Document:

Commutation and Release Agreement.

 Exhibit 10.1 
 COMMUTATION AND RELEASE AGREEMENT 
 This Commutation and Release Agreement (hereinafter the “Commutation
Agreement”) is entered into by and between Continental Casualty Company, and its affiliated companies (collectively hereinafter the “Company”) of the one part and AmerInst Insurance Company Limited, formerly known as AmerInst
Insurance Company, Inc. (hereinafter the “Reinsurer”) of the other part, effective as of June 1, 2009. 
 WHEREAS: 

 

	 	A.	Company and Reinsurer (individually a “Party” and collectively the “Parties”) entered into certain reinsurance treaties and endorsements with various inception
and termination dates commencing August 1, 1993 through December 31, 2008, listed on Schedule A attached to and forming part of this Commutation Agreement, whereby Company ceded and Reinsurer reinsured certain liabilities as therein
provided (the “Historical Reinsurance Treaties”); 

  

	 	B.	effective January 1, 2009 the Parties entered into (1) an AmerInst Insurance Company Limited Accountants Professional Liability Treaty and (2) Value Plan Policies
Accountants Professional Liability Quota Share Treaty (collectively the “2009 Treaties”); 

  

	 	C.	Reinsurer secured its reinsurance obligations under the Historical Reinsurance Treaties and the 2009 Treaties under a reinsurance trust established at JPMorgan Chase Bank, Trust No.
G08952 (the “Trust”). The Reinsurer is the grantor of the Trust, JP Morgan Chase is the trustee of the Trust (the “Trustee”), and the Company is the sole beneficiary of the Trust; 

  

	 	D.	the Company and the Reinsurer desire to fully and finally settle, release and commute all past, present and future liabilities and obligations known and unknown of the Company and
the Reinsurer under, arising out of, or in any way related to the Historical Reinsurance Treaties; 

  

	 	E.	contemporaneous with this Commutation Agreement in a related transaction, the Company and Reinsurer will execute rescission addenda (the “Rescission Addenda”) rescinding
and terminating the 2009 Treaties retroactive to their inception. 

 NOW THEREFORE, in consideration of receipt by the Company of the
Commutation Amount, the mutual agreements, covenants and provisions contained herein, and for other good and valuable consideration, receipt of which is hereby acknowledged, it is agreed by and between the Company and the Reinsurer as follows:

  

	1.	The Reinsurer shall pay to the Company $20,550,000 (the “Commutation Amount”) on or before June 1, 2009. The method of payment shall be as follows: the Company shall
direct the Trustee to pay the Commutation Amount to the Company from funds in the Trust via wire transfer. The Company’s wiring instructions are as follows: 

  

	 	  	Bank Name: JP Morgan Chase 

	 	  	ABA #: 021000021 

	 	  	City/State: New York, NY 

	 	  	Account #: 000323956092 

	 	  	Account Name: CCC-Ceded Reinsurance 

	 	  	Reference: Ceded RE 0066 AmerInst 

  

 Page 1 of 8 

	2.	Upon execution of this Commutation Agreement and the Rescission Addenda by the Company and the Reinsurer, and upon receipt of the Commutation Amount as provided in paragraph 1, the
Company shall direct the Trustee to pay to the Reinsurer the balance of funds in the Trust in excess of the Commutation Amount. 

  

	3.	Upon payment of the balance of the funds in the Trust to the Reinsurer as provided in paragraph 2, the Trust will be terminated and the Company and Reinsurer will cooperate with one
another and the Trustee as necessary to complete the termination of the Trust. 

  

	4.	Effective upon execution of this Commutation Agreement and the Rescission Addenda by the Company and the Reinsurer, payment of the Commutation Amount to the Company as provided in
paragraph 1 and payment of the balance of the funds in the Trust to the Reinsurer as provided in paragraph 2, the Company shall release and discharge the Reinsurer, its predecessors, parents, affiliates, subsidiaries, agents, past, present and
future officers, directors, employees, consultants, shareholders, attorneys, agents, administrators, successors, assigns and receivers from any and all past, present and future liabilities and obligations, whether known or unknown, reported or
unreported, and whether currently existing or arising in the future, including but not limited to, all claims, obligations, offsets, debts, demands, actions, causes of actions, suits, sums of money, covenants, contracts, controversies, agreements,
reckonings, bonds, bills, promises, damages, omissions, judgments, arbitrations, mediations, costs, expenses, losses, adjustments, accounts, executions, representations and warranties whatsoever, which the Company and their successors and assigns
ever had, now have, or hereafter may have, whether grounded in law or equity, in contract or in tort, against the Reinsurer or any of them by reason of any matter whatsoever under, arising out of, or in any way related to the Historical Reinsurance
Treaties, it being the intention of the Parties that this release operate as a full and final settlement of the Reinsurer’s past, current and future liabilities and obligations, whether known or unknown, to the Company under, arising out of or
in any way related to the Historical Reinsurance Treaties. 

  

	5.	Effective on the same date on which the Company shall release the Reinsurer as provided for in Section 4 above, the Reinsurer shall release and discharge the Company, its
predecessors, parents, affiliates, subsidiaries, agents, past, present and future officers, directors, employees, consultants, shareholders, attorneys, agents, administrators, successors, assigns and receivers from any and all past, present and
future liabilities and obligations, whether known or unknown, reported or unreported, and whether currently existing or arising in the future, including but not limited to, all claims, obligations, offsets, debts, demands, actions, causes of
actions, suits, sums of money, covenants, contracts, controversies, agreements, reckonings, bonds, bills, promises, damages, omissions, judgments, arbitrations, mediations, costs, expenses, losses, adjustments, accounts, executions, representations
and warranties whatsoever, which the Reinsurer and its successors and assigns ever had, now have or hereafter may have, whether grounded in law or equity, in contract or in tort, against the Company or any of them by reason of any matter whatsoever
under, arising out of, or in any way related to the Historical Reinsurance Treaties, it being the intention of the Parties that this release operate as a full and final settlement of the Company’s past, current and future liabilities and
obligations, whether known or unknown, to the Reinsurer under, arising out of, or in any way related to the Historical Reinsurance Treaties. 

  

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	6.	The rights, duties and obligations set forth in this Commutation Agreement shall inure to the benefit of and be binding upon any and all predecessors, parents, affiliates,
subsidiaries, agents, past, present and future officers, directors, employees, consultants, shareholders, attorneys, agents, administrators, successors, assigns and receivers of the Parties hereto. 

  

	7.	The Parties hereto expressly warrant and represent that: they are corporations in good standing in their respective places of domicile; the execution, delivery and performance of
this Commutation Agreement is fully authorized by each of them; the making and performance of this Commutation Agreement will not violate any provisions of law or of their respective articles of incorporation or bylaws; the person or persons
executing this Commutation Agreement have the necessary and appropriate authority to do so; there are no pending agreements, transactions, or negotiations to which any of them are a party that would render this Commutation Agreement or any part
thereof void, voidable, or unenforceable; each Party is the sole owner of any and all of its respective rights under the Historical Reinsurance Treaties; no claim being released hereunder has been assigned, ceded, sold or otherwise transferred (or
is subject to any understanding to take any such action) to any person or entity; neither Party is aware of any third party that has, or might assert, some interest in any claim or right intended to be discharge or release by or under this
Commutation Agreement; no authorization, consent or approval of any government entity or other person or entity is required to make this Commutation Agreement valid and binding upon them; and each statement, warranty and representation made by such
Party in this Commutation Agreement is true and accurate. 

  

	8.	This Commutation Agreement shall be interpreted under and governed by the laws of Illinois. 

  

	9.	In the event that there is a dispute between or among the Parties arising under or related to this Commutation Agreement, each Party agrees that any legal proceeding will be
instituted only in the United States District Court for the Northern District of Illinois Eastern Division. Each Party irrevocably consents to the exclusive jurisdiction and venue of such court and agrees that service of the complaint or other
process may be made as provided in the applicable rules of court. 

  

	10.	The Company and the Reinsurer hereby agree to execute promptly any and all supplemental agreements, releases, affidavits, waivers and other documents of any nature or kind which the
other Party may reasonably require in order to implement the provisions or objectives of this Commutation Agreement. 

  

	11.	This Commutation Agreement may be executed in multiple counterparts, each of which, when so executed and delivered shall be an original, but such counterparts shall together
constitute one and the same instrument and agreement. 

  

	12.	This Commutation Agreement and the Rescission Addenda contain the entire agreement and understanding between the Parties as respects their subject matter. All discussions and
agreements previously entertained between the Parties concerning the subject hereto are merged into this Commutation Agreement and the Rescission Addenda. This Commutation Agreement may not be modified or amended, nor any of its provisions waived,
except by an instrument in writing, signed by each of the Parties hereunder. 

  

 Page 3 of 8 

	13.	This Commutation Agreement and any of its rights and obligations may not be assigned in whole or in part without the written agreement of the Parties. 

  

	14.	As used in this Section, “Person” shall mean any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated
organization, association, corporation, institution, entity, party or government (whether national, federal, state, county, city, municipal or otherwise, including, without limitation, any instrumentality, division, agency, body or department
thereof). 

  

	 	(i)	It is mutually understood and agreed by and between the Reinsurer and the Company that the Reinsurer and the Company shall keep all terms and provisions of this Commutation
Agreement confidential and shall not disclose such terms or provisions to any third party, other than their auditors, accountants, actuaries, financial and legal advisors and any officers, directors, employees and shareholders (on a need-to-know or
right-to-know basis) of any of the Parties hereto and/or their affiliates and subsidiaries, without the prior written consent of the other Party, except where otherwise required by operation of law, required by contract or the requirements of any
regulatory authority, or stock exchange or otherwise in connection with a proceeding to enforce the terms of this Commutation Agreement. Notwithstanding the foregoing provisions of this Section 14, the Reinsurer and the Company may disclose
this Commutation Agreement and its terms to rating agencies and as required by any Federal, State or foreign securities laws or regulations. 

  

	 	(ii)	In the event a Party hereto learns that a Person to whom disclosure is not permitted under the Commutation Agreement is seeking disclosure of the Commutation Agreement or any of its
terms in any proceeding, or in the event any Party hereto receives notice of subpoena, request or order directing the disclosure of this Commutation Agreement, or any portion thereof, such Party shall provide notice to the other Party promptly and
sufficiently in advance of disclosure, to the extent possible, to permit such other Party to take steps to prevent the disclosure. 

  

	 	(iii)	If a Party hereto is required by a government agency or by court order or subpoena to disclose this Commutation Agreement, it shall notify the other Party as soon as possible and
provide a copy of the order or subpoena upon receipt thereof, together with proof of the disclosing Party’s compliance with the terms of this Section 14. 

  

	15.	The Reinsurer and the Company have each entered into this Commutation Agreement freely, without duress, in good faith and at arms’ length based upon each Party’s
independent assessment of its rights and obligations under this Commutation Agreement, and not based upon any representations made by the other or their respective representatives other than as set forth in this Commutation Agreement. The Parties
acknowledge and agree that the Commutation Amount constitutes fair consideration for the amounts allegedly owing now or potentially owing in the future by the Reinsurer to the Company, net of any amount allegedly owing now or potentially owing in
the future by the Company to the Reinsurer, arising under or relating to the Historical Reinsurance Treaties. 

