Document:

exv10w46

Exhibit 10.46

SLM CORPORATION

Change in Control Severance Plan for Senior Officers

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ARTICLE 1

NAME, PURPOSE AND EFFECTIVE DATE

     1.01 Name and Purpose of Plan. The name of this plan is the SLM Corporation Change in
Control Severance Plan for Senior Officers (the “Plan”). The purpose of the Plan is to provide
compensation and benefits to certain senior level officers of SLM Corporation upon certain change
in control events of SLM Corporation (the “Corporation”).

     1.02 Effective Date. The effective date of the Plan is January 1, 2006. Sections
2.03 and 3.01 of the Plan were amended on March 19, 2008. The Plan was further amended effective
January 1, 2009 and on December 8, 2010. The compensation and benefits payable under this Plan are
payable upon Change in Control events that occur after the effective date of this Plan.

     1.03 ERISA Status. This Plan is intended to be an unfunded plan that is maintained
primarily to provide severance compensation and benefits to a select group of “management or highly
compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee Retirement
Income Security Act of 1974 (“ERISA”), and therefore to be exempt from the provisions of Parts 2,
3, and 4 of Title I of ERISA.

ARTICLE 2

DEFINITIONS

     The following words and phrases shall have the following meanings unless a different meaning
is plainly required by the context:

     2.01 “Base Salary” means the greater of the annual base rate of compensation payable
to an Eligible Officer at the time of (a) a Change in Control or (b) a Termination Date, such
annual base rate of compensation not reduced by any pre-tax deferrals under any tax-qualified plan,
non-qualified deferred compensation plan, qualified transportation fringe benefit plan under Code
Section 132(f), or cafeteria plan under Code Section 125 maintained by the Corporation, but
excluding the following: incentive or other bonus plan payments, accrued vacation, commissions,
sick leave, holidays, jury duty, bereavement, other paid leaves of absence, short-term disability
payments, recruiting/job referral bonuses, severance, hiring bonuses, long-term disability
payments, payments from a nonqualified deferred compensation plan maintained by the Corporation, or
amounts paid on account of the exercise of stock options or on account of the award or vesting of
restricted or performance stock or other stock-based compensation.

     2.02 “Board of Directors” means the Board of Directors of SLM Corporation.

     2.03 “Bonus” means the greater of: (a) the average of the annual bonuses earned
under the SLM Corporation Incentive Plan or any successor plan for the two-year period prior to a
Change in Control or (b) the average of the annual bonuses earned under the SLM Corporation
Incentive Plan or any successor plan, including a comparable annual incentive plan of a Successor
Corporation, for the two-year period prior to the Eligible Officer’s Termination Date,

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except that with regard to an Eligible Officer with no bonus payment history, “Bonus” means
such Eligible Officer’s target bonus multiplied by the percentage that results from dividing the
two-year average of actual bonuses paid to officers at the same level as the Newly Hired Officer by
the two-year average of the target bonuses set for officers at the same level as the Newly Hired
Officer, and with regard to an Eligible Officer with one year of bonus history, such Eligible
Officer’s “Bonus” means the average of 1) his or her actual bonus and 2) his or her target bonus
multiplied by the percentage that results from dividing the average of actual bonuses paid to
officers at the same level as the Newly Hired Officer by the average of the target bonuses set for
officers at the same level as the Newly Hired Officer.

     2.04 “Equity Acceleration Change in Control” means an occurrence of any of
the following events: (a) an acquisition (other than directly from the Corporation) of any voting
securities of the Corporation (the “Voting Securities”) by any “person or group” (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), other than an employee benefit plan
of the Corporation, immediately after which such person has “Beneficial Ownership” (within the
meaning of Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of the combined
voting power of the Corporation’s then outstanding Voting Securities; (b) approval by the
Corporation’s stockholders of a merger, consolidation or reorganization involving the Corporation
and the corporation resulting from the merger, consolidation or reorganization (the “Surviving
Corporation”) does not assume the SLM Corporation Incentive Plan; (c) approval by the Corporation’s
stockholders of merger, consolidation or reorganization involving the Corporation and the Surviving
Corporation assumes the SLM Corporation Incentive Plan but, either (I) the stockholders of the
Corporation immediately before such merger, consolidation or reorganization own, directly or
indirectly immediately following such merger, consolidation or reorganization, less than fifty
percent (50%) of the combined voting power of the Surviving Corporation in substantially the same
proportion as their ownership immediately before such merger, consolidation or reorganization, or
(II) less than a majority of the members of the Board of Directors of the Surviving Corporation
were directors of the Corporation immediately prior to the execution of the agreement providing for
such merger, consolidation or reorganization; (d) approval by the Corporation’s stockholders of a
complete liquidation or dissolution of the Corporation; or (e) such other events as the Board of
Directors or a Committee of the Board of Directors from time to time may specify.

     2.05 “Cash Acceleration Change in Control” means, in addition to an occurrence of an
Equity Acceleration Change in Control event as defined above, (a) the sale of all or substantially
all of the assets of the Corporation or (b) with regard only to an Eligible Officer whose primary
responsibilities are within a business segment as described in the Corporation’s financial
statements, the sale of all or substantially all of the assets of such a business segment.

     2.06 “For Cause” means a determination by the Committee (as defined herein) that
there has been a willful and continuing failure of an Eligible Officer to perform substantially his
duties and responsibilities (other than as a result of Eligible Officer’s death or Disability) and,
if in the judgment of the Committee such willful and continuing failure may be cured by an Eligible
Officer, that such failure has not been cured by an Eligible Officer within ten (10) business days
after written notice of such was given to Eligible Officer by the Committee, or that Eligible
Officer has committed an act of Misconduct (as defined below). For purposes of this Plan,
“Misconduct” shall mean: (a) embezzlement, fraud, conviction of a felony crime, pleading

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guilty or nolo contender to a felony crime, or breach of fiduciary duty or deliberate
disregard of the Corporation’s Code of Business Code; (b) personal dishonesty of Eligible Officer
materially injurious to the Corporation; (c) an unauthorized disclosure of any Proprietary
Information; or (d) competing with the Corporation while employed by the Corporation or during the
Restricted Period, in contravention of the non-competition and non-solicitation agreements
substantially in the form provided in Exhibit A upon termination of employment.

     2.07 “Termination of Employment For Good Reason” means an Eligible Officer’s decision
to resign from his employment due to (a) a material reduction in the position or responsibilities
of Eligible Officer; (b) a reduction in Eligible Officer’s Base Salary or a material reduction in
Eligible Officer’s compensation arrangements or benefits, (provided that variability in the value
of stock-based compensation or in the compensation provided under the SLM Corporation Incentive
Plan or a successor plan shall not be deemed to cause a material reduction in compensation); or (c)
a relocation of the Eligible Officer’s primary work location to a distance of more than
seventy-five (75) miles from its location as of the date of this Plan without the consent of
Eligible Officer, unless such relocation results in the Eligible Officer’s primary work location
being closer to Eligible Officer’s then primary residence or does not substantially increase the
average commuting time of Eligible Officer.

     2.08 “Termination Date”  has the following meaning. For purposes of a “Termination by
Eligible Officer For Good Reason,” Termination Date means the date that the Eligible Officer
submits his written notice of resignation to the Corporation; provided, however, that if the
decision to resign is due to clause (a) of the definition of “Termination by Eligible Officer For
Good Reason,” the Termination Date means the date that is six months following the date that the
Eligible Officer submits his written notice of resignation to the Corporation. For purposes of a
“Termination of Employment by Corporation Without Cause,” Termination Date means the date the
Corporation delivers written notice of termination to the Eligible Officer.

     2.09 “Termination of Eligible Officer’s Employment Without Cause” means termination
of an Eligible Officer’s employment by the Corporation for any reason other than “For Cause” or on
account of death or disability, as defined in the Corporation’s long-term disability policy in
effect at the time of termination (“Disability”).

ARTICLE 3

ELIGIBILITY AND BENEFITS

     3.01 Eligible Officers. Officers of SLM Corporation at the level of Senior Vice
President and above are eligible for benefits under this Plan (the “Eligible Officers”).

