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Exhibit 4.5  

 
 

FORM OF
  RESTRICTED STOCK AGREEMENT
  PURSUANT TO
  FEDEX CORPORATION INCENTIVE STOCK PLAN    
    

        THIS RESTRICTED STOCK AGREEMENT is made this            day
of            , 20    by and
between                        (the "Participant") and FedEx
Corporation, a Delaware corporation (the "Company"), pursuant to the Company's Incentive Stock Plan (the "Plan"), which is incorporated into and forms a part of this Agreement. 

        WHEREAS,
the Committee (as defined in the Plan) on                        authorized and directed the Company to make an award of stock to
the Participant under the Plan for the purposes
expressed in the Plan; 

        NOW,
THEREFORE, in consideration of the foregoing and the mutual undertakings herein contained, the parties agree as follows: 

        1.    Grant of Stock.    In accordance with the terms of the Plan and subject to the further terms, conditions and
restrictions contained in this Agreement, the Company hereby grants to the Participant                        shares (the
"Shares") of the Company's common stock, $.10 par value (the "Common Stock"). As long
as the Shares are subject to the Restrictions set forth in Section 4 of this Agreement, such shares shall be deemed to be, and are referred to in this Agreement as, the "Restricted Shares." The
Shares granted shall be treasury stock. 

        2.    Certificates for Shares.    Certificates evidencing Restricted Shares shall be deposited with the Company or its
designee to be held in escrow until such Shares are released to the Participant or forfeited in accordance with this Agreement. The Participant shall, simultaneously with the delivery of this
Agreement, deliver to the Company a stock power, in blank, executed by the Participant. 

        If
any Restricted Shares are forfeited, the Company shall direct the transfer agent of the Common Stock to make the appropriate entries in its records showing the cancellation of the
certificate or certificates for such Restricted Shares and to return the Shares represented thereby to the Company's treasury. 

        3.    Adjustments in Restricted Shares.    In the event the outstanding Common Stock is changed or exchanged as a
result of a stock dividend, stock split, share combination, exchange or reclassification, recapitalization, merger, consolidation or other corporate reorganization affecting the Common Stock, the
Committee shall make approximate and equitable adjustments in the Restricted Shares corresponding to adjustments made by the Committee in the number and kind of shares which may be issued under the
Plan. Any new, additional or different securities to which the Participant shall be entitled in respect of Restricted Shares by reason of such adjustment shall be deemed to be Restricted Shares and
shall be subject to the same terms, conditions, and restrictions as the Restricted Shares so adjusted. 

        4.    Restrictions.    During applicable periods of restriction determined in accordance with Section 6 of this
Agreement, Restricted Shares, and all rights with respect to such Shares, may not be sold, pledged, assigned, exchanged, encumbered, hypothecated, transferred or disposed of in any manner and shall be
subject to the risk of forfeiture contained in Section 5 of this Agreement (such limitations on transferability and risk of forfeiture being herein referred to as "Restrictions"), but the
Participant shall have all other rights of a stockholder, including, but not limited to, the right to vote and receive dividends on Restricted Shares. 

        5.    Forfeiture of Restricted Shares.    In the event that the Participant's employment by the Company or a
subsidiary terminates for any reason other than his or her death, retirement or permanent disability, such event shall constitute an "Event of Forfeiture" and all Shares which at that time are
Restricted Shares shall thereupon be forfeited by the Participant to the Company without payment of 

 

any
consideration by the Company, and neither the Participant nor any successor, heir, assign or personal representative of the Participant shall have any right, title or interest in or to such
Restricted Shares or the certificates evidencing them. 

        6.    Lapse of Restrictions.    (a) Except as provided in subsection (b) below, the Restrictions on the
Restricted Shares granted under this Agreement shall lapse ratably on each of the first
through                        anniversaries of the date of this Agreement, including in the event the Participant
retires at or after the age of 55, but before the age of 60, in accordance with the following schedule: 

	Date
	 	Number of Shares on

Which Restrictions Lapse

	

 	
 	

 
	

 	
 	

 
	

 	
 	

 
	

 	
 	

 

        (b)   The
Restrictions shall lapse on the Restricted Shares (if not already lapsed pursuant to subsection (a) above) on the later of (i) the Participant's
retirement at or after the age of 60, permanent disability or death or (ii) the first anniversary of the date of this Agreement. 

