Document:

EX-10.3

 Exhibit 10.3 

Execution Copy 
 TAX
SHARING AGREEMENT 
 BETWEEN 

NAVIENT CORPORATION 
 AND 

NEW BLC CORPORATION 
 DATED AS OF
APRIL 29, 2014 

 TABLE OF CONTENTS 

 

							
	 Article I Definition of Terms
	  	 	1	  
		
	 Article II Allocation of Tax Liabilities and Tax Benefits
	  	 	10	  
	 Section 2.1
	 	 Liability for and Payment of Taxes
	  	 	10	  
	 (a)
	 	 Navient Liabilities and Payments
	  	 	10	  
	 (b)
	 	 SLM BankCo Liabilities and Payments
	  	 	11	  
	 Section 2.2
	 	 Special Rules for Certain Tax Items
	  	 	11	  
	 (a)
	 	 Spin-Off Taxes and Spin-Off Tax Items
	  	 	11	  
	 (b)
	 	 Bank Loan Sales
	  	 	11	  
	 (c)
	 	 Section 108(i) Income
	  	 	11	  
		
	 Article III Preparation and Filing of Tax Returns
	  	 	12	  
	 Section 3.1
	 	 Joint Returns
	  	 	12	  
	 (a)
	 	 Preparation and Filing
	  	 	12	  
	 (b)
	 	 Draft Joint Returns
	  	 	12	  
	 (c)
	 	 Provision of Information
	  	 	13	  
	 (d)
	 	 Information with Respect to Estimated Payments and Extension Payments
	  	 	13	  
	 (e)
	 	 Provision of Assistance with Respect to Joint Returns
	  	 	13	  
	 (f)
	 	 Engagement Letter for Certain 2014 Tax Returns
	  	 	14	  
	 (g)
	 	 Allocation of Third-Party Preparer Expenses
	  	 	14	  
	 Section 3.2
	 	 Separate Returns
	  	 	14	  
	 (a)
	 	 Separate Returns to be Prepared by SLM BankCo
	  	 	14	  
	 (b)
	 	 Separate Returns to be Prepared by Navient
	  	 	14	  
	 (c)
	 	 Provision of Information and Assistance
	  	 	15	  
	 Section 3.3
	 	 Additional Rules Relating to the Preparation of Tax Returns
	  	 	15	  
	 (a)
	 	 General Rule
	  	 	15	  
	 (b)
	 	 Navient Separate Returns
	  	 	16	  
	 (c)
	 	 SLM BankCo Separate Returns
	  	 	16	  
	 (d)
	 	 Election to File Consolidated, Combined or Unitary Tax Returns
	  	 	16	  
	 (e)
	 	 Standard of Performance
	  	 	16	  
	 Section 3.4
	 	 Reliance on Exchanged Information
	  	 	16	  
	 Section 3.5
	 	 Allocation of Tax Items
	  	 	16	  
		
	 Article IV Tax Payments
	  	 	17	  
	 Section 4.1
	 	 Payment of Taxes to Tax Authority
	  	 	17	  
	 Section 4.2
	 	 Indemnification Payments
	  	 	17	  
	 (a)
	 	 Tax Payments
	  	 	17	  
	 (b)
	 	 Credit for Prior Tax Payments
	  	 	18	  
	 Section 4.3
	 	 Initial Determinations and Subsequent Adjustments
	  	 	19	  
	 Section 4.4
	 	 Interest on Late Payments
	  	 	19	  
	 Section 4.5
	 	 Payments by or to Other Group Members
	  	 	19	  
	 Section 4.6
	 	 Procedural Matters
	  	 	19	  
	 Section 4.7
	 	 Tax Consequences of Payments; Tax Gross-Up
	  	 	20	  

  
 i 

							
	 Article V Assistance and Cooperation
	  	 	20	  
	 Section 5.1
	 	 Cooperation
	  	 	20	  
	 Section 5.2
	 	 Supplemental Rulings and Supplemental Tax Opinions
	  	 	20	  
		
	 Article VI Tax Records
	  	 	21	  
	 Section 6.1
	 	 Retention of Tax Records
	  	 	21	  
	 Section 6.2
	 	 Access to Tax Records
	  	 	21	  
	 Section 6.3
	 	 Confidentiality
	  	 	21	  
		
	 Article VII Tax Contests
	  	 	22	  
	 Section 7.1
	 	 Notices
	  	 	22	  
	 Section 7.2
	 	 Control of Tax Contests
	  	 	22	  
	 (a)
	 	 General Rule
	  	 	22	  
	 (b)
	 	 Participation and Settlement Rights
	  	 	22	  
	 Section 7.3
	 	 Cooperation
	  	 	23	  
		
	 Article VIII Restriction on Certain Actions of SLM BankCo and Navient
	  	 	24	  
	 Section 8.1
	 	 General Restrictions
	  	 	24	  
	 Section 8.2
	 	 Certain Navient Actions Following the Effective Time
	  	 	24	  
	 Section 8.3
	 	 Certain SLM BankCo Actions Following the Effective Time
	  	 	25	  
		
	 Article IX General Provisions
	  	 	25	  
	 Section 9.1
	 	 Counterparts; Corporate Power
	  	 	25	  
	 Section 9.2
	 	 Governing Law
	  	 	26	  
	 Section 9.3
	 	 Assignability
	  	 	26	  
	 Section 9.4
	 	 Third-Party Beneficiaries
	  	 	26	  
	 Section 9.5
	 	 Notices
	  	 	27	  
	 Section 9.6
	 	 Severability
	  	 	27	  
	 Section 9.7
	 	 Force Majeure
	  	 	27	  
	 Section 9.8
	 	 Expenses
	  	 	27	  
	 Section 9.9
	 	 Headings
	  	 	27	  
	 Section 9.10
	 	 Termination
	  	 	27	  
	 Section 9.11
	 	 Waivers of Default
	  	 	27	  
	 Section 9.12
	 	 Amendments
	  	 	28	  
	 Section 9.13
	 	 Interpretation
	  	 	28	  
	 Section 9.14
	 	 Limitation of Liability
	  	 	28	  
	 Section 9.15
	 	 Performance
	  	 	28	  
	 Section 9.16
	 	 Predecessors or Successors
	  	 	28	  
	 Section 9.17
	 	 Effective Time
	  	 	28	  
	 Section 9.18
	 	 Change in Law
	  	 	29	  
	 Section 9.19
	 	 Disputes
	  	 	29	  

  
 ii 

 TAX SHARING AGREEMENT 

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

WHEREAS, the Existing SLM Board has determined that it is in the best interests of Existing SLM and its shareholders to separate into two
separate publicly-traded companies; 
 WHEREAS, in furtherance of the foregoing, the Existing SLM Board has determined that it is
appropriate and desirable to undergo the Separation and Distribution; 
 WHEREAS, SLM, SLM BankCo and Navient have entered into the
Separation Agreement; and 
 WHEREAS, the parties desire to provide for and agree upon the allocation between the parties of Taxes and Tax
Benefits arising prior to, as a result of, and subsequent to the External Spin-Off, and provide for and agree upon other matters relating to Taxes. 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below, the parties hereto agree as follows: 

Article I 
 Definition
of Terms 
 For purposes of this Agreement (including the recitals hereof), the following terms have the following meanings: 

“2013 Engagement Letter” means the engagement letter between KPMG LLP and SLM (to be assigned by SLM to SLM BankCo in
connection with the External Spin-Off), executed on March 12, 2014, pursuant to which SLM engages KPMG LLP to assist in preparing certain U.S. federal, state and local income, franchise and similar Tax Returns for taxable periods ending during
2013. 
 “2014 Accountant” has the meaning set forth in Section 3.1(f). 

“2014 Engagement Letter” has the meaning set forth in Section 3.1(f). 

“Affiliate” has the meaning set forth in the Separation Agreement. 

  
 1 

 “Agreement” has the meaning set forth in the preamble hereof. 

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

“Applicable Date” has the meaning set forth in Section 4.2(a). 

“Bank Loan Sales” means any sales or transfers on or prior to the Spin-Off Date of student loans by Sallie Mae Bank to (or
treated as being made to, for U.S. federal income tax purposes) a Person that is a member of the Navient Group as of the Spin-Off Date (or any predecessor of such entity). 

“Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banking institutions in Delaware
are authorized or obligated by law or executive order to be closed. 
 “Change of Control” has the meaning set forth in the
Separation Agreement. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, or any
successor law. 
 “Consolidated Return” means (i) any Joint Return and (ii) any other Tax Return that reflects
Consolidated Taxes. 
 “Consolidated Tax” means (i) any Tax, for any Tax Year, which is based on or determined by
reference to Tax Items, operations, activities or assets of both the Navient Operations and the SLM BankCo Operations, and (ii) any Spin-Off Taxes. 

“Consumer Banking Business” has the meaning set forth in the Ruling Request. 

“Controlling Party” means, with respect to a Tax Contest, the party that controls such Tax Contest (or whose Group member
controls such Tax Contest) pursuant to Section 7.2(a). 
 “Control” means, with respect to any Person, the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of securities or partnership, membership, limited liability company, or other ownership interests, by
contract or otherwise, and the terms “Controlling” and “Controlled” have meanings correlative to the foregoing. 

“Dispute” has the meaning set forth in the Separation Agreement. 

“Due Date” has the meaning set forth in Section 4.4. 

“Education Loan Management Business” has the meaning set forth in the Ruling Request. 

“Effective Time” means the time at which the External Spin-Off is effective on the Spin-Off Date. 

“External Contribution” has the meaning set forth in the Ruling Request. 

  
 2 

 “External Spin-Off” has the meaning set forth in the Ruling Request. 

“Governmental Entity” means any national, supranational, federal, state, provincial, local or similar government; any
instrumentality or subdivision thereof; any court, administrative agency, department, board, bureau or commission thereof or other governmental authority or instrumentality; or any quasi-governmental or private body authorized to exercise any tax,
governmental or quasi-governmental authority. 
 “Group” means the SLM BankCo Group or the Navient Group, as the context
requires. 
 “Information” has the meaning set forth in the Separation Agreement. 

“Internal Contribution” has the meaning set forth in the Ruling Request. 

“Internal Controlled” has the meaning set forth in the Ruling Request. 

“Internal Controlled Business” means the “Bank Private Education Loan Servicing Business” as defined in the Ruling
Request. 
 “Internal Distributing” has the meaning set forth in the Ruling Request. 

“Internal Distributing Business” means the “Loan Servicing Business” as defined in the Ruling Request. 

“Internal Spin-Off” has the meaning set forth in the Ruling Request. 

“IRS” means the Internal Revenue Service. 

“Joint Return” means any Tax Return, for any Tax Year, that includes Tax Items, operations, activities or assets of both the
SLM BankCo Operations and the Navient Operations, determined without regard to Tax Items carried forward to such Tax Year. 

“Law” means any national, supranational, federal, state, provincial, local or similar law (including common law), statute,
code, order, ordinance, rule, regulation, treaty (including any income tax treaty), license, permit, authorization, approval, consent, decree, injunction, binding judicial or administrative interpretation or other requirement, in each case, enacted,
promulgated, issued or entered by a Governmental Entity. 
 “Navient” has the meaning set forth in the preamble hereof.