     3.02 Single Trigger Change-in-Control Benefits. Upon an Equity Acceleration Change in
Control, all outstanding and unvested equity awards held by an Eligible Officer and granted under
the SLM Corporation Management Incentive Plan or the SLM Corporation Incentive Plan shall become
vested and non-forfeitable, provided however, that for equity awards granted in 2009 and in
subsequent years the following shall apply: in the event of a Change of Control Transaction
involving a merger, consolidation or reorganization and in which the Corporation is not the
Surviving Corporation, if the terms of such transaction do not provide for

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the Surviving Corporation to adopt and assume a Participant’s Awards under the Plan (with any
appropriate adjustment to the number and type of shares subject to such Awards), the Award shall
become 100% vested and (if applicable) exercisable and shall be settled and (if applicable)
exercised in full as of the time immediately prior to the consummation of such Change of Control
Transaction.

     3.03 Double Trigger Change-in-Control Benefits. An Eligible Officer shall be entitled
to receive a severance payment (the “Severance Payment”) and continuation of medical and dental
insurance benefits if within the first 24-month period after the occurrence of a Cash Acceleration
Change in Control, either: (I) the Eligible Officer gives written notice of his Termination of
Employment for Good Reason, provided that if such notice is on account of a decision to resign due
to clause (a) of the definition of “Termination by Eligible Officer For Good Reason,” such Eligible
Officer continues his employment for a 6-month period following the delivery of such notice or (II)
upon a Termination of Eligible Officer’s Employment Without Cause.

          (a) The amount of the Severance Payment shall equal two times the sum of the Eligible
Officer’s Base Salary and Bonus plus a cash payment equal to the Eligible Officer’s target annual
bonus amount for the year in which the Termination Date occurs, such target bonus amount to be
prorated for the full number of months in the final year that the Eligible Officer was employed by
the Corporation. The Severance Payment shall be made to the Eligible Officer in a single lump sum
cash payment following the date that the Eligible Officer becomes entitled to a Severance Payment
but in no event later than seventy-five calendar days from the Termination Date if intended to
qualify under Internal Revenue Code Section 409A.

          (b) For 24 months following the Eligible Officer’s Termination Date, the Eligible Officer and
his eligible dependents or survivors shall be entitled to continue to participate in any medical
and dental insurance plans generally available to the senior management of the Corporation, as such
plans may be in effect from time to time on the terms generally applied to actively employed senior
management of the Corporation, including any Eligible Officer cost-sharing provision. Eligible
Officer shall cease to be covered under the foregoing medical and/or dental insurance plans if he
becomes eligible to obtain coverage under medical and/or dental insurance plans of a subsequent
employer.

          (c) All payments and benefits provided under this Section 3.03 are conditioned on the
Eligible Officer’s continuing compliance with this Plan and the Eligible Officer’s execution (and
effectiveness) of a release of claims and covenant not to sue and non-competition and
non-solicitation agreements substantially in the form provided in Exhibit A upon termination of
employment.

     3.04. Tax Effect of Payments. (a) No Excise Tax Gross-Up. In the event it is
determined that any compensation by or benefit from the Corporation to the Eligible Officer or for
the Eligible Officer’s benefit, whether pursuant to the terms of this Plan or otherwise (“Total
Payments”), (i) constitute “parachute payments” within the meaning of Section 280G of the Internal
Revenue Code of 1986 as amended (the “Code”) and (ii) would be subject to taxes of any state, local
or federal taxing authority that would not have been imposed but for a change of

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control, including any excise tax under Section 4999 of the Code, and any successor or comparable
provision (“Excise Tax”), then the Eligible Officer’s benefits under this Plan or otherwise shall
be either (x) delivered in full or (y) delivered as to such lesser extent which would result in no
portion of the Total Payments being subject to Excise Tax, whichever of the foregoing
amounts, taking into account the applicable federal, state and local income taxes and the Excise
Tax, results in the receipt by the Executive on an after-tax basis of the greatest amount of
benefits, notwithstanding that all or some portion of the Total Payments may be taxable under
Section 4999 of the Code. In the event that the payments and/or benefits are to be reduced
pursuant to this Section 3.04(a), such payments and benefits shall be reduced such that the
reduction of after-tax compensation to be provided to the Eligible Officer as a result of this
Section 3.04(a) is minimized. In applying this principle, the reduction shall be made in a manner
consistent with the requirements of Section 409A of the Code and where two economically equivalent
amounts are subject to reduction but payable at different times, such amounts shall be reduced on a
pro rata basis but not below zero. In addition, the Company may in its discretion, include in the
lesser benefits paid under (y) above, a reasonable cushion amount to take into account that the
final value of the benefits delivered to the Executive Officer could be determined at a later point
in time. Each Eligible Officer shall cooperate fully with the Company to determine the benefits
applicable under this Section.

          (b) Determination by Auditors. All mathematical determinations and all
determinations of whether any of the Total Payments are “parachute payments” (within the meaning of
section 280G of the Code) that are required to be made under this Section 3, shall be made by the
independent auditors retained by the Corporation most recently prior to the Change in Control (the
“Auditors”), who shall provide their determination (the “Determination”), together with detailed
supporting calculations, both to the Corporation and to the Eligible Officer promptly following the
Eligible Officer’s Termination Date, if applicable, or such earlier time as is requested by the
Corporation. Any Determination by the Auditors shall be binding upon the Corporation and the
Eligible Officer, absent a binding determination by a governmental taxing authority that a greater
or lesser amount of taxes is payable by the Eligible Officer. The Corporation shall pay the fees
and costs of the Auditors. If the Auditors do not agree to perform the tasks contemplated by this
Section 3, then the Corporation shall promptly select another qualified accounting firm to perform
such tasks.

     3.05. Section 409A. Notwithstanding anything herein to the contrary, to the extent
that the Committee determines, in its sole discretion, that any payments or benefits to be provided
hereunder to or for the benefit of an Eligible Officer who is also a “specified employee” (as such
term is defined under Section 409A(a)(2)(B)(i) of the Code or any successor or comparable
provision) would be subject to the additional tax imposed under Section 409A(a)(1)(B) of the Code
or any successor or comparable provision, the commencement of such payments and/or benefits shall
be delayed until the earlier of (x) the date that is six months following the Termination Date or
(y) the date of the Eligible Officer’s death or disability (within the meaning of Section
409A(a)(2)(C) of the Code or any successor or comparable provision) (such date is referred to
herein as the “Distribution Date”). In the event that the Committee determines that the
commencement of any of the benefits to be provided under Section 3.03(b) are to be delayed pursuant
to the preceding sentence, the Corporation shall require the Eligible Officer to bear the

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full cost of such benefits until the Distribution Date at which time the Corporation shall
reimburse the Designated Employee for all such costs.

ARTICLE 4

WELFARE BENEFIT COMMITTEE

     4.01 Welfare Benefit Plan Committee. The Plan shall be administered by the Welfare
Benefit Plan Committee, appointed by and serving at the pleasure of the Board of Directors and
consisting of at least three (3) officers of the Corporation (the “Committee”).

     4.02 Powers. The Committee shall have full power, discretion and authority to
interpret, construe and administer the Plan and any part hereof, and the Committee’s interpretation
and construction hereof, and any actions hereunder, shall be binding on all persons for all
purposes. The Committee shall provide for the keeping of detailed, written minutes of its actions.
The Committee, in fulfilling its responsibilities may (by way of illustration and not of
limitation) do any or all of the following:

          (i) allocate among its members, and/or delegate to one or more other persons selected by it,
responsibility for fulfilling some or all of its responsibilities under the Plan in accordance with
Section 405(c) of ERISA;

          (ii) designate one or more of its members to sign on its behalf directions, notices and other
communications to any entity or other person;

          (iii) establish rules and regulations with regard to its conduct and the fulfillment of its
responsibilities under the Plan;

          (iv) designate other persons to render advice with respect to any responsibility or authority
pursuant to the Plan being carried out by it or any of its delegates under the Plan; and

          (v) employ legal counsel, consultants and agents as it may deem desirable in the
administration of the Plan and rely on the opinion of such counsel.

     4.03 Action by Majority. The majority of the members of the Committee in office at
the time will constitute a quorum for the transaction of business. All resolutions or other
actions taken by the Committee will be by the vote of the majority at any meeting or by written
instrument signed by the majority.