        (c)   Upon
lapse of the Restrictions in accordance with this Section, the Company shall, as soon as practicable thereafter, deliver to the Participant an unrestricted
certificate for the Shares with respect to which such Restrictions have lapsed. 

        7.    Tax Equalization Bonus.    The Company shall, provided the Participant has furnished the Company evidence of
having timely made the election under Section 83(b) of the Internal Revenue Code with respect to the grant of the Shares, pay for the benefit of the Participant a bonus equal to the gross
amount of Federal income taxes, Medicare tax and loss of itemized deduction for such Federal income taxes for which the Participant has incurred a liability solely as a result of the grant of the
Shares, the making of such election and the payment of such bonus. All of such payment shall be made in the form of Federal income tax withholding payments on or before December 31,
            . No such bonus shall be paid unless the Participant makes such election and furnishes the Company proof of such election in such form and manner as the Company shall prescribe.

        8.    Withholding Requirements.    Whenever payments hereunder are to be made in cash, or Restrictions lapse with
respect to Restricted Shares, the Company shall have the right to withhold from sums due to the Participant (or to require the Participant to remit to the Company) an amount sufficient to satisfy any
Federal, state or local withholding tax requirements prior to making such payments or delivering any certificate evidencing such Shares. 

        9.    Effect of Employment.    Nothing contained in this Agreement shall confer upon the Participant the right to
continue in the employment of the Company or affect any right which the Company may have to terminate the employment of the Participant. 

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        10.    Amendment.    This Agreement may not be amended except with the consent of the Committee and by a written
instrument duly executed by the Participant and the Company. 

        11.    Binding Effect.    This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their heirs, personal representatives, successors and assigns. The terms of this Agreement shall in all respects be subject to the terms of the Plan. Participant acknowledges receipt of a copy of
the Plan, which is attached hereto, represents that he or she is familiar with the terms and provisions thereof and accepts the award of Shares hereunder subject to all of the terms and conditions
thereof and of this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee upon any questions arising under the Plan or this
Agreement. 

        IN
WITNESS WHEREOF, the Company and the Participant have each executed and delivered this Agreement as of the date first above written. 

	

ATTEST:	
 	

FEDEX CORPORATION
	

  
 Assistant Secretary	
 	

By:	
 	

  
 Chairman, President and

Chief Executive Officer
	

 	
 	

PARTICIPANT:
	

 	
 	

  

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Exhibit 4.1  

 
 

SLM CORPORATION
    
    OFFICERS' CERTIFICATE    
    

        This certificate is furnished to JP Morgan Chase Bank, formerly known as The Chase Manhattan Bank, in its capacity as trustee (the
"Trustee"), pursuant to Section 2.02(c) of the Indenture, dated as of October 1, 2000, as amended or supplemented (the
"Indenture"), between SLM Corporation, formerly known as USA Education, Inc., a Delaware corporation (the
"Company"), and the Trustee. 

        The
Company has filed with the Securities and Exchange Commission (the "Commission") a Registration Statement (File
No. 333-107132) including a Prospectus, dated August 6, 2003, and a Prospectus Supplement, dated December 4, 2003, with respect to the offering of $275,000,000
aggregate principal amount of 6% Senior Notes due December 15, 2043 (the "Initial Senior Notes") and, subject to the agreement of the Company, up
to $41,250,000 of 6% Senior Notes due December 15, 2043 (the "Option Senior Notes", and together with the Initial Senior Notes, the
"Senior Notes"). By resolution dated January 28, 2003, the Board of Directors of the Company authorized the Company to issue and sell
indebtednesss and authorized certain officers or any one of their designees to take or cause to be taken actions under such resolution. 

        The
undersigned, C.E. Andrews, Executive Vice President, Accounting and Risk Management of the Company, and Mary F. Eure, Vice President and Corporate Secretary of the Company, hereby
make this certificate in order to set forth the terms of the Senior Notes to be issued under the Indenture on December 15, 2003. 

        A.
Board Resolution: The resolution of the Board of Directors of the Company authorizing issuance of the Senior Notes is attached as  Exhibit A to this
certificate. The Corporate Secretary of the Company hereby certifies that the foregoing resolution was adopted by the Board of
Directors of the Company and is in full force and effect on the date of this certificate. 