 “Navient Business” means the “Pre-Separation Education Loan Management Business” as defined in the Separation
Agreement. 
 “Navient Group” has the meaning set forth in the Separation Agreement. 

“Navient Joint Return” has the meaning set forth in Section 3.1(a). 

  
 3 

 “Navient Net Obligation” with respect to any Consolidated Tax for any Tax Year
(or portion thereof) as of any date, means the amount equal to (i) the Navient Tax Amount for such Consolidated Tax for such Tax Year (or portion thereof), plus (ii) the gross amount (without duplication of any amounts) remitted
pursuant to this Agreement (or deemed to be remitted pursuant to Section 4.2(b) of this Agreement) to Navient by SLM BankCo on or prior to such date, or refunded to the Navient Group by the applicable Tax Authority after the Effective Time but
on or prior to such date or refunded to the SLM group at or prior to the Effective Time (and not treated as refunded to the SLM BankCo Group under the Separate Return Method applied as of the Effective Time), for such Consolidated Tax for such Tax
Year (or portion thereof), minus (iii) the gross amount (without duplication of any amounts) remitted pursuant to this Agreement (or deemed to be remitted pursuant to Section 4.2(b) of this Agreement) by Navient to SLM BankCo or the
applicable Tax Authority for such Consolidated Tax for such Tax Year (or portion thereof) on or prior to such date. 
 “Navient
Operations” means (i) with respect to any Tax Year (or portion thereof) that ends on or before the Spin-Off Date, the assets (other than any SLM BankCo Assets), business, operations and activities of the Navient Business, and
(ii) with respect to any Tax Year (or portion thereof) that begins after the Spin-Off Date, the assets, business, operations and activities of the Navient Group. 

“Navient Separate Return” has the meaning set forth in Section 3.2(b). 

“Navient Separate Tax” means any Tax (other than any Spin-Off Tax), for any Tax Year, which (i) is based solely on or
determined solely by reference to Tax Items, operations, activities or assets of the Navient Operations, and (ii) is not based on or determined by reference to any Tax Items, operations, activities or assets of the SLM BankCo Operations. 

“Navient Tax Amount” with respect to any Consolidated Tax (whether or not the actual amount of such Tax is positive) for any
Tax Year (or portion thereof), means the amount equal to (i) the actual amount of such Consolidated Tax for such Tax Year (or portion thereof) minus (ii) the SLM BankCo Tax Amount for such Tax Year (or portion thereof). For the
avoidance of doubt, the Navient Tax Amount may be a negative number. 
 “Navient Tax Obligation” with respect to any
Consolidated Tax (whether or not the actual amount of such Tax is positive) for any Tax Year (or portion thereof), means the greater of (i) zero and (ii) the Navient Tax Amount for such Tax for such Tax Year (or portion thereof). 

“NOL” means net operating loss. 

“Non-Controlling Party” means, with respect to a Tax Contest, the party that is not the Controlling Party with respect to
such Tax Contest. 
 “Non-Preparer” means, with respect to a Tax Return, the party that is not responsible for the
preparation of such Tax Return under Section 3.1 or Section 3.2. 
 “Non-Preparer Item” has the meaning set forth in
Section 7.2(b). 

  
 4 

 “Payment Date” means (i) with respect to any U.S. federal income tax
return, the due date for any required installment of estimated taxes determined under Code Section 6655, the due date (determined without regard to extensions) for filing the return determined under Code Section 6072, and the date the
return is filed, and (ii) with respect to any other Tax Return, the corresponding dates determined under applicable Tax Law. 

“Permitted Supplemental Ruling” means, with respect to a specified action, a Supplemental Ruling to the effect that such
action will not preclude (i) the Reorganization from qualifying as a reorganization within the meaning of Section 368(a)(1)(F) of the Code, (ii) the Internal Contribution and the Internal Spin-Off from qualifying as tax-free
transactions described under Sections 368(a)(1)(D) and 355 of the Code and (iii) the External Contribution and the External Spin-Off from qualifying as tax-free transactions described under Sections 368(a)(1)(D) and 355 of the Code (except, in
the case of holders of SLM stock, with respect to cash received in lieu of fractional shares). 
 “Person” means any
individual, corporation, company, partnership, trust, incorporated or unincorporated association, joint venture or other entity of any kind. 

“Preparer” means, with respect to a Tax Return, the party that is responsible for the preparation of such Tax Return pursuant
to Section 3.1 or Section 3.2. 
 “Prime Rate” has the meaning set forth in the Separation Agreement. 

“Reorganization” has the meaning set forth in the Ruling Request. 

“Requesting Party” has the meaning set forth in Section 5.2. 

“Return Signer” has the meaning set forth in Section 3.1(a). 

“Ruling” means the private letter ruling (if any) in connection with the Separation and Distribution issued by the IRS in
response to the Ruling Request. 
 “Ruling Request” means (1) the request for ruling, dated August 21, 2013,
filed on behalf of SLM with the IRS in connection with the Separation and Distribution, (2) the supplements to ruling request, dated November 27, 2013, March 25, 2014, and March 27, 2014, filed on behalf of SLM with the IRS
in connection with the Separation and Distribution, (3) the document titled “Description of GLBA Issues and the Bank Regulatory Concept of Control,” dated March 17, 2014, and the accompanying exhibits, filed on behalf of SLM with
the IRS in connection with the Separation and Distribution and (4) any other correspondence or supplemental materials submitted to the IRS in connection with the request to obtain a private letter ruling pursuant to the foregoing submissions.

 “Sallie Mae Bank” means Sallie Mae Bank, a Utah industrial bank and insured depository institution. 

“Section 108(i) Income” means any income that both (i) arose in connection with the reacquisition after
December 31, 2008, and before January 1, 2011, of a debt instrument or a swap unwind related to such a reacquisition, and (ii) was deferred by the SLM consolidated group or any member thereof under Section 108(i) of the Code.

  
 5 

 “Section 108(i) Installment Date” for the first, second, third or fourth quarter
of a calendar year, means the due date by which SLM BankCo’s first, second, third or fourth installment, respectively, of estimated U.S. federal income taxes for such year is required to be paid; provided that if SLM BankCo is not a
calendar-year taxpayer or is not required to pay estimated U.S. federal income taxes for any year, the Section 108(i) Installment Dates shall be determined as though SLM BankCo were a calendar-year taxpayer required to make estimated U.S.
federal income tax payments for such year. For the avoidance of doubt, as of the date of this Agreement, the Section 108(i) Installment Date (i) for the first quarter of a calendar year is generally April 15 of such year,
(ii) for the second quarter of a calendar year is generally June 15 of such year, (iii) for the third quarter of a calendar year is generally September 15 of such year, and (iv) for the fourth quarter of a calendar year is
generally December 15 of such year, except in each case to the extent the applicable date falls on a Saturday, Sunday or legal holiday, in which case the Section 108(i) Installment Date is generally the next business day after such date.

 “Section 108(i) Quarterly Amount” for any calendar quarter from and including second quarter 2014 through and including
fourth quarter 2018, means the amount equal to the sum of (i) the Section 108(i) Quarterly Federal Amount for such quarter and (ii) one hundred thirty thousand five hundred dollars ($130,500). 

“Section 108(i) Quarterly Federal Amount” for any calendar quarter from and including second quarter 2014 through and
including fourth quarter 2018, means the amount equal to (i) fourteen million seven hundred seventy-seven thousand seven hundred dollars ($14,777,700), multiplied by (ii) the Section 108(i) Tax Factor for such quarter. 

“Section 108(i) Tax Factor” for any calendar quarter means one (1); provided that, if the highest statutory marginal
U.S. federal income tax rate applicable to ordinary income of a U.S. corporation is changed under applicable Law to a new rate after the date of this Agreement, and such new rate is applicable for the calendar year that includes such quarter, the
Section 108(i) Tax Factor for such quarter shall be equal to (i) the highest statutory marginal U.S. federal income tax rate applicable to ordinary income of a U.S. corporation for the calendar year that includes such quarter (expressed as
a percentage) divided by (ii) thirty-five percent (35%). For the avoidance of doubt, as of the date of this Agreement, the highest statutory marginal U.S. federal income tax rate applicable to ordinary income of a U.S. corporation
(within the meaning of this definition) is thirty-five percent (35%). 
 “Separate Return” means any Tax Return that is not
a Joint Return. 
 “Separate Return Method” means the principles and methodology used to calculate net taxes
payable/receivable by the SLM BankCo Group for purposes of the audited carve-out financial statements of SLM BankCo and its subsidiaries for 2011 through 2014, as adjusted pursuant to Section 2.2 and the indemnification provisions of Article
III. For purposes of applying the Separate Return Method under this Agreement, the Section 108(i) Quarterly Amounts shall not be treated as tax receivables or otherwise taken into account. 

  
 6 

 “Separation Agreement” has the meaning set forth in the preamble hereof. 

“Separation Effective Time” means the “Effective Time” as defined in the Separation Agreement. 

“SLM” has the meaning set forth in the preamble hereof. 

“SLM BankCo” has the meaning set forth in the preamble hereof. 

“SLM BankCo Business” means the “Pre-Separation Consumer Banking Business” as defined in the Separation Agreement.

 “SLM BankCo Group” has the meaning set forth in the Separation Agreement. 

“SLM Bankco Joint Return” has the meaning set forth in Section 3.1(a). 

“SLM BankCo Net Obligation” with respect to any Consolidated Tax for any Tax Year (or portion thereof) as of any date, means
the amount equal to (i) the SLM BankCo Tax Amount for such Consolidated Tax for such Tax Year (or portion thereof), plus (ii) the gross amount (without duplication of any amounts) remitted pursuant to this Agreement (or deemed to be
remitted pursuant to Section 4.2(b) of this Agreement) to SLM BankCo by Navient on or prior to such date, or refunded to the SLM BankCo Group by the applicable Tax Authority after the Effective Time but on or prior to such date or treated as
refunded to the SLM BankCo Group under the Separate Return Method applied as of the Effective Time, for such Consolidated Tax for such Tax Year (or portion thereof), minus (iii) the gross amount (without duplication of any amounts)
remitted pursuant to this Agreement (or deemed to be remitted pursuant to Section 4.2(b) of this Agreement) by SLM BankCo to Navient or the applicable Tax Authority for such Consolidated Tax for such Tax Year (or portion thereof) on or prior to
such date. 
 “SLM BankCo Operations” means (i) with respect to any Tax Year (or portion thereof) that ends on or
before the Spin-Off Date, the assets (other than any Navient Assets), business, operations and activities of the SLM BankCo Business, and (ii) with respect to any Tax Year (or portion thereof) that begins after the Spin-Off Date, the assets,
business, operations and activities of the SLM BankCo Group. 
 “SLM BankCo Separate Return” has the meaning set forth in
Section 3.2(a). 
 “SLM BankCo Separate Tax” means any Tax (other than any Spin-Off Tax), for any Tax Year, which
(i) is based solely on or determined solely by reference to Tax Items, operations, activities or assets of the SLM BankCo Operations, and (ii) is not based on or determined by reference to any Tax Items, operations, activities or assets of
the Navient Operations. 
 “SLM BankCo Tax Amount” with respect to any Consolidated Tax (whether or not the actual amount
of such Tax is positive) for any Tax Year (or portion thereof), means the amount of the net taxes payable/receivable of the SLM BankCo Group with respect to such Tax and Tax Year (or portion thereof) determined under the Separate Return Method (not
taking into account any payments actually made or deemed to be made by the SLM group, Navient Group or 

  
 7 

 
SLM BankCo Group with respect to such Tax). For the avoidance of doubt, the amount of the SLM BankCo Tax Amount with respect to a Consolidated Tax for a Tax Year may be negative if, for example,
Tax Benefits allocable to SLM BankCo are used to reduce the amount of such Consolidated Tax for such Tax Year. 
 “SLM BankCo Tax
Obligation” with respect to any Consolidated Tax (whether or not the actual amount of such Tax is positive) for any Tax Year (or portion thereof), means the greater of (i) zero and (ii) the SLM BankCo Tax Amount for such Tax for
such Tax Year (or portion thereof). 
 “Spin-Off Date” means the date on which the External Spin-Off occurs. 