ARTICLE 5

CLAIM FOR BENEFITS UNDER THIS PLAN

     5.01 Claims for Benefits under this Plan. A condition precedent to receipt of
severance benefits is the execution of an unaltered release of claims in form and substance
prescribed by the Corporation. If an Eligible Officer believes that an individual should have been
eligible to participate in the Plan or disputes the amount of benefits under the Plan, such

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individual may submit a claim for benefits in writing to the Committee within sixty 60 days
after the individual’s termination of employment. If such claim for benefits is wholly or
partially denied, the Committee shall within a reasonable period of time, but no later than 90 days
after receipt of the written claim, notify the individual of the denial of the claim. If an
extension of time for processing the claim is required, the Committee may take up to an additional
90 days, provided that the Committee sends the individual written notice of the extension before
the expiration of the original 90-day period. The notice provided to the individual will describe
why an extension is required and when a decision is expected to be made. If a claim is wholly or
partially denied, the denial notice: (1) shall be in writing, (2) shall be written in a manner
calculated to be understood by the individual, and (3) shall contain (a) the reasons for the
denial, including specific reference to those plan provisions on which the denial is based; (b) a
description of any additional information necessary to complete the claim and an explanation of why
such information is necessary; (c) an explanation of the steps to be taken to appeal the adverse
determination; and (d) a statement of the individual’s right to bring a civil action under section
502(a) of ERISA following an adverse decision after appeal. The Committee shall have full
discretion consistent with their fiduciary obligations under ERISA to deny or grant a claim in
whole or in part. If notice of denial of a claim is not furnished in accordance with this section,
the claim shall be deemed denied and the claimant shall be permitted to exercise his rights to
review pursuant to Section 9.02 and 9.03.

     5.02 Right to Request Review of Benefit Denial. Within 60 days of the individual’s
receipt of the written notice of denial of the claim, the individual may file a written request for
a review of the denial of the individual’s claim for benefits In connection with the individual’s
appeal of the denial of his benefit, the individual may submit comments, records, documents, or
other information supporting the appeal, regardless of whether such information was considered in
the prior benefits decision. Upon request and free of charge, the individual will be provided
reasonable access to and copies of all documents, records and other information relevant to the
claim.

     5.03 Disposition of Claim. The Committee shall deliver to the individual a written
decision on the claim promptly, but not later than 60 days after the receipt of the individual’s
written request for review, except that if there are special circumstances which require an
extension of time for processing, the 60-day period shall be extended to 120 days; provided that
the appeal reviewer sends written notice of the extension before the expiration of the original
60-day period. If the appeal is wholly or partially denied, the denial notice will: (1) be
written in a manner calculated to be understood by the individual, (2) contain references to the
specific plan provision(s) upon which the decision was based; (3) contain a statement that, upon
request and free of charge, the individual will be provided reasonable access to and copies of all
documents, records and other information relevant to the claim for benefits; and (4) contain a
statement of the individual’s right to bring a civil action under section 502(a) of ERISA.

     5.04 Exhaustion. An individual must exhaust the Plan’s claims procedures prior to
bringing any claim for benefits under the Plan in a court of competent jurisdiction.

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ARTICLE 6

MISCELLANEOUS

     6.01 Successors. (a) Any successor (whether direct or indirect and whether by
purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of
the Corporation’s business and/or assets, or all or substantially all of the business and/or assets
of a business segment of the Corporation shall be obligated under this Plan in the same manner and
to the same extent as the Corporation would be required to perform it in the absence of a
succession.

          (b) This Plan and all rights of the Eligible Officer hereunder shall inure to the benefit of,
and be enforceable by, the Eligible Officer’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

     6.02 Creditor Status of Eligible Officers. In the event that any Eligible Officer
acquires a right to receive payments from the Corporation under the Plan, such right shall be no
greater than the right of any unsecured general creditor of the Corporation.

     6.03 Facility of Payment. If it shall be found that (a) an Eligible Officer entitled
to receive any payment under the Plan is physically or mentally incompetent to receive such payment
and to give a valid release therefor, and (b) another person or an institution is then maintaining
or has custody of such Eligible Officer, and no guardian, committee, or other representative of the
estate of such person has been duly appointed by a court of competent jurisdiction, the payment may
be made to such other person or institution referred to in (b) above, and the release shall be a
valid and complete discharge for the payment.

     6.04 Notice of Address. Each Eligible Officer entitled to benefits under the Plan
must file with the Corporation, in writing, his post office address and each change of post office
address. Any communication, statement or notice addressed to such Eligible Officer at such address
shall be deemed sufficient for all purposes of the Plan, and there shall be no obligation on the
part of the Corporation to search for or to ascertain the location of such Eligible Officer.

     6.05 Headings. The headings of the Plan are inserted for convenience and reference
only and shall have no effect upon the meaning of the provisions hereof.

     6.06 Choice of Law. The Plan shall be construed, regulated and administered under the
laws of the Commonwealth of Virginia (excluding the choice-of-law rules thereto), except that if
any such laws are superseded by any applicable Federal law or statute, such Federal law or statute
shall apply.

     6.07 Construction. Whenever used herein, a masculine pronoun shall be deemed to
include the masculine and feminine gender, a singular word shall be deemed to include the singular
and plural and vice versa in all cases where the context requires.

     6.08 Termination; Amendment; Waiver. (a) Prior to the occurrence of either an Equity
Acceleration Change in Control or a Cash Acceleration Change in Control, the Board of Directors, or
a delegated Committee of the Board, may amend or terminate the Plan at any time

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and from time to time. Termination or amendment of the Plan shall not affect any obligation of
the Corporation under the Plan which has accrued and is unpaid as of the effective date of the
termination or amendment. Unless and until an Equity Acceleration Change in Control and/or a Cash
Acceleration Change in Control shall have occurred, an Eligible Officer shall not have any vested
rights under the Plan or any agreement entered into pursuant to the Plan.

          (b) From and after the occurrence of either an Equity Acceleration Change in Control or a
Cash Acceleration Change in Control, no provision of this Plan shall be modified, waived or
discharged unless the modification, waiver or discharge is agreed to in writing and signed by the
Eligible Officer and by an authorized officer of the Corporation (other than the Eligible Officer).
No waiver by either party of any breach of, or of compliance with, any condition or provision of
this Agreement by the other party shall be considered a waiver of any other condition or provision
or of the same condition or provision at another time.

          (c) Notwithstanding anything herein to the contrary, the Board of Directors may, in its sole
discretion, amend the Plan (which amendment shall be effective upon its adoption or at such other
time designated by the Board of Directors) at any time prior to an Equity Acceleration Change in
Control and/or Cash Acceleration Change in Control as may be necessary to avoid the imposition of
the additional tax under Section 409A(a)(1)(B) of the Code; provided, however, that any such
amendment shall be implemented in such a manner as to preserve, to the greatest extent possible,
the terms and conditions of the Plan as in existence immediately prior to any such amendment.

     6.09 Whole Agreement. This Plan contains all the legally binding understandings and
agreements between the Eligible Officer and the Corporation pertaining to the subject matter
thereof and supersedes all such agreements, whether oral or in writing, previously entered into
between the parties.

     6.10 Withholding Taxes. All payments made under this Plan shall be subject to
reduction to reflect taxes required to be withheld by law.

     6.11 No Assignment. The rights of an Eligible Officer to payments or benefits under
this Plan shall not be made subject to option or assignment, either by voluntary or involuntary
assignment or by operation of law, including (without limitation) bankruptcy, garnishment,
attachment or other creditor’s process, and any action in violation of this Section 6.11 shall be
void.

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Exhibit A

AGREEMENT AND RELEASE

     SLM Corporation has established the SLM Corporation Change in Control Several Plan for Senior
Officers (the “Plan”). As a condition to receiving compensation and benefits set forth in the Plan
(the “Plan Benefits”), I agree as follows:

     (1) In consideration of the Plan Benefits, I promise and agree to release SLM Corporation, its
subsidiaries, affiliates, predecessors, successors, and any related companies, (collectively “SLM”)
and the former and current officers, employees, directors, and benefits plan trustees of any of
them from all actions, causes of action, suits, claims or demands that I ever had, now have or may
have in the future, based on my employment with SLM, or with any of the other entities described
above, or based on the termination of that employment. I understand this includes the release of
any rights or claims I may have under the Age Discrimination in Employment Act (“ADEA”), which
prohibits age discrimination in employment; the Americans with Disabilities Act (“ADA”), which
prohibits discrimination on the basis of disability; the Family and Medical Leave Act (“FMLA”),
which provides certain job protections for employees who take medical or family leave; Title VII of
the Civil Rights Act of 1964 (“Title VII”), which prohibits discrimination in employment based on
race, color, national origin, religion and sex; applicable state employment discrimination laws;
the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended; the Vietnam Era
Veteran’s Readjustment Act of 1974 which prohibits discrimination on the basis of veteran status;
the Worker Adjustment and Retraining Notification Act (“WARN”), which provides certain notice
requirements for plant closings and mass layoffs; claims for individual relief under the
Sarbanes-Oxley Act of 2002; claims pursuant to any other federal, state, or local laws regarding
discrimination based on age, race, color, sex, disability, pregnancy, religion, national origin,
creed, familial status, public assistance status, ancestry, matriculation, political affiliation,
genetic information, atypical hereditary cellular or blood trait, veteran status, personal
appearance, family responsibilities, use of lawful products outside the workplace, sexual
orientation, marital status, or any unlawful basis, and claims for alleged violations of any other
local, state or federal law, regulation, ordinance, public policy or common law duty having any
bearing whatsoever upon the terms and conditions of, and/or the cessation of my employment with SLM
or any of the other entities covered by this Agreement and Release.

