Document:

EX-4.3

 Exhibit 4.3 

LEAR CORPORATION 
 2019
INDUCEMENT GRANT PLAN 
 Article 1.    Establishment, Objectives and Duration 

1.1    Establishment of the Plan. Lear Corporation, a Delaware corporation (the “Company”),
hereby establishes this Lear Corporation 2019 Inducement Grant Plan, as set forth in this document (the “Plan”). Capitalized terms used but not otherwise defined herein will have the meanings given to them in Article 2. The
Plan permits the grant of Restricted Stock and Restricted Stock Units. The Plan was approved by the Board on April 5, 2019 and is effective as of the consummation of the Merger (the “Effective Date”). The Plan will remain in
effect thereafter as provided in Section 1.3 hereof. 
 1.2    Objectives of the Plan. The purpose of
the Plan is to provide Awards as an inducement material to certain employees of Xevo Inc., a Delaware corporation (“Xevo”), who are entering into employment with the Company and its Affiliates effective upon the consummation of the
Merger, and to encourage stock ownership by such individuals, thereby aligning their interests with those of the Company’s shareholders. The Plan is intended to comply with Section 303A.08 of the New York Stock Exchange
(“NYSE”) Listed Company Manual, which provides an exception to the NYSE stockholder approval requirement for the issuance of securities with regard to grants to employees of Xevo as an inducement material to such individuals
entering into employment with the Company and its Affiliates. 
 1.3    Duration of the Plan. The Plan
will commence on the Effective Date and will remain in effect until, and automatically terminate after, all Shares subject to it pursuant to Article 4 have been issued or transferred according to the Plan’s provisions. The termination of the
Plan on such date shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the applicable terms and conditions of the Plan. 

Article 2.    Definitions 

Whenever used in the Plan, the following terms have the meanings set forth below, and when the meaning is intended, the initial letter of the
word is capitalized: 
 “Affiliates” means any entity that, directly or indirectly, is controlled by, controls or is under
common control with, the Company or in which the Company has a significant equity interest, in either case as determined by the Committee; provided, however, that the definition of Affiliate shall be limited to entities that are eligible issuers of
service recipient stock (as defined in Treas. Reg. Section 1.409A-1(b)(5)(iii)(E), or applicable successor regulation) for Awards that would otherwise be subject to Section 409A, unless the Committee
determines otherwise. Notwithstanding the foregoing, for purposes of determining whether a Participant has terminated employment with the Company and all Affiliates, “Affiliates” means any corporation (or partnership, limited liability
company, joint venture, or other enterprise) of which the Company owns or controls, directly or indirectly, at least ten percent (10%) of the outstanding shares of stock normally entitled to vote for the election of directors (or comparable equity
participation and voting power). The minimum percentage of ownership or control in the previous sentence shall be raised from ten percent (10%) to twenty percent (20%) for purposes of determining timing of payment of an Award, or amount payable with
respect to an Award, that is “deferred compensation” for purposes of Code Section 409A, if payment of such Award or amount would be accelerated or otherwise triggered by a Participant’s termination of employment. 

 “Award” means, individually or collectively, a grant under this Plan to a
Participant of Restricted Stock or Restricted Stock Units hereafter approved by the Committee. 
 “Award Agreement” means
an agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to an Award or Awards granted to the Participant. 

“Beneficial Owner” or “Beneficial Ownership” has the meaning ascribed to that term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 “Board” or
“Board of Directors” means the Board of Directors of the Company. 
 “Cause” means, unless otherwise set
forth in the applicable Award Agreement, with respect to a Participant, “Cause” as defined in any unexpired, written employment or severance or similar agreement between the Participant and the Company or an Affiliate. If there is no such
agreement or if such agreement does not define “Cause,” then “Cause” means: 
  

	 	(a)	 the willful and continued failure of the Participant substantially to perform his or her duties with or for the
Company or an Affiliate; 

  