        B.  Terms and Conditions of the Senior Notes: The terms and conditions of the Senior Notes are as follows. Capitalized terms used and not
otherwise defined in this Officers' Certificate have the meanings ascribed to them in the Indenture and the Master Note (defined below). 

        (1)  Title of the Senior Notes. The title of the Senior Notes is "6% Senior Notes due December 15, 2043." The Senior
Notes shall be deemed a separate Series of Securities under the Indenture, known as "Series C". 

        (2)  Aggregate Principal Amount of Senior Notes. The aggregate principal amount of Senior Notes that may be authenticated and
delivered is $275,000,000 and, subject to the agreement of the Company, up to an additional $41,250,000. The Company is entitled under Section 2.02(b) of the Indenture to reopen the Series of
Senior Notes by offering additional Securities of such Series. Upon receipt of a Company Order for the authentication and delivery of the Notes and satisfaction of the requirements of
Section 2.03 of the Indenture, the Trustee shall authenticate Senior Notes for the original issuance in a an aggregate principal amount as set forth in the Company Order. 

        (3)  Maturity Date. The entire outstanding principal of the Senior Notes shall be payable on the Maturity Date set forth in
the Master Note to Holders as of the Regular Record Date immediately preceding the Maturity Date 

        (4)  Interest. Interest shall be paid as set forth in the Master Note. 

        (5)  Record Date. Payments of interest and principal shall be made to Holders on each Regular Record Date, determined as set
forth in the Master Note. 

        (6)  Registrar and Paying Agent. The Trustee shall be the Registrar and the Paying Agent with respect to the Senior Notes.
Payments in respect of the Senior Notes represented by Global Securities (including principal and interest) shall be made in immediately available funds as provided in the Master Note. 

 

        (7)  Redemption. The Senior Notes shall be redeemable at the option of the Company on any Business Day on and after
December 15, 2008 (each, a "Redemption Date"). The Senior Notes may be redeemed on any Redemption Date, in whole or in part, at a redemption
price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest up to, but excluding, the applicable Redemption Date. Pursuant to Section 3.01 of the Indenture,
the Company shall, at least sixty (60) days prior to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date and of the principal amount and the redemption price of
the Senior Notes to be redeemed. Notwithstanding Section 3.03(a) of the Indenture, at least thirty (30), but not more than sixty (60), days before a Redemption Date, the Company and the Trustee
shall send a notice of redemption by facsimile or some other form of electronic transmission, with a copy of such notice sent simultaneously by first-class mail, to the Depositary for the Senior Notes
issued in book-entry form or to each Holder of the Senior Notes that are to be redeemed if the Senior Notes are issued in other than book-entry form. All provisions of
Section 3.03 of the Indenture, with the exception of Section 3.03(a) which has been modified by this Paragraph B. (7), shall remain unchanged. 

        (8)  Sinking Fund. The Senior Notes shall not have the benefit of any sinking fund. 

        (9)  Denomination. The Senior Notes shall be issued in denominations of $25 and any integral multiple thereof. The Senior
Notes may be transferred or exchanged only in minimum denominations of $25 and integral multiples of $25 in excess thereof; and any attempted transfer, sale or other disposition of the Senior Notes in
a denomination of less than $25 shall be deemed to be void and of no legal effect whatsoever. 

        (10)  Acceleration. In the Event of Default, the Trustee, by notice to the Company, or the Holders of at least 25% in
principal amount of all of the outstanding Senior Notes, by notice to the Company and the Trustee, may declare the Principal of the Senior Notes to be due and payable. Upon such declaration, the full
amount of such Principal shall be due and payable immediately. 

        (11)  Registered Securities. The Senior Notes shall be issuable only as Registered Securities (without coupons) and as
permanent Global Securities. The Notes shall not be issuable in definitive form (other than in the name of the Depositary's nominee) except under the circumstances described in Section 2.15 of
the Indenture. The Trustee shall act as transfer agent for the Senior Notes. 

        (12)  Form of Notes. The master note for the Senior Notes and the form of fixed rate note attached thereto (the
"Master Note") is to be substantially in the form attached as Exhibit B to this Officers'
Certificate. 

        (13)  Depositary. The Depositary for the Senior Notes in book-entry form shall be The Depository Trust Company.
Beneficial interests in such Notes shall be held through the Depositary. 