     I understand this also includes a release by me of claims for breach of express or implied
contract, Fair Labor Standards Act, defamation, negligent hiring, investigation, retention, or
supervision, fraudulent or negligent misrepresentation, intentional interference with an
advantageous business relationship, assault, battery, false imprisonment, fraud, false arrest, Fair
Credit Reporting Act, invasion of privacy, wrongful discharge, constructive discharge, breach of an
implied covenant of good faith and fair dealing, promissory estoppel, public policy tort, negligent
or intentional infliction of emotional distress, or other claims for personal injury and any claims
under the Employee Retirement Income Security Act of 1974 (except for claims under the Employee
Retirement Income Security Act for benefits due under the terms of an

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employee benefit plan). This release is intended to cover all claims in existence as of the date
of this Agreement, including both claims that I know about and those I may not know.

     I further represent that I have not filed any complaints, charges, or lawsuits against SLM, or
any of the entities or individuals covered by this Agreement and Release, with any governmental
agency, self-regulating agency or any court, and promise that I will not do so at any time
hereafter regarding any matter covered by this Agreement and Release; provided, however, that this
shall not limit me from bringing an action for the sole purpose of (a) enforcing my rights under
this Agreement and Release or (b) enforcing any claims that arise under the Age Discrimination in
Employment Act after I have signed this Agreement and Release. I further represent that I have
incurred no work-related injury. I further waive any right to payment of attorneys’ fees, which I
may have incurred, other than any rights I may have under the By-Laws of the Corporation. It is
understood and agreed that by entering into this Agreement and Release, SLM does not admit any
violation of law, or any of employee’s rights, and has entered into this Agreement and Release
solely in the interest of resolving finally all claims and issues relating to employee’s employment
and separation. I agree to return all company property in my possession.

     I have not reported any illegal conduct or activities to any supervisor, manager, department
head, human resources representative, director, officer, agent or any other representative of SLM,
to any member of the legal or compliance departments, or to the Code of Business Conduct hotline
and have no knowledge of any such illegal conduct or activities.

     (2) If I break my promises in the preceding section of this Agreement and Release and file a
complaint, charge or lawsuit based on a legal claim that I have released, I agree that I will pay
for all costs incurred by SLM or any entities or individuals covered by this Agreement and Release,
including reasonable attorneys’ fees, in defending against my claim. Nothing in this Agreement
prohibits or restricts me from: (a) making any disclosure of information required by law; (b)
testifying in, providing information to, or assisting in an investigation or proceeding brought by
any governmental or regulatory body or official; or (c) from testifying, participating in or
otherwise assisting in a proceeding relating to an alleged violation of any federal or state
employment law or any federal law relating to fraud or any rule or regulation of the Securities and
Exchange Commission or any self-regulatory organization. Notwithstanding anything to the contrary
in this paragraph, I hereby waive and release any right to receive any relief as a result of my
participating in any investigation or proceeding of the U.S. Department of Labor, EEOC, or any
federal, state, or local government agency or court.

     I further agree that any dispute regarding any aspect of this Agreement and Release or any act
which allegedly has or would violate any provision of this Agreement and Release (“arbitrable
dispute”) will be submitted to arbitration in Fairfax County, Virginia in accordance with the rules
of the American Arbitration Association, as the exclusive remedy for such claims or dispute. This
Agreement and Release shall be governed in all respects by the substantive laws of the Commonwealth
of Virginia, without regard to its provisions relating to conflict of laws. This Section (2) does
not apply to disputes concerning the Age Discrimination in Employment Act (ADEA).

11

 

     (3) I understand and agree that this Agreement and Release, if not timely revoked, is final
and binding when executed by me. I promise not to thereafter challenge its enforceability. As a
further limitation on my rights to make such a challenge, I promise that before attempting to
challenge its enforceability, I shall tender initially to SLM by certified check delivered to
SVP, Human
Resources, all monies received by me pursuant to this Agreement and Release,
exclusive of the vacation payout and final paycheck, and invite SLM to retain such monies and agree
with me to cancel this Agreement and Release. Such tender by me is a condition precedent to my
challenging any portion of this Agreement and Release. In the event SLM accepts this offer, it
shall retain such monies and the Agreement and Release shall be canceled. In the event SLM does
not accept this offer, it shall so notify me, and shall place such monies in an interest-bearing
escrow account pending resolution of the dispute between me and SLM as to whether this Agreement
and Release shall be set aside and/or otherwise rendered unenforceable. In the event I do not
prevail in any action to challenge this Agreement and Release, I understand that I am not entitled
to receive back any portion of the amount tendered by me pursuant to this Section (3). This
paragraph does not apply to disputes concerning the Age Discrimination in Employment Act (ADEA).

     (4) This Agreement and Release shall not be offered or received in evidence in any action or
proceeding in any court, arbitration, administrative agency or other tribunal for any purpose
whatsoever other than to carry out or enforce the provisions of this Agreement.

     (5) I further promise not to disparage SLM or any other entity or person covered by this
Agreement and Release.

     (6) In addition, in consideration of the Plan Benefits, I hereby assign to SLM my entire
right, title, and interest in any idea, concept, trade secret, technique, invention, design,
computer programs and related documentation, other works of authorship, mask works, and the like
(all hereinafter called “Developments”), made conceived, written, or otherwise created solely or
jointly by me, whether or not such Developments are patentable, subject to copyright protection or
susceptible to any other form of protection which: (a) relate to the actual or anticipated business
or research or development of SLM or (b) are suggested by or resulted from any task assigned to me
or work performed by me for or on behalf of SLM. The above provisions concerning assignment of
Developments apply to Developments created while I have been employed by one or more of SLM’s
affiliates, subsidiaries, predecessors or successors in an executive, managerial, professional,
product or technical planning, marketing, administrative, sales, technical, research, programming,
or engineering capacity (including development, product, manufacturing, systems, applied science,
and field engineering). I acknowledge that the copyright and any other intellectual property right
in designs, computer programs and related documentation, and other works of authorship, created
within the scope of my employment, belong to SLM by operation of law. In connection with any of
the Developments assigned I will, on SLM’s request, promptly execute a specific assignment of title
to SLM or its designee, and do anything else reasonably necessary to enable SLM or such designee to
acquire, transfer, maintain, secure, and enforce a patent, copyright or other form of protection in
the United States and in other countries. I agree to assist SLM in obtaining, securing, perfecting,
maintaining, and/or enforcing such intellectual property, and agree to execute all documents and
give witness where necessary. In the event SLM is unable, after reasonable efforts to secure my
signature on

12

 

any letter patent, copyright, or other analogous protection relating to an invention, whether
because of my physical or mental incapacity or for any other reason whatsoever, I hereby
irrevocably designate and appoint SLM and its duly authorized officer and agents as my agent and
attorney-in-fact, to act for any in SLM’s behalf and stead to execute and file any such application
or applications and to do all lawfully permitted acts to further prosecution and issuance of letter
patent, copyright or other analogous protection thereon with the same legal force and effect as if
executed by me. In addition, I agree to promptly notify SLM’s General Counsel in writing of any
patent or patent application in which I am an inventor, but which is not assigned by this
paragraph, and which discloses or claims any Development made, conceived, or written while I was
employed by SLM. SLM and its licensees, successors, or assigns (direct or indirect) are not
required to designate me as an author of any Development which is subject to this paragraph, when
it is distributed, publicly or otherwise, or to secure my permission to change or otherwise alter
its integrity. I hereby waive and release, to the extent permitted by law, all rights in and to
such designation and any rights I may have concerning modifications of such Developments. I
understand that any rights, waivers, releases, and assignments herein granted and made by me are
freely assignable by SLM and are for the benefit of SLM and its subsidiaries, licensees,
successors, and assigns.

     (7) Except as required by statute, regulation or court order, or pursuant to written consent
given by SLM’s General Counsel, I agree not to disclose to anyone else any of the information or
materials which are proprietary or trade secrets of SLM or are otherwise confidential. In
addition, in consideration of the Plan Benefits, I hereby acknowledge that I previously signed
confidentiality, intellectual property, and non-solicitation agreements with SLM and that I
continue to be bound by the terms of those agreements.

