treatment of any applicable Former NewCo Employees in respect of their former employment. Any liabilities with respect to Legacy Sallie Mae Employees that are not specifically
allocated within this Agreement shall be assumed and satisfied by NewCo. 
 Employee Records. 

(i) Records Relating to SLM BankCo Employees. All records, data and other employee-related information in any form (collectively,
“Employee Records”) relating to SLM BankCo Employees shall be the property of the SLM BankCo Group, except that Employee Records pertaining to such an employee and relating to any period that such employee was (i) employed by
NewCo or (ii) covered under any employee benefit plan sponsored by any member of the NewCo Group (to the extent that such records or data relate to such coverage) prior to the Distribution Date shall be jointly owned by those members of the
NewCo Group and the SLM BankCo Group. 
 (j) Records Relating to NewCo Employees and Former NewCo Employees. All Employee Records
relating to NewCo Employees or Former NewCo Employees shall be the property of the NewCo Group, except that Employee Records pertaining to such an employee and relating to any period that such employee was (i) employed by any member of the SLM
BankCo Group or (ii) covered under any employee benefit plan sponsored by any member of the SLM BankCo Group (to the extent that such records or data relate to such coverage) prior to the Distribution Date shall be jointly owned by those
members of the SLM BankCo Group and the NewCo Group. 

  
 11 

 (k) Sharing of Records. Notwithstanding Sections 2.4(a) and (b), each of NewCo and SLM
BankCo shall allow the other to retain a copy of the Employee Records owned by each of them, and use their respective commercially reasonable efforts to provide the other such Employee Records as may be necessary or appropriate to carry out their
respective obligations under applicable law (subject to any relevant privacy protection laws or regulations in any applicable jurisdictions or Privacy Contract), this Agreement, any other Ancillary Agreement or the Separation Agreement, and for the
purposes of administering their respective employee benefit plans and policies. All information and records regarding employment, personnel and employee benefit matters, including Employee Records, of SLM BankCo Employees shall be accessed,
retained, held, used, copied and transmitted after the Distribution Date by members of the SLM BankCo Group in accordance with all applicable laws, policies and Privacy Contracts relating to the collection, storage, retention, use, transmittal,
disclosure and destruction of such records. All information and records regarding employment, personnel and employee benefit matters, including Employee Records, of NewCo Employees and Former NewCo Employees shall be accessed, retained, held, used,
copied and transmitted after the Distribution Date by members of the NewCo Group in accordance with all applicable laws, policies and Privacy Contracts relating to the collection, storage, retention, use, transmittal, disclosure and destruction of
such records. 
 (l) Access to Records. To the extent not inconsistent with this Agreement and any applicable privacy protection laws
or regulations or Privacy Contracts, access to all employment, personnel and employee benefit matters, including Employee Records, after the Distribution Date will be provided to members of the SLM BankCo Group and members of the NewCo Group in
accordance with the Separation Agreement. In addition, notwithstanding anything to the contrary, SLM BankCo shall be provided reasonable access to those records that are the property of the NewCo Group necessary for the administration of any plans
or programs on behalf of SLM BankCo Employees after the Distribution Date to the extent permissible under applicable privacy protection laws or regulations or Privacy Contracts. SLM BankCo shall also be permitted to retain copies of all restrictive
covenant agreements with any NewCo Employee or Former NewCo Employee in which any member of the SLM BankCo Group has a valid business interest. In addition, notwithstanding anything to the contrary, NewCo shall be provided reasonable access to those
records that are the property of the SLM BankCo Group necessary for the administration of any plans or programs on behalf of NewCo Employees and Former NewCo Employees after the Distribution Date to the extent permissible under applicable privacy
protection laws or regulations or Privacy Contracts. NewCo shall also be permitted to retain copies of all restrictive covenant agreements with any SLM BankCo Employee in which any member of the NewCo Group has a valid business interest. 

(m) Maintenance of Records. With respect to retaining, destroying, transferring, sharing, copying and permitting access to information
and records regarding employment, personnel and employee benefit matters, including Employee Records, SLM BankCo and NewCo shall (and shall cause their respective Subsidiaries to) comply with all applicable laws,

  
 12 

 
regulations, Privacy Contracts and internal policies, and shall indemnify and hold harmless each other from and against any and all liability, claims, actions, and damages that arise from a
failure (by the indemnifying party or its affiliates or their respective agents) to so comply with all applicable laws, regulations, Privacy Contracts and internal policies applicable to such information and records. 

(n) No Access to Computer Systems or Files. No provision of this Agreement shall give (i) any member of the SLM BankCo Group direct
access to the computer systems or other files, records or databases of any member of the NewCo Group to access Employee Records or (ii) any member of the NewCo Group direct access to the computer systems or other files, records or databases of
any member of the SLM BankCo Group to access Employee Records, unless expressly and specifically permitted by the owner of such systems, files, records or databases. 

(o) Relation to Separation Agreement. The provisions of this Section 2.4 shall be in addition to, and not in derogation of, the
provisions of the Separation Agreement governing Confidential Information, including Section 6.9 of the Separation Agreement. To the extent of any inconsistency between the provisions of this Section 2.4 of this Agreement and
Section 6.9 of the Separation Agreement, the provisions of this Section 2.4 shall control. 
 (p) Confidentiality. Except to
the extent otherwise set forth in this Agreement, all Employee Records shall, in each case, be subject to the confidentiality provisions of the Separation Agreement and any Privacy Contract or other applicable agreement and applicable law. 

(q) Cooperation. Each Party shall use commercially reasonable efforts to cooperate to share, retain and maintain data and records that
are necessary or appropriate to further the purposes of this Section 2.4 and for each Party to administer its respective benefit plans to the extent consistent with this Agreement and applicable law, and each Party agrees to cooperate as long
as is reasonably necessary to further the purposes of this Section 2.4. Except as provided under any Ancillary Agreement, no Party shall charge another Party a fee for such cooperation. 

(r) HIPAA Business Associate Agreement. NewCo and SLM BankCo shall enter into a Business Associate agreement under the Health Insurance
Portability and Accountability Act of 1996, as amended, with respect to the group health plan of the other Party, in such form as NewCo and SLM BankCo shall mutually agree. 

ARTICLE III 
 EQUITY AND INCENTIVE
COMPENSATION PLANS 
 General Principles. 
 (a)
For the avoidance of doubt, the provisions of this Article III shall not apply unless the Distribution takes place. The adjustments and replacements of awards contemplated by this Article III may be made in advance of the Distribution, but no
adjusted or replacement award may be settled or exercised prior to the Distribution, and if the Distribution does not occur by December 31, 2014, such adjustments and/or replacements shall be null and void. Each of SLM BankCo and NewCo shall
take any and all reasonable action as shall be necessary and appropriate to further the provisions of this Article III. 

  
 13 

 (b) Where an award granted under one of the SLM BankCo Legacy Equity Plans is adjusted or
replaced in whole or in part by an award under either a SLM BankCo Legacy Equity Plan or the NewCo New Equity Plan in accordance with the provisions of this Article III, such award generally shall be on terms which are in all material respects
identical to the terms of the award which it replaces (including any requirements of continued employment) but subject to any necessary changes to take into account that (i) an award may relate to NewCo Common Stock, (ii) the NewCo New
Equity Plan is administered by NewCo and the compensation committee of its board of directors, (iii) if applicable, the grantee under the award is employed or affiliated with a new employer or plan sponsor, and (iv) except for Price
Targets under a Post-Distribution NewCo Option or a Post-Distribution SLM BankCo Option, the award is not subject to any performance conditions. Where an award granted under one of the SLM BankCo Legacy Equity Plans is adjusted in accordance with
the provisions of this Article III, such award shall otherwise continue to retain the same terms and conditions of the original award, subject to any necessary changes to take into account the adjustments required by this Article III. 

(c) Following the Distribution Date, a grantee who has outstanding awards under one or more of the SLM BankCo Legacy Equity Plans and/or
replacement awards under the NewCo New Equity Plan shall be considered to have been employed continuously by the applicable plan sponsor before the Distribution for purposes of (1) vesting and (2) determining the date of termination of
employment as it applies to any such award. SLM BankCo will take such action as is necessary such that NewCo Employees that hold SLM BankCo Equity Awards as of or following the Distribution Date will not incur a termination of employment as a result
of the Distribution for purposes of such awards. NewCo will take such action as is necessary such that SLM BankCo Employees that hold NewCo Equity Awards as of or following the Distribution Date will not incur a termination of employment as a result
of the Distribution for purposes of such awards. Following the Distribution Date, a grantee who has outstanding awards under one or more of the SLM BankCo Legacy Equity Plans and/or replacement awards under the NewCo New Equity Plan shall be
considered to be employed by the applicable plan sponsor only for service with the applicable of SLM BankCo or NewCo whichever is the employer of the individual as of a time immediately after the Distribution Date. For the avoidance of doubt,
(1) a NewCo Employee or NewCo Director who has a SLM BankCo Equity Award will continue to vest in such award by reason of service with NewCo but upon termination of service with NewCo will be treated for purposes of the SLM BankCo Equity Award
as having then terminated service, and (2) a SLM BankCo Employee or SLM BankCo Director who has a NewCo Equity Award will continue to vest in such award by reason of service with SLM BankCo but upon termination of service with SLM BankCo will
be treated for purposes of the NewCo Equity Award as having then terminated service. 
 (d) No award described in this Article III, whether
outstanding or to be issued, adjusted, substituted or cancelled by reason of or in connection with the Distribution, shall be adjusted, settled or cancelled or become exercisable if in the judgment of the administrator of the applicable plan or
program such action would be inconsistent with applicable law, including federal securities laws. Any period of exercisability will not be extended on account of a period during which such an award is not exercisable in accordance with the preceding
sentence. 