	 	(b)	 the Participant’s engaging in conduct that is significantly injurious to the Company or an Affiliate,
monetarily or otherwise; 

  

	 	(c)	 the Participant’s commission of a crime that is significantly injurious to the Company or an Affiliate,
monetarily, reputationally or otherwise; 

  

	 	(d)	 the Participant’s abuse of illegal drugs or other controlled substances or intoxication that impairs the
Participant’s ability to perform his or her duties with or for the Company or an Affiliate; or 

  

	 	(e)	 the Participant’s breach of any non-competition or non-solicitation covenants contained in any written agreement between the Participant and the Company or an Affiliate. 

Unless otherwise defined in the Participant’s written employment or severance or similar agreement, an act or omission is
“willful” for the purpose of determining whether a termination of employment was made for “cause” if it was knowingly done, or knowingly omitted to be done, by the Participant not in good faith and without reasonable belief that
the act or omission was in the best interest of the Company or an Affiliate. For purposes of this Plan, if a Participant is convicted of a crime or pleads nolo contendere to a criminal charge, he or she will conclusively be deemed to have
committed the crime. The Committee has the discretion, in other circumstances, to determine in good faith, from all the facts and circumstances reasonably available to it, whether a Participant who is under investigation for, or has been charged
with, a crime will be deemed to have committed it for purposes of this Plan. 

  
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 A “Change in Control” of the Company will be deemed to have occurred (as of
a particular day, as specified by the Board) as of the first day any one or more of the following paragraphs is satisfied. 
  

	 	(a)	 Any Person (other than the Company or a trustee or other fiduciary holding securities under an employee benefit
plan of the Company, or a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company) becomes the Beneficial Owner, directly or indirectly, of
securities of the Company, representing more than twenty percent (20%) of the combined voting power of the Company’s then outstanding securities. 

  

	 	(b)	 During any period of twenty-four (24) consecutive months beginning on or after the Effective Date,
individuals who at the beginning of the period constituted the Board cease for any reason (other than death, Disability or Retirement) to constitute a majority of the Board. For this purpose, any new Director whose election by the Board, or
nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds (2/3) of the Directors then still in office, and who either were Directors at the beginning of the
period or whose election or nomination for election was so approved, will be deemed to have been a Director at the beginning of any twenty-four (24) month period under consideration. 

 

	 	(c)	 Consummation of: (i) a sale or disposition of all or substantially all the Company’s assets; or
(ii) a merger, consolidation or reorganization of the Company with or involving any other corporation, other than a merger, consolidation or reorganization that results in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of the Company (or such
surviving entity) outstanding immediately after such merger, consolidation, or reorganization. 

  

	 	(d)	 The shareholders of the Company approve a plan of complete liquidation or dissolution of the Company.

 Notwithstanding the foregoing, if an Award, or amount payable with respect to an Award, is “deferred
compensation” for purposes of Code Section 409A, and if a payment of such Award or amount would be accelerated or otherwise triggered upon a “Change in Control,” then the foregoing definition is modified, to the extent necessary
to avoid the imposition of an excise tax under Code Section 409A, to mean a “change in control event” as such term is defined for purposes of Code Section 409A. For purposes of clarity, if an Award would, for example, vest and be
paid on a “Change in Control” as defined herein but payment of such Award would violate the provisions of Code Section 409A, then the Award shall vest but will be paid only in compliance with its terms and Code Section 409A
(i.e., upon a permissible payment event). 
 “Change in Control Price” means the Fair Market Value of a Share upon a
Change in Control. To the extent that the consideration paid in any such Change in Control transaction consists all or in part of securities or other non-cash consideration, the value of such securities or
other non-cash consideration shall be determined in good faith by the Committee. 

  
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 “Code” means the Internal Revenue Code of 1986, as amended from time to
time. 
 “Committee” means, as designated in accordance with Section 3.1, the Compensation Committee of the Board or
such other committee as may be appointed by the Board to administer the Plan. 
 “Company” has the meaning given to such
term in Section 1.1 hereof, and includes, without limitation, any successor thereto as provided in Article 14. 

