Document:

EX-4.2

 Exhibit 4.2 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS NOTE IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

SLM CORPORATION 
 4.200%
Senior Notes due 2025 
 CUSIP: 78442PGD2 
  

			
	No.	 	$            

 SLM CORPORATION, a corporation organized and existing under the laws of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum as set forth in the Schedule of Increases or Decreases In Note attached hereto on
October 29, 2025 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon from October 29, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually in arrears on April 29 and October 29 of each year (each, an “Interest Payment Date”), commencing April 29, 2021, at the rate of 4.200% per annum, until the principal hereof is paid or duly provided
for or made available for payment. 
 The amount of interest payable for any full semi-annual Interest Period will be calculated on the
basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable for any period shorter than a full semi-annual Interest Period will be
calculated on the basis of a 30-day month and, for any period less than a month, on the basis of the actual number of days elapsed per 30-day month. In the event that
any 

  
 1 

 
scheduled Interest Payment Date falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date will be postponed to the next succeeding day which is a
Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). The term “Business Day” means any calendar day that is not a Saturday, Sunday or a day on which
commercial banking institutions are not required to be open for business in The City of New York, New York. 
 The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the person in whose name the relevant Notes, or any predecessor Notes, are registered at the close of business on the Record Date for
such Interest Payment Date; provided that the interest due on the Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of a Note of this series will be paid to the Person to whom principal of such Note is
payable. 
 Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York, which shall initially be the Principal Office of the Trustee located therein, in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the Security Register or by wire transfer to
an account appropriately designated by the Person entitled to payment; provided that the paying agent shall have received written notice of such account designation at least five Business Days prior to the date of such payment (subject to
surrender of the relevant Note in the case of a payment of interest on a Redemption Date or the Maturity Date). 
 Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	SLM CORPORATION
		
	By:	 	
                     
                    

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

Dated:                      

 

			
	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:	 	
                     
                    

		 	Authorized Signatory

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued
in one or more series under an Indenture (the “Base Indenture”), dated as of June 17, 2015, between the Company and Deutsche Bank National Trust Company, as Trustee (herein called the “Trustee,” which term
includes any successor trustee), as amended and supplemented by the Second Supplemental Indenture, dated as of October 29 2020, between the Company and the Trustee (the “First Supplemental Indenture,” and the Base Indenture as
supplemented by the Second Supplemental Indenture, the “Indenture”), to which Indenture reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$500,000,000. 
 All terms used but not defined in this Note that are defined in the Indenture shall have the meaning assigned to them in
the Indenture. 
 The Notes are subject to certain optional redemption provisions as set forth in the Indenture. 

The Notes are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance of the obligations of the Company at any time upon compliance by the Company with certain
conditions set forth therein, which provisions apply to the Notes of this series. 
 If an Event of Default with respect to Notes of this
series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Notes at any time by the Company and the Trustee, with the consent of the holders of a majority in the aggregate principal amount of the Notes of each series affected thereby at the time
Outstanding, voting as a single class. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes of a series at the time Outstanding, on behalf of the holders of all Notes of such series,
to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place 

  
 R-1 

 
where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by the holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees. 
 The Notes of this series are issuable only in registered form without coupons in minimum denominations of
$2,000 and any integral multiple of $1,000 in excess thereof, except as provided for in Section 2.04 of the Second Supplemental Indenture. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series
are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the holder surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 The Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish a copy of the Indenture to any holder upon written request and without
charge. 

  
 R-2 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to: 
  

	
	  

	
	  

	
	 (Insert assignee’s social security or tax identification number)

	
	  

	
	  

	
	  

	
	 (Insert address and zip code of assignee) and irrevocably appoints

	
	  

	
	  

	
	  

	
	 agent to transfer this Note on the books of the Company. The agent may substitute another to act
for him or her.

 Date:
                     
  

	
	 Signature:

	
	  

	 Signature Guarantee:
                    

 (Sign exactly as your name appears on the other side of this Note) 

 SIGNATURE GUARANTEE 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which
requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Note is $[            ]. The following
increases or decreases in the principal amount of this Note have been made: 
  

									
	 Date
	 	 Amount of

decrease in
 principal
amount
 of this Note
	 	 Amount of

increase in
 principal
amount
 of this Note
	  	 Principal amount

of this Note
 following
such
 decrease or

increase
	  	 Signature of

authorized
 signatory
of
 TrusteeDocument

Exhibit 10.2

M.D.C. HOLDINGS, INC. 
2018 EXECUTIVE OFFICER
PERFORMANCE-BASED COMPENSATION PLAN 
(amended September 4, 2020)