“Spin-Off Tax Payment” means any payment (or portion thereof) required to be made by one party to the other party under this
Agreement (including any indirect payment made under this Agreement by means of the first party satisfying a Tax liability imposed by applicable Tax Law on such other party without reimbursement by such other party) to the extent such payment arises
as a result of an allocation of Spin-Off Taxes or Spin-Off Tax Items pursuant to Section 2.2(a)(i) or Section 2.2(a)(ii); provided that any additional amounts payable pursuant to Section 4.7 shall not be treated as Spin-Off Tax Payments. 

“Spin-Off Taxes” means any Taxes of the SLM group, SLM BankCo Group or Navient Group or any of their respective members
resulting from the Reorganization, Internal Contribution, External Contribution, Internal Spin-Off or External Spin-Off, or the contribution of all of the outstanding capital stock of Private ServiceCo to Sallie Mae Bank (pursuant to
Section 2.1(q) of the Separation Agreement), excluding any Taxes resulting from any Bank Loan Sale. 
 “Spin-Off Tax
Items” means any Tax Items of the SLM group, SLM BankCo Group or Navient Group or any of their respective members resulting from the Reorganization, Internal Contribution, External Contribution, Internal Spin-Off or External Spin-Off, or
the contribution of all of the outstanding capital stock of Private ServiceCo to Sallie Mae Bank (pursuant to Section 2.1(q) of the Separation Agreement), excluding any gain, income or other Tax Item from any Bank Loan Sale. 

“Subsidiary” has the meaning set forth in the Separation Agreement. 

“Supplemental IRS Submissions” means any request for a Supplemental Ruling and each supplemental submission and other
correspondence and supplemental materials submitted to the IRS in connection with obtaining any Supplemental Ruling. 

“Supplemental Ruling” means any private letter ruling obtained by SLM, SLM BankCo or Navient from the IRS which supplements
or otherwise modifies the Ruling. 
 “Supplemental Tax Opinion” means, with respect to a specified action, an opinion
(other than the Tax Opinion) from Tax Counsel to the effect that such action will not preclude (i) the Reorganization from qualifying as a reorganization within the meaning of Section 368(a)(1)(F) of the Code, (ii) the Internal
Contribution and the Internal Spin-Off from qualifying as tax-free transactions described under Sections 368(a)(1)(D) and 355 of the Code and (iii) the 

  
 8 

 
External Contribution and the External Spin-Off from qualifying as tax-free transactions described under Sections 368(a)(1)(D) and 355 of the Code (except, in the case of holders of SLM stock,
with respect to cash received in lieu of fractional shares). No opinion relied upon by Navient or SLM BankCo to satisfy the requirements of Section 8.2 or Section 8.3, respectively, shall be considered a “Supplemental Tax Opinion” unless
such opinion is, in addition to the requirements above, reasonably satisfactory to SLM BankCo (in the case of an opinion provided under Section 8.2) or Navient (in the case of an opinion provided under Section 8.3), which opinion may rely upon
a Supplemental Ruling and may rely upon, and may assume the accuracy of, any representations given in any Supplemental IRS Submission and any customary representations contained in an officer’s certificate delivered by an officer of SLM BankCo
or Navient to Tax Counsel. 
 “Tax Event” has the meaning set forth in Section 4.2(a). 

“Tax” or “Taxes” means all forms of taxation imposed by a Governmental Entity, whenever created or imposed,
and whether of the United States or elsewhere, and whether imposed by a local, municipal, state, national, federal, or other body, and without limiting the generality of the foregoing, shall include income, sales, use, ad valorem, gross receipts,
value added, franchise, transfer, recording, withholding, payroll, employment, excise, occupation, premium, and property taxes, together with any related interest, penalties, additions to tax or additional amounts imposed (in any case) by any
Governmental Entity. 
 “Tax Authority” means, with respect to any Tax, the Governmental Entity or political subdivision,
agency, commission or authority thereof that imposes such Tax or that is charged with the assessment, determination or collection of such Tax. 

“Tax Benefit” means a Tax Item that generally decreases taxable income or Taxes payable of a taxpayer, including a credit,
deductible loss or other deduction. 
 “Tax Contest” means an audit, review or examination by a Governmental Entity or Tax
Authority, or any other administrative or judicial proceeding, with the purpose or effect of examining, determining or redetermining Taxes (including any administrative or judicial review of any claim for Tax refund). 

“Tax Counsel” means (i) with respect to the Tax Opinion, Baker Botts L.L.P., and (ii) with respect to a
Supplemental Tax Opinion obtained by SLM BankCo or Navient, a nationally recognized law firm or accounting firm designated by the party that obtains such opinion. 

“Tax Item” means any item of income, gain, loss, deduction, credit or other attribute that may have the effect of increasing
or decreasing taxable income or Taxes payable. 
 “Tax Law” means the Law, including any controlling judicial or
administrative interpretations of such Law, relating to any Tax. 
 “Tax Materials” means (i) the Ruling,
(ii) the Ruling Request and any other submission to the IRS in connection with the Ruling, (iii) the representation letter delivered to Tax Counsel in connection with the delivery of the Tax Opinion, (iv) any other materials delivered
or deliverable by SLM, SLM BankCo, Navient or others in connection with the 

  
 9 

 
rendering by Tax Counsel of the Tax Opinion or the issuance by the IRS of the Ruling (or the request therefor), and (v) with respect to a party that requests or receives a Supplemental
Ruling, or delivers a representation letter or other materials in connection with a Supplemental Ruling or Supplemental Tax Opinion, such Supplemental Ruling, representation letter or other materials, as the case may be. 

“Tax Opinion” means the opinion to be delivered by Tax Counsel on or prior to the Spin-Off Date relating to the tax treatment
of the Reorganization, Internal Contribution, Internal Spin-Off, External Contribution and External Spin-Off under Sections 368 and 355 of the Code. 

“Tax Records” means Tax Returns, Tax Return work papers, documentation relating to any Tax Contests, and any other books of
account or records required to be maintained under applicable Tax Laws (including but not limited to Section 6001 of the Code) or under any record retention agreement with any Tax Authority. 

“Tax Return” means any return, information return, report, declaration, election, questionnaire, notice, form, claim for
refund or other document filed or required to be filed with any Governmental Entity or Tax Authority with respect to Taxes (whether or not a payment is required to be made with respect to such filing), and any supplement, amendment, appendix,
exhibit, schedule or attachment thereto. 
 “Tax Year” means with respect to any Tax, the year, or other period, if
applicable, for which the Tax is reported as provided under applicable Tax Law. 
 “Treasury Regulations” means the
regulations promulgated from time to time under the Code as in effect for the relevant Tax Year. 
 Article II 

Allocation of Tax Liabilities and Tax Benefits 

Liability for and Payment of Taxes. Except as otherwise provided in this Agreement: 

Navient Liabilities and Payments. Navient shall be liable for and pay (i) all Navient Separate Taxes and (ii) the amount of all Navient Tax
Obligations with respect to Consolidated Taxes, in each case either to the applicable Tax Authority and/or to SLM BankCo in accordance with the mechanics of (and without duplication of payments under) Article IV, and (iii) the
Section 108(i) Quarterly Amounts as required under Section 2.2(c). 

  
 10 

 SLM BankCo Liabilities and Payments. SLM BankCo shall be liable for and pay (i) all SLM BankCo Separate
Taxes and (ii) the amount of all SLM BankCo Tax Obligations with respect to Consolidated Taxes, in each case either to the applicable Tax Authority and/or to Navient in accordance with the mechanics of (and without duplication of payments
under) Article IV. 
 Special Rules for Certain Tax Items. 

(a) Spin-Off Taxes and Spin-Off Tax Items. 

(i) Responsibility of SLM BankCo. To the extent that the imposition of any Spin-Off Taxes (other than as a result of the recognition
of any Spin-Off Tax Items) or the recognition of any Spin-Off Tax Items is directly attributable to SLM BankCo’s breach of any covenant or negative covenant in Article VIII, such Spin-Off Taxes or Spin-Off Tax Items, as the case may be, shall
be treated as Taxes or Tax Items of, and allocated to, the SLM BankCo Group for purposes of applying the Separate Return Method. 
 (ii)
Responsibility of Navient. To the extent that the imposition of any Spin-Off Taxes (other than as a result of the recognition of any Spin-Off Tax Items) or the recognition of any Spin-Off Tax Items is directly attributable to Navient’s
breach of any covenant or negative covenant in Article VIII, such Spin-Off Taxes or Spin-Off Tax Items, as the case may be, shall be treated as Taxes or Tax Items of, and allocated to, the Navient Group (and not the SLM BankCo Group) for purposes of
applying the Separate Return Method. 
 (iii) Joint Responsibility. To the extent any Spin-Off Tax (that is not attributable to a
Spin-Off Tax Item) or any Spin-Off Tax Item is not allocated under Section 2.2(a)(i) or Section 2.2(a)(ii), (x) fifty percent (50%) of such Spin-Off Tax or Spin-Off Tax Item, as the case may be, shall be treated as a Tax or Tax Item of,
and allocated to, the SLM BankCo Group for purposes of applying the Separate Return Method, and (y) fifty percent (50%) of such Spin-Off Tax or Spin-Off Tax Item, as the case may be, shall be treated as a Tax or Tax Item of, and allocated
to, the Navient Group (and not the SLM BankCo Group) for purposes of applying the Separate Return Method. 
 Bank Loan Sales.
Notwithstanding anything to the contrary in this Agreement, for all purposes of this Agreement (including, without limitation, for purposes of applying the Separate Return Method and determining whether a Tax Return is a Joint Return), any Tax Items
resulting from a Bank Loan Sale shall be treated as Tax Items of, and allocated to, SLM BankCo. 
 Section 108(i) Income. To reimburse
SLM BankCo for income Taxes that may be imposed on the Section 108(i) Income, for each calendar quarter from and including second quarter 2014 through and including fourth quarter 2018 (i.e., a total of nineteen quarters), Navient shall
pay to SLM BankCo an amount that, net of any payments for such quarter by SLM BankCo to Navient pursuant to this Section 2.2(c), is equal to the Section 108(i) Quarterly Amount for such quarter. Subject to the succeeding sentence, the due
date for Navient to pay the Section 108(i) Quarterly Amount for an applicable quarter to SLM BankCo shall be the later of (i) three Business Days prior to the Section 108(i) Installment Date for such quarter and (ii) seven
Business Days after SLM BankCo gives notice to Navient requesting such amount. If the Section 108(i) Quarterly Amount for a quarter increases or decreases due to a change in 