“Director” means any individual who is a member of the Board of Directors and who is not employed by the Company or an
Affiliate thereof. 
 “Disability” means, with respect to any Participant, unless otherwise set forth in the applicable
Award Agreement, (a) long-term disability as defined under the long-term disability plan of the Company or an Affiliate that covers such Participant, or (b) if the Participant is not covered by such a long-term disability plan, disability
as defined for purposes of eligibility for a disability award under the Social Security Act. 
 Notwithstanding the foregoing, if an Award,
or amount payable with respect to an Award, is “deferred compensation” for purposes of Code Section 409A, and if a payment of such Award or amount would be accelerated or otherwise triggered upon a “Disability,” then the
foregoing definition is modified, to the extent necessary to avoid the imposition of an excise tax under Code Section 409A, to refer to a Participant who is “disabled,” as such term is defined for purposes of Code Section 409A.
For purposes of clarity, if an Award would, for example, vest and be paid on a “Disability” as defined herein but payment of such Award would violate the provisions of Code Section 409A, then the Award shall vest but will be paid only
in compliance with its terms and Code Section 409A (i.e., upon a permissible payment event). 
 “Effective
Date” has the meaning given to such term in Section 1.1 hereof. 
 “Eligible Person” means any Employee. 

“Employee” means any common law employee of Xevo. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 

“Fair Market Value” means: 
  

	 	(a)	 the closing trading price of the Shares on the New York Stock Exchange or, if the Shares are not traded on the
New York Stock Exchange, on the NASDAQ Stock Market or any other exchange on which they are traded; or 

  

	 	(b)	 if the Shares are not traded on any exchange, the mean between the closing bid and asked prices of the Shares
in the over-the-counter market; or 

  
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	 	(c)	 if those bid and asked prices are not available, then the fair market value as reported by any nationally
recognized quotation service selected by the Committee or as determined in good faith by the Committee. 

 Notwithstanding
the foregoing, for purposes of Awards intended to be exempt from Code Section 409A, the Fair Market Value shall be no less than the “fair market value,” as such term is defined for purposes of Code Section 409A. 

“Good Reason” has the meaning set forth in any unexpired, written employment or severance or similar agreement between a
Participant and the Company or an Affiliate, solely if and to the extent that such term is defined in such an agreement. If a Participant does not have a written employment or severance or similar agreement with the Company or an Affiliate, or if
such agreement does not define “Good Reason,” this term shall not apply to such Participant for purposes of the Plan. 

“Merger” means the transactions contemplated by the Merger Agreement. 

“Merger Agreement” means that certain Agreement and Plan of Merger by and among the Company, Lear Techsub Corporation, Xevo
and Fortis Advisors LLC, as Securityholder Representative, dated as of March 27, 2019. 
 “Participant” means an
Eligible Person who has been selected by the Committee to participate in the Plan pursuant to Section 5.2 and who has outstanding an Award granted under the Plan. 

“Person” has the meaning ascribed to that term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and
14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
 “Plan” has the meaning given to
such term in Section 1.1 hereof. 
 “Replacement Award” means an Award resulting from the exchange or substitution
specified in Section 10.1 upon a Change in Control and meeting the applicable conditions specified in Section 10.1, provided that such Award is issued by a company (foreign or domestic) the majority of the equity of which is listed under
and in compliance with the domestic company listing rules of the NYSE or with a similarly liquid exchange which has comparable standards to the domestic listing standards of the NYSE. 

“Restricted Stock” means a contingent grant of Shares awarded to a Participant pursuant to Article 6. 