  
 14 

 Restricted Stock. 

(e) Each grantee under the SLM BankCo Legacy Equity Plans who holds one or more SLM BankCo RSAs shall receive in lieu of such award an adjusted
award of SLM BankCo Restricted Stock (an “Adjusted SLM BankCo RSA”) with respect to a number of shares of SLM BankCo Common Stock equal to a fraction, the numerator of which is the product of the Pre-Distribution SLM BankCo Share
Price and the number of shares subject to the SLM BankCo RSA and the denominator of which is the Post-Distribution SLM BankCo Share Price, rounded up to the nearest whole share. SLM BankCo (or one or more of the SLM BankCo Subsidiaries, as
designated by SLM BankCo) shall be responsible for (i) the satisfaction of all tax reporting and withholding requirements in respect of the Adjusted SLM BankCo RSAs and (ii) remitting the appropriate tax or withholding amounts to the
appropriate taxing authorities. Except as provided in the foregoing provisions of this Section 3.2(a), the Adjusted SLM BankCo RSAs shall be granted on terms which are in all material respects identical (including with respect to vesting) to
the terms of the SLM BankCo RSAs with respect to which they are granted. 
 Restricted Stock Units. 

(f) Each grantee under the SLM BankCo Legacy Equity Plans who holds one or more SLM BankCo RSUs granted prior to February 4, 2014, or
granted in connection with awards under the 2013 Management Incentive Plan, except each grantee of awards set forth on Schedule 3.3(b), shall retain each such SLM BankCo RSU and shall receive a number of additional restricted stock units with
respect to NewCo Common Stock (the “NewCo RSUs”) equal to the number of shares received by a stockholder of SLM BankCo Common Stock in connection with the Distribution with respect to the number of shares of SLM BankCo Common Stock
subject to such grantee’s SLM BankCo RSUs. Except as provided in this Agreement, NewCo RSUs shall be granted on terms which are in all material respects identical (including with respect to vesting) to the terms of the SLM BankCo RSUs with
respect to which they are granted. 
 (g) Each grantee under the SLM BankCo Legacy Equity Plans who holds one or more SLM BankCo RSUs granted
on or after February 4, 2014, (other than SLM BankCo RSUs granted in connection with awards under the 2013 Management Incentive Plan) and who will be an SLM BankCo Employee, as well as each grantee of awards set forth on Schedule 3.3(b), shall
receive in substitution for such SLM BankCo RSU (which shall be cancelled) an adjusted award of restricted stock units with respect to solely SLM BankCo Common Stock (an “Adjusted SLM BankCo RSU”), with the number of shares of SLM
BankCo Common Stock subject to such Adjusted SLM BankCo RSU equal to a fraction, the numerator of which is the product of the Pre-Distribution SLM BankCo Share Price and the number of shares subject to the SLM BankCo RSU and the denominator of which
is the Post-Distribution SLM BankCo Share Price, rounded up to the nearest whole share. Each grantee under the SLM BankCo Legacy Equity Plans who holds one or more SLM BankCo RSUs granted on or after February 4, 2014, (other than SLM BankCo
RSUs granted in connection with awards under the 2013 Management Incentive Plan) and who will not be an SLM BankCo Employee shall receive in substitution for each such SLM BankCo RSU (which shall be cancelled) an adjusted award of restricted stock
units with respect to solely NewCo Common Stock (an “Adjusted NewCo RSU”), with the number of shares of NewCo Common Stock subject to such Adjusted NewCo RSU equal to a fraction, the numerator of which is the product of the
Pre-Distribution SLM BankCo Share Price and the number of shares subject to the SLM BankCo RSU and the denominator of which is the Post-Distribution NewCo Share Price, rounded up to the nearest whole share. 

  
 15 

 (h) SLM BankCo (or one or more of the SLM BankCo Subsidiaries, as designated by SLM BankCo) shall
be responsible for (i) the satisfaction of all tax reporting and withholding requirements in respect of the SLM BankCo RSUs and NewCo RSUs issued to SLM BankCo Employees and (ii) remitting the appropriate tax or withholding amounts to the
appropriate taxing authorities in the case of SLM BankCo Employees or ensuring the remittance of the appropriate tax or withholding amounts to NewCo in the case of NewCo Employees and Former NewCo Employees that hold SLM BankCo RSUs. NewCo shall be
responsible for (i) the satisfaction of all tax reporting and withholding requirements in respect of the NewCo RSUs and SLM BankCo RSUs issued to NewCo Employees and Former NewCo Employees and (ii) remitting the appropriate tax or
withholding amounts to the appropriate taxing authorities in the case of NewCo Employees and Former NewCo Employees or ensuring the remittance of the appropriate tax or withholding amounts to SLM BankCo in the case of SLM BankCo Employeeswho hold
NewCo RSUs. 
 Stock Options. 
 (i) Each
grantee under any of the SLM BankCo Legacy Equity Plans who, as of the Distribution Date, holds one or more SLM BankCo Options (each, a “Legacy SLM BankCo Option”), shall receive, in substitution for each such Legacy SLM BankCo
Option (which shall be cancelled), both a NewCo Option (a “Post-Distribution NewCo Option”) with respect to shares of NewCo Common Stock and a SLM BankCo Option (a “Post-Distribution SLM BankCo Option”) with respect
to shares of SLM BankCo Common Stock. The shares of NewCo Common Stock and SLM BankCo Common Stock subject to the Post-Distribution NewCo Option and Post-Distribution SLM BankCo Option, respectively, shall be equal to the number of shares of SLM
BankCo Common Stock subject to the Legacy SLM BankCo Option. The exercise price of each Post-Distribution SLM BankCo Option and Post-Distribution NewCo Option shall bear the same ratio to the Post-Distribution
SLM BankCo Share Price and the Post-Distribution NewCo Share Price, respectively, as the exercise price of the Legacy SLM BankCo Option being replaced bears to the
Pre-Distribution SLM BankCo Share Price. In the case of a Legacy SLM BankCo Option that includes a Price Target, the Price Targets for the Post-Distribution SLM BankCo
Option and Post-Distribution NewCo Option that are substituted therefor shall be, respectively, the applicable Post-Distribution SLM BankCo Option Price Target and Post-Distribution NewCo Option Price Target,
with appropriate provisions to account for periods that overlap the Distribution Date. 
 (j) SLM BankCo (or one or more of the SLM BankCo
Subsidiaries, as designated by SLM BankCo) shall be responsible for (i) the satisfaction of all tax reporting and withholding requirements in respect of the exercise of Post-Distribution SLM BankCo Options and Post-Distribution NewCo Options
held by SLM BankCo Employees and (ii) remitting the appropriate tax or withholding amounts to the appropriate taxing authorities in the case of SLM BankCo Employees or ensuring the remittance of the appropriate tax or withholding amounts to
NewCo in the case of NewCo Employees and Former NewCo Employees that receive Post-Distribution SLM BankCo Options. NewCo shall be responsible for (i) the satisfaction of all tax reporting and withholding requirements in respect of the exercise
of Post-Distribution NewCo Options and Post-Distribution BankCo Options held by NewCo Employees and Former NewCo Employees 

  
 16 

 
and (ii) remitting the appropriate tax or withholding amounts to the appropriate taxing authorities in the case of NewCo Employees and Former NewCo Employees or ensuring the remittance of
the appropriate tax or withholding amounts to SLM BankCo in the case of SLM BankCo Employees who receive Post-Distribution NewCo Options. 