  
 11 

 
applicable U.S. federal income tax rates, then (x) in the case of a decrease in the Section 108(i) Quarterly Amount for such quarter, SLM BankCo shall pay to Navient the excess (if any)
of the net amount previously paid by Navient to SLM BankCo under this Section 2.2(c) for such quarter over the actual Section 108(i) Quarterly Amount for such quarter (revised to take into account such change in tax rates), within seven
Business Days of the later of (1) the date that such change in tax rates is enacted and (2) the date that Navient gives notice to SLM BankCo requesting such amount, and (y) in the case of an increase in the Section 108(i)
Quarterly Amount for such quarter, the due date for Navient to pay the amount of such increase to SLM BankCo shall be the later of (1) three Business Days prior to the Section 108(i) Installment Date for such quarter, (2) seven
Business Days after the date that such change in tax rates is enacted, and (3) seven Business Days after the date that SLM BankCo gives notice to Navient requesting the amount of such increase. For the avoidance of doubt, if the
Section 108(i) Tax Factor for all applicable quarters is always one (1), the aggregate amount required to be paid by Navient pursuant to this Section 2.2(c) is two hundred eighty-three million two hundred fifty-five thousand eight hundred
dollars ($283,255,800). Notwithstanding anything to the contrary in this Agreement, for all purposes of this Agreement (including, without limitation, for purposes of applying the Separate Return Method and determining whether a Tax Return is a
Joint Return), all Section 108(i) Income shall be treated as income of, and allocated to, SLM BankCo. 
 Article III 

Preparation and Filing of Tax Returns 

Section 3.1 Joint Returns. 

(a) Preparation and Filing. Navient shall be responsible for preparing (or causing to be prepared) any Joint Return for a taxable year
(or other applicable taxable period) ending on or before December 31, 2013 (“Navient Joint Returns”). SLM BankCo shall be responsible for (i) preparing (or causing to be prepared) any Joint Return for a taxable year (or
other applicable taxable period) ending after December 31, 2013 (an “SLM Bankco Joint Return”), and (ii) calculating the amount of U.S. federal estimated income taxes that are Consolidated Taxes for any quarter after the
first quarter of 2014. The party responsible for signing any such Joint Return (or whose Group member is responsible for signing such Joint Return) under applicable Law (the “Return Signer”) shall sign (or cause to be signed) such
Joint Return and file (or cause to be filed) such Joint Return with the applicable Tax Authority. For the avoidance of doubt, SLM BankCo shall be responsible for signing and filing the U.S. federal income tax return for the SLM consolidated group
for the taxable year ending December 31, 2013 and the U.S. federal income tax return for the SLM/SLM BankCo consolidated group for the taxable year ending December 31, 2014. 

(b) Draft Joint Returns. The Preparer of a Joint Return shall provide the Non-Preparer of such Joint Return with a substantially final
draft of such Joint Return (other than a Joint Return filed prior to the Spin-Off Date) at least 10 Business Days prior to the due date for such Joint Return (or, if there is no due date for such Joint Return, as soon as reasonably practical). Such
Non-Preparer shall promptly notify such Preparer of any objections that it may have to any items or elections set forth in any such draft Joint Return. Notwithstanding anything to the contrary in Section 3.3(a), (i) Navient and SLM BankCo
shall work together to resolve in 

  
 12 

 
good faith any such objection and to mutually consent to the filing of such Joint Return (and no such Joint Return will be filed without such mutual consent), and (ii) after the filing of
any original Joint Return, Navient and SLM BankCo shall work together, at the request of the other party, to determine whether to file any amended Joint Return (and no amended Joint Return will be filed on or after the Spin-Off Date without the
consent of both Navient and SLM BankCo). If the Preparer fails to provide such draft Joint Return within the time period provided in this Section 3.1(b) or fails to properly file such Joint Return within two Business Days following the
resolution of all such objections, then notwithstanding any other provision of this Agreement, such Preparer shall be liable for, and shall indemnify and hold harmless each member of the Non-Preparer’s Group from and against, any penalties,
interest, or other payment obligation imposed by reason of any resulting delay in filing such return. 
 (c) Provision of
Information. At the request of the Preparer of a Joint Return, the Non-Preparer of such Joint Return shall provide the Preparer with any information in its possession (or in the possession of any member of the Non-Preparer’s Group)
reasonably necessary for the Preparer to properly and timely prepare such Joint Return (including, without limitation, to the extent required, (i) the amount of taxable income of such Non-Preparer’s Group for the period ending on the
Spin-Off Date based on the closing of the books method, and (ii) the amount of taxable income recognized by such Non-Preparer’s Group as a result of the External Spin-Off). Such Non-Preparer shall provide such information at least thirty
days prior to the extended due date of such Joint Return or, if later, within fifteen Business Days of its receipt of such request. If such Non-Preparer (or any member of its Group) is in possession of information and fails to provide such
information within the time period provided in this Section 3.1(c) or in the form reasonably requested by the Preparer to permit the timely filing of such Joint Return, then notwithstanding any other provision of this Agreement, such Non-Preparer
shall be liable for, and shall indemnify and hold harmless each member of the Preparer’s Group from and against, any penalties, interest, or other payment obligation imposed by reason of any resulting delay in filing such return. 

(d) Information with Respect to Estimated Payments and Extension Payments. At the request of the Preparer of a Joint Return, the
Non-Preparer of such Joint Return shall provide the Preparer with all information in its possession (or in the possession of any member of its Group) that the Preparer needs to determine the amount of Taxes due on any Payment Date with respect such
Joint Return. Such Non-Preparer shall provide such information at least thirty days prior to such Payment Date or, if later, within fifteen Business Days of its receipt of such request. In the event that such Non-Preparer fails to provide
information within the time period provided in this Section 3.1(d) or in the form reasonably requested by the Preparer to permit the timely payment of such Taxes, the indemnification principles of Section 3.1(c) shall apply with respect to any
penalties, interest, or other payments imposed by reason of any resulting delay in paying such Taxes. The Preparer shall promptly inform the Non-Preparer of its determination of the amount of Taxes due on any Payment Date with respect to such Joint
Return and the parties shall reasonably cooperate to finalize such determination. 
 (e) Provision of Assistance with Respect to Joint
Returns. At the request of the Preparer of a Joint Return, the Non-Preparer of such Joint Return shall take (at its own cost and expense), and shall cause the members of its Group to take (at their own cost and expense), any reasonable action
(e.g., executing a power of attorney) that is reasonably necessary in order 

  
 13 

 
for such Preparer or any other member of the Preparer’s Group to prepare, file, amend or take any other action with respect to such Joint Return (to the extent the Preparer’s Group is
permitted to do so under this Agreement). In the event that such Non-Preparer fails to take, or cause to be taken, any such requested action, the indemnification principles of Section 3.1(c) shall apply with respect to any penalties, interest, or
other payments imposed by reason of a failure to timely take any such requested action. 
 (f) Engagement Letter for Certain 2014 Tax
Returns. SLM Bankco shall enter into an engagement letter (the “2014 Engagement Letter”) with a third-party accounting firm (the “2014 Accountant”) pursuant to which such accounting firm shall agree to assist in
(i) preparing certain U.S. federal, state and local income, franchise and similar Tax Returns for taxable periods ending during 2014 and (ii) calculating U.S. federal estimated income taxes for the second, third and fourth quarters of 2014
and the 2014 extension payments. SLM Bankco shall provide a draft of the 2014 Engagement Letter to Navient before the execution thereof and Navient shall notify SLM Bankco of any objections that it may have thereto within 10 Business Days after the
receipt thereof. Failure of Navient to so object shall be deemed to constitute Navient’s written consent to execute such 2014 Engagement Letter. SLM Bankco and Navient shall work together in good faith to resolve any such objections, and the
2014 Engagement Letter shall not be executed without the prior written consent of Navient, such consent not to be unreasonably withheld or delayed. 

(g) Allocation of Third-Party Preparer Expenses. Any fees, costs or expenses payable to KPMG LLP (or its affiliates) under the 2013
Engagement Letter that have not been paid prior to the Spin-Off Date shall be allocated between Navient and SLM BankCo in proportion to the number of entities for which KPMG LLP (or its affiliates) prepares a pro forma separate company return
pursuant to the 2013 Engagement Letter that are in the Navient Group and the SLM BankCo Group, respectively. Any fees, costs or expenses payable to the 2014 Accountant (or its affiliates) under the 2014 Engagement Letter shall be allocated between
Navient and SLM BankCo in proportion to the number of entities for which the 2014 Accountant (or its affiliates) prepares a pro forma separate company return pursuant to the 2014 Engagement Letter that are in the Navient Group and the SLM BankCo
Group, respectively. SLM BankCo shall be responsible for remitting such fees, costs and expenses to KPMG LLP or the 2014 Accountant, as the case may be. Navient shall remit to SLM BankCo the portion of any such fees, costs or expenses that are
allocated to Navient pursuant to this Section 3.1(g) by the date that is the later of (i) five Business Days after the date that SLM BankCo remits such fees, costs or expenses to KPMG LLP or the 2014 Accountant, as applicable, and
(ii) seven Business Days after SLM BankCo gives Navient notice requesting such amount. 
 Section 3.2 Separate
Returns. 
 Separate Returns to be Prepared by SLM BankCo. SLM BankCo shall be responsible for preparing and filing (or causing to be
prepared and filed) any Separate Return that includes Tax Items, operations, activities or assets of the SLM BankCo Operations, determined without regard to Tax Items carried forward to such Tax Year (an “SLM BankCo Separate
Return”). 
 Separate Returns to be Prepared by Navient. Navient shall be responsible for preparing and filing (or causing to be prepared and
filed) any Separate Return that includes Tax Items, operations, activities or assets of the Navient Operations, determined without regard to Tax Items carried forward to such Tax Year (a “Navient Separate Return”). 

  
 14 

 (a) Provision of Information and Assistance. 