“Restricted Stock Unit” means a Restricted Unit granted to a Participant, as described in Article 6, that is payable in
Shares. 
 “Restriction Period” means the period during which the transfer of shares of Restricted Stock is limited
in some way (based on the passage of time, the achievement of performance objectives, or the occurrence of other events as determined by the Committee, at its discretion) or the shares of Restricted Stock or Restricted Stock Units are not vested.

  
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 “Retirement” means, solely with respect to a Director, such
individual’s cessation of service as a Director as a result of being ineligible to stand for re-election after attaining a certain age. 

“Shares” means the shares of common stock, $0.01 par value, of the Company, including their associated preferred share
purchase rights, if applicable. 
 Article 3.    Administration 

3.1    The Committee. The Plan will be administered by the Compensation Committee of the Board, or by any
other Committee appointed by the Board, which Committee (unless otherwise determined by the Board) will satisfy the “non-employee director” requirements of Rule
16b-3 under the Exchange Act and the regulations of Rule 16b-3 under the Exchange Act, or any successor regulations or provisions, so long as the Company is subject to
the registration requirements of the Exchange Act. The members of the Committee will be appointed from time to time by, and serve at the discretion of, the Board of Directors. The Committee will act by a majority of its members at the time in office
and eligible to vote on any particular matter, and Committee action may be taken either by a vote at a meeting or in writing without a meeting. 

3.2    Authority of the Committee. Except as limited by law and subject to the provisions of this Plan, the
Committee will have full power to: select Eligible Persons to participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and
any agreement or instrument entered into under the Plan; establish, amend or waive rules and regulations for the Plan’s administration; correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award in the
manner and to the extent it deems necessary to carry out the intent of the Plan; and (subject to the provisions of Article 11) amend the terms and conditions of any outstanding Award to the extent they are within the discretion of the Committee as
provided in the Plan. Further, the Committee will make all other determinations that may be necessary or advisable to administer the Plan. As permitted by law and consistent with Section 3.1, the Committee may delegate some or all of its
authority under the Plan. 
 3.3    Decisions Binding. All determinations and decisions made by the
Committee pursuant to the provisions of the Plan will be final, conclusive and binding on all persons, including, without limitation, the Company, its Board of Directors, its shareholders, all Affiliates, Employees, Participants and their estates
and beneficiaries. 
 Article 4.    Shares Subject to the Plan and Limitations on Awards 

4.1    Number of Shares Available for Grants. Subject to adjustment as provided in Sections 4.3, the number
of Shares that may be issued or transferred to Participants under the Plan shall not exceed the sum of 146,516 Shares. The Shares with respect to which Awards may be made will include authorized but unissued Shares, and Shares that are currently
held or subsequently acquired by the Company as treasury Shares, including Shares purchased in the open market or in private transactions. 

  
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 4.2    Lapsed Awards. Any Shares subject to an Award under
the Plan that, after the Effective Date, are forfeited, canceled, settled or otherwise terminated without a distribution of Shares to a Participant will not thereafter be deemed to be available for Awards. 

4.3    Adjustments in Authorized Shares. 
  

	 	(a)	 If the Shares, as currently constituted, are changed into or exchanged for a different number or kind of shares
of stock or other securities of the Company or of another corporation (whether because of merger, consolidation, recapitalization, reclassification, split, reverse split, combination of shares, or other similar change in the corporate structure of
the Company affecting the Shares) or if the number of Shares is increased through the payment of a stock dividend, then the Committee will substitute for or add to each Share previously appropriated, later subject to, or which may become subject to,
an Award, the number and kind of shares of stock or other securities into which each outstanding Share was changed for which each such Share was exchanged, or to which each such Share is entitled, as the case may be. Outstanding Awards will also be
appropriately adjusted as to price and other terms, to the extent necessary to reflect the events described above. 

  

	 	(b)	 Fractional Shares resulting from any adjustment in Awards pursuant to this section may be settled in cash or
otherwise as the Committee determines. The Company will give notice of any adjustment to each Participant who holds an Award that has been adjusted and the adjustment (whether or not that notice is given) will be effective and binding for all Plan
purposes. 