(k) Post-Distribution NewCo Options and Post-Distribution SLM BankCo Options shall not be exercisable until the applicable Registration
Statement Effectiveness Date and may be further restricted as described in Section 3.9. Except as provided in this Section 3.4, Post-Distribution NewCo Options and Post-Distribution SLM BankCo Options shall be granted on terms which are in
all material respects identical (including with respect to vesting) to the terms of the Legacy SLM BankCo Options which they replace. 
 Performance Stock
Units. 
 (l) Each grantee under any of the SLM BankCo Legacy Equity Plans who, but for this Section 3.5, would hold, as of the
Distribution Date, one or more performance stock unit awards (each, a “Legacy Performance Stock Unit”) shall receive on a date prior to the Distribution Date (but subject to the occurrence of the Distribution Date) and as a
replacement award in substitution for each Legacy Performance Stock Unit (which shall be cancelled, subject to the occurrence of the Distribution Date), a number of SLM BankCo RSUs equal to the number of shares of SLM BankCo Common Stock that would
vest under the legacy performance-based award based on the actual performance to the last day of the most recent calendar quarter ending prior to or coincident with the Distribution Date (the “Measurement Date”) and the lesser of
(i) the target performance specified for such Legacy Performance Stock Unit, prorated for that portion of the performance period which will occur after the Measurement Date and (ii) projected performance for that portion of the performance
period which will occur after the Measurement Date (as determined by the compensation committee of the Board of Directors of SLM BankCo). SLM BankCo RSUs issued in substitution for Legacy Performance Stock Unit pursuant to this Section 3.5
shall then be adjusted pursuant to Section 3.3(a). In the event the Distribution Date does not occur, the transactions contemplated by this Section 3.5 shall be null and void and of no effect, and the Legacy Performance Stock Units shall
remain outstanding in accordance with their terms. 
 Section 16(b) of the Exchange Act; Code Sections 162(m) and 409A. 

(m) By approving the adoption of this Agreement and in accordance with the provisions of Rule 16b-3 under the Exchange Act, the board of
directors of SLM BankCo intends to exempt from the short-swing profit recovery provisions of Section 16(b) of the Exchange Act all acquisitions from and dispositions to SLM BankCo of SLM BankCo Equity Awards by directors and executive officers
of SLM BankCo contemplated by this Article III. The board of directors of SLM BankCo also intends to expressly approve, in respect of all SLM BankCo Equity Awards granted or issued to directors and executive officers of SLM BankCo in accordance with
this Article III, the use of any method for the payment of an exercise price and the satisfaction of any applicable tax withholding (specifically including the actual or constructive tendering of shares of SLM BankCo Common Stock in payment of an
exercise price and the withholding of such shares from delivery under options in satisfaction of applicable tax withholding requirements) to the extent such method is permitted under the applicable equity incentive plan and award agreement. 

  
 17 

 (n) By approving the adoption of this Agreement and in accordance with the provisions of Rule
16b-3 under the Exchange Act, the board of directors of NewCo intends to exempt from the short-swing profit recovery provisions of Section 16(b) of the Exchange Act all acquisitions from and dispositions to NewCo of NewCo Equity Awards by
directors and executive officers of NewCo contemplated by this Article III. The board of directors of NewCo also intends to expressly approve, in respect of all NewCo Equity Awards granted or issued to directors and executive officers of NewCo in
accordance with this Article III, the use of any method for the payment of an exercise price and the satisfaction of any applicable tax withholding (specifically including the actual or constructive tendering of shares of NewCo Common Stock in
payment of an exercise price and the withholding of such shares from delivery under options in satisfaction of applicable tax withholding requirements) to the extent such method is permitted under the applicable equity incentive plan and award
agreement. 
 (o) Notwithstanding anything in this Agreement to the contrary (including the treatment of supplemental and deferred
compensation plans, outstanding long-term incentive awards and annual incentive awards as described herein), SLM BankCo and NewCo agree to negotiate in good faith regarding the need for any treatment different
from that otherwise provided herein to ensure that (i) a federal income tax deduction for the payment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or
other compensation is not limited by reason of Code Section 162(m), and (ii) the treatment of such supplemental or deferred compensation or long-term incentive award, annual incentive award or other
compensation does not cause the imposition of a tax under Code Section 409A. 
 Certain Bonus Payments. 

(p) Annual incentive bonuses in respect of calendar year 2014, prorated for the period commencing on January 1, 2014 and ending on the
Distribution Date, may be paid to SLM BankCo Employees and NewCo Employees by SLM BankCo and NewCo, respectively, in the discretion of the compensation committee of each of SLM BankCo and NewCo, at the time such bonuses are normally paid in
accordance with the bonus metrics determined by the compensation committee of the board of directors of Existing SLM (the “2014 Pre-Spin Bonus”). Each employee’s 2014 Pre-Spin Bonus shall be based on actual performance results
based on the bonus metrics set by the compensation committee of the board of directors of Existing SLM, as such performance is certified by the board of directors of Existing SLM, for the period commencing on January 1, 2014 and ending on the
last day of the full calendar quarter preceding the Distribution Date. 
 (q) SLM BankCo shall assume responsibility and liability for
payment of 2014 Pre-Spin Bonuses to any SLM BankCo Employee. NewCo shall assume responsibility and liability for payment of 2014 Pre-Spin Bonuses to all individuals other than SLM BankCo Employees. 

(r) Any other cash bonuses accrued or earned as of the Distribution Date but not yet paid shall be paid following the Distribution Date by SLM
BankCo in the case of SLM BankCo Employees or by NewCo in the case of NewCo Employees and Former NewCo Employees at such time and in such amount as is prescribed by the terms of the applicable bonus arrangement. 

  
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 ESPP. 

(s) The administrator of the ESPP has taken all actions necessary and appropriate to suspend payroll deductions for and operation of the ESPP
prior to the Distribution Date. SLM BankCo shall assume the ESPP effective as of the Distribution Date. 
 (t) Effective no later than
immediately prior to the Distribution Date, NewCo shall establish the NewCo ESPP, which plan shall be approved by SLM BankCo in its capacity as the sole stockholder of NewCo prior to the Distribution Date. 

Section 3.2 Registration Statements; Blackouts 

(a) Before the Distribution Date or as soon as reasonably practicable thereafter and subject to compliance with applicable law, NewCo shall
prepare and file with the SEC a registration statement on Form S–8 (or, if NewCo is not eligible to use Form S-8, another appropriate form for which NewCo is eligible) registering under the Securities Act the offer and sale of a number of
shares of NewCo Common Stock equal to not less than the aggregate number of shares subject to all NewCo Equity Awards to be issued to the NewCo Employees and Former NewCo Employees in accordance with this Article III. NewCo shall use commercially
reasonable efforts to cause such registration statement to be kept effective (and the prospectus or prospectuses forming a part thereof to be kept current to the extent required by the Securities Act) for so long as any of such NewCo Equity Awards
remain outstanding. 
 (b) Before the Distribution Date or as soon as reasonably practicable thereafter and subject to compliance with
applicable law, SLM BankCo shall prepare and file with the SEC a registration statement on Form S–8 (or, if SLM BankCo is not eligible to use Form S-8, another appropriate form for which SLM BankCo is eligible) registering under the Securities
Act the offer and sale of a number of shares of SLM BankCo Common Stock equal to not less than the aggregate number of shares subject to all SLM BankCo Equity Awards to be issued to SLM BankCo Employees in accordance with this Article III. NewCo
shall use commercially reasonable efforts to cause such registration statement to be kept effective (and the prospectus or prospectuses forming a part thereof to be kept current to the extent required by the Securities Act) for so long as any of
such SLM BankCo Equity Awards remain outstanding. 
 (c) Each of NewCo and SLM BankCo covenants and agrees to use its commercially reasonable
efforts to timely effect the adjustments and issuances of equity awards contemplated by this Article III, but acknowledges that such adjustments and issuances are subject to possible delays due to administrative issues and in order to comply with
the requirements of applicable law and NASDAQ listing rules. 
 (d) The Parties acknowledge that the exercise and settlement of equity-based
awards may be subject to blackout periods as necessary to comply with applicable law, and the Parties agree to use commercially reasonable efforts to cooperate in complying with such requirements. 

  
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 ARTICLE IV 

GENERAL PRINCIPLES FOR ALLOCATION OF LIABILITIES 

General Principles. 
 (a) Each member of the SLM
BankCo Group and each member of the NewCo Group shall take any and all reasonable action as shall be necessary or appropriate so that active participation in the SLM BankCo Thrift Plan, SLM BankCo Welfare Plans and SLM BankCo Benefit Arrangements by
all NewCo Employees and Former NewCo Employees shall terminate in connection with the Distribution as and when provided under this Agreement (or if not specifically provided under this Agreement, as of the Effective Time), and each member of the
NewCo Group shall cease to be a participating employer under the terms of the SLM BankCo Thrift Plan, SLM BankCo Welfare Plans and SLM BankCo Benefit Arrangements as of such time. 