  

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	16.	Any statements, communications or notices to be provided pursuant to this Commutation Agreement shall be sent to the attention of the person indicated below, via courier such as
Federal Express, of via facsimile transmission with electronic confirmation, until such time as notice of any change of person to be notified or change of address is forwarded to the Parties: 

  

	 	(i)	to the Company: 

  

	 	  	Continental Casualty Company 

	 	  	333 S. Wabash 

	 	  	Chicago, Illinois 60604 

	 	  	Attention: Senior Vice President Reinsurance Operations 

	 	  	Fax No.: 312-817-1225 

  

	 	(ii)	to the Reinsurer: 

  

	 	  	AmerInst Insurance Company Limited 

	 	  	C/O Cedar Management, Ltd. 

	 	  	Third Floor, Continental Building 

	 	  	25 Church Street 

	 	  	P.O. Box HM 1601 

	 	  	Hamilton, HM GX 

	 	  	Bermuda 

	 	  	Attn: Tom McMahon 

	 	  	Fax No.: 441-295-1702 

  

	 	  	With a copy to: 

  

	 	  	Bates & Carey LLP 

	 	  	191 North Wacker Drive 

	 	  	Suite 2400 

	 	  	Chicago, Illinois 60606 

	 	  	Attention Matthew M. Murphy and Sarah E. Eversman 

	 	  	Fax No.: 312-762-3200 

  

	17.	If any provision of this Commutation Agreement is invalid, unenforceable or illegal under the law of any jurisdiction, such provision shall be deemed severable from the balance of
this Commutation Agreement, and the validity and enforceability of the remaining provisions of this Commutation Agreement, and the validity and enforceability of such provision in any other jurisdiction shall not be affected thereby. In the event of
such invalidity, unenforceability or illegality, the Parties shall negotiate in good faith to amend this Commutation Agreement through the insertion of additional provisions which are valid, enforceable and legal and which reflect, to the extent
possible, the economic and other purposes contained in the invalid, unenforceable or illegal provisions. 

  

	18.	 The Company and the Reinsurer absolutely and unconditionally covenant and agree with each other, and their respective successors and assigns, that after the
effective date of this Commutation Agreement, neither Party will hereafter for any reason whatsoever, demand, claim or file suit or initiate arbitration proceedings against the 

  

 Page 5 of 8 

 
other in respect of any matters under, arising out of or in any way related to the Historical Reinsurance Treaties and 2009 Treaties, except for demands,
suits or arbitrations with respect to rights, options and/or remedies provided for pursuant to this Commutation Agreement. 
  

	19.	The Recitals are hereby incorporated into and made a part of this Commutation Agreement. 

  

	20.	The Parties have participated jointly in the negotiation and drafting of this Commutation Agreement, consequently, in the event an ambiguity or question of intent or interpretation
arises, this Commutation Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provisions of this Commutation
Agreement. 

 IN WITNESS WHEREOF, the authorized representatives of the Parties hereto have executed this Commutation Agreement as of
the dates indicated below. 
  

							
	 Continental Casualty Company
	  		  	Attest:  	  	
				
	By:      /s/ Christine
Michals                                        
   	  		  		  	/s/ David B. Lehman
				
	Printed Name:      Christine
Michals                              	  		  		  	
				
	Title:      Vice
President                                        
          	  		  		  	
				
	Date:      May 15,
2009                                         
          	  		  		  	
				
	 AmerInst Insurance Company Limited
	  		  	Attest:  	  	
				
	By:      /s/ Thomas R.
McMahon                                    	  		  		  	/s/ Michael P. Larkin
				
	Printed Name:      Thomas R.
McMahon                        	  		  		  	
				
	Title:      Chief Financial
Officer                                    	  		  		  	
				
	Date:      May 15,
2009                                         
          	  		  		  	

  

 Page 6 of 8 

 SCHEDULE A 
  

	1.	Accountants Professional Liability Quota Share Treaty #4688 issued to Continental Casualty Company by AmerInst Insurance Company, Inc. for the term August 1, 1993 to
July 1, 1994; 

  

	2.	Accountants Professional Liability Quota Share Treaty #4745 issued to Continental Casualty Company by AmerInst Insurance Company, Inc. for the term July 1, 1994 to July 1,
1995; 

  

	3.	Accountants Professional Liability Quota Share Treaty #4901 issued to Continental Casualty Company by AmerInst Insurance Company, Inc. for the term July 1, 1995 to July 1,
1996; 

  

	4.	Accountants Professional Liability Quota Share Treaty #8475 issued to Continental Casualty Company by AmerInst Insurance Company, Inc. for the term July 1, 1996 to July 1,
1997; 

  

	5.	Accountants Professional Liability Quota Share Treaty #8599 issued to Continental Casualty Company by AmerInst Insurance Company, Inc. for the term July 1, 1997 to
November 1, 1998; 

  

	6.	Accountants Professional Liability Quota Share Treaty #9124 issued to Continental Casualty Company by AmerInst Insurance Company, Inc. for the term November 1, 1998 to
July 1, 1999; 

  

	7.	Accountants Professional Liability Quota Share Treaty #9357 issued to Continental Casualty Company by AmerInst Insurance Company Inc. for the term July 1, 1999 to
December 1, 1999; 

  

	8.	AmerInst Insurance Company Limited Accountants Professional Liability Quota Share Treaty #9621 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the
term December 1, 1999 to January 1, 2002; 

  

	9.	Value Plan Policies Accountants Professional Liability Quota Share Treaty #9624 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the term
December 1, 1999 to January 1, 2002; 

  

	10.	AmerInst Insurance Company Limited Accountants Professional Liability Quota Share Treaty #9179 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the
term January 1, 2002 through December 31, 2003; 

  

	11.	Value Plan Policies Accountants Professional Liability Quota Share Treaty #9180 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the term
January 1, 2002 through December 31, 2003; 

  

	12.	AmerInst Insurance Company Limited Accountants Professional Liability Quota Share Treaty #T036 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the
term January 1, 2004 through December 31, 2005; 

  

 Page 7 of 8 

	13.	Value Plan Policies Accountants Professional Liability Quota Share Treaty #T037 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the term
January 1, 2004 through December 31, 2005; 

  

	14.	AmerInst Insurance Company Limited Accountants Professional Liability Quota Share Treaty C109 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the
term January 1, 2006 through December 31, 2006; 

  

	15.	Value Plan Policies Accountants Professional Liability Quota Share Treaty #C110 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the term
January 1, 2006 through December 31, 2006; 

  

	16.	AmerInst Insurance Company Limited Accountants Professional Liability Quota Share Treaty #C154 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the
term January 1, 2007 through December 31, 2007; 

  

	17.	Value Plan Policies Accountants Professional Liability Quota Share Treaty #C153 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the term
January 1, 2007 through December 31, 2007; 

  

	18.	AmerInst Insurance Company Limited Accountants Professional Liability Quota Share Treaty #C193 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the
term January 1, 2008 through December 31, 2008; 

  

	19.	Value Plan Policies Accountants Professional Liability Quota Share Treaty #C194 issued to Continental Casualty Company by AmerInst Insurance Company Limited for the term
January 1, 2008 through December 31, 2008; 

  

 Page 8 of 8 

 Rescission Addendum 1 
 (hereinafter referred to as the “Rescission Addendum”) 
 To 
 Amerinst Insurance Company Limited Accountants Professional Liability Quota Share Treaty 
 Originally Effective: January 1, 2009 
 (hereinafter referred to as the “2009
Accountants Professional Liability Treaty”) 
 Between 
 Continental Casualty Company 
 Chicago, Illinois 
 (hereinafter referred to as the “Company”) 
 And 
 AmerInst Insurance Company Limited 
 Hamilton,
Bermuda 
 (hereinafter referred to as the “Reinsurer”) 
 This Rescission Addendum to the 2009 Accountants Professional Liability Treaty is entered into effective as of January 1, 2009 between the Company and the Reinsurer. 
 Recitals 
 WHEREAS, the Company and the
Reinsurer (collectively the “Parties”) entered into a series of reinsurance treaties with various inception and termination dates commencing August 1, 1993 through December 31, 2008 (the “Historical Reinsurance
Treaties”); 
 WHEREAS, effective January 1, 2009 the parties entered into (1) the 2009 Accountants Professional Liability Treaty and
(2) the Value Plan Policies Accountants Professional Liability Quota Share Treaty (the “2009 VP Treaty”); 
 WHEREAS, the Parties have
mutually agreed to terminate their relationship, commute the Historical Reinsurance Treaties, rescind and terminate the 2009 VP Treaty retroactive to its inception and rescind and terminate the 2009 Accountants Professional Liability Treaty
retroactive to its inception. 
 NOW, THEREFORE, for and in consideration of the premises and for other good and valuable consideration, the receipt
of which is hereby acknowledged, the Parties hereby agree as follows: 
  

	 	1.	All rights, duties, liabilities, and obligations of the Parties under the 2009 Accountants Professional Liability Treaty are discharged; 

  

	 	2.	The 2009 Accountants Professional Liability Treaty is rescinded and terminated retroactive to its inception; 

  

	 	3.	The 2009 Accountants Professional Liability Treaty is void ab initio as though it never existed; 

  

	 	4.	This Rescission Addendum shall be interpreted under and governed by the laws of Illinois. 

 [signatures on following page] 
  

 Page 1 of 2 

 IN WITNESS WHEREOF the Company and the Reinsurer, have caused this Rescission Addendum to be executed and
delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

					
	 Continental Casualty Company
	 		 	AmerInst Insurance Company Limited
			
	By:      /s/ Christine
Michals                                        
                 	 		 	By:      /s/ Thomas R.
McMahon                                        
           
			
	Printed Name:      Christine
Michals                                        
    	 		 	Printed Name:      Thomas R.
McMahon                                      

			
	Title:      Vice
President                                        
                        	 		 	Title:      Chief Financial
Officer                                        
          
			
	Date:      May 15,
2009                                         
                        	 		 	Date:      May 15,
2009                                         
                        

  

 Page 2 of 2 

 Rescission Addendum 2 
 (hereinafter referred to as the “Rescission Addendum”) 
 To 
 Value Plan Policies Accountants Professional Liability Quota Share Treaty 
 Originally Effective: January 1, 2009 
 (hereinafter referred to as the “2009 VP Treaty”)

