Document:

exv10w1

Exhibit 10.1

SALLIE MAE

EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated as of February 15, 2008

	1.	 	PURPOSE

     The purpose of the Sallie Mae Employee Stock Purchase Plan (the “Plan”) is to motivate
employees of SLM Corporation (formerly USA Education, Inc., renamed on May 17, 2002) (the
“Corporation”) and designated subsidiaries listed in Appendix A (collectively the “Employers”) to
achieve corporate goals and to encourage equity ownership in the Corporation in order to increase
proprietary interest in the Corporation’s success.

	2.	 	ADMINISTRATION

	 	(a)	 	The Plan shall be administered by the Sallie Mae Employee Stock Purchase Plan
Committee (the “Committee”), which shall be appointed by the Corporation’s Board of
Directors. In addition to its duties with respect to the Plan, the Committee shall
have full authority, consistent with the Plan, to interpret the Plan, to promulgate
such rules and regulations with respect to the Plan as it deems desirable, to delegate
its responsibilities hereunder to appropriate persons and to make all other
determinations necessary or desirable for the administration of the Plan. All
decisions, determinations and interpretations of the Committee shall be binding upon
all persons.
	 
	 	(b)	 	The rights to purchase stock (“Options”) that are granted under this Plan shall
constitute non-qualified stock options that are not intended to qualify under Section
423 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”).
However, the Plan is intended to comply with Section 409A of the Code and will be
interpreted in a manner intended to comply with Section 409A of the Code.

	3.	 	SHARES SUBJECT TO THE PLAN

     The stock that may be purchased under the Plan is common stock, $.20 par value, of the
Corporation. The aggregate number of shares that may be purchased as of February 15, 2008, is
1,082,739 (which represents the original number of 1,250,000 shares authorized under the Plan,
which pursuant to Paragraph 4, increased to 4,375,000 shares on account of a January 2, 1998 stock
split; decreased by 1,500,000 on November 6, 2002; increased from 2,857,000 shares to 8,625,000
shares on account of a June 23, 2003 stock split; decreased by 1,000,000 shares on May 19, 2005;
and decreased by the total number of shares purchased since the Plan’s inception 6,542,261) and are
subject to any further adjustment pursuant to Paragraph 4. Such shares may be previously-issued
stock reacquired by the Corporation, authorized, but unissued stock, or stock that is purchased on
the open market by the Corporation.

     If at any time the number of shares to be purchased in an Offering Period, as defined in
Paragraph 5(c), causes the total number of shares offered under the Plan to exceed the above stated
limit, then the number of shares that may be purchased by each Participant in that Offering Period
shall be reduced pro rata.

	4.	 	ADJUSTMENTS FOR CHANGES IN CAPITALIZATION

     If any change is made in, or other events occur with respect to, the Corporation’s stock
subject to the Plan or subject to any Option granted under this Plan without receipt of
consideration by the Corporation (through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, extraordinary cash dividend,
stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate
structure or other transaction not involving the receipt of consideration by the Corporation, each
an “Adjustment Event”), the Plan shall be adjusted in the class(es) and maximum number of
securities subject to the Plan pursuant to Section 3 and the outstanding Options granted under this
Plan shall be maintained in the same equivalent economic position with respect to the class(es)
and number of securities and price per share of Corporation stock subject to such outstanding
Options. The Committee shall be responsible for determining whether an Adjustment Event has
occurred for purposes of this Section 4. If an Adjustment Event has occurred, the Committee shall
make such adjustments as described herein, and its determination shall be final, binding and
conclusive. No fractional interests shall be issued under the Plan based on such adjustments. The
Committee shall not make any adjustment pursuant to this Section 4 that would cause an Option that
is otherwise exempt from Section 409A of the Code to become subject to Section 409A of the Code, or
that would cause an Option that is subject to Section 409A of the Code to fail to satisfy the
requirements of Section 409A of the Code.

	5.	 	DEFINITIONS

	 	(a)	 	Eligible Compensation. The term “Eligible Compensation” shall mean the
regular salary and hourly wages
(calculated at the regular hourly rate, including payments for sick leave, vacation, paid
time-off, holidays, jury duty, bereavement and other paid leaves of absence). In
addition commissions paid by an Employer to a Participant during the Offering Period are
considered “Eligible Compensation.” “Eligible Compensation” shall not include other

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SALLIE MAE

EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated as of February 15, 2008

	 	 	 	forms of compensation such as Short-term Disability payments, severance payments,
incentive compensation, and overtime pay.
	 