        (14)  Currency. Payments of principal and interest on the Senior Notes shall be made in U.S. Dollars, and the Senior Notes
shall be denominated in U.S. Dollars. 

        (15)  Conversion. The Senior Notes shall not be convertible or exchangeable into any other class or series of securities. 

        (16)  Defeasance. The Company shall not be entitled to defease payments under the Notes. 

        (17)  Priority. The Senior Notes are senior unsecured obligations of the Company and rank equally in right of payment with any
other senior unsecured and unsubordinated indebtedness that the Company may issue from time to time. The Senior Notes will rank senior to any subordinated indebtedness that the Company may issue from
time to time. 

        C.
Trustee Payments

        (1)   Establishment of Account; Investments. The Company directs and authorizes the Trustee to establish one or more debt
service accounts in respect of the Senior Notes. All or a portion of the 

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amounts
paid to the Trustee by the Company are to be deposited in such accounts and are to be invested and reinvested by the Trustee pursuant to written directions from the Company, which direction
may be in the form of a standing direction. Such investments may be in one or more Eligible Instruments (as defined in the Indenture) or Eligible Investments (defined below).  Notwithstanding the foregoing, no investment of any such amount may mature later than the Business Day preceding the applicable payment date (or, in the
case of an investment in an obligation of the Trustee, no later than the applicable payment date) and no such investment may be sold prior to its maturity date. On each payment date, the trustee is
required to withdraw any net reinvestment income and return such amount to the Company. The Trustee has no obligation to invest and reinvest any cash held in such accounts established by the Trustee
in the absence of a timely and specific written investment direction from the Company. In no event is the Trustee liable for the selection of investments or for investment losses incurred thereon. The
Trustee has no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or the failure of the Company to provide timely written investment
direction. 

        "Eligible
Investments" means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form, with respect to which the
Trustee has taken delivery, which evidence: (i) direct obligations of, and obligations fully guaranteed as to the full and timely payment by, the United States of America, (ii) demand
deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States
of America or any State thereof and subject to supervision and examination by Federal or State banking or depository institution authorities, provided that at the time of investment or contractual
commitment to invest therein, the commercial paper or other short-term unsecured debt obligations (other than such obligations the rating of which is based on the credit of a person other
than such depository institution or trust company) thereof shall be rated "A-1+" by Standard & Poor's Credit Market Services ("S&P") and "P-1" by Moody's Investors
Service, Inc. ("Moody's"); (iii) commercial paper that, at the time of the investment or contractual commitment to invest therein, is rated "A-1" by S&P and "P-1"
by Moody's; (iv)bankers' acceptances issued by any depository institution or trust company referred to in (ii) above; (v) repurchase obligations with respect to any security pursuant to
a written agreement that is a direct obligation of, or fully guaranteed as to the full and timely payment by, the United States of America or any agency or instrumentality thereof, the obligations of
which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company the deposits of which are insured by the
Federal Deposit Insurance Corporation and whose commercial paper or other short-term unsecured debt obligations are rated "A-1+" by S&P and "P-1" by Moody's; and
(vi) money market mutual funds registered under the Investment Company Act having a rating, at the time of such investment from each of S&P and Moody's in the highest investment category
granted thereby. Any Eligible Investments may be purchased by or through Trustee or any of its affiliates and shall include such securities issued by the Trustee or its affiliates. 

        D.
Additional Certification. Each of the undersigned (i) has read Section 2.02 and other relevant provisions of the
Indenture; (ii) has examined documents and made inquiries of officers of the Company in order to ascertain compliance with Section 2.02 of the Indenture; (iii) is of the opinion
that the signing officer has made such examination and investigation as the signing officer deems necessary to enable such officer to express an informed opinion as to whether the conditions of
Section 2.02 of the Indenture have been complied with; and (iv) is of the opinion that the requirements of Section 2.02 of the Indenture have been complied with. 

        IN
WITNESS WHEREOF, we have executed this certificate as of December 4, 2003. 

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	/s/  C.E. ANDREWS      
 C.E. Andrews	 	/s/  MARY F. EURE      
 Mary F. Eure
	Executive Vice President, Accounting Risk Management

SLM Corporation	 	Vice President and Corporate Secretary abd

SLM Corporation

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