 Between 
 Continental Casualty
Company 
 Chicago, Illinois 
 (hereinafter referred to as the “Company”) 
 And 
 AmerInst Insurance Company Limited. 
 Hamilton, Bermuda 
 (hereinafter referred to as the “Reinsurer”) 
 This
Rescission Addendum to the 2009 VP Treaty is entered into effective as of January 1, 2009 between the Company and the Reinsurer. 
 Recitals 
 WHEREAS, the Company and the Reinsurer (collectively the “Parties”) entered into a series of reinsurance
treaties and endorsements with various inception and termination dates commencing August 1, 1993 through December 31, 2008 (the “Historical Reinsurance Treaties”); 
 WHEREAS, effective January 1, 2009 the parties entered into (1) an Amerinst Insurance Company Limited Accountants Professional Liability Treaty (the “2009 Accountants Professional Liability
Treaty”) and (2) the 2009 VP Treaty and; 
 WHEREAS, the Parties have mutually agreed to terminate their relationship, commute the
Historical Reinsurance Treaties, rescind and terminate the 2009 Accountants Professional Liability Treaty retroactive to its inception, and to rescind and terminate the 2009 VP Treaty retroactive to its inception; 
 NOW, THEREFORE, for and in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties
hereby agree as follows: 
  

	 	1.	All rights, duties, liabilities, and obligations of the Parties under the 2009 VP Treaty are discharged; 

  

	 	2.	The 2009 VP Treaty is rescinded and terminated retroactive to its inception; 

  

	 	3.	The 2009 VP Treaty is void ab initio as though it never existed; 

  

	 	4.	This Rescission Addendum shall be interpreted under and governed by the laws of Illinois. 

 [signatures on following page] 
  

 Page 1 of 2 

 IN WITNESS WHEREOF the Company and the Reinsurer, have caused this Rescission Addendum to be executed and
delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

					
	 Continental Casualty Company
	 		 	AmerInst Insurance Company Limited
			
	By:  /s/ Christine
Michals                                        
                     	 		 	By:      /s/ Thomas R.
McMahon                                        
           
			
	Printed Name:      Christine
Michals                                        
    	 		 	Printed Name:      Thomas R.
McMahon                                      

			
	Title:      Vice
President                                        
                        	 		 	Title:      Chief Financial
Officer                                        
          
			
	Date:      May 15,
2009                                         
                        	 		 	Date:      May 15,
2009                                         
                        

  

 Page 2 of 2Exhibit 4.1

 Exhibit 4.1 
 Restated Certificate of Incorporation of SLM Corporation 
 Amendment to Restated Certificate of
Incorporation of SLM Corporation 
 (Pursuant to Section 242 of the Delaware General Corporation Law) 
 SLM Corporation, a Delaware Corporation (the “Corporation”), hereby certifies as follows: 
 FIRST: The Board of Directors of the Corporation unanimously adopted the following resolution at a meeting duly called and held on May 8,
2008: 
 1. ARTICLE SIXTH(c)(1)(i), which begins “The number of directors the Corporation . . . ”, is hereby deleted
in its entirety and replaced with the following: 
 SIXTH(c)(1)(i): The number of directors of the Corporation shall not be less than eleven
(11) and no more than sixteen (16). 
 SECOND: The above resolution was approved by a majority of the outstanding stock entitled
to vote thereon at the annual stockholders meeting which was duly called and held on May 8, 2008. 
 IN WITNESS THEREOF, this Amendment
to the Restated Certificate of Incorporation has been duly adopted in accordance with the provisions of Section 242 of the Delaware General Corporation Law and has been executed by a duly authorized officer of the Corporation this 8th day of
May, 2008. 
 SLM CORPORATION 
 (original signed) 
 By: Mary F. Eure, Secretary 
 SLM Corporation, a corporation organized and existing under the laws of the State of Delaware (the “Corporation”), hereby certifies as follows: 
 (1) The name of the Corporation is SLM Corporation, and the name under which the Corporation was originally incorporated was SLM Holding Corporation. The
date of filing of its original Certificate of Incorporation with the Secretary of State was February 3, 1997. 
 (2) This Restated
Certificate of Incorporation only restates and integrates and does not further amend the provisions of the Certificate of Incorporation of this corporation as heretofore amended or supplemented and there is no discrepancy between those provisions
and the provisions of this Restated Certificate of Incorporation. 

 (3) This Restated Articles of Incorporation was duly adopted by the Board of Directors in accordance with
Section 245 of the General Corporation Law of the State of Delaware. 
 (4) The text of the Certificate of Incorporation of the
Corporation as amended or supplemented heretofore is hereby restated without further amendments or changes to read as herein set forth in full: 
 RESTATED 
 CERTIFICATE OF INCORPORATION 
 OF 
 SLM CORPORATION 
 FIRST: The name of the Corporation is SLM Corporation (hereinafter the “Corporation”). 
 SECOND: The address of the registered office of the Corporation in the State of Delaware is 1209 Orange Street, in the City of Wilmington, County
of New Castle. The name of its registered agent at that address is The Corporation Trust Company. 
 THIRD: The purpose of the
Corporation is to engage in any lawful act or activity for which a corporation may be organized under the General Corporation Law of the State of Delaware as set forth in Title 8 of the Delaware Code (the “GCL”). 
 FOURTH: The total number of shares of stock which the Corporation shall have authority to issue is 1,145,000,000 shares of capital stock,
consisting of (i) 1,125,000,000 shares of common stock, par value $.20 per share (the “Common Stock”), and (ii) 20,000,000 shares of preferred stock, par value $.20 per share (the “Preferred Stock”). 
 a. Common Stock. The powers, preferences and rights, and the qualifications, limitations and restrictions, of the Common Stock are as follows:

 (1) Voting. Except as otherwise expressly required by law or provided in this Certificate of Incorporation, and subject to any voting
rights provided to holders of Preferred Stock at any time outstanding, at each annual or special meeting of stockholders, each holder of record of shares of Common Stock on the relevant record date shall be entitled to cast one vote in person or by
proxy for each share of the Common Stock standing in such holder’s name on the stock transfer records of the Corporation; provided, however, that at all elections of directors of the Corporation, each holder of record of shares of Common Stock
on the relevant record date shall be entitled to cast as many votes, in person or by proxy, which (except for this provision) such holder would be entitled to cast for the election of directors with respect to its shares of stock multiplied by the
number of directors to be elected at such election, and that such holder may cast all such votes for a single director or may distribute them among the number to be voted for, or for any two or more of them as such holder sees fit. 
 (2) Dividends. Subject to the rights of the holders of Preferred Stock, and subject to any other provisions of this Certificate of Incorporation, as it
may be amended from time to time, holders of shares of Common Stock shall be entitled to receive such dividends and other distributions in cash, stock or property of the Corporation when, as and if declared thereon by the Board of Directors from
time to time out of assets or funds of the Corporation legally available therefor. 
  

 2 

 (3) Liquidation, Dissolution, etc. In the event of any liquidation, dissolution or winding up (either
voluntary or involuntary) of the Corporation, the holders of shares of Common Stock shall be entitled to receive the assets and funds of the Corporation available for distribution after payments to creditors and to the holders of any Preferred Stock
of the Corporation that may at the time be outstanding, in proportion to the number of shares held by them. 
 (4) No Preemptive or
Subscription Rights. No holder of shares of Common Stock shall be entitled to preemptive or subscription rights. 
 b. Preferred
Stock. The Board of Directors is hereby expressly authorized to provide for the issuance of all or any shares of the Preferred Stock in one or more classes or series, and to fix for each such class or series such voting powers, full or limited,
or no voting powers, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated and expressed in the resolution or resolutions
adopted by the Board of Directors providing for the issuance of such class or series, including, without limitation, the authority to provide that any such class or series may be (i) subject to redemption at such time or times and at such price
or prices; (ii) entitled to receive dividends (which may be cumulative or non-cumulative) at such rates, on such conditions, and at such times, and payable in preference to, or in such relation to, the dividends payable on any other class or
classes or any other series; (iii) entitled to such rights upon the dissolution of, or upon any distribution of the assets of, the Corporation; or (iv) convertible into, or exchangeable for, shares of any other class or classes of stock,
or of any other series of the same or any other class or classes of stock, of the Corporation at such price or prices or at such rates of exchange and with such adjustments; all as may be stated in such resolution or resolutions. 
 (1) Designated Preferred Stock – Series A. Pursuant to authority conferred upon the Board of Directors by this Article IV, the Board of Directors
created a series of 3,450,000 shares of Preferred Stock designated as 6.97% Cumulative Redeemable Preferred Stock, Series A, by filing a Certificate of Designations of the Corporation with the Secretary of State of the State of Delaware on
November 12, 1999, and the voting powers, designations, preferences and relative, participating and other special rights, and the qualifications, limitations and restrictions thereof, of the 6.97% Cumulative Redeemable Preferred Stock are as
set forth on Exhibit A hereto and are incorporated herein by reference. 
 (2) Designated Preferred Stock – Series B. Pursuant to
authority conferred upon the Board of Directors by this Article IV, the Board of Directors created a series of 4,000,000 shares of Preferred Stock designated as Floating-Rate Non-Cumulative Preferred Stock, Series B, by filing a Certificate of
Designations of the Corporation with the Secretary of State of the State of Delaware on June 7, 2005, and the voting powers, designations, preferences and relative, participating and other special rights, and the qualifications, limitations and
restrictions thereof, of the Floating-Rate Non-Cumulative Preferred Stock are as set forth on Exhibit B hereto and are incorporated herein by reference. 
  

 3 

 c. Power to Sell and Purchase Shares. Subject to the requirements of applicable law, the
Corporation shall have the power to issue and sell all or any part of any shares of any class of stock herein or hereafter authorized to such persons, and for such consideration, as the Board of Directors shall from time to time, in its discretion,
determine, whether or not greater consideration could be received upon the issue or sale of the same number of shares of another class, and as otherwise permitted by law. Unless approved by the affirmative vote of not less than a majority of the
voting power of the shares of capital stock of the Corporation then entitled to vote at an election of directors, the Corporation shall not take any action that would result in the acquisition by the Corporation, directly or indirectly, from any
person or “group” (as defined in Section 13(d) of the Securities Exchange Act of 1934) of five percent or more of the shares of Common Stock issued and outstanding, at a price in excess of the prevailing market price of such Common
Stock, other than pursuant to a tender offer made to all stockholders or to all stockholders owning less than 100 shares of Common Stock. 
 d. Limitation on Stockholder Rights Plan. Notwithstanding any other powers set forth in this Certificate of Incorporation, the Board of Directors shall not adopt a stockholders “rights plan” (which for this purpose shall
mean any arrangement pursuant to which, directly or indirectly, Common Stock or Preferred Stock purchase rights may be distributed to stockholders that provide all stockholders, other than persons who meet certain criteria specified in the
arrangement, the right to purchase the Common Stock or Preferred Stock at less than the prevailing market price of the Common Stock or Preferred Stock), unless (i) such rights plan is ratified by the affirmative vote of a majority of the voting
power of the shares of capital stock of the Corporation then entitled to vote at an election of directors at the next meeting (annual or special) of stockholders; (ii) by its terms, such rights plan expires within thirty-seven (37) months
from the date of its adoption, unless extended by the affirmative vote of a majority of the voting power of the shares of capital stock of the Corporation then entitled to vote at an election of directors; and (iii) at any time the rights
issued thereunder will be redeemed by the Corporation upon the affirmative vote of a majority of the voting power of the shares of capital stock of the Corporation then entitled to vote at an election of directors. 
 FIFTH: Reserved. 
 SIXTH: The
following provisions are inserted for the management of the business and the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and stockholders:

 a. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. 
 b. The directors shall have concurrent power with the stockholders to make, alter, amend, change, add to or repeal the By-Laws of the Corporation.

 c. (1) (i) The number of directors of the Corporation shall be not less than eleven (11), no more than seventeen (17) for
election at the 2000 annual meeting of shareholders; no more than sixteen (16) at the 2001 annual meeting of shareholders; and no more than fifteen (15) thereafter. 
  