(b) Each member of the NewCo Group and each member of the SLM BankCo Group shall take any and all reasonable action as shall be necessary or
appropriate so that active participation in the NewCo Thrift Plan, NewCo Welfare Plans and NewCo Benefit Arrangements by all SLM BankCo Employees shall terminate in connection with the Distribution as and when provided under this Agreement (or if
not specifically provided under this Agreement, as of the Effective Time), and each member of the SLM BankCo Group shall cease to be a participating employer under the terms of the NewCo Thrift Plan, NewCo Welfare Plans and NewCo Benefit
Arrangements as of such time. 
 (c) Except as otherwise provided in this Agreement, (i) one or more members of the NewCo Group (as
designated by NewCo) shall continue to be responsible for or assume, effective as of the Distribution Date, all employee benefits liabilities for NewCo Employees and Former NewCo Employees, and the assets relating to such employee benefits for NewCo
Employees and Former NewCo Employees shall be transferred to or continue to be held by one or more members of the NewCo Group (as designated by NewCo) and (ii) and one or more members of the SLM BankCo Group (as designated by SLM BankCo) shall
continue to be responsible for or assume all employee benefits liabilities for SLM BankCo Employees and the assets relating to such employee benefits for SLM BankCo Employees shall be transferred to or continue to be held by one or more members of
the SLM BankCo Group (as designated by SLM BankCo). 
 (d) Except as otherwise provided in this Agreement, effective as of the day after the
Distribution Date, one or more members of the NewCo Group (as determined by NewCo) shall assume or continue the sponsorship of, and no member of the SLM BankCo Group shall have any further liability for or under, the following agreements,
obligations and liabilities, and NewCo shall indemnify each member of the SLM BankCo Group, and the officers, directors, and employees of each member of the SLM BankCo Group, and hold them harmless with respect to such agreements, obligations or
liabilities: 
 (i) any and all individual employment agreements entered into between any member of the SLM BankCo Group and
any NewCo Employee or Former NewCo Employee; 

  
 20 

 (ii) any and all service agreements entered into between any member of the SLM
BankCo Group and any individual who is an independent contractor providing services primarily for the business activities of the NewCo Group; 

(iii) any and all wages, salaries, incentive compensation (as the same may be modified by this Agreement), commissions and
bonuses payable to any NewCo Employees or Former NewCo Employees after the Distribution Date, without regard to when such wages, salaries, incentive compensation, commissions and bonuses are or may have been earned; 

(iv) any and all moving expenses and obligations related to relocation, repatriation, transfers or similar items incurred by or
owed to any NewCo Employees or Former NewCo Employees, whether or not accrued as of the Distribution Date (other than such expenses and obligations incurred by SLM BankCo on or prior to the Distribution Date as a result of which there is an existing
liability as of the Distribution Date, all of which shall remain SLM BankCo’s obligation); 
 (v) any and all
immigration-related, visa, work application or similar rights, obligations and liabilities related to any NewCo Employees or Former NewCo Employees; and 

(vi) any and all liabilities and obligations whatsoever with respect to claims made by or with respect to any NewCo Employees
or Former NewCo Employees in connection with any employee benefit plan, program or policy not otherwise retained or assumed by any member of the SLM BankCo Group pursuant to this Agreement, including such liabilities relating to actions or omissions
of or by any member of the NewCo Group or any officer, director, employee or agent thereof on or prior to the Distribution Date. 
 (e)
Except as otherwise provided in this Agreement, effective as of the Effective Time, no member of the NewCo Group shall have any further liability for, and SLM BankCo shall indemnify each member of the NewCo Group, and the officers, directors, and
employees of each member of the NewCo Group, and hold them harmless with respect to any and all liabilities and obligations whatsoever with respect to, claims made by or with respect to any SLM BankCo Employees in connection with any employee
benefit plan, program or policy not otherwise retained or assumed by any member of the NewCo Group pursuant to this Agreement, including such liabilities relating to actions or omissions of or by any member of the SLM BankCo Group or any officer,
director, employee or agent thereof on or prior to the Distribution Date. 
 Sponsorship and/or Establishment of NewCo Plans. Except as otherwise provided
in this Agreement, sponsorship of benefit plans that cover solely NewCo Employees and Former NewCo Employees shall become effective not later than as of the Effective Time by a member of the NewCo Group, and to the extent necessary to achieve such
sponsorship, each member of the SLM BankCo Group and each member of the NewCo Group shall take appropriate action, including transfer of sponsorship of each such plan. SLM BankCo Welfare Plans in which both (i) SLM BankCo Employees and
(ii) NewCo Employees or Former NewCo Employees participate shall be divided into two separate plans, with one covering SLM BankCo Employees sponsored by a member of the SLM BankCo Group, and the other covering NewCo Employees and Former NewCo
Employees sponsored by a member of the NewCo Group. 

  
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 Service Credit. 

(f) Service for Eligibility and Vesting Purposes. Except as otherwise provided in this Agreement, for purposes of eligibility and
vesting under the NewCo Thrift Plan, NewCo Welfare Plans and NewCo Benefit Arrangements, NewCo shall, and shall cause each member of the NewCo Group to, credit each NewCo Employee and Former NewCo Employee with service for any period of employment
with any member of the SLM BankCo Group on or prior to the Distribution Date to the same extent such service would be credited if it had been performed for a member of the NewCo Group. Except as otherwise provided in this Agreement, for purposes of
eligibility and vesting under the SLM BankCo Thrift Plan, SLM BankCo Welfare Plans and SLM BankCo Benefit Arrangements, SLM BankCo shall, and shall cause each member of the SLM BankCo Group to, credit each SLM BankCo Employee and Former SLM BankCo
Employee with service for any period of employment with any member of the NewCo Group on or prior to the Distribution Date to the same extent such service would be credited if it had been performed for a member of the SLM BankCo Group. 

(g) Service for Benefit Purposes. Except as otherwise provided in this Agreement, (i) for purposes of benefit levels and accruals
and benefit commencement entitlements under the NewCo Thrift Plan, NewCo Welfare Plans and NewCo Benefit Arrangements, NewCo shall, and shall cause each member of the NewCo Group to, credit each NewCo Employee and Former NewCo Employee with service
for any period of employment with any member of the SLM BankCo Group on or prior to the Distribution Date to the same extent that such service is taken into account pursuant to the terms of the SLM BankCo Thrift Plan and SLM BankCo Welfare Plans,
and (ii) for purposes of benefit commencement entitlements under the SLM BankCo Thrift Plan, SLM BankCo Welfare Plans and SLM BankCo Benefit Arrangements, SLM BankCo shall, and shall cause each member of the SLM BankCo Group to, credit each SLM
BankCo Employee with service for any period of employment with any member of the NewCo Group on or prior to the Distribution Date to the same extent such service would be credited if it had been performed for a member of the SLM BankCo Group. 

(h) Evidence of Prior Service. Notwithstanding anything to the contrary, but subject to applicable law, upon reasonable request by SLM
BankCo or NewCo to the other, the first Party will provide to the other Party copies of any records available to the first Party to document the service, plan participation and membership of an Employee and cooperate with the first Party to resolve
any discrepancies or obtain any missing data for purposes of determining benefit eligibility, participation, vesting and calculation of benefits with respect to such Employee. 

(i) Post-Distribution Transfers. In the event, following the Distribution Date, a NewCo Employee leaves the employ of the NewCo Group to
become an employee of the SLM BankCo Group, such NewCo Employee will experience a separation from service, severance from employment and termination of employment, as applicable, for purposes of the NewCo Thrift Plan, NewCo Welfare Plans and any
other compensatory plan or arrangement maintained by the NewCo Group. In the event, following the Distribution Date, a SLM BankCo Employee leaves the employ of the SLM BankCo Group to become an employee of the NewCo Group, such BankCo Employee will
experience a separation from service, severance from employment and termination of employment, as applicable, for purposes of the SLM BankCo Thrift Plan, SLM BankCo Welfare Plans and any other compensatory plan or arrangement maintained by the SLM
BankCo Group. 

  
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 Plan Administration. 

(j) Transition Services. The Parties acknowledge that the SLM BankCo Group or the NewCo Group may provide administrative services for
certain of the other Party’s benefit programs for a transitional period under the terms of an applicable transition services agreement. The Parties agree to enter into a business associate agreement (if required by applicable health information
privacy laws) in connection with such transition services agreement. 
 (k) Administration. NewCo shall use its reasonable best
efforts to, and shall cause each member of the NewCo Group to use its reasonable best efforts to, administer its benefit plans in a manner that does not jeopardize the tax-favored status of the tax-favored benefit plans maintained by any member of
the SLM BankCo Group. SLM BankCo shall use its reasonable best efforts to, and shall cause each member of the SLM BankCo Group to use its reasonable best efforts to, administer its benefit plans in a manner that does not jeopardize the tax-favored
status of the tax-favored benefit plans maintained by any member of the NewCo Group. 
 (l) Participant Elections and Beneficiary
Designations. All participant elections and beneficiary designations made under any plan sponsored by a member of the SLM BankCo Group prior to the effective date as of which assets or liabilities relating to that plan are transferred or
allocated to a member of the NewCo Group shall continue in effect under any plan maintained by any member of the NewCo Group to which liabilities are transferred or allocated pursuant to this Agreement until such time as any applicable participant
changes his elections or beneficiary designations in accordance with the procedures of the relevant plan, as the case may be, including deferral, investment, and payment form elections, dividend elections, coverage options and levels, beneficiary
designations and the rights of alternate payees under qualified domestic relations orders. 
 ARTICLE V 

COLI POLICIES 
 COLI. Notwithstanding any other
provision of the Agreement, on or prior to the Distribution Date, a member of the NewCo Group shall assume (or retain, as applicable) sponsorship and responsibility for that certain trust established in connection with the Sallie Mae Deferred
Compensation Plan for Key Employees (the “SLM BankCo Rabbi Trust”), and the company-owned life insurance policies, which were adopted in connection with a deferred compensation arrangement but not held in the SLM BankCo Rabbi Trust
shall be transferred to (or, as applicable, retained by) a member of the NewCo Group. 