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     (8) I agree not to compete with SLM for the Restricted Period, which is defined as the
two-year period beginning with the date of my termination of employment with SLM. “Compete” shall
mean directly or indirectly through one or more intermediaries (a) working or serving as a
director, officer, employee, consultant, agent, representative, or in any other capacity, with or
without compensation, on behalf of one or more entities engaged in SLM’s Business (as defined
below) in the United States, Canada, or any other country where SLM either engages in SLM’s
Business at the time of my termination or where SLM, at the time of my termination, has developed a
business plan or taken affirmative steps to engage in SLM’s Business; (b) soliciting any current
employees, customers, or business partners of SLM, soliciting any former employees of SLM who were
employed by SLM within 12 months of my date of termination of employment, inducing any customer or
business partner of SLM to breach a contract with SLM or any principal for whom SLM acts as agent
to terminate such agency relationship; and/or (c) making statements about SLM or its management
reasonably determined by the Board of Directors to be disparaging. For purposes of this provision,
the term “SLM’s Business” shall mean any business activity or line of business similar to the type
of business conducted by SLM at the time of my termination of employment or which SLM at the time
of my termination of employment or within one year prior thereto have planned to enter into or
conduct. I expressly agree that the markets served by SLM extends nationally, to Canada, and any
other country where SLM is engaged in business at the time of my termination of employment and are
not dependent on the geographic location of the executive personnel or the businesses by which they
are employed and that the restrictions set forth in this Section (8) are reasonable and are no
greater than are required for the protection of SLM.

     (9) I hereby acknowledge (a) that I initially received a copy of the original draft of this
Agreement and Release on or before [INSERT DATE]; (b) that I was offered a period of 21 days to
review and consider it; (c) that I understand I could use as much of the 21 day period as I wish
prior to signing; and (d) that I was strongly encouraged to consult with an attorney before signing
this Agreement and Release, and understood whether or not to do so was my decision.

     (10) I understand that I may revoke the waiver of the Age Discrimination in Employment Act
(ADEA) claims made in this Agreement within seven (7) days of my signing. Such revocation can be
made by delivering a written notice of revocation to Senior Vice President, Administration, Sallie
Mae, 300 Continental Drive, Newark, Delaware 19713. For this revocation to be effective, written
notice must be received by SLM no later than the close of business on the seventh day after the
Agreement is signed. If I revoke the waiver of the Age Discrimination in Employment Act (ADEA)
claims made in this Agreement and Release within seven (7) days of my signing, my waiver and
release of claims under the ADEA shall not be effective or enforceable and I will not receive 70%
of the Plan Benefits.

     (11) If any provision of this Agreement and Release is held by a court of competent
jurisdiction or by an arbitrator to be contrary to law, the remaining provisions of this Agreement
and Release will remain in full force and effect.

     (12) These documents set forth the entire agreement between SLM and me, and I believe the
agreement to be fair and reasonable. This Agreement and Release may not be modified or canceled in
any manner, except in writing signed by both SLM and me. I sign these

14

 

documents freely, knowingly and voluntarily. I acknowledge that I have not relied upon any
representation or statement, written or oral, not set forth in these documents.

     (13) In addition, in consideration of the payments and benefits described above, I further
agree to cooperate with Sallie Mae, Inc. (“SMI”), its affiliates, and its legal counsel in any
legal proceedings currently pending or brought in the future against SMI, including, but not
limited to: (1) participation as a witness; (2) drafting, producing, and reviewing documents; (3)
assisting with interviews; and (4) contacting SMI.

     I ACKNOWLEDGE THAT I HAVE READ AND UNDERSTAND ALL OF THE PROVISIONS OF THIS AGREEMENT AND
RELEASE, AND THAT I AM VOLUNTARILY ENTERING INTO IT.

	 	 	 	 	 

	 	 	 	 	 
	 

	 	Date
	 	 
	[INSERT NAME]
	 	 	 	 
	 
	 	 	 	 
	 	 	 	 	 
	Name: 

Senior Vice President, Administration 

SLM Corporation

	 	Date	 	 

15exv10w47

Exhibit 10.47

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”) dated as of January 5, 2011 is entered into by and
between Laurent C. Lutz, a resident of the State of Illinois (“Executive”), and SLM Corporation, a
corporation organized and existing under the laws of the State of Delaware (the “Company”).

     WHEREAS, the Board of Directors of the Company (“Board”) wishes to retain Executive as
Executive Vice President and General Counsel of the Company, and Executive wishes to accept such
employment with the Company, in each case, on the terms set forth herein;

     NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein, and
intending to be legally bound, the parties, subject to the terms and conditions set forth herein,
agree as follows:

     1. Employment and Term. Executive hereby agrees to be employed as Executive Vice
President and General Counsel of the Company and the Company hereby agrees to retain Executive as
Executive Vice President and General Counsel. Executive’s employment under this Agreement may be
maintained through the Company or another wholly owned subsidiary of the Company used to employ the
Company executives, and in such case any reference in this Agreement to employment or termination
of employment with the Company shall be deemed to include employment or termination of employment
with SLM Corporation or such other subsidiary. The term of this Agreement and of Executive’s
employment as Executive Vice President and General Counsel under this Agreement shall be the period
commencing on January 5, 2011 (the “Commencement Date”) and ending on the earlier of January 5,
2013 and the effective date of any termination pursuant to the provisions of Section 13 (the
“Term”).

     2. Duties and Title. During the Term, Executive will have the title of Executive
Vice President and General Counsel of the Company. Executive agrees to assume such duties and
responsibilities as may be reasonably assigned to Executive from time to time by the Board or the
Company’s Chief Executive Officer, which duties shall include, but not be limited to, (i)
day-to-day administrative and management oversight of the Company’s Legal and corporate secretarial
functions, (ii) collaboration with the Company’s Chief Executive Officer and Chief Financial
Officer with regard to relationships involving regulators, rating agencies and investor relations
and (iii) assisting the Chief Executive Officer in the day-to-day administrative and management
oversight of the Company’s Compliance and Internal Audit functions. The Executive shall report
directly to the Company’s Chief Executive Officer and shall work based out of the Company’s Newark,
Delaware offices. The Company agrees that Executive shall be permitted to work remotely in Chicago
one business day per week for up to six months after the Commencement Date, and the Company
acknowledges that Executive and/or Executive’s family may not relocate to the Delaware area prior
to July, 2011. As requested by the Chief Executive Officer, Executive shall assume such additional

 

 

positions with respect to subsidiaries of the Company as necessary or appropriate in furtherance of
his responsibilities.

     3. Other Business Activities. During the Term, Executive agrees to devote such
time, attention, skill and efforts to the business and affairs of the Company as may be required by
the Chief Executive Officer or the Board and/or necessary to discharge the duties and
responsibilities assigned to Executive hereunder. Executive shall serve the Company faithfully and
to the best of his ability. In furtherance of the foregoing, and not by way of limitation, for so
long as he remains employed by the Company hereunder, Executive shall not directly or indirectly
engage in any other business activities or pursuits, except for (a) those arising from positions
held as of the Commencement Date as a director or otherwise with charitable or business
organizations, and (b) with prior notice to the Chief Executive Officer, activities in connection
with (i) service as a volunteer, officer or director or in a similar capacity of any charitable or
civic organization, and (ii) serving as a director, executor, trustee or in another similar
fiduciary capacity for a non-commercial entity; provided, however, that any such activities do not
conflict with or materially interfere with Executive’s performance of his responsibilities and
obligations pursuant to this Agreement.

     4. Base Salary. During the Term, the Company shall pay Executive a salary at the
annual rate of $500,000 (the “Base Salary”). The Base Salary shall be inclusive of all applicable
income, Social Security and other taxes and charges which are required by law or requested to be
withheld by Executive and which shall be withheld and paid in accordance with the Company’s normal
payroll practice for its similarly situated executives as in effect from time to time.

     5. Annual Incentive Compensation. Executive shall participate in the Company’s
annual incentive compensation program(s) for executive officers as provided in the SLM Corporation
2009-2012 Incentive Plan (or any successor plan) as such may be amended from time to time and (the
“Incentive Plan”), subject to the limitations and conditions set forth therein or in any successor
plan. During the Term, the maximum bonus opportunity available for Executive under the Incentive
Plan shall not be less than one and one-half (1.5) times his Base Salary (“Annual Incentive
Compensation Opportunity”). Executive’s Incentive Compensation shall, except as otherwise stated
in this Agreement, be payable in the same form and proportions of cash and/or equity awards as the
Company’s other executive officers.