 4 

 (ii) Directors may be removed with or without cause by a vote of the holders of shares entitled to vote
at an election of directors at a duly called meeting of such holders, provided that no director shall be removed for cause except by the affirmative vote of not less than a majority of the voting power of the shares then entitled to vote at an
election of directors, and provided further that if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against his removal would be sufficient to elect him if then cumulatively voted
at an election of the entire board of directors. 
 (iii) Notwithstanding the foregoing, whenever the holders of any one or more classes or
series of Preferred Stock issued by the Corporation shall have the right, voting separately by class or series, to elect directors at an annual or special meeting of stockholders, the election, term of office, filling of vacancies and other features
of such directorships shall be governed by the terms of this Certificate of Incorporation applicable thereto. 
 (2) A director shall hold
office until the succeeding annual meeting (or special meeting in lieu thereof) and until his or her successor shall be elected and shall qualify, subject, however, to prior death, resignation, retirement, disqualification or removal from office.

 (3) Any vacancy on the Board of Directors, regardless of whether resulting from death, resignation, retirement, disqualification, removal
from office, increase in the size of the Board or otherwise, may be filled by the affirmative vote of a majority of directors then in office, but any vacancy filled in such manner shall be filled only until the next annual meeting of stockholders.

 d. No director shall be personally liable to the Corporation or any of its stockholders for monetary damages for breach of fiduciary duty
as a director, except for liability (i) for any breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing
violation of law, (iii) pursuant to Section 174 of the GCL or (iv) for any transaction from which the director derived an improper personal benefit. Any repeal or modification of this Article SIXTH by the stockholders of the
Corporation shall not adversely affect any right or protection of a director of the Corporation existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification. 
 e. In addition to the powers and authority hereinbefore or by statute expressly conferred upon them, the directors are hereby empowered to exercise all
such powers and do all such acts and things as may be exercised or done by the Corporation, subject, nevertheless, to the provisions of the GCL, this Certificate of Incorporation, and any By-Laws adopted by the stockholders; provided, however, that
no such action by the Board of Directors, unless approved by a majority of the voting shares of capital stock of the Corporation then entitled to vote at an election of directors, shall amend, alter, change or repeal the right of stockholders as
provided for in the By-Laws to call a special meeting of stockholders; and provided further that no By-Laws hereafter adopted by the stockholders shall invalidate any prior act of the directors which would have been valid if such By-Laws had not
been adopted. 
  

 5 

 SEVENTH: Meetings of stockholders may be held within or without the State of Delaware, as the
By-Laws may provide. The books of the Corporation may be kept (subject to any provision contained in the GCL) outside the State of Delaware at such place or places as may be designated from time to time by the Board of Directors or in the By-Laws of
the Corporation. 
 EIGHTH: Any action required to be taken at any annual or special meeting of stockholders, or any action which may
be taken at any annual or special meeting of stockholders, may be taken without a meeting, without prior notice, and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by holders of outstanding
stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation delivery to
its registered office, its principal place of business or an officer or director of the Corporation having custody of the book in which proceedings of meetings of members are recorded. 
 NINTH: Pursuant to § 203(b)(1) of the GCL, the Corporation hereby expressly opts not to be governed by GCL § 203. 

TENTH: Any action by the Board of Directors to make, alter, amend, change, add to or repeal this Certificate of Incorporation shall be approved
by the affirmative vote of not less than a majority of the voting power of the shares of capital stock of the Corporation then entitled to vote at an election of directors. The Corporation reserves the right to amend, alter, change or repeal any
provision contained in this Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation. 
 IN WITNESS WHEREOF, the Corporation has caused this Restated Certificate of Incorporation to be executed on its behalf this 1st day of August,
2005. 
 SLM CORPORATION 
 By: 
 Mary F. Eure, 
 Corporate Secretary 
  

 6 

 EXHIBIT A 
 SLM HOLDING CORPORATION 
 CERTIFICATE OF DESIGNATION, POWERS, 
 PREFERENCES, RIGHTS, PRIVILEGES, QUALIFICATIONS, 
 LIMITATIONS, RESTRICTIONS,
TERMS AND CONDITIONS 
 of 
 6.97% CUMULATIVE REDEEMABLE 
 PREFERRED STOCK, SERIES A 
 1. Designation, Par Value, Number of Shares and Seniority 
 The series of preferred stock of the
Corporation created hereby (the “Series A Preferred Stock”) shall be designated “6.97% Cumulative Redeemable Preferred Stock, Series A,” shall have a par value of $0.20 per share and shall consist of 3,450,000 shares. 

Subject to the requirements of applicable law and the terms and conditions of the Corporation’s Amended and Restated Certificate of
Incorporation, the Board of Directors shall be permitted to increase the authorized number of shares of such series at any time. 
 The
Series A Preferred Stock shall rank, both as to dividends and upon liquidation, prior to the common stock of the Corporation (the “Common Stock”) to the extent provided in this Certificate and the Corporation’s Amended and Restated
Certificate of Incorporation and shall rank, both as to dividends and upon liquidation, on a parity with any other class or series of preferred stock the Corporation may from time to time issue (the “Parity Preferred Stock”). 

2. Dividends 
 (a) The holders of outstanding
shares of Series A Preferred Stock shall be entitled to receive, ratably, when, as and if declared by the Board of Directors, in its sole discretion, out of funds legally available therefor, cumulative, cash dividends at the annual rate of 6.97%, or
$3.485, per share of Series A Preferred Stock. Dividends on the Series A Preferred Stock shall accrue from but not including November 16, 1999 and are payable when, as and if declared by the Board of Directors quarterly in arrears on
January 31, April 30, July 30 and October 31 of each year (each, a “Dividend Payment Date”) commencing on January 31, 2000. If a Dividend Payment Date is not a “Business Day,” the related
dividend shall be paid on the next Business Day with the same force and effect as though paid on the Dividend Payment Date, without any increase to account for the period from such Dividend Payment Date through the date of actual payment. For these
purposes, “Business Day” means a day other than (i) a Saturday or Sunday, (ii) a day on which New York City banks are closed or (iii) a day on which the offices of the Corporation are closed. 
 The “Dividend Period” relating to a Dividend Payment Date shall be the period from but not including the preceding Dividend Payment Date (or
from but not including November 16, 1999, in the case of the first Dividend Payment Date) through and including the related Dividend Payment Date. If declared, the dividend payable in respect of the first Dividend Period will be $0.7357 per
share. The amount of dividends payable in respect of any quarterly Dividend Period 

  

 7 

 
other than the first Dividend Period shall be computed at a rate equal to 6.97% divided by 4; the amount of dividends payable in respect of any shorter
period shall be computed on the basis of twelve 30-day months and a 360-day year. Each such dividend shall be paid to the holders of record of outstanding shares of the Series A Preferred Stock as they appear in the books and records of the
Corporation on such record date as shall be fixed in advance by the Board of Directors, not to be earlier than 45 days nor later than 10 days preceding the applicable Dividend Payment Date. 
 No dividends shall be declared or paid or set apart for payment on the Common Stock or any other class or series of stock ranking junior to or (except as
hereinafter provided) on a parity with the Series A Preferred Stock with respect to the payment of dividends unless all accrued and unpaid dividends have been declared and paid or set apart for payment on the outstanding Series A Preferred Stock in
respect of all prior Dividend Periods. In the event that the Corporation shall not pay any one or more dividends or any part thereof on the Series A Preferred Stock, the holders of that Series A Preferred Stock shall not have any cause of action
against the Corporation in respect of such non-payment so long as no dividend is paid on any junior or parity stock in violation of the next preceding sentence. 
 No Common Stock or any other stock of the Corporation ranking junior to or on a parity with the Series A Preferred Stock as to dividends may be redeemed, purchased or otherwise acquired for any consideration (or any
payment be made to or available for a sinking fund for the redemption of any shares of such stock) unless all accrued and unpaid dividends have been declared and paid or set apart for payment on the outstanding Series A Preferred Stock in respect of
all prior Dividend Periods; provided, however, that any moneys theretofore deposited in any sinking fund with respect to any such stock in compliance with the provision of such sinking fund may thereafter be applied to the purchase or redemption of
such stock in accordance with the terms of such sinking fund, regardless of whether at the time of such application full cumulative dividends upon the Series A Preferred Stock outstanding to the most recent Dividend Payment Date shall have been paid
or declared and set apart for payment by the Corporation; provided that, if and when authorized by the Board of Directors, any such junior or parity stock or Common Stock may be converted into or exchanged for stock of the Corporation ranking junior
to the Series A Preferred Stock as to dividends. 
 (b) If, prior to May 16, 2001, one or more amendments to the Internal Revenue Code
of 1986, as amended (the “Code”), are enacted that reduce the percentage of the dividends-received deduction (70% as of November 10, 1999) as specified in section 243(a)(1) of the Code or any successor provision (the
“Dividends-Received Percentage”), certain adjustments may be made in respect of the dividends payable by the Corporation, and Post Declaration Date Dividends and Retroactive Dividends (as such terms are defined below) may become payable,
as described below. Notwithstanding anything to the contrary herein, the Corporation will make no adjustment for any amendments to the Code on or after May 16, 2001 that reduce the Dividends-Received Percentage. 
 The amount of each dividend payable (if declared) per share of Series A Preferred Stock for dividend payments made on or after the effective date of such
change in the 
  

 8 

 Code will be adjusted by multiplying the amount of the dividend payable pursuant to clause (a) of
this Section 2 (before adjustment) by a factor, which shall be the number determined in accordance with the following formula (the “DRD Formula”), and rounding the result to the nearest cent (with one-half cent rounded up):

 1 – .35 (1 – .70) 
 1 – .35 (1 – DRP)