(i) Provision of Information. SLM BankCo shall provide to Navient, and Navient shall provide to SLM BankCo, any information in its
possession (or in the possession of a member of its Group) requested by the other party that such party requesting such information reasonably needs to properly and timely file any Separate Returns pursuant to Section 3.2(a) or (b). Such information
shall be provided within the time prescribed by Section 3.1(c) for the provision of information for Joint Returns. In the event that SLM BankCo or Navient fails to provide information within such time period or in the form reasonably requested by
the other party to permit the timely filing of a Separate Return, the indemnification principles of Section 3.1(c) shall apply with respect to any penalties, interest, or other payments imposed against any member of the SLM BankCo Group or the
Navient Group by reason of any resulting delay in filing such return. 
 (ii) Assistance. At the request of Navient, SLM BankCo
shall take (at its own cost and expense), and shall cause the members of the SLM BankCo Group to take (at their own cost and expense), any reasonable action (e.g., executing a power of attorney) that is reasonably necessary in order for
Navient or any other member of the Navient Group to prepare, file, amend or take any other action with respect to a Navient Separate Return. At the request of SLM BankCo, Navient shall take (at its own cost and expense), and shall cause the members
of the Navient Group to take (at their own cost and expense), any reasonable action (e.g., executing a power of attorney) that is reasonably necessary in order for SLM BankCo or any other member of the SLM BankCo Group to prepare, file, amend
or take any other action with respect to an SLM BankCo Separate Return. In the event that SLM BankCo or Navient, as the case may be, fails to take, or cause to be taken, any such requested action, the indemnification principles of Section 3.1(c)
shall apply with respect to any penalties, interest, or other payments imposed against any member of either Group by reason of a failure to timely take any such requested action. 

Section 3.3 Additional Rules Relating to the Preparation of Tax Returns. 

General Rule. Except as otherwise provided in this Agreement (including, without limitation, under Section 3.3(b) and Section 3.3(c)), the party
responsible for filing (or causing to be filed) a Tax Return pursuant to Section 3.2 shall have the exclusive right, in its sole discretion, with respect to such Tax Return to determine (i) the manner in which such Tax Return shall be prepared
and filed, including the elections, methods of accounting, positions, conventions and principles of taxation to be used and the manner in which any Tax Item shall be reported, (ii) whether any extensions may be requested, (iii) whether an
amended Tax Return shall be filed, (iv) whether any claims for refund shall be made, (v) whether any refunds shall be paid by way of refund or credited against any liability for the related Tax, and (vi) whether to retain outside
firms to prepare or review such Tax Return. 

  
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 Navient Separate Returns. With respect to any Navient Separate Return: 

(i) Navient may not take (and shall cause the members of the Navient Group not to take) any positions that it knows, or reasonably should
know, would adversely affect any member of the SLM BankCo Group, without the prior written consent of SLM BankCo, except to the extent taking such position is consistent with the past practice of the SLM group or is required by applicable Law; and

 (ii) Navient and other members of the Navient Group must allocate Tax Items between such Navient Separate Return and any related Joint
Return in a manner that is consistent with the reporting of such Tax Items on the related Joint Return. 
 SLM BankCo Separate Returns. With respect to any
SLM BankCo Separate Return, SLM BankCo may not take (and shall cause the members of the SLM BankCo Group not to take) any positions that it knows, or reasonably should know, would adversely affect any member of the Navient Group, without the prior
written consent of Navient, except to the extent taking such position is consistent with the past practice of the SLM group or is required by applicable Law. 

Election to File Consolidated, Combined or Unitary Tax Returns. Navient and SLM BankCo shall cooperate to determine whether to file (or cause to be filed) any
Tax Return on a consolidated, combined or unitary basis if such Tax Return would include at least one member of each Group and the filing of such Tax Return on such basis is elective under the relevant Tax Law. 

Standard of Performance. Navient and SLM BankCo shall prepare Navient Joint Returns and SLM BankCo Joint Returns, respectively, with the same general degree
of care as they use in preparing Separate Returns. Notwithstanding the preceding sentence, neither Navient nor SLM BankCo shall be liable for any additional Taxes for which the other is otherwise liable under Article II that result from a
redetermination in a Tax Contest, regardless of whether such Taxes arise as a result of Navient’s or SLM BankCo’s failure to exercise such degree of care. 

Reliance on Exchanged Information. If a member of the Navient Group supplies information to a member of the SLM BankCo Group, or a member of the SLM BankCo
Group supplies information to a member of the Navient Group, in connection with the preparation of a Tax Return and an officer of the requesting member intends to sign a statement or other document under penalties of perjury in reliance upon the
accuracy of such information, then a duly authorized officer of the member supplying such information shall certify (upon the request of such other member), to such officer’s knowledge and belief, the accuracy and completeness of the
information so supplied. 
 Allocation of Tax Items. Navient and SLM BankCo shall cooperate to determine the allocation of any applicable Tax Items and Tax
attributes (e.g., NOLs, Tax credits and earnings and profits) as of the Effective Time, in accordance with applicable Tax Laws, among SLM BankCo, each other SLM BankCo Group member, Navient, and each other Navient Group member. SLM BankCo and
Navient hereby agree that each such Tax Item shall be allocated in a manner consistent with allocations under the Separate Return Method to the extent permitted under applicable Law. 

  
 16 

 Article IV 

Tax Payments 
 Payment of Taxes to Tax
Authority. SLM BankCo shall be responsible for remitting to the proper Tax Authority the Tax shown on any Joint Return for which a member of the SLM BankCo Group is the Return Signer or any SLM BankCo Separate Return (including Taxes for which
Navient is wholly or partially liable pursuant to Article II) and any estimated Taxes required to be paid with respect thereto, to the extent such amounts have not been remitted prior to the Spin-Off Date, and Navient shall be responsible for
remitting to the proper Tax Authority the Tax shown on any Joint Return for which a member of the Navient Group is the Return Signer or any Navient Separate Return (including Taxes for which SLM BankCo is wholly or partially liable pursuant to
Article II) and any estimated Taxes required to be paid with respect thereto, to the extent such amounts have not been remitted prior to the Spin-Off Date. For the avoidance of doubt, SLM BankCo shall be responsible for remitting to the U.S.
government U.S. federal estimated income Taxes for the SLM consolidated group and the SLM BankCo consolidated group, as applicable, for each quarter in 2014 (to the extent such amounts have not been remitted prior to the Spin-Off Date). 

Section 4.1 Indemnification Payments. 

Tax Payments. In connection with any payment of, or any filing of a Consolidated Return with respect to, any Consolidated Tax for any Tax Year (or portion
thereof) (a “Tax Event”) on a date on or after the Spin-Off Date (the “Applicable Date”), the parties shall cooperate to determine the amount of the Navient Tax Amount and SLM BankCo Tax Amount with respect to such
Consolidated Tax for such Tax Year (or portion thereof) as of the Applicable Date. If Navient is responsible for remitting such Consolidated Tax to, or filing (or causing to be filed) such Consolidated Return with, the applicable Tax Authority
pursuant to Article III or Section 4.1, as applicable, Navient shall notify SLM BankCo prior to making such payment or filing, and (i) if the SLM BankCo Net Obligation with respect to such Consolidated Tax for such Tax Year (or portion
thereof) is or will be positive as of the Applicable Date (not taking into account any payment made pursuant to this sentence with respect to such Tax Event), SLM BankCo shall remit to Navient the amount of such SLM BankCo Net Obligation, and
(ii) if the SLM BankCo Net Obligation with respect to such Consolidated Tax for such Tax Year (or portion thereof) is or will be negative as of the Applicable Date (not taking into account any payment made pursuant to this sentence with respect
to such Tax Event), Navient shall remit to SLM BankCo an amount equal to the absolute value of such SLM BankCo Net Obligation, in each case by the date that is the later of (x) three Business Days prior to the date that Navient remits such Tax
payment to such Tax Authority or files such Consolidated Return, as applicable and (y) seven Business Days after the party entitled to payment gives notice to the other party requesting such amount. If SLM BankCo is responsible for remitting
such Consolidated Tax to, or filing (or causing to be filed) such Consolidated Return with, the applicable Tax Authority pursuant to Article III or Section 4.1, as applicable, SLM BankCo shall notify Navient prior to making such payment or
filing, and (i) if the Navient Net Obligation with respect to such Consolidated Tax for such Tax Year (or portion thereof) is or will be positive as of the Applicable Date (not taking into account any payment made pursuant to this sentence with
respect to such Tax Event), Navient shall remit to SLM BankCo the amount of such Navient Net Obligation, and (ii) if the Navient Net 

  
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Obligation is or will be negative as of the Applicable Date (not taking into account any payment made pursuant to this sentence with respect to such Tax Event), SLM BankCo shall remit to Navient
an amount equal to the absolute value of such Navient Tax Obligation, in each case by the date that is the later of (x) three Business Days prior to the date that SLM BankCo remits such Tax payment to such Tax Authority or files such
Consolidated Return, as applicable and (y) seven Business Days after the party entitled to payment gives notice to the other party requesting such amount. 

Credit for Prior Tax Payments. SLM BankCo shall be deemed to have paid any amount related to Taxes as of the Effective Time to the extent the SLM BankCo Group
is treated as having paid such amount under the Separate Return Method applied as of the Effective Time. Any such amount treated as paid by SLM BankCo shall be treated as having been paid to either Navient or the applicable Tax Authority, as
applicable, for purposes of this Agreement. Navient shall be deemed to have paid any applicable amount related to Taxes as of the Effective Time to the extent that such amount was actually paid to the applicable Tax Authority as of the Effective
Time or (without duplication) treated as paid under the Separate Return Method as of the Effective Time and the SLM BankCo Group is not treated as having paid such amount under the Separate Return Method applied as of the Effective Time. Any such
amount treated as paid by Navient shall be treated as having been paid to either SLM BankCo or the applicable Tax Authority, as applicable, for purposes of this Agreement. 

  
 18 

 Initial Determinations and Subsequent Adjustments. The initial determination of the amount of any payment that
one party is required to make to another under this Agreement shall be made on the basis of the Tax Return as filed or, if the Tax to which the payment relates is not reported on a Tax Return, on the basis of the amount of Tax initially paid to the
Tax Authority. The amounts paid under this Agreement will be redetermined, and additional payments relating to such redetermination will be made, as appropriate, if as a result of an audit by a Tax Authority or an amended Tax Return or for any other
reason (w) additional Taxes are subsequently paid or required to be paid, (x) a refund of such Taxes is received, (y) the party using a Tax Benefit changes by reason of a Tax Contest or the filing of an amended Tax Return, or
(z) the amount or character of any Tax Item is adjusted or redetermined by reason of a Tax Contest or the filing of an amended Tax Return. Each payment required by the immediately preceding sentence (i) as a result of a payment of
additional Taxes will be due thirty days after the date on which the additional Taxes were paid or, if later, fifteen days after the party that made such payment of additional Taxes gives notice to the other party requesting reimbursement,
(ii) as a result of the receipt of a refund will be due thirty days after the refund was received, (iii) as a result of a change in use of a Tax Benefit (to which clauses (i) and (ii) do not apply) by reason of a Tax Contest or
the filing of an amended Tax Return will be due thirty days after the date on which the final action resulting in such change is taken by a Tax Authority or either party or any of their Subsidiaries, or (iv) as a result of an adjustment or
redetermination of the amount or character of a Tax Item (to which clauses (i) and (ii) do not apply) by reason of a Tax Contest or the filing of an amended Tax Return will be due thirty days after the date on which the final action
resulting in such adjustment or redetermination is taken by a Tax Authority or either party or any of their Subsidiaries. If a payment is made as a result of an audit by a Tax Authority which does not conclude the matter, further adjusting payments
will be made, as appropriate, to reflect the outcome of subsequent administrative or judicial proceedings. 
 Interest on Late Payments. Payments pursuant
to this Agreement that are not made by the date prescribed in this Agreement or, if no such date is prescribed, within fifteen days after written demand for payment is made (the “Due Date”) shall bear interest for the period from
and including the date immediately following the Due Date through and including the date of payment at a per annum rate equal to the Prime Rate on the Due Date (or, if the Due Date is not a Business Day, as of 11:00 a.m. New York, NY time on the
first Business Day following the Due Date) plus 2%, subject to any maximum amount permitted by applicable Law. Such rate shall be redetermined at the beginning of each calendar quarter following such Due Date. Such interest will be payable at
the same time as the payment to which it relates and shall be calculated on the basis of a year of 365 days and the actual number of days for which due. 