	 	(b)	 	Entry Date. The term “Entry Date” shall mean the first day of each Plan Year,
except that for eligible employees hired after the first day of any Plan Year and on or
prior to July 1st, the initial “Entry Date” shall mean the first day of the
month following their commencement of employment with the Corporation or an Employer.
Notwithstanding the foregoing, with respect to eligible employees hired by APG, “Entry
Date” shall mean the first day of each Plan Year, except that for any such eligible
employee hired by APG after the first day of any Plan Year and on or prior to July
1st, the initial “Entry Date” shall mean the first day of the month
following three consecutive months of their employment.
	 
	 	(c)	 	Offering Period. The term “Offering Period” shall mean the 12-month period
beginning with the first day of each Plan Year, except that for eligible employees
hired after the first day of any Plan Year and on or prior to July 1st, the initial
“Offering Period” shall mean the period beginning with the first day of the month in
which benefits are otherwise effective following their commencement of employment with
the Corporation or an Employer and ending on the immediately following January 31st.
	 
	 	(e)	 	Plan Year. The Plan will follow a twelve month cycle starting each February
1st and ending the next January 31st, except for the short Plan Year beginning February
15, 2008 and ending January 31, 2009.
	 
	 	(e)	 	Purchase Date. The term “Purchase Date” shall mean the last day of an
Offering Period, except if the New York Stock Exchange is closed on the last day of an
Offering Period, the Purchase Date shall mean the immediately preceding trading day on
the New York Stock Exchange.
	 
	 	(f)	 	Participant. The term “Participant” shall mean an eligible employee who
elects to participate in the Plan pursuant to Paragraph 9.

	6.	 	ELIGIBILITY

     All regular full-time APG employees and all regular full-time and part-time employees working
24 or more hours per week of the Corporation shall be eligible to participate in the Plan on their
Entry Date; provided, however, that such eligible employees complete the enrollment procedures
established by the Committee prior to the enrollment deadline for such Entry Date. Notwithstanding
the prior sentence, the following individuals shall not be eligible to participate in the Plan:

	 	(a)	 	any individual whose services are performed for the Employer pursuant to a
contract between the Employer and another entity, and whom the Employer treats as a
leased employee;
	 
	 	(b)	 	any individual that the Employer treats as an independent contractor;
	 
	 	(c)	 	temporary employees;
	 
	 	(d)	 	members of the Boards of Directors of the Corporation and of the Employers,
unless otherwise eligible as described above; and
	 
	 	(e)	 	International employees; and
	 
	 	(f)	 	any part-time employees employed by APG.

	7.	 	PURCHASE PRICE

     The Purchase Price per share shall be equal to the fair market value of a share of common
stock on the first business day of the Plan Year on which the New York Stock Exchange is open, less
15 percent of such fair market value. Unless otherwise determined by the Board of Directors of the
Corporation or the Committee, the fair market value of a share of common stock on a particular date
shall be deemed to be the closing price of a share of common stock as recorded by the New York
Stock Exchange Composite Transaction Tape on such date or, if no closing price has been recorded on
such date, on the day immediately following the day on which such a closing price was recorded.

	8.	 	OPTION TO PURCHASE STOCK

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SALLIE MAE

EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated as of February 15, 2008

     Prior to each Entry Date, the Corporation will offer eligible employees the opportunity to
elect to participate in the Plan. Each eligible employee who elects to participate will receive an
Option to purchase on the Purchase Date the number of full and/or fractional shares of common stock
at the Purchase Price.

	9.	 	ENROLLING IN THE PLAN

     An eligible employee may elect to participate in the Plan by completing the enrollment
procedures established by the Committee before the enrollment deadline announced for each Entry
Date.

     A Participant shall elect a percentage to be deducted regularly from his or her Eligible
Compensation on an after-tax basis provided that the Participant must elect an initial payroll
deduction of no less than one percent (1%) and no more than twenty-five percent (25%) of his or her
Eligible Compensation, not to exceed $7,500 per Offering Period. Only whole percentages may be
elected.

     A Participant may elect to change his or her payroll deduction percentage on a biweekly basis,
as limited by Paragraph 12.

     Unless a Participant changes his or her payroll deduction percentage or ceases participation
in the Plan in accordance with Paragraphs 12 and 13, a Participant’s payroll deductions, as limited
by Paragraph 10, and his or her initial enrollment elections will continue until the end of the
Offering Period. A Participant must complete the enrollment procedures established by the
Committee each Offering Period.

	10.	 	DEPOSITS

     Pursuant to the enrollment procedures established by the Committee, after-tax payroll
contributions to the Plan will be deposited to an interest bearing omnibus account established for
the Plan at the Sallie Mae Bank, a related party. No other types of deposits may be made. Accrued
interest for the Plan will be based on the money market annual yield rate published in the Wall
Street Journal “Bonds, Rates & Yields” section on the 25th of each month.