 Article 5.    Eligibility and Participation 

5.1    Eligibility. All Eligible Persons are eligible to participate in this Plan. No Awards may be granted
hereunder other than in connection with the consummation of the Merger. 
 5.2    Actual Participation.
Subject to the provisions of the Plan, the Committee will select those Eligible Persons to whom Awards will be granted, and will determine the nature and amount of each Award. 

Article 6.    Restricted Stock and Restricted Stock Units 

6.1    Grant of Restricted Stock or Restricted Stock Units. Subject to the terms and provisions of the Plan,
the Committee may grant Restricted Stock or Restricted Stock Units to Participants in such amounts as it determines. 

6.2    Award Agreement. Each grant of Restricted Stock or Restricted Stock Units will be evidenced by an
Award Agreement that specifies the Restriction Periods, the number of Shares or Share equivalent units granted, and such other provisions as the Committee determines. 

6.3    Nontransferability. Restricted Stock and Restricted Stock Units granted herein may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, or pursuant to a domestic relations order (as defined in Code Section 414(p)), until the end of the
applicable Restriction Period as specified in 

  
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the Award Agreement, or upon earlier satisfaction of any other conditions specified by the Committee in its sole discretion and set forth in the Award Agreement. All rights with respect to
Restricted Stock and Restricted Stock Units will be available during the Participant’s lifetime only to the Participant or the Participant’s guardian or legal representative. The Committee may, in its discretion, require a
Participant’s guardian or legal representative to supply it with evidence the Committee deems necessary to establish the authority of the guardian or legal representative to act on behalf of the Participant. 

The Company will retain the certificates representing Shares of Restricted Stock in its possession until all conditions and restrictions
applicable to the Shares have been satisfied. 
 6.4    Payment of Awards. Except as otherwise provided in
this Article 6, Shares covered by each Restricted Stock grant will become freely transferable by the Participant after the last day of the applicable Restriction Period, and Share equivalent units covered by a Restricted Stock Unit will be paid out
in cash or Shares to the Participant following the last day of the applicable Restriction Period, or on a later date provided in the Award Agreement. 

6.5    Voting Rights. During the Restriction Period, Participants holding Shares of Restricted Stock may
exercise full voting rights with respect to those Shares. 
 6.6    Dividends and Other Distributions.
During the Restriction Period, unless otherwise determined by the Committee and set forth in an Award Agreement, Participants awarded Shares of Restricted Stock or Restricted Stock Units hereunder will be credited with regular cash dividends or
dividend equivalents paid on those Shares or with respect to those Share equivalent units. The Committee may apply any restrictions it deems advisable to the crediting and payment of dividends and other distributions; provided, that no dividends or
dividend equivalents will be paid on unvested Awards of Restricted Stock or Restricted Stock Units during the Restriction Period, but to the extent that any such Awards contain the right to receive dividends or dividend equivalents during the
Restriction Period, such dividends or dividend equivalents will be accumulated and paid once (and to the extent that) the underlying Awards vest. 

6.7    Termination of Employment. Each Award Agreement will set forth the extent to which the Participant
has the right to retain unvested Restricted Stock or Restricted Stock Units after his or her termination of employment with the Company or an Affiliate. These terms will be determined by the Committee in its sole discretion, need not be uniform
among all Awards of Restricted Stock, and may reflect, among other things, distinctions based on the reasons for termination of employment. 
 Article
7.    Beneficiary Designation 
 Each Participant may, from time to time, name any beneficiary or beneficiaries (who may
be named contingently or successively) to whom any benefit under the Plan is to be paid in case the Participant should die before receiving any or all of his or her Plan benefits. Each beneficiary designation will revoke all prior designations by
the same Participant, must be in a form prescribed by the Committee, and must be made during the Participant’s lifetime. If the Participant’s designated beneficiary predeceases the Participant or no beneficiary has been designated,
benefits remaining unpaid at the Participant’s death will be paid to (i) the beneficiary designated by the 