  
 23 

 ARTICLE VI 

THRIFT PLANS 
 General Principles. Effective as
of a date on or prior to the Distribution Date, NewCo will establish and adopt a qualified employee cash or deferred arrangement under Code Section 401(k) (the “NewCo Thrift Plan”) intended to be qualified under Code
Section 401(a) and containing provisions that provide, among other things, (i) benefits for each NewCo Employee and Former NewCo Employee who was a participant (or former participant with a remaining account balance) in the SLM BankCo
Thrift Plan as of the date immediately prior to the establishment of the NewCo Thrift Plan (and each beneficiary and alternate payee of such person) (the “NewCo Thrift Plan Beneficiaries”) identical (except as provided in this
Article VI) to those in effect for the NewCo Thrift Plan Beneficiaries under the SLM BankCo Thrift Plan as of the date of transfer of assets and liabilities with respect to such plan (as described below), and (ii) SLM BankCo Employees (and each
beneficiary or alternate payee of such person) (the “SLM BankCo Thrift Plan Beneficiaries”) with participant account balances reflecting shares of NewCo Common Stock received in the Distribution. Each NewCo Employee who was an
active participant in the SLM BankCo Thrift Plan as of the date immediately prior to the establishment of the NewCo Thrift Plan shall participate in the NewCo Thrift Plan effective from and after its establishment. NewCo Employees and Former NewCo
Employees shall not make or receive additional contributions under the SLM BankCo Thrift Plan after the effective date of the NewCo Thrift Plan, unless any such NewCo Employee or Former NewCo Employee shall become employed by any member of the SLM
BankCo Group after such date and such member participates in the SLM BankCo Thrift Plan. A SLM BankCo Employee shall not participate in the NewCo Thrift Plan unless any such SLM BankCo Employee shall become employed by any member of the NewCo Group
after the effective date of the NewCo Thrift Plan and such member participates in the NewCo Thrift Plan. The interest of each NewCo Thrift Plan Beneficiary in the SLM BankCo Thrift Plan attributable to employer matching contributions and employer
core contributions as of the Distribution Date (which shall be limited to the amounts invested in the SLM BankCo Common Stock fund) shall be 100% vested on the Distribution Date. The interest of each SLM BankCo Thrift Plan Beneficiary in the NewCo
Thrift Plan attributable to employer matching contributions and employer core contributions as of the Distribution Date (which shall be limited to the amounts invested in the NewCo Common Stock fund) shall be 100% vested on the Distribution Date.
The participating employers in each of the NewCo Thrift Plan and SLM BankCo Thrift Plan as of the Effective Time are described in Schedule 6.1. 
 Treatment
of SLM BankCo Common Stock and NewCo Common Stock. 
 (a) NewCo Common Stock Fund. The NewCo Thrift Plan will provide as of the
Distribution Date: (i) for the establishment of a NewCo Common Stock fund; (ii) that such NewCo Common Stock fund shall receive and hold all shares of NewCo Common Stock to be distributed in the Distribution on behalf of NewCo Thrift Plan
Beneficiaries and SLM BankCo Thrift Plan Beneficiaries; (iii) that, following the Distribution Date, contributions made by or on behalf of NewCo Thrift Plan Beneficiaries may be allocated to the NewCo Common Stock fund; (iv) that the SLM
BankCo Thrift Plan Beneficiaries will be prohibited from increasing their holdings in the NewCo Common Stock fund; (v) that the SLM BankCo Thrift Plan Beneficiaries 

  
 24 

 
may elect to liquidate their holdings in the NewCo Common Stock fund and invest those monies in any other investment fund offered under the NewCo Thrift Plan; and (vi) that the SLM BankCo
Thrift Plan Beneficiaries may elect to receive their holdings in the NewCo Thrift Plan in accordance with the distribution options provided under such plan to terminated employees. Additionally, NewCo shall cause the NewCo Thrift Plan to provide
that the SLM BankCo Thrift Plan Beneficiaries shall participate in the NewCo Thrift Plan in respect of their accounts thereunder; provided, however, NewCo may in its discretion provide that the NewCo Common Stock fund shall no longer be offered as
an investment alternative under the NewCo Thrift Plan. 
 (b) SLM BankCo Common Stock Fund. SLM BankCo shall amend the SLM BankCo
Thrift Plan, on or prior to the Distribution Date, to provide that, following the Distribution: (i) the SLM BankCo Common Stock fund will hold the assets of the accounts of the NewCo Thrift Plan Beneficiaries invested in the SLM BankCo Common
Stock fund; (ii) the NewCo Thrift Plan Beneficiaries will be prohibited from increasing their holdings in the SLM BankCo Common Stock fund; (iii) the NewCo Thrift Plan Beneficiaries may elect to liquidate their holdings in the SLM BankCo
Common Stock fund and invest those monies in any other investment fund offered under the SLM BankCo Thrift Plan; and (iv) the NewCo Thrift Plan Beneficiaries may elect to receive their holdings in the SLM BankCo Thrift Plan in accordance
with the distribution options available under such plan to terminated employees. SLM BankCo shall cause the SLM BankCo Thrift Plan to provide that NewCo Thrift Plan Beneficiaries shall participate in the SLM BankCo Thrift Plan in respect of their
accounts thereunder; provided, however, SLM BankCo may in its discretion provide that the SLM BankCo Common Stock fund shall no longer be offered as an investment alternative under the SLM BankCo Thrift Plan. 

(c) Transfer of Accounts. Effective as soon as practicable following the Distribution Date, SLM BankCo shall cause to be transferred from the
trust under the SLM BankCo Thrift Plan to the trust under the NewCo Thrift Plan the aggregate amount that is credited to the accounts of the NewCo Thrift Plan Beneficiaries as of such date. The transfer shall, to the extent reasonably possible, be
an in-kind transfer, subject to the reasonable consent of the trustee of the NewCo Thrift Plan trust and shall include the transfer of the aggregate assets held in the accounts relating to each NewCo Thrift Plan Beneficiary under the SLM BankCo
Thrift Plan and any participant loan notes held under such plans. SLM BankCo shall cause the SLM BankCo Thrift Plan to allocate to the NewCo Thrift Plan a proportionate share of any forfeiture account under the SLM BankCo Thrift Plan. 

Supplemental 401(k) Plan. Effective prior to the Distribution Date, a member of the SLM BankCo Group shall assume responsibility for the Sallie Mae
Supplemental 401(k) Savings Plan (the “Supplemental 401(k) Plan”), and a mirror plan (the “NewCo Supplemental 401(k) Plan”) will be established by a member of the NewCo Group. As of the Effective Time, the NewCo
Supplemental 401(k) Plan will assume all liability under the Supplemental 401(k) Plan for benefits to NewCo Employees and Former NewCo Employees, including any notional investment accounts deemed invested in NewCo Common Stock or SLM BankCo Common
Stock. The NewCo Supplemental 401(k) Plan will continue to honor any deferral elections and payment timing provisions in effect under the Supplemental 401(k) Plan for NewCo Employees and Former NewCo Employees. 