	11.	 	INDIVIDUAL BALANCES

     Individual balances are record kept at Sallie Mae, Inc. by the Committee’s designates.
Effective the 1st business day of each month, the accrued Plan interest will be allocated to
Participants based on the individual balances on the last business day of the previous month. When
applicable, the interest earned by each Participant for the calendar year will be reported on IRS
Form 1099-DIV.

	12.	 	MINIMUM AND MAXIMUM CONTRIBUTIONS

     A Participant must elect an initial payroll deduction of no less than one percent (1%) and no
more than twenty-five percent (25%) of his or her Eligible Compensation, not to exceed $7,500 per
Offering Period. A Participant may change his or her contribution during the Offering Period,
including changing to zero percent. Contributions other than by payroll deductions are not
permitted. Only whole percentages are allowed.

	13.	 	WITHDRAWALS FROM THE PLAN

     A Participant may make one withdrawal during each Offering Period under the terms and
procedures established by the Committee. The withdrawal must be for the total amount of
contributions and interest on record at the time the transaction is processed. The funds will be
distributed to the employee through their regular payroll check as soon as practicable but no later
than thirty (30) days from the date the withdrawal request is submitted. If a Participant receives
a withdrawal during an Offering Period, he or she shall no longer participate in the Plan for the
remainder of such Offering Period. An eligible employee who has ceased participation in the Plan
may enter the Plan for the next Offering Period by following the enrollment procedures established
by the Committee, subject to Paragraph 9.

	14.	 	STOCK PURCHASES

     In accordance with the applicable procedures established by the Committee, the Corporation
shall exercise all options to Purchase shares which each Participant is entitled to. The
Corporation shall withhold a sufficient number of shares to cover his or her applicable taxes on
any gains, which is the difference between the value of shares purchased at the discount price and

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SALLIE MAE

EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated as of February 15, 2008

the market value of those shares on the purchase date. Taxes in the required amount will be paid
to the appropriate government agency(ies).

If the Purchase Price exceeds the fair market value per share on the Purchase Date, no shares will
be purchased. The individual balances will be distributed to the Participant’s via payroll.

     The common stock purchased on the Purchase Date will be issued and credited to a brokerage
account established by the Corporation on behalf of the Participant (the “Stock Account”) as soon
as administratively practicable after such Purchase Date. A Participant may sell any or all
shares held in his/her Stock Account unless restricted from trading in Corporation Stock at that
time.

	15.	 	TERMINATION OF EMPLOYMENT

	 	(a)	 	In the event that a Participant’s employment terminates for any reason
including retirement, total and permanent Disability, or death, before the applicable
Purchase Date, participation in the Plan shall terminate immediately and as soon as
practicable and no later than January 1st following the Participant’s
termination of employment, the Participant or the Participant’s beneficiary(ies) or
estate if no beneficiary is elected will be paid in cash the value of his or her
Individual Balance. A Participant who transfers employment between Employers shall not
be deemed to have terminated employment for the purposes of this Paragraph.
	 
	 	(b)	 	For the purposes of this Paragraph, total and permanent Disability shall mean,
except as may otherwise be required by Section 409A of the Code, a period of disability
during which a Participant (i) is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not
less than twelve (12) months as determined by the Social Security Administration; or
(ii) the Participant begins to receive income replacement benefits under the
Corporation’s Long-term Disability policy. The determination of the Committee as to an
individual’s Disability and the date thereof shall be conclusive on all of the parties.
	 
	 	(c)	 	For the purposes of this Paragraph, an employee will be considered to terminate
on account of retirement if he or she is at least the normal retirement age under
Corporations’ qualified pension plan at the time of termination of employment.
	 
	 	(d)	 	A termination of employment shall not be deemed to have occurred for purposes
of any provision of the Plan providing for the payment of any amounts or benefits
subject to Code Section 409A upon or following a termination of employment unless such
termination is also a “separation from service” within the meaning of Code Section 409A
and, for purposes of any such provision of the Plan, references to a “termination”,
“termination of employment” or like terms shall mean “separation from service”. If
Participant is deemed on the date of termination to be a “specified employee” within
the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any
payment or the provision of any benefit that is specified as subject to this Section
15(c) or that is otherwise considered deferred compensation under Code Section 409(A)
payable on account of a “separation from service,” such payment or benefit shall be
made or provided at the date which is the earlier of (i) the expiration of the six
(6)-month period measured from the date of such “separation from service” of
Participant, and (ii) the date of Participants death (the “Delay Period”). Upon the
expiration of the Delay Period, all payments and benefits delayed pursuant to this
Section 15(c) shall be paid or reimbursed to Participant in a lump sum, and any
remaining payments and benefits due under the Plan shall be paid or provided in
accordance with the normal payment dates specified for them herein.