Payments by or to Other Group Members. When appropriate under the circumstances to reflect the underlying liability for a Tax or entitlement to a Tax refund
or Tax Benefit, a payment which is required to be made by or to SLM BankCo or Navient under this Agreement may be made by or to another member of the SLM BankCo Group or the Navient Group, as appropriate, but nothing in this Section 4.5 shall
relieve SLM BankCo or Navient of its obligations under this Agreement. 
 Procedural Matters. Any notice requesting payment delivered to the indemnifying
party in accordance with Section 9.5 shall show the amount due and owing together with a schedule calculating in reasonable detail such amount (and shall include any relevant Tax Return, pro forma Tax Return, statement, bill or invoice related to
such Taxes, costs, expenses or other amounts due and 

  
 19 

 
owing). Payments shall be deemed made when received. If the indemnifying party fails to make a payment to the indemnified party within the time period set forth in this Article IV, the
indemnifying party shall pay to the indemnified party, in addition to interest that accrues pursuant to Section 4.4, any costs or expenses incurred by the indemnified party to secure such payment or to satisfy the indemnifying party’s portion
of the obligation giving rise to the indemnification payment. 
 Tax Consequences of Payments; Tax Gross-Up. For all Tax purposes, to the extent permitted
by applicable Tax Law, the parties will treat any payment made pursuant to this Agreement as a capital contribution made by SLM BankCo to Navient or as a distribution made by Navient to SLM BankCo, as the case may be, on the date recited above on
which the parties entered into the Agreement. If any Spin-Off Tax Payment (or portion thereof) directly or indirectly causes an increase in Taxes for which the payee would otherwise be liable under Article II, the payer of such Spin-Off Tax Payment
shall be required to pay the payee (either by means of direct payment or by means of offset against amounts otherwise due under this Agreement from such payee to such payer) an additional amount, such that the amount of any Taxes for which the payee
is liable under Article II that result from either such Spin-Off Tax Payment or from the payment of such additional amount is equal to such additional amount. Except to the extent described in the preceding sentence of this Section 4.7, under no
circumstances shall any payment (or portion thereof) made pursuant to this Agreement be grossed up to take into account any additional Taxes that may be owed by the payee (or any of the members of its Group) as a result of such payment. In the event
that a Tax Authority asserts that the treatment of a payment pursuant to this Agreement should be other than as determined pursuant to this Section 4.7, SLM BankCo or Navient, as appropriate, shall use its reasonable best efforts to contest such
assertion. Section 4.4(c) of the Separation Agreement shall not apply to payments made pursuant to this Agreement. 
 Article V

 Assistance and Cooperation 

Cooperation. In addition to the obligations enumerated in Section 3.1(c), Section 3.1(e), Section 3.2(c) and Section 7.3, SLM BankCo and Navient will
cooperate (and will cause their respective Groups to cooperate) with each other and with each other’s agents, including accounting firms and legal counsel, in connection with Tax matters upon the reasonable request of the other party. Such
cooperation will include Navient or SLM BankCo, as the case may be, (x) providing documents and information in its possession (or in the possession of another member of its Group) as reasonably requested, and (y) making available to the
other, as reasonably requested and available, personnel (including officers, directors, employees and agents of either Group) responsible for preparing, maintaining, and interpreting information and documents relevant to Taxes and personnel
reasonably required as witnesses or for purposes of providing information or documents in connection with any administrative or judicial proceedings relating to Taxes. 

Supplemental Rulings and Supplemental Tax Opinions. Each of the parties agrees that, at the reasonable request of the other party (the “Requesting
Party”), such party shall (and shall cause each member of its Group to) (i) cooperate and use reasonable efforts to seek to obtain, as expeditiously as reasonably practicable, a Supplemental Ruling from the IRS or (ii) cooperate

  
 20 

 
and use reasonable efforts to assist the Requesting Party in obtaining, as expeditiously as reasonably practicable, a Supplemental Tax Opinion from Tax Counsel. Within thirty days after receiving
an invoice from the other party therefor, the Requesting Party shall reimburse such other party for all reasonable out-of-pocket costs and expenses incurred by such other party and the members of such other party’s Group in connection with
obtaining or requesting a Supplemental Ruling or in connection with assisting the Requesting Party in obtaining a Supplemental Tax Opinion. Notwithstanding the foregoing, a party shall not be required to file any Supplemental IRS Submission at the
request of the Requesting Party unless the Requesting Party represents to such other party that (x) the Requesting Party has reviewed the Supplemental IRS Submission and (y) all information and representations, if any, relating to any
member of the Requesting Party’s Group contained in the Supplemental IRS Submissions are true, correct and complete in all material respects. 

Article VI 
 Tax Records

 Retention of Tax Records. Each of SLM BankCo and Navient shall preserve, and shall cause the members of their respective Groups to preserve, all Tax
Records that are in their possession and that could reasonably be expected to affect the liability of any member of the other Group for Taxes, for as long as the contents thereof may become material in the administration of any matter under
applicable Tax Law, but in any event until the later of (x) the expiration of any applicable statutes of limitation, as extended, and (y) seven years after the Spin-Off Date. 

Access to Tax Records. Navient shall make available, and cause the members of the Navient Group to make available, to SLM BankCo for inspection and copying
(x) all Tax Records in their possession at the time of any written request therefor that relate to Tax Years (or portions thereof) that end on or before the Spin-Off Date, and (y) the portion of any Tax Record in their possession at the
time of any written request therefor that relates to Tax Years (or portions thereof) that end after the Spin-Off Date and that is reasonably necessary to have for the preparation of a Joint Return or an SLM BankCo Separate Return or in connection
with a Tax Contest relating to such return. SLM BankCo shall make available, and cause the members of the SLM BankCo Group to make available, to Navient for inspection and copying (x) all Tax Records in their possession at the time of any
written request therefor that relate to Tax Years (or portions thereof) that end on or before the Spin-Off Date, and (y) the portion of any Tax Record in their possession at the time of any written request therefor that relates to Tax Years (or
portions thereof) that end after the Spin-Off Date and that is reasonably necessary to have for the preparation of a Joint Return or a Navient Separate Return or in connection with a Tax Contest relating to such return. 

Confidentiality. The provisions of Sections 6.9 and 6.10 of the Separation Agreement shall apply with respect to any Information provided pursuant to this
Agreement; provided that either party may disclose, or may permit disclosure of, Information to the extent necessary in connection with the filing of Tax Returns or any administrative or judicial proceedings relating to Taxes. 

  
 21 

 Article VII 

Tax Contests 
 Notices. Each party shall
provide prompt notice to the other party of any pending or threatened Tax audit, assessment or proceeding or other Tax Contest of which it becomes aware relating to (i) Taxes for which it is or may be indemnified by the other party hereunder,
(ii) the qualification of the Reorganization as a tax-free transaction described under Section 368(a)(1)(F) of the Code, (iii) the qualification of the Internal Contribution and the Internal Spin-Off as tax-free transactions described
under Sections 368(a)(1)(D) and 355 of the Code, or (iv) the qualification of the External Contribution and the External Spin-Off as tax-free transactions described under Sections 368(a)(1)(D) and 355 of the Code. Such notice shall contain
factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents (or applicable portions thereof) received from any Tax Authority in respect of
any such matters. If (i) an indemnified party has knowledge of an asserted Tax liability with respect to a matter for which it is to be indemnified hereunder, (ii) such party fails to give the indemnifying party prompt notice of such
asserted Tax liability, and (iii) the indemnifying party has the right, pursuant to Section 7.2(a), to control the Tax Contest relating to such Tax liability, then (x) if the indemnifying party is precluded from contesting the asserted Tax
liability as a result of such failure to give prompt notice, the indemnifying party shall have no obligation to indemnify the indemnified party for any Taxes arising out of such asserted Tax liability, and (y) if the indemnifying party is not
precluded from contesting the asserted Tax liability, but such failure to give prompt notice results in a monetary detriment to the indemnifying party, then any amount which the indemnifying party is otherwise required to pay the indemnified party
pursuant to this Agreement shall be reduced by the amount of such detriment. 
 Section 7.1 Control of Tax Contests. 

General Rule. Except as provided in Section 7.2(b), (i) SLM BankCo shall have full responsibility, control and discretion in handling, settling or
contesting any Tax Contest involving a Tax reported on a Joint Return (or which a Tax Authority asserts should have been reported on a Joint Return), and (ii) each party (or the appropriate member of its Group) shall have full responsibility,
control and discretion in handling, settling or contesting any Tax Contest involving a Tax reported on a Separate Return of such party (or which a Tax Authority asserts should have been reported on a Separate Return). 

(a) Participation and Settlement Rights. 

(i) With respect to a Tax Contest which involves a Tax liability for which the Non-Controlling Party may be liable, or a Tax Benefit to which
the Non-Controlling Party may be entitled, in whole or in part under this Agreement (in any case, a “Non-Preparer Item,” which, to the extent Navient is the Non-Controlling Party, shall be deemed to include any Spin-Off Taxes and
Spin-Off Tax Items and any issues related to the tax-free treatment of the Reorganization, Internal Contribution, External Contribution, Internal Spin-Off or External Spin-Off), subject to Section 7.2(b)(ii), (1) the Non-Controlling Party
shall be entitled to participate, at its own cost and expense, in such Tax Contest to the extent it relates to a Non-Preparer Item, (2) 

  
 22 

 
the Controlling Party shall keep the Non-Controlling Party reasonably informed and consult seriously and in good faith with the Non-Controlling Party and its Tax advisors with respect to any
issue in such Tax Contest relating to a Non-Preparer Item, (3) the Controlling Party shall provide the Non-Controlling Party with copies of all correspondence, notices, and other written materials received from any Tax Authority and shall
otherwise keep the Non-Controlling Party and its Tax advisors advised of significant developments in the Tax Contest and of significant communications involving representatives of the Tax Authority, to the extent (in any case) related to a
Non-Preparer Item, (4) the Non-Controlling Party may request that the Controlling Party take a position related to a Non-Preparer Item in respect of such Tax Contest, and the Controlling Party shall do so provided that (A) there exists
substantial authority for such position (within the meaning of the accuracy-related penalty provisions of Section 6662 of the Code) and (B) the adoption of such position could not reasonably be expected to increase the Taxes or reduce the
Tax Benefits allocated to the Controlling Party pursuant to Article II of this Agreement (unless the Non-Controlling Party agrees to indemnify and hold harmless the Controlling Party from such increase in Taxes or reduction in Tax Benefits),
(5) the Controlling Party shall provide the Non-Controlling Party with a copy of any written submission to be sent to a Tax Authority to the extent related to a Non-Preparer Item prior to the submission thereof and shall give serious and good
faith consideration to any comments or suggested revisions that the Non-Controlling Party or its Tax advisors may have with respect thereto, and (6) there will be no settlement, resolution (within the control of the Controlling Party or any
member of the Controlling Party’s Group), or closing or other agreement with respect to any issue related to a Non-Preparer Item without the consent of the Non-Controlling Party, which consent shall not be unreasonably withheld or delayed. 