 For the purposes of the DRD Formula, “DRP” means the Dividends-Received Percentage (expressed as a decimal) applicable to the
dividend in question; provided, however, that if the Dividends-Received Percentage applicable to the dividend in question is less than 50%, then the DRP will equal .50. No amendment to the Code, other than a change in the percentage of the
dividends-received deduction set forth in section 243(a)(1) of the Code or any successor provision, or a change in the percentage of the dividends-received deduction for certain categories of stock, which change is applicable to the Series A
Preferred Stock, will give rise to an adjustment. 
 Notwithstanding the foregoing provisions, if, with respect to any such amendment, the
Corporation receives an unqualified opinion of nationally recognized independent tax counsel selected by the Corporation or a private letter ruling or similar form of assurance from the Internal Revenue Service (the “IRS”) to the effect
that such an amendment does not apply to a dividend payable on the Series A Preferred Stock, then such amendment shall not result in the adjustment provided for pursuant to the DRD Formula with respect to such dividend. The opinion referenced in the
previous sentence shall be based upon the legislation amending or establishing the DRP or upon a published pronouncement of the IRS addressing such legislation. Unless the context otherwise requires, references to dividends herein shall mean
dividends as adjusted by the DRD Formula. The Corporation’s calculation of the dividends payable as so adjusted shall be final and not subject to review absent manifest error. 
 Notwithstanding the foregoing, if any such amendment to the Code is enacted after the dividend payable on a Dividend Payment Date has been declared but
before such dividend is paid, the amount of the dividend payable on such Dividend Payment Date shall not be increased. Instead, additional dividends (the “Post Declaration Date Dividends”), equal to the excess, if any, of (x) the
product of the dividend paid by the Corporation on such Dividend Payment Date and the DRD Formula (where the DRP used in the DRD Formula would be equal to the greater of the Dividends-Received Percentage applicable to the dividend in question and
..50) over (y) the dividend paid by the Corporation on such Dividend Payment Date, shall be payable (if declared) to holders of Series A Preferred Stock on the record date applicable to the next succeeding Dividend Payment Date, or, if the
Series A Preferred Stock is called for redemption prior to such record date, to holders of Series A Preferred Stock on the applicable redemption date, as the case may be, in addition to any other amounts payable on such date. Notwithstanding the
foregoing provisions, if, with respect to any such amendment, the Corporation receives either an unqualified opinion of nationally recognized independent tax counsel selected by the Corporation or a private letter ruling or similar form of assurance
from the IRS to the effect that such amendment does not apply to a divided so payable on the Preferred Stock, then such amendment will not result in the payment of Post Declaration Date Dividends. The opinion referenced in the previous sentence must
be based upon the legislation amending or establishing the DRP or upon a published pronouncement of the IRS addressing such legislation. 
  

 9 

 If any such amendment to the Code is enacted and the reduction in the Dividends-Received Percentage
retroactively applies to a Dividend Payment Date as to which the Corporation previously paid dividends on the Series A Preferred Stock (each, an “Affected Dividend Payment Date”), the Corporation shall pay (if declared) additional
dividends (the “Retroactive Dividends”) to holders of the Series A Preferred Stock on the record date applicable to the next succeeding Dividend Payment Date (or, if such amendment is enacted after the dividend payable on such Dividend
Payment Date has been declared, to holders on the record date applicable to the second succeeding Dividend Payment Date following the date of enactment) in an amount equal to the excess of (x) the product of the dividend paid by the Corporation
on each Affected Dividend Payment Date and the DRD Formula (where the DRP used in the DRD Formula would be equal to the greater of the Dividends-Received Percentage and .50 applied to each Affected Dividend Payment Date) over (y) the sum of the
dividend paid by the Corporation on each Affected Dividend Payment Date. The Corporation will make only one payment of Retroactive Dividends for any such amendment. 
 Notwithstanding the foregoing provisions, if, with respect to any such amendment, the Corporation receives either an unqualified opinion of nationally recognized independent tax counsel selected by the Corporation or
a private letter ruling or similar form of assurance from the IRS to the effect that such amendment does not apply to a dividend payable on an Affected Dividend Payment Date for the Series A Preferred Stock, then such amendment will not result in
the payment of Retroactive Dividends with respect to such Affected Dividend Payment Date. The opinion referenced in the previous sentence must be based upon the legislation amending or establishing the DRP or upon a published pronouncement of the
IRS addressing such legislation. 
 In the event that the amount of dividends payable per share of the Series A Preferred Stock is adjusted
pursuant to the DRD Formula and/or Post Declaration Date Dividends or Retroactive Dividends are to be paid, the Corporation will give notice of each such adjustment and, if applicable, any Post Declaration Date Dividends and Retroactive Dividends to
be paid as soon as practicable to the holders of Series A Preferred Stock. 
 (c) Notwithstanding any other provision of this Certificate,
the Board of Directors, in its discretion, may choose to pay dividends on the Series A Preferred Stock without the payment of any dividends on the Common Stock or any other class or series of stock from time to time outstanding ranking junior to the
Series A Preferred Stock with respect to the payment of dividends. 
 (d) No dividend shall be declared or paid or set apart for payment on
any shares of the Series A Preferred Stock if at the same time any arrears or default exists in the payment of dividends on any outstanding class or series of stock of the Corporation ranking prior to or (except as provided herein) on a parity with
the Series A Preferred Stock with respect to the payment of dividends. 
  

 10 

 (e) Holders of shares of the Series A Preferred Stock shall not be entitled to any dividends, in cash or
in property, other than as herein provided and shall not be entitled to interest, or any sum in lieu of interest, on or in respect of any dividend payment. 
 3. Optional Redemption 
 (a) The Series A Preferred Stock shall not be redeemable prior to November 16, 2009. Subject to
this limitation and to any further limitations imposed by law, the Corporation may redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, out of funds legally available therefor, at the redemption price of $50.00
per share plus an amount, determined in accordance with Section 2 above, equal to the amount of the dividend accrued and unpaid for all prior Dividend Periods and for the then-current Dividend Period to but not including the date of such
redemption. If less than all of the outstanding shares of the Series A Preferred Stock are to be redeemed, the Corporation shall select shares to be redeemed from the outstanding shares not previously called for redemption by lot or pro rata (as
nearly as possible) or by any other method which the Corporation in its sole discretion deems equitable. 
 (b) In the event the Corporation
shall redeem any or all of the Series A Preferred Stock as aforesaid, notice of such redemption shall be given by the Corporation by first class mail, postage prepaid, mailed not less than 30 and not more than 60 days prior to the redemption date,
to each holder of record of the shares of the Series A Preferred Stock being redeemed, at such holder’s address as the same appears in the books and records of the Corporation. Each such notice shall state the number of shares being redeemed,
the redemption price, the redemption date and the place at which such holder’s certificate(s) representing shares of the Series A Preferred Stock must be presented for cancellation or exchanges, as the case may be, upon such redemption. Any
notice that is so mailed shall be conclusively presumed to have been duly given, whether or not the stockholder received such notice. Failure to duly give notice, or any defect in the notice or in the mailing thereof, to any holder of the Series A
Preferred Stock shall not affect the validity of the proceedings for the redemption of any other shares of Series A Preferred Stock being redeemed. 
 (c) If any redemption date is not a Business Day, then payment of the redemption price may be made on the next Business Day with the same force and effect as if made on the redemption date, and no interest, additional dividends or other
sums will accrue on the amount payable from the redemption date to the next Business Day. 
 (d) Notice having been mailed as aforesaid, from
and after the redemption date specified therein and upon payment of the consideration set forth in Section 3(a) above, said shares of the Series A Preferred Stock shall no longer be deemed to be outstanding, and all rights of the holders
thereof as holders of the Series A Preferred Stock shall cease, with respect to shares so redeemed. 
 (e) Subject to applicable law, any
shares of the Series A Preferred Stock which shall have been redeemed shall, after such redemption, no longer have the status of authorized, issued or outstanding shares. 
  

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 (f) The shares of Series A Preferred Stock shall not be subject to any sinking fund or to any mandatory
redemption. 
 4. Preferred Stock Board Committee; Limited Rights to Vote and Elect Board Observers 
 At the first regularly scheduled meeting of the Board of Directors after the issuance of the Series A Preferred Stock, the Board of Directors shall form a
committee (the “Preferred Stock Committee”) of the Board of Directors whose purpose shall be to monitor and evaluate proposed actions of the Corporation that may impact the rights of holders of Series A Preferred Stock, including the
payment of dividends on the Series A Preferred Stock, and to report to the Board of Directors thereon. The Board of Directors shall designate from among its “independent directors” (as such term is defined (i) by the
Corporation’s Bylaws as then in effect or (ii) by New York Stock Exchange rules) at least three directors to serve on the Preferred Stock Committee. In designating the independent directors to serve on the Preferred Stock Committee, the
Board of Directors may, in its sole discretion, apply either of the foregoing definitions. The Preferred Stock Committee shall meet at least once a year. 
 Except as set forth in this Section 4 and in Section 9(h) below, the shares of the Series A Preferred Stock shall not have any voting powers, either general or special. 
 Whenever dividends on any shares of Series A Preferred Stock are in arrears for four or more quarterly Dividend Periods, whether or not consecutive:

 (a) The holders of the Series A Preferred Stock, voting together as single class with all other classes or series of capital stock of the
Corporation upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Series A Preferred Stock in the election of two observers to the board of directors, will be entitled to vote for
the election of a total of two board observers at a special meeting called by an officer of the Corporation at the request of holders of record of at least 10% of the outstanding Series A Preferred Stock or by the holders of any such other class or
series of capital stock of the Corporation and at each subsequent annual meeting of stockholders, until all dividends accumulated on the Series A Preferred Stock for all prior Dividend Periods and the then current Dividend Period have been fully
paid. 
 (b) If and when full cumulative dividends on the Series A Preferred Stock for all prior Dividend Periods and the then current
Dividend Period have been paid in full or declared and a sum sufficient for the payment thereof set aside for payment in full, the right of holders of Series A Preferred Stock to elect those two board observers will cease and, unless there are other
classes and series of capital stock of the Corporation upon which like voting rights have been conferred and are exercisable, all rights of each of the two board observers will immediately and automatically terminate. 
 (c) The Corporation shall provide to the board observers notice, and a detailed agenda (to the extent prepared for any member of the Board of Directors),
of all meetings of the Board of Directors and any committee of the Board of Directors which has been delegated responsibility for matters relating to the payment or nonpayment of dividends, including the 

  

 12 

 
Preferred Stock Committee. The Corporation shall also provide to the board observers copies of all materials that may in any way be related to the payment or
nonpayment of dividends that are provided to the Board of Directors and to the members of any such committees. The board observers shall be subject to the same confidentiality obligations with respect to such materials as bind the Board of
Directors. The board observers may attend any meeting of the Board of Directors or any committee thereof which has been delegated responsibility for matters relating to the payment or nonpayment of dividends, including the Preferred Stock Committee;
the board observers may participate in any such meeting, include statements in the minutes of such meetings, and present information and make recommendations to, and ask questions of, the Board of Directors or the Preferred Stock Committee with
respect to all matters. 
 If a special meeting of the holders of the Series A Preferred Stock for the election of the board observers is not
called by an officer of the Corporation within 30 days after request, then the holders of record of at least 10% of the outstanding shares of Series A Preferred Stock may designate a holder of Series A Preferred Stock to call that meeting at the
Corporation’s expense. The Corporation will pay all costs and expenses of calling and holding any meeting and of electing board observers as described above. 
 The foregoing voting provisions will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected, all outstanding shares of Series A Preferred Stock
have been redeemed or called for redemption and sufficient funds have been deposited in trust to effect such redemption. 
 In any matter in
which the Series A Preferred Stock is entitled to vote, including any action by written consent, each share of the Series A Preferred Stock shall be entitled to one vote, except that when shares of any other class or series of capital stock of the
Corporation have the right to vote with the Series A Preferred Stock as a single class on any matter, the Series A Preferred Stock and the shares of each such other class or series will have one vote for each $50.00 of liquidation preference
(excluding accrued dividends). 
 5. No Conversion or Exchange Rights 
 The holders of shares of the Series A Preferred Stock shall not have any right to convert such shares into or exchange such shares for any other class or series of stock or obligations of the Corporation. 