	16.	 	NO TRANSFER OR ASSIGNMENT OF EMPLOYEE’S RIGHTS

     Except as specified in Paragraph 17, an employee’s rights under the Plan are his or hers alone
and may not be transferred or assigned to, or availed of, by any other person.

	17.	 	BENEFICIARY DESIGNATION

     The beneficiary shall be one or more persons designated by the Participant in accordance with
the procedures established by the Committee who is entitled to receive amounts contributed and/or
earned by the Participant and/or act on behalf of the Participant, pursuant to Paragraph 15.

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SALLIE MAE

EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated as of February 15, 2008

	18.	 	CLAIMS PROCEDURES

     A Participant may appeal a denial of benefits under this Plan by submitting a written
statement appealing the
decision, normally within 60 days of the denial of the benefit by the Committee. In the written
statement, the Participant must state reasons why the claim should not have been denied. Also, the
written statement should be accompanied by any documents, additional information or comments that
might be helpful to the Committee. In this manner, the Committee intends to afford any Participant
or beneficiary whose claim for benefits has been denied a reasonable opportunity for a review of
the decision. Written appeals must be sent to:

The Employee Stock Purchase Plan Committee

Mail Stop V5102

SLM Corporation

12061 Bluemont Way

Reston, VA 20190

     The Committee will review a Participant’s appeal and will promptly notify such Participant in
writing of the decision. Normally, this decision will be made within 60 days of receipt of the
appeal, but this period may be extended to no more than 120 days if special circumstances require
additional time. In such a case, the Participant will be notified before the end of the initial
60-day period of the reasons for the extension.

	19.	 	TERMINATION AND AMENDMENTS TO PLAN

	 	(a)	 	The Corporation may at any time terminate the Plan or change the aggregate
number of common shares that may be purchased under the Plan.
	 
	 	(b)	 	The Committee may at any time or times amend the Plan (including amendments to
Appendix A to add or delete designated subsidiaries).
	 
	 	(c)	 	Nothing contained in this Plan shall be construed to prevent the Corporation
from taking any corporate action which is deemed by the Corporation to be appropriate
or in its best interest, whether or not such action would have an adverse effect on the
Plan or any rights granted under the Plan. No employee, beneficiary or other person or
entity shall have any claim against the Corporation as a result of any such action.

	20.	 	INDEMNITY

     The Corporation shall, consistent with applicable law, indemnify members of the Committee from
any liability, loss or other financial consequence with respect to any act or omission relating to
the Plan to the same extent and subject to the same conditions as specified in the indemnity
provisions contained in the By-Laws and Regulations of the Corporation.

	21.	 	LIMITATIONS ON SALE OF STOCK PURCHASED UNDER THE PLAN

     The Plan is intended to provide common stock for investment and not for resale. The
Corporation does not, however, intend to restrict the sale of the stock other than in accordance
with the Corporation’s general policies regarding the sale of the Corporation’s stock. The
employee assumes the risk of any market fluctuations in the price of such stock.

	22.	 	PAYMENT OF EXPENSES RELATED TO PLAN

     The cost, if any, for the delivery of shares to a Participant or commissions upon the sale of
stock shall be paid by the Participant using such service. Other expenses associated with the
Plan, if any, at the discretion of the Committee, will be allocated as deemed appropriate by the
Committee.

	23.	 	OPTIONEES NOT STOCKHOLDERS

     Neither the granting of an Option to an employee, nor the deductions from his or her pay shall
cause such employee to be a stockholder of the shares covered by an Option until such shares have
been purchased by and issued to him or her.

	24.	 	FEDERAL AND STATE INCOME TAX REQUIREMENTS

     The Employers, in accordance with Sections 3102(a) and 3402(a) of the Code and applicable
state law, are required to

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SALLIE MAE

EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated as of February 15, 2008

withhold from the wages of participating employees, in any payroll
period in which compensation is deemed received by the employee, employment and income taxes with
respect to the amount that is considered compensation includable in the employee’s gross income.
An employee will be required to pay over to the Corporation or to the Employer funds sufficient to
meet any tax obligation if any employee’s current compensation or amounts withheld from the option
exercise are not sufficient to meet the employment and income tax withholding obligation.

	25.	 	NO EMPLOYMENT RIGHTS

     Nothing in the Plan shall confer upon any employee any right to continued employment, or
interfere with the right of the Corporation or the Employers to terminate his or her employment at
any time, for any reason.

	26.	 	EFFECTIVE DATE

     This current amendment and restatement is effective February 15, 2008.

          IN WITNESS WHEREOF, SLM Corporation has caused this instrument to be duly executed in its name
and on its behalf.