(ii) Notwithstanding anything to the contrary in this Agreement, if Navient and SLM BankCo cannot agree as to how to proceed (e.g.,
whether to propose or accept a settlement offer, file a protest or petition, etc.) with respect to a Tax Item or issue in a Tax Contest involving Consolidated Taxes after consulting with each other on such matter in good faith, the party with the
most Taxes at risk with respect to such Tax Item or issue in such Tax Contest shall be entitled to decide how to proceed with respect to such Tax Item or issue, and the other party shall comply and reasonably cooperate with such decision (including
by signing a power of attorney with respect to such issue, to the extent necessary). For purposes of this Section 7.2(b)(ii), the party with the most Taxes at risk with respect to a Tax Item or issue shall be the party whose liability for Taxes
under this Agreement would increase the most (in terms of absolute dollar amount) if the position of the applicable Governmental Entity with respect to such Tax Item or issue were upheld in full (treating a loss of any claimed refund as an increase
in Tax liability). 
 Cooperation. The Non-Controlling Party shall promptly provide the Controlling Party with all documents and information in its
possession (or in the possession of its Group) which the Controlling Party reasonably needs to handle, settle or contest the Tax Contest (including copies of all correspondence, notices, and other written materials with respect to such Tax Contest
sent by a Tax Authority to the Non-Controlling Party (or a member of its Group) but not to any member of the Controlling Party’s Group). Subject to Section 7.2(b), at the reasonable request of the Controlling Party, the Non-Controlling Party
shall take any action (e.g., executing a power of attorney) that is reasonably necessary in order for the Controlling Party to handle, settle or contest the Tax Contest. The Controlling Party shall reimburse the Non-Controlling Party for

  
 23 

 
any reasonable out-of-pocket costs and expenses incurred in complying with the first two sentences of this Section 7.3. The Controlling Party shall have no obligation to indemnify the
Non-Controlling Party for any additional Taxes resulting from the Tax Contest if such Non-Controlling Party fails to reasonably cooperate in accordance with the first two sentences of Section 7.3. 

Article VIII 

Restriction on Certain Actions of SLM BankCo and Navient 

General Restrictions. Navient and SLM BankCo shall not (and shall cause the members of their respective Groups to not) take any action or fail to take any
action if such action or failure to take action, as the case may be, would (i) be inconsistent with the Reorganization qualifying, or preclude the Reorganization from qualifying, as a tax-free transaction described under
Section 368(a)(1)(F) of the Code, (ii) be inconsistent with the Internal Contribution and Internal Spin-Off qualifying, or preclude the Internal Contribution and Internal Spin-Off from qualifying, as tax-free transactions described under
Sections 368(a)(1)(D) and 355 of the Code, (iii) be inconsistent with the External Contribution and External Spin-Off qualifying, or preclude the External Contribution and External Spin-Off from qualifying, as tax-free transactions (except with
respect to cash received in lieu of fractional shares) described under Sections 368(a)(1)(D) and 355 of the Code, or (iv) be reasonably likely to be inconsistent with, or cause any Person to be in breach of, any representation, covenant or
material statement made in the Tax Materials. 
 Certain Navient Actions Following the Effective Time. Without limiting the other provisions of this Article
VIII, during the two-year period following the Effective Time, Navient shall not take (and shall cause the members of the Navient Group to not take), and shall not negotiate or enter into (and shall cause the members of the Navient Group to not
negotiate or enter into) a binding agreement to take, any of the following actions: (i) liquidate, sell all or substantially all of its assets or sell or transfer fifty percent (50%) or more of (1) the assets that constitute the
Education Loan Management Business as of the Effective Time to any Person other than Navient or an entity which is and will be wholly-owned, directly or indirectly, by Navient or (2) the assets that constitute the Internal Distributing Business
as of the Effective Time to any Person other than Internal Distributing or an entity which is and will be wholly-owned, directly or indirectly, by Internal Distributing, (ii) issue stock of Navient or any Navient Affiliate (or any instrument
that is convertible or exchangeable into any such stock), other than an issuance to which Treasury Regulations Section 1.355-7(d)(8) or (9) applies, equal to or exceeding twenty-five percent (25%) (by vote or value) of the stock of
Navient or of such Navient Affiliate that was issued and outstanding immediately following the Effective Time, (iii) facilitate or otherwise participate in any acquisition (or deemed acquisition) or other transfer of stock of Navient or
Internal Distributing that would result in (1) any shareholder owning (or being deemed to own after applying the rules of Sections 355(e)(4)(C) and 355(e)(3)(B) of the Code) forty percent (40%) or more (by vote or value) of the outstanding
stock of Navient or (2) any shareholder other than Navient owning (or being deemed to own after applying the rules of Sections 355(e)(4)(C) and 355(e)(3)(B) of the Code) forty percent (40%) or more (by vote or value) of the outstanding
stock of Internal Distributing, (iv) redeem or otherwise repurchase any stock of Navient other than pursuant to open market stock repurchase programs meeting the requirements of Section 4.05(1)(b) of Rev. Proc. 96-30, 1996-1 C.B. 696, or
(v) terminate the active conduct by the 

  
 24 

 
Navient Group of the Education Loan Management Business or the Internal Distributing Business, in each case, without first obtaining and delivering to SLM BankCo at Navient’s own expense a
Supplemental Tax Opinion or Permitted Supplemental Ruling reasonably satisfactory to SLM BankCo with respect to such action. 
 Certain SLM BankCo Actions
Following the Effective Time. Without limiting the other provisions of this Article VIII, during the two-year period following the Effective Time, SLM BankCo shall not take (and shall cause the members of the SLM BankCo Group to not take), and shall
not negotiate or enter into (and shall cause the members of the SLM BankCo Group to not negotiate or enter into) a binding agreement to take, any of the following actions: (i) liquidate, sell all or substantially all of its assets or sell or
transfer fifty percent (50%) or more of (1) the assets that constitute the Consumer Banking Business as of the Effective Time to any Person other than SLM BankCo or an entity which is and will be wholly-owned, directly or indirectly, by
SLM BankCo or (2) the assets that constitute the Internal Controlled Business as of the Effective Time to any Person other than Internal Controlled or an entity which is and will be wholly-owned, directly or indirectly, by Internal Controlled,
(ii) issue stock of SLM BankCo or any SLM BankCo Affiliate (or any instrument that is convertible or exchangeable into any such stock), other than an issuance to which Treasury Regulations Section 1.355-7(d)(8) or (9) applies, equal
to or exceeding twenty-five percent (25%) (by vote or value) of the stock of SLM BankCo or of such SLM BankCo Affiliate that was issued and outstanding immediately following the Effective Time, (iii) facilitate or otherwise participate in
any acquisition (or deemed acquisition) or other transfer of stock of SLM BankCo or Internal Controlled that would result in (1) any shareholder owning (or being deemed to own after applying the rules of Sections 355(e)(4)(C) and 355(e)(3)(B)
of the Code) forty percent (40%) or more (by vote or value) of the outstanding stock of SLM BankCo or (2) any shareholder other than SLM BankCo owning (or being deemed to own after applying the rules of Sections 355(e)(4)(C) and
355(e)(3)(B) of the Code) forty percent (40%) or more (by vote or value) of the outstanding stock of Internal Controlled, (iv) redeem or otherwise repurchase any stock of SLM BankCo other than pursuant to open market stock repurchase
programs meeting the requirements of Section 4.05(1)(b) of Rev. Proc. 96-30, 1996-1 C.B. 696, or (v) terminate the active conduct by the SLM BankCo Group of the Consumer Banking Business or the Internal Controlled Business, in each case,
without first obtaining and delivering to Navient at SLM BankCo’s own expense a Supplemental Tax Opinion or Permitted Supplemental Ruling reasonably satisfactory to Navient with respect to such action. 

Article IX 
 General
Provisions 
 Section 9.1 Counterparts; Corporate Power. 

(a) This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the parties and delivered to the other parties. 
 (b) SLM BankCo
represents on behalf of itself, and Navient represents on behalf of itself, as follows: 
 (i) it has the requisite corporate or other
power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement to which it is a party and to consummate the transactions contemplated hereby; and 

(ii) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance
with the terms hereof. 

  
 25 

 (c) Each party acknowledges that it and the other party may execute this Agreement by facsimile,
stamp or mechanical signature. Each party expressly adopts and confirms each such facsimile, stamp or mechanical signature made in its respective name as if it were a manual signature, agrees that it will not assert that any such signature is not
adequate to bind such party to the same extent as if it were signed manually and agrees that at the reasonable request of the other party at any time it will as promptly as reasonably practicable cause this Agreement to be manually executed (any
such execution to be as of the date of the initial date thereof). 
 (d) Notwithstanding any provision of this Agreement, neither SLM BankCo
nor Navient shall be required to take or omit to take any act that would violate its fiduciary duties to any minority shareholders of any non-wholly owned Subsidiary of SLM BankCo or Navient, as the case may be (it being understood that
directors’ qualifying shares or similar interests will be disregarded for purposes of determining whether a Subsidiary is wholly owned). 

Governing Law. This Agreement (and any claims or disputes arising out of or related hereto or to the transactions contemplated hereby or to
the inducement of any party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in accordance with the Laws of
the State of Delaware irrespective of the choice of laws principles of the State of Delaware including all matters of validity, construction, effect, enforceability, performance and remedies. 

Assignability. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns;
provided, however, that no party hereto may assign its respective rights or delegate its respective obligations under this Agreement, directly or indirectly (including by sale of assets or stock or by means of a merger or consolidation)
without the express prior written consent of the other party hereto. Notwithstanding the foregoing, no such consent shall be required for the assignment of a party’s rights and obligations under this Agreement in whole in connection with a
Change of Control of a party so long as the resulting, surviving or transferee Person assumes all the obligations of the relevant party thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the
other party. Nothing in this Section 9.3 is intended to, or shall be construed to, prohibit either party or any of its Subsidiaries from being party to or undertaking a Change of Control. 