  
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Participant for purposes of the tax-qualified defined benefit retirement plan or, if none, the tax-qualified
defined contribution retirement plan of the Company or an Affiliate in which the Participant participates, (ii) the Participant’s spouse, if living, or (iii) the Participant’s estate or other entity described in the
Participant’s Award Agreement. 
 Article 8.    Deferrals 

The Committee may, consistent with the requirements of Code Section 409A, permit a Participant to defer receipt of cash or Shares that
would otherwise be due to him or her by virtue of the lapse or waiver of restrictions on Restricted Stock or Restricted Stock Units. If any such deferral election is permitted, the Committee will, in its sole discretion, establish rules and
procedures for such deferrals consistent with the requirements of Code Section 409A. 
 Article 9.    Rights of Employees 

9.1    Employment. Nothing in the Plan will interfere with or limit in any way the right of the Company or
any Affiliate to terminate any Participant’s employment at any time, or confer upon any Participant any right to continue in the employ of the Company or any Affiliate. 

9.2    Participation. No Eligible Person will have the right to receive an Award under this Plan, or, having
received any Award, to receive a future Award. 
 Article 10.    Change in Control 

10.1    Treatment of Awards upon a Change in Control. Upon the occurrence of a Change in Control, the
following provisions of this Section 10.1 shall apply to all Awards, unless the Committee shall determine otherwise at the time of grant with respect to a particular Award and unless otherwise specifically prohibited under applicable laws, or
by the rules and regulations of any governing governmental agencies or national securities exchanges: 
 (a)    Any
Restriction Periods or other restrictions imposed on Restricted Stock and Restricted Stock Units that are not exchanged by the Company for a Replacement Award will lapse. 

(b)    Any Restricted Stock or Restricted Stock Unit may be exchanged by the Company upon the Change in Control for a
Replacement Award that satisfies the conditions of this Section 10.1(b). The Replacement Award shall have equivalent value to the Award for which it is being exchanged and shall vest in accordance with the vesting schedule that applied to the
corresponding Award for which it is being exchanged, provided, however, that if within twenty-four (24) months of such Change in Control, the Participant’s employment with the Company is terminated by the Company without
Cause or by the Participant for Good Reason, such Award, to the extent then outstanding, shall become free of all contingencies, restrictions and limitations and become vested and transferable (or paid) upon such termination of employment. 

(c)    To the extent that Restricted Stock and Restricted Stock Units settle in Shares in accordance with their terms upon
a Change in Control, such Shares shall be entitled to receive as a result of the Change in Control transaction the same consideration as the Shares held by shareholders of the Company as a result of the Change in Control transaction. 

  
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 10.2    Termination, Amendment and Modifications of Change in
Control Provisions. Notwithstanding any other provision of this Plan or any provision in an Award Agreement, this Article 10 may not be terminated, amended or modified on or after the effective date of a Change in Control in a way that
would adversely affect any Award in any material way theretofore granted to a Participant, unless the Participant gives his or her prior written consent to the termination, amendment or modification. 

Article 11.    Amendment, Modification and Termination 

11.1    Amendment, Modification and Termination. Subject to Section 10.2, the Committee or Board may at
any time and from time to time, alter, amend, modify or terminate the Plan in whole or in part. The Committee or Board will not, however, increase the number of Shares that may be issued or transferred to Participants under the Plan, as described in
the first sentence of Section 4.1 (and subject to adjustment as provided in Sections 4.3). 
 Subject to the terms and conditions
of the Plan, the Committee may modify, extend or renew outstanding Awards under the Plan, or accept the surrender of outstanding Awards (to the extent not already exercised) and grant new Awards in substitution of them (to the extent not already
exercised); provided, that no such modification, extension, renewal or grant may be done without shareholder approval to the extent such approval is required by the NYSE or the rules and regulations of another applicable exchange or applicable law.
Notwithstanding the foregoing, no alteration, modification or termination of an Award will, without the prior written consent of the Participant, adversely alter or impair any rights or obligations under any Award already granted under the Plan.