  
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 Deferred Compensation Plans. Effective prior to the Distribution Date, a member of the NewCo Group shall assume
responsibility for the Sallie Mae Deferred Compensation Plan for Key Employees and the SLM Corporation Deferred Compensation Plan for Directors (collectively, the “Deferred Compensation Plans”), and mirror plans (the “SLM
BankCo Deferred Compensation Plans”) will be established by a member of the SLM BankCo Group. As of the Effective Time, the SLM BankCo Deferred Compensation Plans will assume all liability under the Deferred Compensation Plans for benefits
to SLM BankCo Employees and SLM BankCo Directors, including any notional investment accounts deemed invested in SLM BankCo Common Stock or NewCo Common Stock. The SLM BankCo Deferred Compensation Plan will continue to honor any deferral elections
and payment timing provisions in effect under the Deferred Compensation Plan for SLM BankCo Employees and SLM BankCo Directors. 
 ARTICLE
VII 
 WELFARE PLANS 
 Establishment of NewCo
Welfare Plans. Except as provided below, the members of the NewCo Group who had previously adopted a SLM BankCo Welfare Plan and were participating employers therein (“Participating NewCo Employers”) will, as of not later than the
day following the Distribution Date, withdraw from such participation, and, effective as of the day following the Distribution Date, one or more of the Participating NewCo Employers will assume sponsorship, under newly established welfare plans, of
the coverage and benefits which were offered under such plans to the NewCo Employees and the Former NewCo Employees (and their eligible spouses and dependents as the case may be) of the Participating NewCo Employers (collectively, the “NewCo
Welfare Plan Participants”). Such coverage and benefits shall then be provided to the NewCo Welfare Plan Participants on an uninterrupted basis under the newly established NewCo Welfare Plans which shall contain substantially the same
benefit provisions as in effect under the corresponding SLM BankCo Welfare Plan immediately prior to the Effective Time. Except as provided below, effective as of the Effective Time, liabilities relating to the NewCo Welfare Plan Participants shall
be spun off from each SLM BankCo Welfare Plan and allocated to the corresponding new NewCo Welfare Plan. The participating employers in each of the NewCo Welfare Plan and SLM BankCo Welfare Plan as of the Effective Time are described in Schedule
6.1. 
 As a result of withdrawal from participation in the SLM BankCo Welfare Plans by the Participating NewCo Employers, the NewCo Welfare
Plan Participants ceased to be eligible for coverage under the SLM BankCo Welfare Plans as of the Effective Time. NewCo Welfare Plan Participants shall not participate in any SLM BankCo Welfare Plans after the Distribution Date, unless they shall
become employed after such date by any member of the SLM BankCo Group that participates in such plans and meet the terms and conditions of participation thereunder. SLM BankCo Employees shall not participate in any NewCo Welfare Plans, unless they
shall become employed after the Distribution Date by any member of the NewCo Group that participates in such plans and meet the terms and conditions of participation thereunder. 

  
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 Transitional Matters Under NewCo Welfare Plans. 

(a) Treatment of Claims Incurred. 

(i) Self-Insured Benefits. NewCo will assume and be responsible for the funding
of payment for any unpaid covered claim and eligible expense: 
 (A) incurred by any NewCo Welfare Plan Participant prior to
the Effective Time under a SLM BankCo Welfare Plan that is not described in section 7.2(a)(ii) below, to the extent such participant has coverage under such plan as, or through, an employee or former employee of a Participating NewCo Employer on the
date such claim or expense is incurred; or 
 (B) incurred by any NewCo Employee or Former NewCo Employee prior to the
Effective Time under a SLM BankCo Benefit Arrangement that is not described in section 7.2(a)(ii) below. 
 No member of the SLM BankCo
Group shall be responsible for any liability with respect to any such claims or expenses. 
 (ii) Insured Benefits.
With respect to benefits that, on or prior to the Distribution Date, were provided for under the SLM BankCo Welfare Plans through the purchase of insurance, SLM BankCo shall cause the SLM BankCo Welfare Plans to fully perform, pay and discharge all
claims of NewCo Welfare Plan Participants that were incurred prior to the Distribution Date. 
 (iii) Claims Incurred.
For purposes of this Section 7.2(a), a claim or liability is deemed to be incurred (A) with respect to medical, dental, vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim or liability;
(B) with respect to life insurance, accidental death and dismemberment and business travel accident insurance, upon the occurrence of the event giving rise to such claim or liability; (C) with respect to long-term disability benefits, upon
the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim or liability; and (D) with respect to a period of continuous hospitalization, upon the date
of admission to the hospital, unless otherwise provided under the terms of the applicable SLM BankCo Welfare Plan or SLM BankCo Benefit Arrangement. 

(b) Credit for Deductibles and Other Limits. With respect to each NewCo Welfare Plan Participant, the NewCo Welfare Plans will give
credit in plan year 2014 for any amount paid, number of services obtained or visits provided under the comparable type SLM BankCo Welfare Plan by such NewCo Welfare Plan Participant in plan year 2014 toward deductibles, out-of-pocket maximums,
limits on number of services or visits, or other similar limitations to the extent such amounts are taken into account under the comparable type SLM BankCo Welfare Plan. For purposes of any life-time maximum benefit limit payable to a NewCo Welfare
Plan Participant under any NewCo Welfare Plan, the NewCo Welfare Plans will recognize any expenses paid or reimbursed by a SLM BankCo Welfare Plan with respect to such participant on or prior to the Distribution Date to the same extent such expense
payments or reimbursements would be recognized in respect of an active plan participant under that SLM BankCo Welfare Plan. 

  
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 (c) COBRA. Effective as of the Effective Time, NewCo has assumed and will satisfy all
requirements under COBRA with respect to all NewCo Employees and Former NewCo Employees and their qualified beneficiaries, including for individuals who are already receiving benefits as of such date under COBRA. 

(d) Long-Term Care Insurance. Effective as of the Effective Time, any long-term care arrangements provided under a SLM BankCo Benefits
Arrangement will be terminated, and NewCo shall assume responsibility for any employer obligations associated with long-term care coverage provided under a SLM BankCo Benefits Arrangement. 

Continuity of Benefits, Benefit Elections and Beneficiary Designations. 

(e) Benefit Elections and Designations. As of the Distribution Date (or such other date provided for under subsection 7.3(b)), NewCo has
caused the NewCo Welfare Plans to recognize and give effect to all elections and designations (including all coverage and contribution elections and beneficiary designations) made by each NewCo Welfare Plan Participant under, or with respect to, the
corresponding SLM BankCo Welfare Plan for plan year 2014. 
 (f) Additional Details Regarding Reimbursement Accounts. To the extent
any NewCo Welfare Plan provides or constitutes a health care flexible spending account, dependent care flexible spending account, or health reimbursement arrangement (each a “NewCo Reimbursement Account”), such NewCo Welfare Plan
shall be deemed effective as of January 1, 2014 rather than the Effective Time. It is the intention of the Parties that all activity under a NewCo Welfare Plan Participant’s flexible spending account or health reimbursement arrangement
with SLM BankCo for plan year 2014 be treated instead as activity under the corresponding NewCo Reimbursement Account. Accordingly, (i) any period of participation by a NewCo Welfare Plan Participant in a SLM BankCo flexible spending account or
health reimbursement arrangement during plan year 2014 (the “Participation Period”) will be deemed a period when the NewCo Welfare Plan Participant participated in the corresponding NewCo Reimbursement Account; (ii) all
expenses incurred during a Participation Period will be deemed incurred while the participant’s coverage was in effect under the corresponding NewCo Reimbursement Account; and (iii) all elections and reimbursements made with respect to a
Participation Period under a SLM BankCo flexible spending account or health reimbursement arrangement will be deemed to have been made with respect to the corresponding NewCo Reimbursement Account. As soon as practicable following the Effective
Time, BankCo will transfer to NewCo the amount of employee contributions to healthcare flexible spending accounts, dependent care flexible spending accounts, and health reimbursement arrangements collected on behalf of NewCo Welfare Plan
Participants as of the Effective Time, less the amount of account benefits paid on behalf of NewCo Welfare Plan Participants as of the Effective Time (and if the amount of account benefits paid on behalf of NewCo Welfare Plan Participants as of the
Effective Time exceeds the amount of contributions collected from NewCo Welfare Plan Participants, NewCo shall make a payment to BankCo in amount equal to such deficit). 

  
 28 

 (g) Employer Non-elective Contributions. As of the Distribution Date, NewCo has caused any
NewCo Welfare Plan that constitutes a cafeteria plan under Section 125 of the Code to recognize and give effect to all non-elective employer contributions payable and paid toward coverage of a NewCo Welfare Plan Participant under the
corresponding SLM BankCo Welfare Plan that is a cafeteria plan under Section 125 of the Code for the applicable cafeteria plan year. 
 Insurance
Contracts. To the extent any SLM BankCo Welfare Plan is funded through the purchase of an insurance contract or is subject to any stop loss contract, SLM BankCo and NewCo will cooperate and use their commercially reasonable efforts to replicate such
insurance contracts (except to the extent changes are required under applicable state insurance laws) and to maintain any pricing discounts or other preferential terms for both SLM BankCo and NewCo for a reasonable term. Neither Party shall be
liable for failure to obtain such pricing discounts or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges or administrative fees that such Party may incur pursuant to this
Section 7.4. 
 Third-Party Vendors. Except as provided below, to the extent any SLM BankCo Welfare Plan is administered by a third-party vendor, SLM
BankCo and NewCo will cooperate and use their commercially reasonable efforts to replicate any contract with such third-party vendor and to maintain any pricing discounts or other preferential terms for both SLM BankCo and NewCo for a reasonable
term. Neither Party shall be liable for failure to obtain such pricing discounts or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges or administrative fees that such Party may incur
pursuant to this Section 7.5. 
 Claims Experience. Notwithstanding the foregoing, SLM BankCo and NewCo shall use commercially reasonable efforts to
ensure that any claims experience under the SLM BankCo Welfare Plans attributable to NewCo Welfare Beneficiaries shall be available to the NewCo Welfare Plans, to the extent permitted by any applicable privacy protection laws or regulations or
Privacy Contracts. 
 ARTICLE VIII 

BENEFIT ARRANGEMENTS 
 Except as
otherwise provided under this Agreement, effective as of the Distribution Date, NewCo Employees and Former NewCo Employees are no longer eligible to participate in any SLM BankCo Benefit Arrangement. 