Third-Party Beneficiaries. Except for the indemnification rights under this Agreement of any members of the SLM BankCo Group or the Navient Group in their
respective capacities as such, (a) the provisions of this Agreement are solely for the benefit of the parties hereto and are not intended to confer upon any Person except the parties hereto any rights or remedies hereunder,

  
 26 

 
and (b) there are no third party beneficiaries of this Agreement and this Agreement shall not provide any third Person with any remedy, claim, liability, reimbursement, claim of action or
other right in excess of those existing without reference to this Agreement. 
 Notices. The provisions of Section 10.5 of the Separation Agreement
shall apply to all notices, requests, claims, demands or other communications under this Agreement. 
 Severability. If any provision of this Agreement or
the application thereof to any Person or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in
jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the parties shall negotiate in
good faith in an effort to agree upon a suitable and equitable provision to effect the original intent of the parties. 
 Section 9.2
Force Majeure. No party shall be deemed in default of this Agreement to the extent that any delay or failure in the performance of its obligations under this Agreement results from any Force Majeure. In the event of any such excused
delay, the time for performance shall be extended for a period equal to the time lost by reason of the delay. 
 Section 9.3
Expenses. Except as otherwise expressly set forth in this Agreement, each Group shall bear its own expenses incurred after the Effective Time in connection with the preparation of Tax Returns and other matters related to Taxes
under the provisions of this Agreement for which it is liable. 
 Headings. The article, section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 9.4 Termination. 

(a) This Agreement may be terminated by the Sallie Mae Board at any time, in its sole and absolute discretion, prior to the Separation
Effective Time. After the Separation Effective Time, this Agreement may not be terminated except by an agreement in writing signed by each of the parties. 

(b) In the event of any termination of this Agreement prior to the Separation Effective Time, no party (or any of its directors or officers)
shall have any liability or further obligation to any other party. 
 Waivers of Default. Waiver by any 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 other party. No failure or delay by any party in exercising any right, power or privilege
under this Agreement shall operate as a waiver thereof, nor shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

  
 27 

 Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by any
party, unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the party against whom it is sought to enforce such waiver, amendment, supplement or modification. 

Interpretation. In this Agreement, (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 genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and
not to any particular provision of this Agreement; (c) Article and Section references are to the Articles and Sections to this Agreement unless otherwise specified; (d) the word “including” and words of similar import when used
in this Agreement shall mean “including, without limitation,”; (e) the word “or” shall not be exclusive; (f) unless expressly stated to the contrary in this Agreement, all references to “the date hereof,”
“the date of this Agreement,” “hereby” and “hereupon” and words of similar import shall all be references to April 29, 2014, regardless of any amendment or restatement hereof; and (g) references to any
agreement, instrument or other document shall mean such agreement, instrument or other document as amended, supplemented or modified from time to time to the extent permitted by the provisions thereof and not prohibited by this Agreement. 

Limitation of Liability. Except as expressly set out in this Agreement, neither Navient or its Affiliates, on the one hand, nor SLM BankCo or its Affiliates,
on the other hand, shall be liable under this Agreement to the other for any special, indirect, punitive, exemplary, remote, speculative or similar damages in excess of compensatory damages of the other arising in connection with the transactions
contemplated hereby (other than any such liability included in the definition of Taxes or with respect to a Third Party Claim). 
 Performance. SLM BankCo
will cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by any member of the SLM BankCo Group. Navient will cause to be performed, and hereby
guarantees the performance of, all actions, agreements and obligations set forth in this Agreement to be performed by any member of the Navient Group. Each party (including its permitted successors and assigns) further agrees that it will
(a) give timely notice of the terms, conditions and continuing obligations contained in this Agreement to all of the other members of its Group and (b) cause all of the other members of its Group not to take any action or fail to take any
such action inconsistent with such party’s obligations under this Agreement or the transactions contemplated hereby. 
 Predecessors or Successors. Any
reference to SLM BankCo, Navient, a Person, or a Subsidiary in this Agreement shall include any predecessors or successors (e.g., by merger or other reorganization, liquidation, conversion, or election under Treasury Regulations
Section 301.7701-3) of SLM BankCo, Navient, such Person, or such Subsidiary, respectively. 
 Effective Time. This Agreement shall become effective on
the date recited above on which the parties entered into this Agreement. 

  
 28 

 Change in Law. Any reference to a provision of the Code or any other Tax Law shall include a reference to any
applicable successor provision or Law. 
 Disputes. Except as otherwise provided under this Agreement (e.g., under Section 7.2(b)(ii)), the
procedures for resolving Disputes set forth in Article VII of the Separation Agreement shall apply to all Disputes (whether sounding in contract, tort or otherwise) arising out of or related to this Agreement or the transactions contemplated hereby
between or among any members of the Navient Group and the SLM BankCo Group. 

  
 29 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by the respective
officers as of the date set forth above. 
  

					
	 NAVIENT CORPORATION

			
		 	By:	 	 /s/ John F. Remondi

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

		 	Name:	 	Raymond Quinlan
		 	Title:	 	Chief Executive Officer

  
 30EX-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	  	 	8	  
	 Section 2.02.
	 	Duration of Services	  	 	8	  
	 Section 2.03.
	 	Pricing for Services	  	 	8	  
	 Section 2.04.
	 	Changes to Services.	  	 	8	  
	 Section 2.05.
	 	Excluded Services	  	 	9	  
	 Section 2.07.
	 	Services Managers	  	 	9	  
	 Section 2.08.
	 	Personnel	  	 	10	  
		
	 ARTICLE III
	  			
	ADDITIONAL ARRANGEMENTS	  			
			
	 Section 3.01.
	 	Software and Software Licenses	  	 	11	  
	 Section 3.02.
	 	Computer-Based and Other Resources	  	 	12	  
	 Section 3.03.
	 	Access to Facilities	  	 	12	  
	 Section 3.04.
	 	Cooperation	  	 	13	  
	 Section 3.05.
	 	Security and Privacy	  	 	13	  
	 Section 3.06.
	 	IT Transition Completion Requirements; IT Transition Changes	  	 	17	  
		
	 ARTICLE IV
	  			
	COSTS AND DISBURSEMENTS	  			
			
	 Section 4.01.
	 	Costs and Disbursements	  	 	18	  
	 Section 4.02.
	 	Tax Matters	  	 	19	  
	 Section 4.03.
	 	No Right to Set-Off	  	 	20	  
		
	 ARTICLE V
	  			
	STANDARD FOR SERVICE	  			
			
	 Section 5.01.
	 	Standard for Service	  	 	20	  
	 Section 5.02.
	 	Disclaimer of Warranties	  	 	21	  
	 Section 5.03.
	 	Compliance with Laws and Regulations	  	 	21	  
		
	 ARTICLE VI
	  			
	LIMITED LIABILITY AND INDEMNIFICATION	  			
			
	 Section 6.01.
	 	Consequential and Other Damages	  	 	22	  
	 Section 6.02.
	 	Limitation of Liability	  	 	22	  
	 Section 6.03.
	 	Obligation To Re-perform; Liabilities	  	 	22	  
	 Section 6.04.
	 	Indemnification    	  	 	23	  
	 Section 6.05.
	 	Liability for Payment Obligations	  	 	23	  
	 Section 6.06.
	 	Exclusion of Other Remedies	  	 	23	  

  
 -i- 

							
	 ARTICLE VII
	  			
	TERM AND TERMINATION	  			
			
	 Section 7.01.
	 	Term and Termination	  	 	23	  
	 Section 7.02.
	 	Effect of Termination	  	 	25	  
	 Section 7.03.
	 	Force Majeure	  	 	25	  
		
	 ARTICLE VIII

GENERAL PROVISIONS
	  			
			
	 Section 8.01.
	 	No Agency	  	 	25	  
	 Section 8.02.
	 	Subcontractors	  	 	25	  
	 Section 8.03.
	 	Treatment of Confidential Information	  	 	26	  
	 Section 8.04.
	 	Further Assurances	  	 	27	  
	 Section 8.05.
	 	Dispute Resolution	  	 	27	  
	 Section 8.06.
	 	Notices	  	 	27	  
	 Section 8.07.
	 	Severability	  	 	28	  
	 Section 8.08.
	 	Entire Agreement	  	 	28	  
	 Section 8.09.
	 	No Third-Party Beneficiaries	  	 	28	  
	 Section 8.10.
	 	Governing Law	  	 	28	  
	 Section 8.11.
	 	Amendment; Waiver	  	 	28	  
	 Section 8.12.
	 	Rules of Construction	  	 	28	  
	 Section 8.13.
	 	Counterparts	  	 	29	  
	 Section 8.14.
	 	Assignability	  	 	29	  
	 Section 8.15.
	 	Public Announcements	  	 	30	  
	 Section 8.16.
	 	Non-Recourse	  	 	30	  
	 Section 8.17.
	 	Audit Rights	  	 	30	  
	 Section 8.18.
	 	Title to Intellectual Property	  	 	30	  
	 Section 8.19.
	 	Order of Precedence	  	 	31	  

 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 

  
 -ii- 

 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. 

 “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. 

  
 -2- 

 “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 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. 

  
 -3- 

 “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. 

  
 -4- 

 “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  

  
 -5- 

 
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 2.06. 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 

  
 -6- 

 
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. 

  
 -7- 

 (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

  
 -8- 

 
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. 

  
 -9- 

 (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 

  
 -10- 

 
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.)). 

  
 -11- 

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

  
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 (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  

  
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6.03 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 

  
 -22- 

 
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 

  
 -23- 

 
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). 

  
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 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 

  
 -25- 

 
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. 
 Section 8.06. Notices. Except with respect to routine
communications by the Navient Services Manager and the SLM BankCo Services Manager under Section 2.07, 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): 

  
 -26- 

	 	(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 

  
 -27- 

 
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 

  
 -28- 

 
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. 

  
 -29- 

 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 

  
 -30- 

 (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.] 

  
 -31- 

 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

  
 -32- 

 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

  
 -33- 

 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

  
 -34- 

 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. 

  
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	 	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. 

  
 -36- 

 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.

  
 -37- 

 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. 

  
 -38- 

 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. 

  
 -39- 

 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 

  
 -40- 

 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 

  
 -41- 

 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 

  
 -42- 

 Schedule 1 

Comprehensive Information Technology Services 

[See attached.] 

  
 -43- 

 Schedule 2 

Short-Term Shared Loan Servicing Services 

[See attached.] 

  
 -44- 

 Schedule 3 

Customer Experience Services 
 [See
attached.] 

  
 -45- 

 Schedule 4 

Trust Administration Services 

[See attached.] 

  
 -46- 

 Schedule 5 

Facilities Services 
 [See
attached.] 

  
 -47- 

 Schedule 6 

Third Party TSA Support Services 

[See attached.] 

  
 -48- 

 Schedule 7 

Government Relations Services 

[See attached.] 

  
 -49- 

 Schedule 8 

Services Business Development Support and IT Services 

[See attached.] 

  
 -50- 

 Schedule 9 

Financial and HR Systems Support Services 

[See attached.] 

  
 -51-

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