     6. Initial Stock Option Award. As a material inducement for Executive to accept
employment with the Company, on the Commencement Date, Executive will be granted a stock option
award covering two hundred thousand (200,000) shares of the Company’s common stock which will be
granted under the Incentive Plan (the “Initial Stock Option” pursuant to a stock option agreement
substantially in the form of Exhibit B hereto (the “Initial Stock Option Agreement”).

     6.1 Exercise Price; Net Exercise of Option. The Initial Stock Option
shall have a per share exercise price equal to the per share closing price of the

2

 

Company’s common stock on the Commencement Date and shall be net settled according to the
standard terms and conditions applicable to officer options granted under the Incentive
Plan.

     6.2 Vesting and Exercisability. The extent to which the Initial Stock
Option vests and becomes exercisable shall be determined under this Section 6.2 and
Sections 8.1 and 8.2 and the form of stock option agreement. The Initial Stock Option
shall become vested and exercisable ratably as follows: one-third on the first anniversary
of the Commencement Date, one-third on the second anniversary of the Commencement Date and
the remainder on the third anniversary of the Commencement Date; provided, however,
provided, however, the Initial Stock Option shall earlier vest its entirety upon the
Executive’s death or Disability (as defined herein).

     7. Initial Restricted Stock Award. On the Commencement Date, Executive shall be
granted a restricted stock award covering one hundred thousand (100,000) shares of the Company’s
common stock and granted to Executive under the Incentive Plan (the “Restricted Stock” pursuant to
a restricted stock award agreement substantially in the form of Exhibit C attached hereto (the
“Restricted Stock Agreement”) and shall be net settled according to the standard terms and
conditions applicable to officer restricted stock granted under the Incentive Plan.

          7.1 Vesting. The extent to which the Restricted Stock vests shall be determined
under this Section 7.1 and Sections 8.1 and 8.2 and the Restricted Stock Agreement. The Restricted
Stock Award shall vest ratably one-third on the first anniversary of the Commencement Date,
one-third on the second anniversary of the Commencement Date and the remainder on the third
anniversary of the Commencement Date; provided, however, all of the shares of Restricted Stock
shall earlier vest in their entirety upon the Executive’s death or Disability (as defined herein).

     8. Additional Terms Applicable to the Initial Stock Option and the Restricted
Stock.

     8.1 Expiration. If the Executive’s employment is terminated during the
term hereof (i) by the Company other than for Cause (as hereinafter defined) or (ii) by the
Executive as a Termination For Good Reason (as hereinafter defined), the Initial Stock
Option and the Restricted Stock shall continue to vest, become exercisable and settle as if
the Executive continued in active employment with the Company until the relevant vesting
dates and none of the Initial Stock Option or Restricted Stock shall be forfeited by reason
of such termination. Except as provided in Section 8.2, upon a termination by the Company
for Cause or by the Executive other than For Good Reason, any Initial Stock Options and any
Restricted Stock shall be forfeited and shall immediately expire and terminate to the
extent not vested on or before the date Executive’s employment with the Company as an
executive officer terminates. In addition, to the extent that the Initial Stock Option has
not been forfeited or previously exercised, the Initial

3

 

Stock Option shall expire on the earlier of (a) the tenth anniversary of the date of their
grant, (b) the first anniversary of Executive’s termination of employment on account of
death or Disability (as defined herein) or (c) the date Executive’s employment is
terminated by the Company for Cause or by Executive other than a Termination for Good
Reason.

     8.2 Change of Control. Notwithstanding anything to the contrary in
Section 6.2, Section 7.1 and Section 8.1, vesting, exercise, and expiration of the Initial
Stock Options and vesting of the Restricted Stock in the context of any Equity Acceleration
Change of Control or Cash Acceleration Change of Control, each as defined in the Change of
Control Severance Plan for Senior Officers effective January 1, 2006, as amended by all of
the amendments through and including December 8, 2010 but without regard to any amendments
thereafter (the “Change in Control Severance Plan”), shall be governed by the terms of such
Change in Control Severance Plan, the Initial Stock Option Agreement and the Restricted
Stock Agreement.

     8.3 Other Terms and Conditions. The Initial Stock Options and Restricted
Stock shall be subject to all of the terms and provisions of the Incentive Plan and to the
extent not inconsistent with the Incentive Plan, the terms and conditions set forth in this
Agreement. To the extent not addressed or provided otherwise in this Agreement, the Initial
Stock Option Award and the Restricted Stock Award shall also be subject to the terms and
conditions of the Initial Stock Option Agreement and the Restricted Stock Agreement,
respectively, pursuant to which they are issued.

	 	9.	 	Other Benefits.

     (a) Retirement Plans. During the Term, to the extent permissible under
the terms of the applicable plans, Executive shall be entitled to participate in all
tax-qualified and non-tax-qualified pension plans maintained or contributed to by the
Company or for the benefit of its executives, including without limitation, the Sallie Mae
401(k) Savings Plan and the Sallie Mae Supplemental 401(k) Savings Plan (collectively, “the
Company Plans”), in accordance with the terms of the Company Plans as they may be amended
from time to time in the discretion of the Company.

     (b) Medical Insurance. During the Term, Executive shall be entitled to
participate in any medical and dental insurance plans generally available to the senior
management of the Company, in accordance with the terms of such plans as they may be
amended from time to time in the discretion of the Company.

     (c) Other Benefit Plans. Executive shall be entitled to receive or
participate in such further retirement, savings, deferred compensation, matching gift
program, life insurance, health or welfare benefit plans offered to the Company’s senior
management generally, in accordance with the terms of such

4

 

plans as they may be amended from time to time in the discretion of the Company.

     (d) Expenses. The Company agrees to reimburse Executive for all
reasonable, ordinary and necessary business expenses incurred by Executive in performing
his duties pursuant to this Agreement, in accordance with the Company’s reimbursement
policies generally applicable to management personnel. In no event shall any such
reimbursement be paid later than the end of the calendar year following the year in which
the expense was incurred.

     (e) Relocation. The Company shall pay Executive a relocation allowance of
$27,500 a month for a period of six months from the Commencement Date, for Executive and
Executive’s family’s relocation expenses, including, without limitation, moving expenses,
real estate commissions and related real estate closing costs in connection with the sale
of his Chicago area home and the purchase of a Wilmington area home, temporary living
expenses, family house hunting trips, expenses to commute to and from Chicago until
Executive and his family relocates and related expenses of Executive. In addition, the
Company will reimburse Executive up to $100,000 in the event of a gross sales price from
the sale of Executive’s Chicago home is below Seller’s adjusted cost basis of $750,000 in
Executive’s existing Chicago home, which adjusted basis shall consist of the home’s
original purchase price, as stated on the closing statement for Seller’s purchase of the
home and documented additional costs for installation of central air conditioning, window
installation and damaged floorboard replacements. In the event Executive voluntarily
terminates employment with the Company other than a Termination For Good Reason within
twelve (12) months after the Commencement Date, Executive shall promptly reimburse and pay
the Company 100% of expenses actually expended by the Company on Executive’s behalf
pursuant to this section.

     (f) Indemnification. The Company shall indemnify Executive as provided in
the Company’s Articles of Incorporation and Bylaws, to the fullest extent provided to
directors and officers thereunder, as in effect as of the Commencement Date (regardless of
any subsequent changes to such Articles or Bylaws) with respect to Executive’s activities
on behalf of the Company.

     10. No Other Compensation. Except as set forth in Sections 4 through 9 above,
Executive shall have no right to any other remuneration from the Company in respect of his services
as Executive Vice President and General Counsel of the Company during the Term.

5

 

     11. Nondisclosure of Confidential Information.

          (a) Executive and the Company acknowledge that Executive will, in the course of his
employment, come into possession of confidential, proprietary business and technical information,
and trade secrets of the Company and its subsidiaries (the “Proprietary Information”). Proprietary
Information includes, but is not limited to, the following:

          (i) Business Procedures. All information concerning or relating to the
way the Company and its subsidiaries conduct their business, which is not generally known
to the public or within the industry or trade in which the Company or its subsidiaries
compete (such as the Company contracts, internal business procedures, controls, plans,
licensing techniques and practices, supplier, subcontractor and prime contractor names and
contacts and other vendor information, computer system passwords and other computer
security controls, financial information, distributor information, and employee data) and
the physical embodiments of such information (such as check lists, samples, service and
operational manuals, contracts, proposals, printouts, correspondence, forms, listings,
ledgers, financial statements, financial reports, financial and operational analyses,
financial and operational studies, management reports of every kind, databases, employment
or personnel records, and any other written or machine-readable expression of such
information as are filed in any tangible media).