ARTICLE IX 
 WORKERS’
COMPENSATION AND UNEMPLOYMENT COMPENSATION 
 Workers’ Compensation. Effective as of the Distribution Date, NewCo shall have (and, to
the extent it has not previously had such obligations, assume) the obligations for all claims and liabilities relating to workers’ compensation benefits for all NewCo Employees and Former NewCo Employees. Effective as of the Distribution Date,
SLM BankCo shall have (and, to the extent it has not previously had such obligations, assume) the obligations for all claims and liabilities relating to workers’ compensation benefits for all SLM BankCo Employees. NewCo and SLM BankCo shall use
commercially reasonable efforts to provide that workers’ compensation insurance costs are not adversely affected for either of them by reason of the Distribution. 

  
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 Unemployment Compensation. Effective as of the Distribution Date, NewCo shall have (and, to the
extent it has not previously had such obligations, assume) the obligations for all claims and liabilities relating to unemployment compensation benefits for all NewCo Employees and Former NewCo Employees. NewCo shall use commercially reasonable
efforts to provide that unemployment insurance costs are not adversely affected by reason of the Distribution. 
 ARTICLE X 

RETENTION, SEVERANCE AND OTHER MATTERS 

Retention Agreements. 
 (a) NewCo
Obligations. Effective as of the Distribution Date, NewCo hereby assumes Existing SLM’s rights and obligations arising under any retention agreements other than those described in Schedule 10.1(b) and agrees to honor the terms and
conditions of those agreements applicable to NewCo as a successor under the terms of such agreements. Except for NewCo’s assumption of the retention agreements as described above, the terms of the retention agreements shall in all other
respects be unaffected. 
 (b) SLM BankCo Obligations. SLM BankCo shall continue to be responsible for and remain obligated under the
retention agreements described in Schedule 10.1(b) and agrees to honor the terms and conditions of those agreements. 
 (c) Additional
Obligations. NewCo and SLM BankCo shall each be solely responsible for any other retention arrangements entered into by any member of the NewCo Group or any member of the SLM BankCo Group, respectively, and that are not otherwise allocated by
this Agreement to a member of either the SLM BankCo Group or the NewCo Group. 
 Severance. 

(d) Except as otherwise provided in this Agreement, immediately following the Distribution, SLM BankCo shall have no liability or obligation
under any SLM BankCo severance plan or policy with respect to NewCo Employees or Former NewCo Employees. NewCo shall be responsible for paying severance benefits, in accordance with a severance plan or policy that it may establish in its discretion,
to individuals who transfer from employment with a member of the SLM BankCo Group to employment with a member of the NewCo Group in connection with the Distribution and who are involuntarily terminated following the Distribution Date. 

(e) Except as otherwise provided in this Agreement, effective after the Distribution Date, NewCo shall assume and shall be responsible for
administering all payments and benefits under the applicable SLM BankCo severance policies or any termination agreements with Former NewCo Employees whose employment terminated prior to the Distribution Date for an eligible reason under such
policies or in accordance with such agreements. 

  
 30 

 Accrued Time Off. NewCo shall recognize and assume all liability for all vacation, holiday, sick leave, flex
days, personal days and paid-time off with respect to NewCo Employees accrued prior to the Distribution Date, and NewCo shall credit each NewCo Employee with such accrual. 

Leaves of Absence. Employees of the Group on approved leave of absence as of the time immediately prior to the Distribution Date will be allocated to and
assigned to be an employee of either the NewCo Group or the BankCo Group as of the Effective Time. NewCo will continue to apply the appropriate leave of absence policies applicable to inactive NewCo Employees who are on an approved leave of absence
as of the Distribution Date and the terms of any such leave policy for such employees shall be honored by NewCo. Leaves of absence taken by NewCo Employees prior to the Distribution Date shall be deemed to have been taken as employees of a member of
the NewCo Group. 
 Director Programs. SLM BankCo shall retain responsibility for the payment of any fees payable in respect of service on the SLM BankCo
board of directors that are payable but not yet paid as of the Distribution Date, and NewCo shall not have any responsibility for any such payments. 

Restrictive Covenants in Employment and Other Agreements. 

(f) To the fullest extent permitted by the agreements described in this Section 10.6(a) and applicable law, SLM BankCo shall assign, or
cause any member of the SLM BankCo Group to assign, to NewCo or a member of the NewCo Group, as designated by NewCo, all agreements containing restrictive covenants (including confidentiality and non-competition provisions) between a member of the
SLM BankCo Group and a NewCo Employee or Former NewCo Employee, with such assignment effective as of the Effective Time. To the extent that assignment of such agreements is not permitted, effective as of the Effective Time, each member of the NewCo
Group shall be considered to be a successor to each member of the SLM BankCo Group for purposes of, and a third-party beneficiary with respect to, all agreements containing restrictive covenants (including confidentiality and non-competition provisions) between a member of the SLM BankCo Group and a NewCo Employee or Former NewCo Employee whom NewCo reasonably determines has substantial knowledge of the business activities of the NewCo
Group, such that each member of the NewCo Group shall enjoy all the rights and benefits under such agreements (including rights and benefits as a third-party beneficiary), with respect to the business operations of the NewCo Group; provided,
however, that in no event shall SLM BankCo be permitted to enforce such restrictive covenant agreements against NewCo Employees or Former NewCo Employees for action taken in their capacity as employees of a member of the NewCo Group. 

(g) To the fullest extent permitted by the agreements described in this Section 10.6(b) and applicable law, NewCo shall assign, or cause
any member of the NewCo Group to assign, to SLM BankCo or a member of the SLM BankCo Group, as designated by SLM BankCo, all agreements containing restrictive covenants (including confidentiality and non-competition provisions) between a member of
the NewCo Group and a SLM BankCo Employee, with such assignment effective as of the Effective Time. To the extent that assignment of such agreements is not permitted, effective as of the Effective Time, each member of the SLM BankCo Group shall be
considered to be a successor to each member of the NewCo Group for purposes of, and a third-party beneficiary with respect to, all agreements containing restrictive covenants (including confidentiality and non-competition provisions) between a
member of the NewCo Group and a 

  
 31 

 
SLM BankCo Employee whom SLM BankCo reasonably determines has substantial knowledge of the business activities of the SLM BankCo Group, such that SLM BankCo and each member of the SLM BankCo
Group shall enjoy all the rights and benefits under such agreements (including rights and benefits as a third-party beneficiary), with respect to the business operations of the SLM BankCo Group; provided, however, that in no event shall NewCo be
permitted to enforce such restrictive covenant agreements against SLM BankCo Employees for action taken in their capacity as employees of a member of the SLM BankCo Group. 

ARTICLE XI 
 LEGACY LIABILITY 

Legacy Pension Plan. NewCo shall assume, and no member of the SLM BankCo Group shall have any further liability for or under, the Sallie Mae Cash Account
Retirement Pension Plan liabilities (“Legacy Pension Liabilities”), and NewCo shall indemnify each member of the SLM BankCo Group, and the officers, directors, and employees of each member of the SLM BankCo Group, and hold them
harmless as against the Legacy Pension Liabilities. 
 Scholarships. SLM BankCo shall assume liability for providing previously awarded company-sponsored
scholarship benefits to SLM BankCo Employees, Former BankCo Employees and their children, as applicable, and NewCo shall assume liability for providing previously awarded company-sponsored scholarship benefits to NewCo Employees, Former NewCo
Employees and their children, as applicable. 
 ARTICLE XII 

GENERAL PROVISIONS 
 Preservation of Rights to
Amend. The rights of each member of the SLM BankCo Group and each member of the NewCo Group to amend, waive, or terminate any plan, arrangement, agreement, program, or policy referred to herein shall not be limited in any way by this Agreement. 

Confidentiality. Each Party agrees that any information conveyed or otherwise received by or on behalf of a Party in conjunction herewith that is not
otherwise public through no fault of such Party is confidential and is subject to the terms of the confidentiality provisions set forth in the Separation Agreement. 