Article I
Establishment and Administration of Plan 
A.    The Compensation Committee (the “Committee”) of the Board of Directors of M.D.C. Holdings, Inc., (the “Company”) hereby establishes the following 2018 Executive Officer Performance-Based Compensation Plan (the “Plan”) to provide an additional compensation incentive to improve the Company’s financial results to eligible employees responsible for management of the Company. This Plan shall be effective as of December 10, 2018.
B.    The Committee intends that any award of performance-based compensation payable to the Covered Employees on, or following, the effective date of this Plan shall be made pursuant to this Plan instead of the 2013 Executive Officer Performance-Based Compensation Plan, unless the Committee determines otherwise. 
C.    The Committee shall administer and interpret the Plan and shall have exclusive authority to establish one or more Performance Objectives for any fiscal year. 
Article II
Definitions 
For purposes of this Plan: 
A.     “Covered Employees” shall mean the following individuals entitled to compensation payments under the Plan: Larry A. Mizel, the Company’s Chairman of the Board and Chief Executive Officer, and David D. Mandarich, the Company’s President and Chief Operating Officer. 
B.    The “Performance Goal” shall be a written goal for the achievement of one or more Performance Objectives established and approved by the Committee in respect of a particular fiscal year. 
C.    The “Performance Objectives” for any fiscal year shall be determined by the Committee. The Performance Objective may be based upon one or more of the following criteria: (1) EBITDA; (2) adjusted pre-tax income; (3) net income; (4) operating income; (5) earnings per share of the  Company or an identifiable business segment; (6) book value per share; (7) stockholders’ equity; (8) adjusted pre-tax return on stockholders’ equity; (9) expense management; (10) total shareholder return; (11) return on investment before or after the cost of capital; (12) improvements in capital structure; (13) profitability of the Company or an identifiable business segment, unit or product; (14) maintenance or improvement of profit margins; (15) stock price; (16) market share; (17) revenues or sales; (18) costs; (19) cash flow; 
1

(20) working capital; (21) changes in net assets, whether or not multiplied by a constant percentage intended to represent the cost of capital; (22) return on assets; (23) debt ratings; (24) debt or net debt to EBITDA ratio; (25) debt or net debt to total capital ratios; (26) debt or net debt to equity ratios; (27) gross margins; (28) closings/deliveries; (29) net orders/growth; (30) SG&A and expense management; (31) procurement of land/well located lots; (32) operating margins; (33) mortgage capture rates; (34) acquisitions/entrance into new markets; (35) inventory turnover; (36) liquidity; (37) interest coverage; (38) cost targets, reductions and savings; (39) productivity and efficiencies; (40) strategic business criteria; (41) human resources management; (42) supervision of litigation; (43) economic value added; (44) customer satisfaction; (45) credit rating; (46) debt to equity; (47) cash to debt; (48) inventory; (49) land and other asset acquisitions; (50) debt management; (51) new debt issues; (52) debt retirement; or (53) any other individual or Company performance criteria that may be established by the Committee in its sole discretion. The foregoing criteria may relate to the individual Covered Employee or the Company, one or more of its subsidiaries, divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or other industries, or any combination thereof, as the Committee shall determine. 
Article III
Performance-Based Compensation 
A.    The payments provided for in this Plan shall be paid when the Performance Goal established by the Committee for that fiscal year is determined by the Committee to have been achieved, in which case the Covered Employees shall receive the amount of compensation provided in Paragraph B of Article III. 
B.    In the event the Performance Goal for a fiscal year is achieved, each of the Covered Employees shall receive the amount attributed to the achievement in accordance with the terms of this Plan, but no more than one percent (1%) of Total Assets as set forth on the Company’s balance sheet at the beginning of the most recent fiscal year. 
C.    The Committee retains the sole discretion to increase or decrease the amount of any payment determined pursuant to this Plan, subject to Paragraph B of Article III. 
Article IV
Payment 
A.    Any amounts to be paid pursuant to this Plan shall be payable in a lump sum cash payment subject to the discretion of the Committee to pay a portion of the amount earned in restricted stock under the terms of the Company’s 2011 Equity Incentive plan, as amended.
B.    The Company shall make payment to each of the Covered Employees as promptly as practicable after the end of each fiscal year, but in no event later March 15 of the calendar year following the fiscal year to which such bonus relates. 
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Article V
Miscellaneous 
A.    This Plan may be terminated or amended at any time by the Committee or the Company with or without the consent of any Covered Employees. 
B.    Any payments made pursuant to this Plan shall be in addition to the base salaries and other compensation or benefits paid or provided to the Covered Employees, and in no event shall this Plan cause such base salaries and benefits to be reduced or forfeited. 
C.    The Plan shall be unfunded, and the Company shall not be required to segregate any assets which may at any time be awarded under the Plan. Nothing in the Plan is intended to abrogate the rights of any Covered Employee under any contract or agreement existing between the Covered Employee and the Company, or any subsequent amendments or modifications of such contract or agreement, and all awards granted under the Plan and actions taken with respect to the Plan shall be subject to the terms of any contract or agreement between the Covered Employee and the Company. No obligation of the Company under the Plan shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
Article VI
Section 409A 
Notwithstanding anything contained in the Plan to the contrary, the time and form of payment that is subject to the limitations imposed by Section 409A of the Code shall comply with the requirements of Section 409A of the Code. Amounts payable pursuant to this Plan are intended to constitute “short-term deferrals” within the meaning of Code Section 409A, and the Plan shall be interpreted and administered consistent with this intent. 
 
[Approved by the Board of Directors, December 10, 2018.]
[Amended by the Compensation Committee, September 4, 2020.]
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