	 	 	 	 	 	 	 

	 

	 	SLM Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ JONI REICH
 

	 	 

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SALLIE MAE

EMPLOYEE STOCK PURCHASE PLAN

Amended and Restated as of February 15, 2008

APPENDIX A

DESIGNATED SUBSIDIARIES

Sallie Mae, Inc.

Student Loan Funding Resources

SLM Financial Corporation

Student Assistance Corporation

SLM Education Loan Corporation

General Revenue Corporation

.Pioneer Credit Recovery

UPromise Services

UPromise Investments

AMS

Nellie Mae, Inc.

NELA

Southwest Student Services Corp.

SLM Education Credit Finance

SLM Investment Corp.

The Sallie Mae Bank

Asset Performance Group

Arrow Financial Services

GRP Financial Services

Page 7 of 7Exhibit 10.21(j)

Exhibit 10.21 (j)

NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT
REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL
TREATMENT REQUEST.

AMENDMENT NUMBER TWO

THIS AMENDMENT NUMBER TWO dated this 1st day of June, 2011 is to that certain Inventory
Financing Agreement entered into by and between GE Commercial Distribution Finance Corporation
(“CDF”) and the undersigned Dealers (each, individually, a “Dealer” and,
collectively, “Dealers”) dated June 24, 2010 (as amended, supplemented or otherwise
modified from time to time, the “Financing Agreement”).

WHEREAS, the parties hereto desire to amend the Financing Agreement in certain respects;

NOW THEREFORE, in consideration of the premises and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties, the parties hereby
agree as follows:

1. Section 1(b) of the Financing Agreement is hereby deleted and is replaced with the
following:

“(b) Floor Plan Advances. Subject to the terms and conditions of this
Agreement, CDF agrees to thereafter make available to Dealers extensions of credit
on a revolving basis in such amounts as Dealers may from time to time request up to
an aggregate total of one hundred fifty million dollars ($150,000,000.00) (the
“Maximum Credit Amount”), minus (i) the outstanding amount of Approvals (as
defined below) and (ii) the aggregate outstanding amount of any other Obligations of
Dealers to CDF and any CDF Affiliates, to purchase inventory, which will be subject
to a purchase money security interest in favor of CDF, from Dealers’ existing
vendors identified on Exhibit A to this Agreement and any additional vendors
acceptable to CDF in its sole discretion (such existing vendors and additional
vendors, in each case until any such vendor shall be disapproved by written notice
from CDF due to (x) such vendor’s failure to comply with any law, rule, regulation,
order or decree; (y) such vendor’s failure to comply with any internal policies and
procedures of CDF or any CDF Affiliate (as defined below) relating to import or
export controls, anti-money laundering, anti-terrorism, securities law, banking law
or regulation, fraud statutes and other similar laws and regulations and codes of
ethical conduct (collectively, “Internal Policies”); or (z) any circumstance
which may make CDF’s disbursement of any advance to such vendor illegal or otherwise
in violation of any law, rule, regulation, order or decree applicable to CDF or any
Internal Policies, each, a “Vendor” and, collectively, “Vendors”)
and for other purposes (including the Pre-Owned Inventory Sublimit described below);
provided, however, that (1) repayments from time to time of the
outstanding

Amendment Number Two to

Inventory Financing Agreement

 

 

 

balance of the indebtedness hereunder shall be available to be
reborrowed pursuant to the terms and conditions of this Agreement; (2) if the
Obligations hereunder outstanding at any time or from time to time exceed the Maximum Credit Amount, Dealers shall
immediately (but in any event within two (2) Business Days) repay the Obligations in
such amount necessary to eliminate such excess; provided that, in its
reasonable discretion, CDF may immediately cease to make loans and/or to issue
Approvals until such repayment occurs, and (3) notwithstanding anything else
contained in this Agreement, (I) CDF may, in its reasonable discretion, immediately
cease to make loans and/or to issue Approvals (x) upon the occurrence and during the
continuance of any Default or upon the occurrence and during the continuance of any
event which, with the giving of notice, the passage of time, or both would result in
a Default, or (y) if any remittance for any Obligations is dishonored when first
presented for payment, until such payment is honored; and (II) upon termination of
this Agreement, Dealers shall repay to CDF all Obligations hereunder, plus interest
accrued to the date of payment. If a Vendor is disapproved for any reason set forth
above, such disapproval will only affect Dealers’ ability to request, and CDF’s
obligation to fund, subsequent advances and will not require immediate repayment of
previous advances with respect to inventory purchased from such disapproved Vendor.”