Administrative Complaints/Litigation. Except as otherwise provided in this Agreement, on and after the Distribution Date, NewCo shall assume, and be solely
liable for, the handling, administration, investigation and defense of actions, including ERISA, occupational safety and health, employment standards, union grievances, wrongful dismissal, discrimination or human rights and unemployment compensation
claims asserted at any time against SLM BankCo or any member of the SLM BankCo Group by any NewCo Employee or Former NewCo Employee (including any dependent or beneficiary of any such Employee) or any other person, to the extent such actions or
claims arise out of or relate to employment or the provision of services (whether as an employee, contractor, consultant or otherwise) to or with respect to the business activities of any member of the NewCo Group, whether or not such employment or
services were 

  
 32 

 
performed before or after the Distribution. To the extent that any legal action relates to a putative or certified class of plaintiffs, which includes both SLM BankCo Employees and NewCo
Employees (or Former NewCo Employees) and such action involves employment or benefit plan related claims, reasonable costs and expenses incurred by the Parties in responding to such legal action shall be allocated among the Parties equitably in
proportion to a reasonable assessment of the relative proportion of employees included in or represented by the putative or certified plaintiff class. The procedures contained in the indemnification and related litigation cooperation provisions of
the Separation Agreement shall apply with respect to each Party’s indemnification obligations under this Section 12.3. 
 Reimbursement and
Indemnification. SLM BankCo and NewCo hereto agrees to reimburse the other Party, within 60 days of receipt from the other Party of reasonable verification, for all costs and expenses which the other Party may incur on its behalf as a result of any
of the respective SLM BankCo and NewCo Welfare Plans, Thrift Plan and Benefit Arrangements and, as contemplated by Section 10.2, any termination or severance payments or benefits. All liabilities retained, assumed or indemnified against by
NewCo pursuant to this Agreement, and all liabilities retained, assumed or indemnified against by SLM BankCo pursuant to this Agreement, shall in each case be subject to the indemnification provisions of the Separation Agreement. Notwithstanding
anything to the contrary, (i) no provision of this Agreement shall require any member of the NewCo Group to pay or reimburse to any member of the SLM BankCo Group any benefit-related cost item that a member of the NewCo Group has previously
paid or reimbursed to any member of the SLM BankCo Group; and (ii) no provision of this Agreement shall require any member of the SLM BankCo Group to pay or reimburse to any member of the NewCo Group any benefit-related cost item that a member
of the SLM BankCo Group has previously paid or reimbursed to any member of the NewCo Group. 
 Costs of Compliance with Agreement. Except as otherwise
provided in this Agreement or any other Ancillary Agreement, each Party shall pay its own expenses in fulfilling its obligations under this Agreement. 

Fiduciary Matters. SLM BankCo and NewCo each acknowledge that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or
standards of conduct under ERISA or other applicable law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith determination (as supported by advice from counsel
experienced in such matters) that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities and shall
fully release and indemnify the other Party for any liabilities caused by the failure to satisfy any such responsibility. 
 Entire Agreement. This
Agreement, together with the documents referenced herein (including the Separation Agreement, the Ancillary Agreements and the plans and agreements referenced herein), constitutes the entire agreement and understanding among the Parties with respect
to the subject matter hereof and supersedes all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. To the extent any provision of this Agreement conflicts with the provisions
of the Separation Agreement, the provisions of this Agreement shall be deemed to control with respect to the subject matter hereof. 

  
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 Binding Effect; No Third-Party Beneficiaries; Assignment. This Agreement shall inure to the benefit of and be
binding upon the Parties and their respective successors and permitted assigns. This Agreement is solely for the benefit of the Parties and should not be deemed to confer upon any third parties any remedy, claim, liability, reimbursement, cause of
action or other right in excess of those existing without reference to this Agreement. Nothing in this Agreement is intended to amend any employee benefit plan or affect the applicable plan sponsor’s right to amend or terminate any employee
benefit plan pursuant to the terms of such plan. Except as otherwise provided in Section 10.1(a), the provisions of this Agreement are solely for the benefit of the Parties, and no current or former Employee, officer, director or independent
contractor or any other individual associated therewith shall be regarded for any purpose as a third-party beneficiary of this Agreement. This Agreement may not be assigned by any Party, except with the prior written consent of the other Parties.

 Amendment; Waivers. No change or amendment may be made to this Agreement except by an instrument in writing signed on behalf of each of the Parties. Any
Party may, at any time, (i) extend the time for the performance of any of the obligations or other acts of another Party, (ii) waive any inaccuracies in the representations and warranties of another Party contained herein or in any
document delivered pursuant hereto, and (iii) waive compliance by another Party with any of the agreements, covenants or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing
signed by the Party to be bound thereby. No failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty,
covenant or agreement contained herein, nor shall any single or partial exercise of any such right preclude other or further exercises thereof or of any other right. 

Remedies Cumulative. All rights and remedies existing under this Agreement or the Schedules attached hereto are cumulative to, and not exclusive of, any
rights or remedies otherwise available. 
 Notices. Unless otherwise expressly provided herein, all notices, claims, certificates, requests, demands and
other communications hereunder shall be in writing and shall be deemed to be duly given: (i) when personally delivered, (ii) if mailed by registered or certified mail, postage prepaid, return receipt requested, on the date the return
receipt is executed or the letter is refused by the addressee or its agent, (iii) if sent by overnight courier which delivers only upon the executed receipt of the addressee, on the date the receipt acknowledgment is executed or refused by the
addressee or its agent, or (iv) if sent by facsimile or electronic mail, on the date confirmation of transmission is received (provided that a copy of any notice delivered pursuant to this clause (iv) shall also be sent pursuant to clause
(i), (ii) or (iii)), addressed to the attention of the addressee’s General Counsel at the address of its principal executive office or to such other address or facsimile number for a Party as it shall have specified by like notice. 

Counterparts. This Agreement may be executed in multiple counterparts, each of which when executed shall be deemed to be an original but all of which together
shall constitute one and the same agreement. 

  
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 Severability. If any term or other provision of this Agreement or the Schedules attached hereto is determined by
a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or
incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated
hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 

Governing Law. To the extent not preempted by applicable federal law, this Agreement shall be governed by, and construed and enforced in accordance with, the
substantive laws of the State of Delaware, without regard to any conflicts of law provisions thereof that would result in the application of the laws of any other jurisdiction. 

Performance. Each of SLM BankCo and NewCo shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set
forth herein to be performed by any member of the SLM BankCo Group and any member of the NewCo Group, respectively. The Parties each agree to take such further actions and to execute, acknowledge and deliver, or to cause to be executed, acknowledged
and delivered, all such further documents as are reasonably requested by the other for carrying out the purposes of this Agreement or of any document delivered pursuant to this Agreement. 

Construction. This Agreement shall be construed as if jointly drafted by the Parties and no rule of construction or strict interpretation shall be applied
against any Party. 
 Effect if Distribution Does Not Occur. Notwithstanding anything in this Agreement to the contrary, if the Separation Agreement is
terminated prior to the Distribution Date, this Agreement shall be of no further force and effect. 
 [Signature Page Follows] 

  
 35 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed in their names by a
duly authorized officer as of the date first written above. 
  

			
	NEW BLC CORPORATION
		
	By:	 	/s/ John F. Remondi
		 	 Name: John F. Remondi
 Title:   Chief
Executive Officer

	
	NAVIENT CORPORATION
		
	By:	 	/s/ Raymond Quinlan
		 	 Name: Raymond Quinlan
 Title:   Chief
Executive Officer

  
 36 

 Schedules to the Employee Matters Agreement 

Schedule 3.3(b) RSU Awards to be Converted via Concentration Method 

One-time equity grant of restricted stock units issued to Raymond J. Quinlan on January 21, 2014 

Schedule 6.1 Participating Employers as of the Effective Time 

Participating employers in the NewCo Thrift Plan and NewCo Welfare Plan: 

Asset Performance Group, LLC 

Navient Solutions, Inc. (successor to Sallie Mae, Inc.) 

Navient Investment Corporation 

Student Assistance Corporation 

Navient Education Loan Corp. 

Navient DE Corporation 
 Navient
Credit Finance Corporation 
 RKL Financial Corporation 

Pioneer Credit Recovery, Inc. 

Student Outreach Solutions, Inc. 

General Revenue Corporation 
 Participating
employers in the SLM BankCo Thrift Plan and SLM BankCo Welfare Plan: 
 Upromise, Inc. 

Sallie Mae Bank 
 SMB Servicing
Company, Inc. 
 Schedule 10.1(b) Retention Arrangements Assumed by SLM BankCo 

Employment Agreement, dated as of April 21, 2014, by and between Laurent C. Lutz, SLM Corporation, and New BLC Corporation 

Letter Agreement, dated April 15, 2014, by and between Joeseph A. DePaulo, SLM Corporation, and New BLC Corporation 

Letter Agreement, dated January 15, 2014, by and between Raymond J. Quinlan and SLM Corporation 

  
 37

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