6. No Preemptive Rights 
 No holder of the Series A
Preferred Stock shall as such holder have any preemptive right to purchase or subscribe for any other shares, rights, options or other securities of any class of the Corporation which at any time may be sold or offered for sale by the Corporation.

 7. Liquidation Rights and Preference 
 (a) Except as otherwise set forth herein, upon the voluntary or involuntary dissolution, liquidation or winding up of the Corporation, after payment of or provision for the liabilities of the Corporation and the expenses of such
dissolution, liquidation or winding up, the holders of the outstanding shares of the Series A Preferred Stock shall be entitled to receive out 

  

 13 

 
of the assets of the Corporation available for distribution to stockholders, before any payment or distribution shall be made on the Common Stock or any
other class or series of stock of the Corporation ranking junior to the Series A Preferred Stock upon liquidation, the amount of $50.00 per share plus an amount, determined in accordance with Section 2 above, equal to all accrued and unpaid
dividends for all prior Dividend Periods and for the then-current Dividend Period through and including the date of payment in respect of such dissolution, liquidation or winding up, and the holders of the outstanding shares of any class or series
of stock of the Corporation ranking on a parity with the Series A Preferred Stock upon liquidation shall be entitled to receive out of the assets of the Corporation available for distribution to stockholders, before any such payment or distribution
shall be made on the Common Stock or any other class or series of stock of the Corporation ranking junior to the Series A Preferred Stock and to such parity stock upon liquidation, any corresponding preferential amount to which the holders of such
parity stock may, by the terms thereof, be entitled; provided, however, that if the assets of the Corporation available for distribution to stockholders shall be insufficient for the payment of the full amounts to which the holders of the
outstanding shares of the Series A Preferred Stock and the holders of the outstanding shares of such parity stock shall be entitled to receive upon such dissolution, liquidation or winding up of the Corporation as aforesaid, then all of the assets
of the Corporation available for distribution to stockholders shall be distributed to the holders of outstanding shares of the Series A Preferred Stock and to the holders of outstanding shares of such parity stock pro rata, so that the amounts so
distributed to holders of the Series A Preferred Stock and to holders of such classes or series of such parity stock, respectively, shall bear to each other the same ratio that the respective distributive amounts to which they are so entitled
(including any adjustment due to changes in the Dividends-Received Percentage) bear to each other. After the payment of the aforesaid amounts to which they are entitled, the holders of outstanding shares of the Series A Preferred Stock and the
holders of outstanding shares of any such parity stock shall not be entitled to any further participation in any distribution of assets of the Corporation. 
 (b) Neither the sale of all or substantially all of the property or business of the Corporation, nor the merger, consolidation or combination of the Corporation into or with any other corporation or entity, shall be
deemed to be a dissolution, liquidation or winding up for the purpose of this Section 7. 
 8. Additional Classes or Series of Stock 

The Board of Directors shall have the right at any time in the future to authorize, create and issue, by resolution or resolutions, one or more
additional classes or series of stock of the Corporation, and to determine and fix the distinguishing characteristics and the relative rights, preferences, privileges and other terms of the shares thereof. Any such class or series of stock may rank
on a parity with or junior to the Series A Preferred Stock as to dividends or upon liquidation or otherwise. No such class or series of stock of the Corporation may rank prior to the Series A Preferred Stock as to dividends or upon liquidation or
otherwise. 
  

 14 

 9. Miscellaneous 
 (a) Any stock of any class or series of the Corporation shall be deemed to rank: 
 (i) on a parity with
shares of the Series A Preferred Stock, either as to dividends or upon liquidation, whether or not the dividend rates or amounts, dividend payment dates or redemption of liquidation prices per share, if any, be different from those of the Series A
Preferred Stock, if the holders of such class or series shall be entitled to the receipt of dividends or of amounts distributable upon dissolution, liquidation or winding up of the Corporation, as the case may be, in proportion to their respective
dividend rates or amounts or liquidation prices, without preference or priority, one over the other, as between the holders of such class or series and the holders of shares of the Series A Preferred Stock; and 
 (ii) junior to shares of the Series A Preferred Stock, either as to dividends or upon liquidation, if such class or series shall be Common Stock, or if
the holders of shares of the Series A Preferred Stock shall be entitled to receipt of dividends or of amounts distributable upon dissolution, liquidation or winding up of the Corporation, as the case may be, in preference or priority to the holders
of shares of such class or series. 
 (b) The Corporation and any agent of the Corporation may deem and treat the holder of a share or shares
of Series A Preferred Stock, as shown in the Corporation’s books and records, as the absolute owner of such share or shares of Series A Preferred Stock for the purpose of receiving payment of dividends in respect of such share or shares of
Series A Preferred Stock and for all other purposes whatsoever, and neither the Corporation nor any agent or the Corporation shall be affected by any notice to the contrary. All payments made to or upon the order of any such persons shall be valid
and, to the extent of the sum or sums so paid, effectual to satisfy and discharge liabilities for moneys payable by the Corporation on or with respect to any such share or shares of Series A Preferred Stock. 
 (c) The shares of the Series A Preferred Stock, when duly issued, shall be fully paid and non-assessable. 
 (d) For purposes of this Certificate, the term “the Corporation” means SLM Holding Corporation and any successor thereto by operation of law or
by reason of a merger, consolidation or combination. 
 (e) Any notice, demand or other communication which by any provision of this
Certificate is required or permitted to be given or served to or upon the Corporation shall be given or served in writing addressed (unless and until another address shall be published by the Corporation) to SLM Holding Corporation, 11600 Sallie Mae
Drive, Reston, Virginia 20193, Attn: General Counsel’s Office. Such notice, demand or other communication to or upon the Corporation shall be deemed to have been sufficiently given or made only upon actual receipt of a writing by the
Corporation. Any notice, demand or other communication which by any provision of this Certificate is required or permitted to be given or served by the Corporation hereunder may be given or served by being deposited first class, postage prepaid, in
the United States mail addressed (i) to the holder as such holder’s name and address may appear at such time in the books and records of the Corporation or (ii) to a person or entity other than a holder of record of the Series A
Preferred Stock, to such person or entity at such address as appears to the Corporation to be appropriate at such time. Such notice, demand or other communication shall be deemed to have been sufficiently given or made, for all purposes, upon
mailing. 
  

 15 

 (f) The Corporation, by or under the authority of the Board of Directors, may amend, alter, supplement or
repeal any provision of this Certificate pursuant to applicable law and the following terms and conditions: 
 (i) The consent of the holders
of at least 66 2/3% of all of the shares of the Series A Preferred Stock at the time outstanding, given in person or by proxy, either in writing or by a vote at a meeting called for the purpose at which the holders of shares of the Series A
Preferred Stock shall vote together as a class, shall be necessary for authorizing, effecting or validating the amendment, alteration, supplementation or repeal of the provisions of this Certificate if such amendment, alteration, supplementation or
repeal would materially and adversely affect the powers, preferences, rights, privileges, qualifications, limitations, restrictions, terms or conditions of the Series A Preferred Stock. The creation and issuance of any other class or series of
stock, or the issuance of additional shares of any existing class or series of stock of the Corporation (including the Series A Preferred Stock), whether ranking on parity with or junior to the Series A Preferred Stock, shall not be deemed to
constitute such an amendment, alteration, supplementation or repeal. 
 (ii) Holders of the Series A Preferred Stock shall be entitled to one
vote per share on matters on which their consent is required pursuant to subparagraph (i) of this paragraph (h). In connection with any meeting of such holders, the Board of Directors shall fix a record date, neither earlier than 60 days nor
later than 10 days prior to the date of such meeting, and holders of record of shares of the Series A Preferred Stock on such record date shall be entitled to notice of and to vote at any such meeting and any adjournment. The Board of Directors, or
such person or persons as it may designate, may establish reasonable rules and procedures as to the solicitation of the consent of holders of the Series A Preferred Stock at any such meeting or otherwise, which rules and procedures shall conform to
the requirements of any national securities exchange on which the Series A Preferred Stock maybe listed at such time. 
 (g) RECEIPT AND
ACCEPTANCE OF A SHARE OR SHARES OF THE SERIES A Preferred Stock BY OR ON BEHALF OF A HOLDER SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER (AND ALL OTHERS HAVING BENEFICIAL OWNERSHIP OF SUCH SHARE OR SHARES) OF ALL OF THE TERMS AND
PROVISIONS OF THIS CERTIFICATE. NO SIGNATURE OR OTHER FURTHER MANIFESTATION OF ASSENT TO THE TERMS AND PROVISIONS OF THIS CERTIFICATE SHALL BE NECESSARY FOR ITS OPERATION OR EFFECT AS BETWEEN THE CORPORATION AND THE HOLDER (AND ALL SUCH OTHERS).

  

 16 

 EXHIBIT B 
 SLM CORPORATION 
 CERTIFICATE OF DESIGNATION, POWERS, 
 PREFERENCES, RIGHTS, PRIVILEGES, QUALIFICATIONS, 
 LIMITATIONS, RESTRICTIONS,
TERMS AND CONDITIONS 
 of 
 FLOATING-RATE NON-CUMULATIVE PREFERRED STOCK, SERIES B 
 1. Designation, Par Value, Number or Shares and Seniority 
 The series of preferred stock of the Corporation created hereby (the “Series B Preferred Stock”) shall be designated “Floating-Rate
Non-Cumulative Preferred Stock, Series B,” shall have a par value of $0.20 per share and shall consist of 4,000,000 shares. 
 Subject
to the requirements of applicable law and the terms and conditions of the Corporation’s Amended and Restated Certificate of Incorporation, the Board of Directors shall be permitted to increase the authorized number of shares of such series at
any time. 
 The Series B Preferred Stock shall rank, both as to dividends and upon liquidation, dissolution or winding up, prior to the
common stock of the Corporation (the “Common Stock”) to the extent provided in this Certificate and the Corporation’s Amended and Restated Certificate of Incorporation and shall rank, both as to the payment of dividends when due and
upon liquidation, dissolution or winding up, on a parity with any other class or series of preferred stock the Corporation may from time to time issue (the “Parity Preferred Stock”), including the Corporation’s 6.97% Cumulative
Redeemable Preferred Stock, Series A (the “Series A Preferred Stock”). 
 2. Dividends 
 (a) The holders of outstanding shares of Series B Preferred Stock shall be entitled to receive, ratably, when, as and if declared by the Board of
Directors, in its sole discretion, out of funds legally available therefor, cash dividends at a rate equal to (i) a floating rate of three-month LIBOR (as defined below) plus 0.70% per annum for periods ending on and prior to June 15,
2011 and (ii) a floating rate of three-month LIBOR plus 1.70% per annum for periods after June 15, 2011, per share of Series B Preferred Stock. Dividends on the Series B Preferred Stock shall accrue from but not including
June 8, 2005 in the case of an initial declared dividend or the preceding Dividend Payment Date (as defined below), as applicable, and are payable when, as and if declared by the Board of Directors quarterly in arrears on
March 15, June 15, September 15 and December 15 of each year unless such day is not a Business Day, in which case, the related dividend will be paid on the next succeeding Business Day (each, a “Dividend Payment
Date”) commencing on September 15, 2005. For these purposes, “Business Day” means a day other than (i) a Saturday or Sunday, (ii) a day on which New York City banks are closed or (iii) a day on which the offices of
the Corporation are closed. 
 The “Dividend Period” relating to a Dividend Payment Date shall be the period from but not including
the preceding Dividend Payment Date (or from but not including June 8, 2005, in 