          (ii) Marketing Plans and Customer Lists. All information not generally
known to the public or within the industry or trade in which the Company or its
subsidiaries compete pertaining to the Company’s and its subsidiaries’ marketing plans and
strategies; forecasts and projections; marketing practices, procedures and policies; goals
and objectives; quoting practices, procedures and policies; and customer data including the
customer list, contracts, representatives, requirements and needs, specifications, data
provided by or about prospective customers, and the physical embodiments of such
information.

          (iii) Business Ventures. All information not generally known to the
public or within the industry or trade in which the Company or its subsidiaries operate
concerning new product development, negotiations for new business ventures, future business
plans, and similar information and the physical embodiments of such information.

          (iv) Software. All information relating to the Company’s and its
subsidiaries’ software or hardware in operation or various stages of research and
development, which are not generally known to the public or within the industry or trade in
which the Company or its subsidiaries compete and the physical embodiments of such
information.

          (v) Litigation. Information which is not a public record and is not
generally known to the public or within the industry or trade in which the

6

 

Company or its subsidiaries compete regarding litigation and potential litigation
matters and the physical embodiments of such information.

          (vi) Policy Information. Information not of a public nature regarding the
policies and positions that have been or will be advocated by the Company and its
subsidiaries with government officials, the views of government officials toward such
policies and positions, and the status of any communications that the Company or its
subsidiaries may have with any government officials.

          (vii) Information Not Generally Known. Any information which (a) is not
generally known to the public or within the industry or trade in which the Company or its
subsidiaries compete, (b) gives the Company or its subsidiaries a significant advantage
over its or their competitors, or (c) has significant economic value or potentially
significant economic value to the Company or its subsidiaries, including the physical
embodiments of such information.

          (b) Executive acknowledges that the Proprietary Information is a valuable and unique asset
of the Company and its subsidiaries. Executive agrees that he will not, at any time during his
employment or after the termination of his employment with the Company, without the prior written
consent of the Company or its subsidiaries, as applicable, either directly or indirectly divulge
any Proprietary Information for his own benefit or for any purpose other than the exclusive benefit
of the Company and/or its subsidiaries.

     12. Intentionally Omitted.

     13. Termination of Employment. Executive shall be employed by the Company under
this Agreement on an at-will basis meaning that Executive’s employment by the Company may be
terminated by Executive or the Company at any time during the Term, with or without cause, and with
or without notice.

     13.1 Disability and Death.

     (a) Disability. If Executive is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment
which can be expected to result in death or can be expected to last for a continuous period
of not less than 12 months, or is, by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, receiving income replacement benefits for a
period of not less than 3 months under the Company’s disability plan available generally to
all employees (any such situation, “Disability”), the Company may terminate Executive’s
employment hereunder. The determination of whether the Executive has a Disability under
this Agreement shall be made by the Compensation Committee, which shall consider the
information presented by Executive’s personal physician

7

 

and by any other advisors, including any other physician, which the Compensation Committee
determines appropriate. The determination of the Compensation Committee shall be final and
binding, unless it is determined to have been arbitrary and capricious. If the employment
of Executive terminates during the Term due to the Disability of Executive, the Company
shall provide to Executive (i) whatever benefits are available to him under any disability
benefit plan(s) in which Executive participates as an employee of the Company at the time
of such termination to the extent Executive satisfies the requirements of such plan(s), and
(ii) the payments set forth in Section 13.1(c).

     (b) Death. If Executive dies during the Term, the Company shall pay to
Executive’s executors, legal representatives or administrators the payments set forth in
Section 13.1(c). Except as specifically set forth in this Section 13.1 or under applicable
laws, the Company shall have no liability or obligation hereunder to Executive’s executors,
legal representatives, administrators, heirs or assigns or any other person claiming under
or through him by reason of Executive’s death, except that Executive’s executors, legal
representatives or administrators will be entitled to receive any death benefit payable to
them as beneficiaries under any insurance policy or other benefits plans in which Executive
participates as an employee of the Company at the time of such termination to the extent
Executive satisfies the requirements of such plan(s) and to exercise any rights afforded
them under any benefit plan then in effect.

     (c) Payment Upon Disability or Death. Upon termination of the employment
of Executive due to death or Disability during the Term, the Company shall pay an amount
equal to all accrued but unpaid Base Salary through the date of termination of employment,
plus a cash payment equal to portion of the Annual Incentive Compensation Opportunity in
effect for the year but no less than 150% of Executive’s Base Salary prorated for the year
through the date of termination.

          13.2 Termination By Company Without Cause.

     (a) Termination By Company Without Cause. The Chief Executive Officer or
the Board may terminate Executive’s employment hereunder at any time for any reason other
than Cause upon written notice to Executive (“Termination Without Cause”).

     (b) In the event of a Termination Without Cause, the Company shall pay to
Executive within forty-five (45) days after termination (i) an amount equal to all accrued
but unpaid Base Salary through the date of termination of employment, plus (ii) a severance
payment equal to the amount payable under the Company’s Executive Severance Plan for Senior
Officers as in effect on the Commencement Date without regard to any subsequent amendments
thereto (the “Executive Severance Plan”); provided, however, notwithstanding anything to
the contrary set forth in the Executive Severance Plan, at all times through the second

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anniversary of the Commencement Date (a) the term “Average Bonus” as used in the Executive
Severance Plan and as applied to Executive shall mean and refer to the amount Executive’s
Annual Incentive Compensation Opportunity determined in accordance with Section 5 of this
Agreement and (b) the multiplier for determining severance benefits shall equal one and
one-half (1.5) and provided further that Executive shall be subject to all of the terms,
provisions and requirements of the Executive Severance Plan, other than any non-competition
covenant which the Company hereby affirms shall not apply to Executive upon his
termination. Further, upon and following Executive’s Termination Without Cause, Executive
and Executive’s eligible dependents or survivors shall be entitled to medical and dental
insurance benefits as provided in Section 9(b) for a period of 18 months after the
termination date.

          13.3 Termination By Executive For Good Reason.

     (a) Termination By Executive For Good Reason. Executive may terminate his
employment hereunder at any time for a Termination For Good Reason. For purposes of this
Agreement, a “Termination For Good Reason” shall mean have the same meaning as given in the
Executive Severance Plan.

     (b) In the event of a Termination For Good Reason by Executive, the Company shall
pay to Executive within forty-five (45) days after termination (i) an amount equal to all
accrued but unpaid Base Salary through the date of termination of employment, plus (ii) a
severance payment equal to the amount payable under the Executive Severance Plan; provided,
however, notwithstanding anything to the contrary set forth in the Executive Severance
Plan, at all times through the second anniversary of the Commencement Date (a) the term
“Average Bonus” as used in the Executive Severance Plan and as applied to Executive shall
mean and refer to the amount Executive’s Annual Incentive Compensation Opportunity
determined in accordance with Section 5 of this Agreement and (b) the multiplier for
determining severance benefits shall equal one and one-half (1.5). Further, upon and
following any Termination For Good Reason by Executive, Executive and Executive’s eligible
dependents or survivors shall be entitled to medical and dental insurance benefits as
provided in Section 9(b) for a period of 18 months after the termination date.

          13.4 Termination For Cause; Termination By Executive Without Good Reason.

     (a) Termination for Cause. The Chief Executive Officer or the Board of
Directors may terminate the employment of Executive for Cause at any time during the Term.
For purposes of this Agreement, “Cause” shall have the same meaning as given in the
Executive Severance Plan.

     (b) Termination By Executive Without Good Reason. Executive may terminate
his employment hereunder at any time other than by reason of a

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Termination For Good Reason (a termination “Without Good Reason”).

     (c) In the event that Executive’s employment with the Company terminates as a
result of a termination by the Company for Cause or by Executive Without Good Reason,
Executive shall receive all accrued but unpaid Base Salary and benefits as of the effective
date of termination. In the event Executive’s employment with the Company is terminated by
Company for Cause, Executive shall forfeit and not be entitled to exercise any unvested
Initial Stock Options granted to Executive pursuant to this Agreement and shall forfeit any
unvested shares of Restricted Stock granted to Executive pursuant to this Agreement.