2. Section 1(c) of the Financing Agreement is hereby deleted and is replaced with the
following:

“(c) Pre-Owned Inventory Advances and Sublimits. Subject to the
overall Maximum Credit Amount set forth above and the terms and conditions of this
Agreement, on and after the Closing Date, CDF agrees to make cash advances to
Dealers with respect to pre-owned units of inventory; provided that such cash
advances shall not exceed the Pre-Owned Inventory Sublimit and must comply with the
pre-owned inventory advance terms set forth herein. Regardless of the amount of
credit available to Dealers under the Maximum Credit Amount hereunder, CDF shall not
provide extensions of credit to Dealers in excess of an amount equal to twenty
percent (20%) of the Maximum Credit Amount with respect to used or pre-owned
inventory (the “Pre-Owned Inventory Sublimit”). Within such Pre-Owned
Inventory Sublimit, (A) any advances with respect to units with applicable
valuations of five hundred thousand dollars ($500,000.00) or more shall require unit
specific documentation (including an advance request form), (B) CDF will not advance
Dealers more than seventy-five percent (75%) of such Pre-Owned Inventory Sublimit
for used or pre-owned inventory with applicable valuations of less than five hundred
thousand dollars ($500,000.00) (the “Other Pre-Owned Sublimit”), and (C) CDF
will not advance Dealers more than fifty percent (50%) of such Pre-Owned Inventory
Sublimit for used or pre-owned inventory with applicable valuations of five hundred
thousand dollars ($500,000.00) or more (the “Specific Pre-Owned Sublimit”).”

Amendment Number Two to

Inventory Financing Agreement

 

2

 

NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT
REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL
TREATMENT REQUEST.

3. Section 1(e) of the Financing Agreement is hereby deleted and is replaced with the
following:

“(e) Re-Advances. Subject to the overall Maximum Credit Amount set
forth above and the terms and conditions of this Agreement, on and after the Closing
Date, CDF agrees to make cash advances to Dealers with respect to units of inventory
(excluding used or pre-owned inventory) financed by CDF pursuant to Section 1(a) or
1(b) of this Agreement for which Dealers may have previously
made payments to CDF; provided that such units of inventory have not
previously been repaid in full, and further provided such cash advances shall not
exceed (a) 100% of the original invoice amount with respect to such units, less (b)
any curtailment amounts that have been required to be made by cash payment, offset,
application of a Curtailment Offset under and as defined in that certain [****],
dated the date hereof, between CDF and Dealers (as amended, supplemented or
otherwise modified from time to time, the “[****]”), or otherwise with respect to
such units or, if such units were financed by CDF in connection with the Initial
Advances, any curtailment amounts that would have been required to be made by cash
payment, offset, application of a Curtailment Offset under and as defined in the
[****], or otherwise with respect to such units if CDF had financed 100% of the
original invoice amount with respect to such units on or about the applicable
invoice date; provided, further, that such cash advances, in the
aggregate, shall not exceed the Re-Advance Sublimit specified in the Program Terms
Letter or, if not specified in such Program Terms Letter, twenty-five percent (25%)
of the Maximum Credit Amount within any thirty (30) day period.”

4. Section 1(f) of the Financing Agreement is hereby deleted in its entirety.

5. Section 5(d)(iv) of the Financing Agreement is hereby deleted and is replaced with the
following:

“(iv) change the nature of its business in any material manner or its legal
structure or be a party to a merger or consolidation (other than a merger or
consolidation of a Dealer with or into another Dealer) or change its type of
organization, its jurisdiction of incorporation or organization, or its
organizational identification number, if any, or acquire any person or entity (an
“Acquired Person”) or a substantial portion of the assets of any person or
entity (“Acquired Assets”), except that Dealers may acquire an Acquired
Person or Acquired Assets, if (A) Dealers provide CDF with thirty (30) days’ prior
written notice of such acquisition, accompanied by a certificate of Dealers’ chief
financial officer that such acquisition complies with the conditions of this Section
5(d)(iv) and copies of pro forma financial statements and projections giving effect
to such acquisition, (B) immediately after any such acquisition of an Acquired
Person, such Acquired Person becomes a party to this Agreement as a Dealer by
executing and delivering to CDF such documents and agreements as CDF may reasonably
require, at Dealers’ cost and expense, (C) immediately after any such acquisition of
Acquired Assets, CDF shall continue to have a first-priority perfected security
interest in such Acquired Assets that constitute “Collateral” (as defined herein)
and the other Collateral, (D) at the time of such acquisition and after giving
effect thereto, neither a Default nor an event which, with the giving of notice, the
passage of time, or both, would result in a Default, shall have occurred and be
continuing, (E) before and after giving effect to such acquisition, as illustrated
by the pro forma financial statements and projections provided to CDF pursuant to
clause (A) above, Dealers shall be

Amendment Number Two to

Inventory Financing Agreement

 