  

 17 

 
the case of the first Dividend Payment Date) through and including the related Dividend Payment Date. The amount of dividends payable in respect of any
quarterly Dividend Period, including dividends payable for partial Dividend Periods, shall be computed on the basis of the actual number of days for which dividends are payable in the relevant Dividend Period, divided by 360. Each such dividend
shall be paid to the holders of record of outstanding shares of the Series B Preferred Stock as they appear in the books and records of the Corporation on such record date as shall be fixed in advance by the Board of Directors, not to be earlier
than 45 days nor later than 10 days preceding the applicable Dividend Payment Date. 
 For any Dividend Period, LIBOR shall be determined by
the Calculation Agent (as defined below) on the second London and New York Business Day (as defined below) immediately preceding the first day of such Dividend Period in the following manner: 
 LIBOR will be the offered rate per annum for three-month deposits in U.S. dollars, beginning on the first day of such period, as that rate appears on
Moneyline Telerate Page (as defined below) 3750 as of 11:00 A.M., London time, on the second London and New York Business Day immediately preceding the first day of such Dividend Period. 
 If the rate described above does not appear on Moneyline Telerate Page 3750, LIBOR will be determined on the basis of the rates, at approximately 11:00
A.M., London time, on the second London and New York Business Day immediately preceding the first day of such Dividend Period, at which deposits of the following kind are offered to prime banks in the London interbank market by four major banks in
that market selected by the Calculation Agent: three-month deposits in U.S. dollars, beginning on the first day of such Dividend Period, and in a Representative Amount (as defined below). The Calculation Agent will request the principal London
office of each of these banks to provide a quotation of its rate. If at least two quotations are provided, LIBOR for the second London and New York Business Day immediately preceding the first day of such Dividend Period will be the arithmetic mean
of the quotations. 
 If fewer than two quotations are provided as described above, LIBOR for the second London and New York Business Day
immediately preceding the first day of such Dividend Period will be the arithmetic mean of the rates for loans of the following kind to leading European banks quoted, at approximately 11:00 A.M., New York City time, on the second London and New York
Business Day immediately preceding the first day of such Dividend Period, by three major banks in New York City selected by the Calculation Agent: three-month loans of U.S. dollars, beginning on the first day of such Dividend Period, and in a
Representative Amount. 
 If fewer than three banks selected by the Calculation Agent are quoting as described above, LIBOR for the new
Dividend Period will be LIBOR in effect for the prior Dividend Period. 
 The Calculation Agent’s determination of any dividend rate,
and its calculation of the amount of dividends for any Dividend Period, will be on file at the principal offices of the Corporation, will be made available to any holder of Series B Preferred Stock upon request and will be final and binding in the
absence of manifest error. The term “Calculation agent” means any person appointed by the Corporation to act as Calculation Agent hereunder. The Corporation shall be the initial Calculation Agent. 
  

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 The term “Representative Amount” means an amount that, in the Calculation Agent’s
judgment, is representative of a single transaction in the relevant market at the relevant time. 
 The term “Moneyline Telerate
Page” means the display on Moneyline Telerate, Inc., or any successor service, on the page or pages specified in this certificate or any replacement page or pages on that service. 
 The term “London and New York Business Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is a day on which dealings
in U.S. dollars are transacted in the London interbank market and on which banking institutions in New York City generally are not authorized or obligated by law or executive order to close. 
 No dividends shall be declared or paid or set apart for payment on the Common Stock or any other class or series of stock ranking junior to or on a
parity with the Series B Preferred Stock with respect to the payment of dividends when due unless all accrued and unpaid dividends have been declared and paid or set apart for payment on the outstanding Series B Preferred Stock in respect of the
then-current Dividend Period. In the event that the Corporation shall declare but not pay any one or more dividends or any part thereof on the Series B Preferred Stock, the holders of that Series B Preferred Stock shall not have any cause of action
against the Corporation in respect of such non-payment so long as no dividend is paid on any junior or parity stock in violation of the preceding sentence. 
 No Common Stock or any other stock of the Corporation ranking junior to or on a parity with the Series B Preferred Stock as to the payment of dividends when due may be redeemed, purchased or otherwise acquired for any
consideration (or any payment be made to or available for a sinking fund for the redemption of any shares of such stock) unless all accrued and unpaid dividends have been declared and paid or set apart for payment on the outstanding Series B
Preferred Stock in respect of the then-current Dividend Period; provided, however, that any moneys theretofore deposited in any sinking fund with respect to any junior or parity stock or Common Stock in compliance with the provision of such sinking
fund may thereafter be applied to the purchase or redemption of such stock in accordance with the terms of such sinking fund, regardless of whether at the time of such application full dividends upon the Series B Preferred Stock accrued and unpaid
to the most recent Dividend Payment Date shall have been declared and paid or set apart for payment by the Corporation; provided that, if and when authorized by the Board of Directors, any such junior or parity stock or Common Stock may be converted
into or exchanged for stock of the Corporation ranking junior to the Series B Preferred Stock as to payment of dividends when due. 
 3. Optional
Redemption 
 (a) The Series B Preferred Stock shall not be redeemable prior to June 15, 2010. On any Dividend Payment Date on or
after June 15, 2010, and subject to this limitation, the terms of Parity Preferred Stock and to any further limitations imposed by law, the Corporation may redeem the Series B Preferred Stock, in whole or in part, out of funds legally available
therefor, 

  

 19 

 
at the redemption price of $100.00 per share plus an amount, determined in accordance with Section 2 above, equal to the amount of the dividend accrued
and unpaid for the then-current Dividend Period to but not including the date of such redemption, if any. If fewer than all of the outstanding shares of the Series B Preferred Stock are to be redeemed, the Corporation shall select shares to be
redeemed from the outstanding shares not previously called for redemption by lot or pro rata (as nearly as possible) or by any other method which the Corporation in its sole discretion deems equitable. 
 (b) In the event the Corporation shall redeem any or all of the Series B Preferred Stock as aforesaid, notice of such redemption shall be given by the
Corporation by first class mail, postage prepaid, mailed not less than 30 and not more than 60 days prior to the redemption date, to each holder of record of the shares of the Series B Preferred Stock being redeemed, at such holder’s address as
the same appears in the books and records of the Corporation. Each such notice shall state the number of shares being redeemed, the redemption price, the redemption date and the place at which such holder’s certificate(s) representing shares of
the Series B Preferred Stock must be presented for cancellation or exchanges, as the case may be, upon such redemption. Any notice that is so mailed shall be conclusively presumed to have been duly given, whether or not the stockholder received such
notice. Failure to duly give notice, or any defect in the notice or in the mailing thereof, to any holder of the Series B Preferred Stock shall not affect the validity of the proceedings for the redemption of any other shares of Series B Preferred
Stock being redeemed. 
 (c) If any redemption date is not a Business Day, then payment of the redemption price may be made on the next
Business Day with the same force and effect as if made on the redemption date, and no interest, additional dividends or other sums will accrue on the amount payable from the redemption date to the next Business Day. 
 (d) Notice having been mailed as aforesaid, from and after the redemption date specified therein and upon payment of the consideration set forth in
Section 3(a) above, said shares of the Series B Preferred Stock shall no longer be deemed to be outstanding, and all rights of the holders thereof as holders of the Series B Preferred Stock shall cease, with respect to shares so redeemed.

 (e) Subject to applicable law, any shares of the Series B Preferred Stock which shall have been redeemed shall, after such redemption, no
longer have the status of authorized, issued or outstanding shares. 
 (f) The shares of Series B Preferred Stock shall not be subject to any
sinking fund or to any mandatory redemption. 
 4. Preferred Stock Board Committee; Limited Rights to Vote and Elect Board Observers 
 The Board of Directors maintains a committee (the “Preferred Stock Committee”) of the Board of Directors whose purpose is to monitor and
evaluate proposed actions of the Corporation that may impact the rights of holders of the outstanding preferred stock of Corporation, including the payment of dividends on the Series B Preferred Stock, and to report to the Board of Directors 

  

 20 

 
thereon. The Board of Directors shall designate from among its “independent directors” (as such term is defined (i) by the Corporation’s
Bylaws as then in effect or (ii) by the rules of the New York Stock Exchange) at least three directors to serve on the Preferred Stock Committee. In designating the independent directors to serve on the Preferred Stock Committee, the Board of
Directors may, in its sole discretion, apply either of the foregoing definitions. The Preferred Stock Committee shall meet at least once a year. 
 Except as set forth in this Section 4 and in Section 9(f) below, the shares of the Series B Preferred Stock shall not have any voting powers, either general or special. 
 Whenever dividends on any shares of Series B Preferred Stock have not been declared by the Board of Directors or paid for an aggregate of four or more
quarterly Dividend Periods, whether or not consecutive: 
 (a) The holders of the Series B Preferred Stock, voting together as a single class
with all other classes or series of capital stock of the Corporation upon which like voting rights have been conferred and are exercisable and which are entitled to vote as a class with the Series B Preferred Stock in the election of two observers
to the board of directors, will be entitled to vote for the election of a total of two board observers at a special meeting called by an officer of the Corporation at the request of holders of record of at least 10% of (i) the outstanding
Series B Preferred Stock or (ii) any such other class or series of capital stock of the Corporation entitled to vote for such committee and reelected at each subsequent annual meeting of stockholders, until all declared and unpaid dividends on
the Series B Preferred Stock have been fully paid and the Corporation has resumed the payment of dividends in full on the Series B Preferred Stock for four consecutive Dividend Periods. 
 (b) If and when all accrued and unpaid dividends on the Series B Preferred Stock have been paid in full or declared and a sum sufficient for the payment
thereof set apart for payment in full and the Corporation has resumed the payment in of dividends in full on the Series B Preferred Stock for four consecutive Dividend Periods, the right of holders of Series B Preferred Stock to elect those two
board observers will cease and, unless there are other classes and series of capital stock of the Corporation upon which like voting rights have been conferred and are exercisable, all rights of each of the two board observers will immediately and
automatically terminate. 
 (c) The Corporation shall provide to the board observers notice, and a detailed agenda (to the extent prepared
for any member of the Board of Directors), of all meetings of the Board of Directors and any committee of the Board of Directors which has been delegated responsibility for matters relating to the payment or nonpayment of dividends, including the
Preferred Stock Committee. The Corporation shall also provide to the board observers copies of all materials that may in any way be related to the payment or nonpayment of dividends that are provided to the Board of Directors and to the members of
any such committees. The board observers shall be subject to the same confidentiality obligations with respect to such materials as bind the Board of Directors. 
 The board observers may attend any meeting of the Board of Directors or any committee thereof which has been delegated responsibility for matters relating to the payment or 