     13.5 Termination after a Change of Control. The amounts payable and
benefits to be provided to Executive upon any termination of the Executive subsequent to
any Equity Acceleration Change of Control or Cash Acceleration Change of Control (each as
defined in the Change of Control Severance Plan) shall be governed by the terms of the
Change of Control Severance Plan in effect on the Commencement Date without regard to any
subsequent amendments thereto, provided, however, that, notwithstanding any terms of the
Change of Control Severance Plan to the contrary, at all times through the second
anniversary of the Commencement Date (i) the term “ Bonus” as used therein and applied to
the Executive shall mean and refer to the amount Executive’s Annual Incentive Compensation
Opportunity determined in accordance with Section 5 hereof and (ii) the multiplier for
determining severance benefits accorded Executive shall be 2 (two).

     14 Other Agreements. Executive represents and warrants to the Company that:

     (a) There are no restrictions, agreements or understandings whatsoever to which
Executive is a party or by which he is bound that would prevent or make unlawful
Executive’s execution of this Agreement or Executive’s employment hereunder, or which are
or would be inconsistent or in conflict with this Agreement or Executive’s employment
hereunder, or which would prevent, limit or impair in any way the performance by Executive
of his obligations hereunder.

     (b) Executive shall disclose the existence and terms of the restrictive covenants
set forth in this Agreement to any employer by whom Executive may be employed during the
Term (which employment is not hereby authorized) or during the Restricted Period (as
defined in Section 12(a)).

     15. Survival of Provisions. The provisions of this Agreement that by their nature
are intended to survive the termination of this Agreement, such as the nondisclosure obligations in
Section 11 hereof and the requirement to pay all amounts payable to Executive and to deliver all
post-termination compensation and benefits to Executive, shall survive the termination of this
Agreement.

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     16. Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the Company and its successors or permitted assigns and Executive and his executors,
administrators or heirs. For purposes of this Agreement, the term “successor” shall include the
ultimate parent corporation of any corporation involved in a merger, consolidation, or
reorganization with or including the Company that results in the stockholders of the Company
immediately before such merger, consolidation or reorganization owning, directly or indirectly,
immediately following such merger, consolidation or reorganization, securities of another
corporation, regardless of whether any such merger, consolidation or reorganization is deemed to
constitute a Change of Control for purposes of this Agreement. Executive may not assign any
obligations or responsibilities under this Agreement or any interest herein, by operation of law or
otherwise, without the prior written consent of the Company. The Company may not assign any
obligations or responsibilities under this Agreement or any interest herein, by operation of law or
otherwise, without the prior written consent of the Executive; however, at any time during the
Term, the Company may provide, without the prior written consent of Executive, that Executive shall
be employed pursuant to this Agreement by any of its subsidiaries instead of or in addition to SLM
Corporation, and in such case all references herein to the “Company” shall be deemed to include any
such entity, provided that such action shall not relieve the Company of its obligation to make or
cause an Affiliate to make or provide for any payment to or on behalf of Executive pursuant to this
Agreement. The Board may assign any or all of its responsibilities hereunder to any committee of
the Board, in which case references to Board shall be deemed to refer to such committee.

     17. Notices. All notices required to be given to any of the parties of this
Agreement shall be in writing and shall be deemed to have been sufficiently given, subject to the
further provisions of this Section 17, for all purposes when presented personally to such party, or
sent by facsimile transmission, any national overnight delivery service, or certified or registered
mail, to such party at its address set forth below:

          (a) If to Executive:

Laurent C. Lutz

          (b) If to the Company:

SLM Corporation

300 Continental Drive

Newark, DE 19713

Attention: Chief Executive Officer

Fax No. (703) 984-5675

Such notice shall be deemed to be received when delivered if delivered personally, upon

11

 

electronic or other confirmation of receipt if delivered by facsimile transmission, the next
business day after the date sent if sent by a national overnight delivery service, or three (3)
business days after the date mailed if mailed by certified or registered mail. Any notice of any
Change of such address shall also be given in the manner set forth above. Whenever the giving of
notice is required, the giving of such notice may be waived in writing by the party entitled to
receive such notice.

     18. Entire Agreement. This Agreement, the terms and conditions of the
Incentive Plan as referenced in this Agreement, and any other documents, instruments or other
writings delivered or to be delivered in connection with this Agreement as specified herein
constitute the entire agreement among the parties with respect to the subject matter of this
Agreement and supersede all prior and contemporaneous agreements, understandings, and negotiations,
whether written or oral, including any terms sheets, with respect to the terms of Executive’s
employment by the Company.

     19. Amendments; Waiver. This Agreement may be amended or modified only by a
written instrument signed by all parties hereto. The waiver of the breach of any term or provision
of this Agreement shall not operate as or be construed to be a waiver of any other or subsequent
breach of this Agreement.

     20. Governing Law. This Agreement shall be governed and construed as to its
validity, interpretation and effect by the laws of the Commonwealth of Virginia.

     21. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions of this
Agreement or such provisions, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

     22. Section Headings. The section headings in this Agreement are for
convenience only; they form no part of this Agreement and shall not affect its interpretation.

     23. Conflicts. In the event any of the terms of this Agreement are in conflict
with any of the terms of the Change in Control Severance Plan or the Executive Severance Plan, the
terms of this Agreement shall control. Notwithstanding the above, in the event of a conflict
between the terms of the Incentive Plan and this Agreement, the terms of the Incentive Plan govern.

     24. Counterparts. This Agreement may be executed in any number of
counterparts, and each such counterpart shall be deemed to be an original instrument, but all such
counterparts together shall constitute one and the same instrument.

     25. Specific Enforcement; Extension of Period. Executive acknowledges that the
restrictions contained in Section 11 hereof are reasonable and necessary to protect the

12

 

legitimate interests of the Company and its subsidiaries and that the Company would not have
entered into this Agreement in the absence of such restrictions. Executive also acknowledges that
any breach by him of Section 11 hereof will cause continuing and irreparable injury to the Company
for which monetary damages would not be an adequate remedy. Executive shall not, in any action or
proceeding by the Company to enforce Section 11 of this Agreement, assert the claim or defense that
an adequate remedy at law exists. In the event of such breach by Executive, the Company shall have
the right to enforce the provisions of Section 11 of this Agreement by seeking injunctive or other
relief in any court, and this Agreement shall not in any way limit remedies at law or in equity
otherwise available to the Company. In the event that the provisions of Section 11 hereof should
ever be adjudicated to exceed the time, geographic, or other limitations permitted by applicable
law in any applicable jurisdiction, then such provisions shall be deemed reformed in such
jurisdiction to the maximum time, geographic, or other limitations permitted by applicable law.

     26. Arbitration. Any dispute or claim, other than those referred to in Section
25, arising out of or relating to this Agreement or otherwise relating to the employment
relationship between Executive and the Company (including but not limited to any claims under Title
VII of the Civil Rights Act of 1964, as amended; the Americans with Disabilities Act; the Age
Discrimination in Employment Act; the Family Medical Leave Act; and the Employee Income Retirement
Security Act) shall be submitted to Arbitration, in Fairfax County, Virginia, and except as
otherwise provided in this Agreement shall be conducted in accordance with the rules of, but not
under the auspices of, the American Arbitration Association. The arbitration shall be conducted
before an arbitration tribunal comprised of three individuals, one selected by the Company, one
selected by Executive, and the third selected by the first two. The parties and the arbitrators
selected by them shall use their best efforts to reach agreement on the identity of the tribunal
within ten (10) business days of either party to this Agreement submitting to the other party a
written demand for arbitration. The proceedings before the tribunal shall take place within twenty
(20) business days of the selection thereof. Executive and the Company agree that such arbitration
will be confidential and no details, descriptions, settlements or other facts concerning such
arbitration shall be disclosed or released to any third party without the specific written consent
of the other party, unless required by law or court order or in connection with enforcement of any
decision in such arbitration. Any damages awarded in such arbitration shall be limited to the
contract measure of damages, and shall not include punitive damages. The parties shall equally
divide the costs of the arbitrators, and each party shall bear his or its attorneys’ fees and other
costs, except that the arbitrators may specifically direct one party to bear the entire cost of the
arbitration, including all attorneys’ fees, if the arbitrators determine that such party acted in
bad faith.

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year
first written above.

	 	 	 	 	 	 	 	 	 

	SLM CORPORATION	 	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Albert L. Lord
	 	 	 	/s/ Laurent C. Lutz	 	 
	 

	 	 

Name: Albert L. Lord
	 	 
	 	 

Laurent C. Lutz
	 	 
	 

	 	Title: Vice Chairman and CEO	 	 	 	 	 	 

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