3

 

NOTE: PORTIONS OF THIS EXHIBIT INDICATED BY “[****]” ARE SUBJECT TO A CONFIDENTIAL TREATMENT
REQUEST, AND HAVE BEEN OMITTED FROM THIS EXHIBIT. COMPLETE, UNREDACTED COPIES OF THIS EXHIBIT HAVE
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AS PART OF THIS COMPANY’S CONFIDENTIAL
TREATMENT REQUEST.

 in compliance with the financial covenants set
forth in Section 5(c) as of the most recently ended fiscal quarter and the next four fiscal quarters ending after such acquisition, (F) the total
acquisition cost of such Acquired Person or Acquired Assets (including, without
limitation, acquired inventory) shall not exceed ten million dollars ($10,000,000)
individually or twenty-five million dollars ($25,000,000) in the aggregate in any
rolling twelve-month period for all such Acquired Persons and Acquired Assets,
collectively; provided, however, if such acquisition does not comply
with this clause (F), then CDF shall not unreasonably withhold its consent to such
acquisition, and (G) at the time of such acquisition, Availability (as defined in
the Program Terms Letter) shall be at least five million dollars ($5,000,000) and
the sum of Dealers’ cash, plus the balance of the Cash Collateral Reserve (as
defined in the [****]), plus Availability shall be at least fifteen million dollars
($15,000,000);”

6. The first sentence of Section 17 of the Financing Agreement is hereby deleted and is
replaced with the following:

“Unless sooner terminated as provided in this Agreement, the term of this Agreement
shall commence on the date hereof and continue until June 24, 2014 and, if CDF
provides written notice to Dealers of CDF’s intent to renew the current term at
least ninety (90) days prior to the end of the then current term, at CDF’s sole
election, the term of this Agreement shall automatically renew for up to two
successive one year periods thereafter.”

7. Each reference in the Financing Agreement, the [****], the Program Terms Letter, and any
other document, instrument or agreement related thereto or executed in connection therewith
(collectively, the “Documents”) to the Financing Agreement shall be deemed to refer to the
Financing Agreement as amended by this Amendment Number Two. Capitalized terms used but not
otherwise defined herein shall have the meanings assigned to them in the Financing Agreement.

8. Each Dealer represents and warrants to CDF that (a) all representations and warranties of
Dealer in the Financing Agreement and the other Documents are true and correct as of the date
hereof, (b) such Dealer has all the necessary authority to enter into and perform this Amendment
Number Two, (c) this Amendment Number Two, the Financing Agreement, the [****], and the Program
Terms Letter are the legal, valid and binding obligations of such Dealer, enforceable against
Dealer in accordance with their terms, (d) the execution, delivery and performance of this
Amendment Number Two will not violate (i) such Dealer’s organizational documents, (ii) any
agreement binding upon it, unless such violation could not result, individually or in the
aggregate, in a Material Adverse Effect, or (iii) any law, rule, regulation, order or decree,
unless such violation could not result, individually or in the aggregate, in a Material Adverse
Effect, (e) neither a Default nor an event which, with the giving of notice, the passage of time,
or both, would result in a Default has occurred and is continuing, and (f) the obligations of
Dealer to repay the Advances and to perform the Obligations are absolute and unconditional, and
there exists no right of setoff or recoupment, counterclaim or defense of any nature whatsoever to
payment or performance of the Obligations.

Amendment Number Two to

Inventory Financing Agreement

 

4

 

9. All other terms and provisions of the Financing Agreement shall remain in full force and
effect except as modified pursuant to this Amendment Number Two. In the event of any inconsistency
between the terms of this Amendment Number Two and any Document, this Amendment Number Two shall
govern. Each Dealer acknowledges that it has consulted with counsel and with such other experts
and advisors as it has deemed necessary in connection with the negotiation, execution and delivery
of this Amendment Number Two. This Amendment Number Two shall be construed without regard to any
presumption or rule requiring that it be construed against the party causing this Amendment Number
Two or any part hereof to be drafted.

10. This Amendment Number Two shall not be construed to: (a) impair the validity, perfection
or priority of any lien or security interest securing the Obligations; (b) waive or impair any
rights, powers or remedies of CDF under the Documents; (c) constitute an election of remedies to
the exclusion of any other remedies; (d) constitute an agreement by CDF or require CDF to waive any
existing or future Default or any event which, with the giving of notice, the passage of time, or
both, would result in a Default, to grant any forbearance period, or to extend the term of the
Financing Agreement or the time for payment of the Obligations; or (e) constitute an agreement by
CDF to make any further Advances or other extensions of credit to Dealers except as required by and
subject to the terms and conditions of the Financing Agreement as amended hereby. The execution of
this Amendment Number Two and acceptance of any documents related hereto shall not be deemed to be
a waiver of any Default or any event which, with the giving of notice, the passage of time, or
both, would result in a Default, under the Financing Agreement or breach, default or event of
default under any other Document, whether or not known to CDF and whether or not existing on the
date hereof.