  

 21 

 
nonpayment of dividends, including the Preferred Stock Committee; the board observers may participate in any such meeting, include statements in the minutes
of such meetings, and present information and make recommendations to, and ask questions of, the Board of Directors or the Preferred Stock Committee with respect to all matters. 
 If a special meeting of the holders of the Series B Preferred Stock for the election of the board observers is not called by an officer of the
Corporation within 30 days after a request by holders of record of at least 10% of the outstanding shares of Series B Preferred Stock, then such requesting holders may designate a holder of Series B Preferred Stock to call that meeting at the
Corporation’s expense. The Corporation will pay all costs and expenses of calling and holding any meeting and of electing board observers as described above. 
 The foregoing voting rights will not apply if, at or prior to the time when the act with respect to which such vote would otherwise be required will be effected, all outstanding shares of Series B Preferred Stock have
been redeemed or called for redemption and sufficient funds have been deposited in trust to effect such redemption. 
 In any matter in which
the Series B Preferred Stock is entitled to vote, including any action by written consent, each share of the Series B Preferred Stock shall be entitled to one vote, except that when shares of any other class or series of capital stock of the
Corporation have the right to vote with the Series B Preferred Stock as a single class on any matter, the Series B Preferred Stock and the shares of each such other class or series will have one vote for each $50.00 of liquidation preference
(excluding accrued dividends, if any). 
 5. No Conversion or Exchange Rights 
 The holders of shares of the Series B Preferred Stock shall not have any right to convert such shares into or exchange such shares for any other class or
series of stock, obligations or property of the Corporation. 
 6. No Preemptive Rights 
 No holder of the Series B Preferred Stock shall as such holder have any preemptive right to purchase or subscribe for any other shares, rights, options or
other securities of any class of the Corporation which at any time may be sold or offered for sale by the Corporation. 
 7. Liquidation Rights and
Preference 
 (a) Except as otherwise set forth herein, upon the voluntary or involuntary dissolution, liquidation or winding up of the
Corporation, after payment of or provision for the liabilities of the Corporation and the expenses of such dissolution, liquidation or winding up, the holders of the outstanding shares of the Series B Preferred Stock shall be entitled to receive out
of the assets of the Corporation available for distribution to stockholders pari passu with liquidation payments or distributions to holders of Series A Preferred Stock and any other class or series of stock ranking on a parity as to liquidation
with the Series B Preferred Stock and before any payment or distribution shall be made on the Common Stock or any other class or series of stock of the Corporation ranking junior to the Series B Preferred Stock upon liquidation, the amount of
$100.00 per share plus an amount, determined in accordance with Section 2 above, 

  

 22 

 
equal to all accrued and unpaid dividends for the then-current Dividend Period through and including the date of payment in respect of such dissolution,
liquidation or winding up, if any, and the holders of the outstanding shares of any class or series of stock of the Corporation ranking on a parity with the Series B Preferred Stock upon liquidation shall be entitled to receive out of the assets of
the Corporation available for distribution to stockholders, before any such payment or distribution shall be made on the Common Stock or any other class or series of stock of the Corporation ranking junior to the Series B Preferred Stock and to such
parity stock upon liquidation, any corresponding preferential amount to which the holders of such parity stock may, by the terms thereof, be entitled; provided, however, that if the assets of the Corporation available for distribution to
stockholders shall be insufficient for the payment of the full amounts to which the holders of the outstanding shares of the Series B Preferred Stock and the holders of the outstanding shares of such parity stock shall be entitled to receive upon
such dissolution, liquidation or winding up of the Corporation as aforesaid, then all of the assets of the Corporation available for distribution to stockholders shall be distributed to the holders of outstanding shares of the Series B Preferred
Stock and to the holders of outstanding shares of such parity stock pro rata, so that the amounts so distributed to holders of the Series B Preferred Stock and to holders of such classes or series of such parity stock, respectively, shall bear to
each other the same ratio that the respective distributive amounts to which they are so entitled bear to each other. After the payment of the aforesaid amounts to which they are entitled, the holders of outstanding shares of the Series B Preferred
Stock and the holders of outstanding shares of any such parity stock shall not be entitled to any further participation in any distribution of assets of the Corporation. 
 (b) Neither the sale of all or substantially all of the property or business of the Corporation, nor the merger, consolidation or combination of the Corporation into or with any other corporation or entity, shall be
deemed to be a dissolution, liquidation or winding up for the purpose of this Section 7. 
 8. Additional Classes or Series of Stock 

The Board of Directors shall have the right at any time in the future to authorize, create and issue, by resolution or resolutions, one or more
additional classes or series of stock of the Corporation, and to determine and fix the distinguishing characteristics and the relative rights, preferences, privileges and other terms of the shares thereof. Any such class or series of stock may rank
on a parity with or junior to the Series B Preferred Stock as to payment of dividends when due or upon liquidation or otherwise. No such class or series of stock of the Corporation may rank prior to the Series B Preferred Stock as to payment of
dividends when due or upon liquidation or otherwise. 
 9. Miscellaneous 
 (a) Any stock of any class or series of the Corporation shall be deemed to rank: 
 (i) on a parity with
shares of the Series B Preferred Stock, either as to the payment of dividends when due or upon liquidation, whether or not the dividend rates or amounts, dividend payment dates or redemption of liquidation prices per share, if any, be different from
those of the Series B Preferred Stock, if the holders of such class or series shall be 

  

 23 

 
entitled to the receipt of dividends or of amounts distributable upon dissolution, liquidation or winding up of the Corporation, as the case may be, in
proportion to their respective dividend rates or amounts or liquidation prices, without preference or priority, one over the other, as between the holders of such class or series and the holders of shares of the Series B Preferred Stock; and

 (ii) junior to shares of the Series B Preferred Stock, either as to the payment of dividends when due or upon liquidation, if such class
or series shall be Common Stock, or if the holders of shares of the Series B Preferred Stock shall be entitled to receipt of dividends when due or of amounts distributable upon dissolution, liquidation or winding up of the Corporation, as the case
may be, in preference or priority to the holders of shares of such class or series. 
 (b) The Corporation and any agent of the Corporation
may deem and treat the holder of a share or shares of Series B Preferred Stock, as shown in the Corporation’s books and records, as the absolute owner of such share or shares of Series B Preferred Stock for the purpose of receiving payment of
dividends when due in respect of such share or shares of Series B Preferred Stock and for all other purposes whatsoever, and neither the Corporation nor any agent of the Corporation shall be affected by any notice to the contrary. All payments made
to or upon the order of any such persons shall be valid and, to the extent of the sum or sums so paid, effectual to satisfy and discharge liabilities for moneys payable by the Corporation on or with respect to any such share or shares of Series B
Preferred Stock. 
 (c) The shares of the Series B Preferred Stock, when duly issued, shall be fully paid and non-assessable. 
 (d) For purposes of this Certificate, the term “the Corporation” means SLM Corporation and any successor thereto by operation of law or by
reason of a merger, consolidation or combination. 
 (e) Any notice, demand or other communication which by any provision of this Certificate
is required or permitted to be given or served to or upon the Corporation shall be given or served in writing addressed (unless and until another address shall be published by the Corporation) to SLM Corporation, 12061 Bluemont Way, Reston, Virginia
20190, Attn: General Counsel’s Office. Such notice, demand or other communication to or upon the Corporation shall be deemed to have been sufficiently given or made only upon actual receipt of a writing by the Corporation. Any notice, demand or
other communication which by any provision of this Certificate is required or permitted to be given or served by the Corporation hereunder may be given or served by being deposited first class, postage prepaid, in the United States mail addressed
(i) to the holder as such holder’s name and address may appear at such time in the books and records of the Corporation or (ii) to a person or entity other than a holder of record of the Series B Preferred Stock, to such person or
entity at such address as appears to the Corporation to be appropriate at such time. Such notice, demand or other communication shall be deemed to have been sufficiently given or made, for all purposes, upon mailing. 
  

 24 

 (f) The Corporation, by or under the authority of the Board of Directors, may amend, alter, supplement or
repeal any provision of this Certificate pursuant to applicable law and the following terms and conditions: 
 (i) Without the consent of the
holders of the Series B Preferred Stock, the Corporation may amend, alter, supplement or repeal any provision of this Certificate to cure any ambiguity, to correct or supplement any term that may be defective or inconsistent with any other terms, or
to make any other provisions so long as such action does not materially and adversely affect the rights, preferences, privileges or voting power of the holders of the Series B Preferred Stock. 
 (ii) With the consent of the holders of at least 66-2/3% of all of the shares of the Series B Preferred Stock at the time outstanding, given in person or
by proxy, either in writing or by a vote at a meeting called for the purpose at which the holders of shares of the Series B Preferred Stock shall vote together as a class, shall be necessary for authorizing, effecting or validating the amendment,
alteration, supplementation or repeal of the provisions of this Certificate if such amendment, alteration, supplementation or repeal would materially and adversely affect the powers, preferences, rights, privileges, qualifications, limitations,
restrictions, terms or conditions of the Series B Preferred Stock. The creation and issuance of any other class or series of stock, or the issuance of additional shares of any existing class or series of stock of the Corporation (including the
Series B Preferred Stock), whether ranking on parity with or junior to the Series B Preferred Stock, shall not be deemed to constitute such an amendment, alteration, supplementation or repeal. 
 (iii) Holders of the Series A Preferred Stock shall be entitled to one vote per share on matters on which their consent is required pursuant to
subparagraph (i) of this paragraph (f). In connection with any meeting of such holders, the Board of Directors shall fix a record date, neither earlier than 60 days nor later than 10 days prior to the date of such meeting, and holders of record
of shares of the Series B Preferred Stock on such record date shall be entitled to notice of and to vote at any such meeting and any adjournment. The Board of Directors, or such person or persons as it may designate, may establish reasonable rules
and procedures as to the solicitation of the consent of holders of the Series B Preferred Stock at any such meeting or otherwise, which rules and procedures shall conform to the requirements of any national securities exchange on which the Series B
Preferred Stock may be listed at such time. 
 (g) RECEIPT AND ACCEPTANCE OF A SHARE OR SHARES OF THE SERIES B PREFERRED STOCK BY OR ON
BEHALF OF A HOLDER SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER (AND ALL OTHERS HAVING BENEFICIAL OWNERSHIP OF SUCH SHARE OR SHARES) OF ALL OF THE TERMS AND PROVISIONS OF THIS CERTIFICATE. NO SIGNATURE OR OTHER FURTHER MANIFESTATION
OF ASSENT TO THE TERMS AND PROVISIONS OF THIS CERTIFICATE SHALL BE NECESSARY FOR ITS OPERATION OR EFFECT AS BETWEEN THE CORPORATION AND THE HOLDER (AND ALL SUCH OTHERS). 
  

 25

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]