11. Each Dealer hereby ratifies and confirms the Financing Agreement, as amended hereby, and
each other Document executed by such Dealer in all respects.

12. Dealers hereby release, remise, acquit and forever discharge CDF and its affiliates,
employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers,
directors, partners, participants, predecessors, successors and assigns, subsidiary corporations,
parent corporations and related corporate divisions (collectively, “Released Parties”) from
any and all actions and causes of action, judgments, executions, suits, debts, claims, demands,
liabilities, obligations, damages and expenses of any and every character, known or unknown, direct
and/or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter
arising, for or because of any matter or thing done, omitted or suffered to be done by any Released
Party prior to and including the date of execution hereof and in any way directly or indirectly
arising out of or in any way connected to this Amendment Number Two and the Documents, including
without limitation claims relating to any settlement negotiations (collectively, the “Released
Matters”). Dealers acknowledge that the agreements in this Section 12 are intended to
be in full satisfaction of all or any alleged injuries or damages arising in connection with the
Released Matters. Dealers represent and warrant to CDF that they have not purported to transfer,
assign or otherwise convey any right, title or interest in any Released Matter to any other person
or entity and that the foregoing constitutes a full and complete release of all Released Matters.

13. This Amendment Number Two shall be binding upon, inure to the benefit of and be
enforceable by the parties hereto and their participants, successors and assigns. No other person
or
entity shall be entitled to claim any right or benefit hereunder, including the status of a
third-party beneficiary of this Amendment Number Two.

Amendment Number Two to

Inventory Financing Agreement

 

5

 

14. Except as expressly set forth herein, there are no agreements or understandings, written
or oral, among the parties hereto relating to this Amendment Number Two or the Financing Agreement
that are not fully and completely set forth herein or therein. All representations, warranties,
covenants, agreements, undertakings, waivers, and releases of Dealers contained herein shall
survive the payment and performance in full of the Obligations.

15. Any provision of this Amendment Number Two which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective only to the extent of such prohibition
or unenforceability without invalidating the remaining provisions of this Amendment Number Two or
affecting the validity or enforceability of such provision in any other jurisdiction.

16. This Amendment Number Two may be executed in any number of counterparts, each of which
counterparts, once they are executed and delivered, shall be deemed to be an original and all of
which counterparts, taken together, shall constitute but one and the same agreement. This
Amendment Number Two may be executed by any party to this Amendment Number Two by original
signature, facsimile and/or electronic signature.

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment Number Two as of the
date first above written.

DEALERS:

	 	 	 	 	 
	MARINEMAX, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kurt M. Frahn
 

Print Name: Kurt M. Frahn
	 	 
	 

	 	Title: Vice President of Finance,	 	 
	 

	 	Treasurer and Assistant Secretary	 	 
	 
	 	 	 	 
	MARINEMAX EAST, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kurt M. Frahn
 

Print Name: Kurt M. Frahn
	 	 
	 

	 	Title: Assistant Secretary	 	 

Amendment Number Two to

Inventory Financing Agreement

 

6

 

	 	 	 	 	 
	MARINEMAX SERVICES, INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kurt M. Frahn
 

Print Name: Kurt M. Frahn
	 	 
	 

	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 
	MARINEMAX NORTHEAST, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kurt M. Frahn
 

Print Name: Kurt M. Frahn
	 	 
	 

	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 
	BOATING GEAR CENTER, LLC	 	 
	 
	 	 	 	 
	By: MARINEMAX EAST, INC., the sole member of Boating	 	 
	Gear Center, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kurt M. Frahn
 

Print Name: Kurt M. Frahn
	 	 
	 

	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 
	US LIQUIDATORS, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kurt M. Frahn
 

Print Name: Kurt M. Frahn
	 	 
	 

	 	Title: Assistant Secretary	 	 
	 
	 	 	 	 
	NEWCOAST FINANCIAL SERVICES, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kurt M. Frahn
 

Print Name: Kurt M. Frahn
	 	 
	 

	 	Title: Assistant Secretary	 	 

Amendment Number Two to

Inventory Financing Agreement

 

7

 

	 	 	 	 	 
	CDF:	 	 
	 
	 	 
	GE COMMERCIAL DISTRIBUTION	 	 
	FINANCE CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Michael McKay
 

Print Name: Michael McKay
	 	 
	 

	 	Title: Credit Director	 	 

Amendment Number Two to

Inventory Financing Agreement

 

8

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