 11.2    Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The
Committee may, using reasonable care, make adjustments in the terms and conditions of, and the criteria included in, Awards in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the
Plan (i) in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.3) affecting the Company or its financial statements, (ii) in recognition of changes in applicable laws,
regulations, or accounting principles, or (iii) whenever the Committee determines that such adjustments are necessary, equitable and/or appropriate. 

11.3    Awards Previously Granted. No termination, amendment or modification of the Plan will adversely
affect in any material way any Award already granted, without the written consent of the Participant who holds the Award. 

11.4    Compliance with Code Section 409A. The Plan and Awards, and all amounts payable
with respect to Awards, are intended to comply with, or be exempt from, Code Section 409A and the interpretative guidance thereunder and shall be construed, interpreted and administered accordingly. If an unintentional operational failure
occurs with respect to Code Section 409A, any affected Participant or beneficiary shall fully cooperate with the Company to correct the failure to the extent possible in accordance with any correction procedure established by the U.S.
Department of the Treasury. If a Participant is a “specified employee” (as such term is defined for purposes of Code Section 409A) at the time of his or her termination of employment, no amount that is subject to Code
Section 409A and that becomes payable by reason of such 

  
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termination of employment shall be paid to the Participant before the earlier of (i) the expiration of the six (6) month period measured from the date of the Participant’s
termination of employment, and (ii) the date of the Participant’s death. A termination of employment shall be deemed to occur only if it is a “separation from service” within the meaning of Code Section 409A, and references
in the Plan and any Award Agreement to “termination,” “termination of employment,” or like terms shall mean a “separation from service.” A separation from service shall be deemed to occur if it is anticipated that the
level of services the Participant will perform after a certain date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of services provided by the Participant
in the immediately preceding thirty-six (36) months. 
 Article 12.    Withholding 

12.1    Tax Withholding. The Company will have the power and the right to deduct or withhold, or require a
Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising under this Plan. No Award Agreement
will permit reload Options to be granted in connection with any Shares used to pay a tax withholding obligation. 

12.2    Share Withholding. With respect to withholding required upon the lapse of restrictions on Restricted
Stock, or upon any other taxable event arising as a result of Awards granted hereunder, the Company may satisfy the withholding requirement for supplemental wages, in whole or in part, by withholding Shares having a Fair Market Value (determined on
the date the Participant recognizes taxable income on the Award) equal to the amount required to be withheld or other greater amount up to the maximum statutory rate required to be collected on the transaction under applicable law, as applicable to
the Participant, if such other greater amount would not result in adverse financial accounting treatment, as determined by the Committee (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09). The Participant may elect, subject to the approval of the Committee, to deliver the necessary funds to satisfy the withholding obligation to the Company, in which case there will be no reduction in the
Shares otherwise distributable to the Participant. 
 Article 13.    Indemnification 

Each person who is or has been a member of the Committee or the Board will be indemnified and held harmless by the Company from and against any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or as a result of any claim, action, suit or proceeding to which he or she may be a party or in which he or she may be involved by
reason of any action taken, or failure to act, under the Plan. Each such person will also be indemnified and held harmless by the Company from and against any and all amounts paid by him or her in a settlement approved by the Company, or paid by him
or her in satisfaction of any judgment, of or in a claim, action, suit or proceeding against him or her and described in the previous sentence, so long as he or she gives the Company an opportunity, at its own expense, to handle and defend the
claim, action, suit or proceeding before he or she undertakes to handle and defend it. The foregoing right of indemnification will not be exclusive of any other rights of indemnification to which a person who is or has been a member of the Committee
or the Board may be entitled under the Company’s Certificate of Incorporation or By-Laws, as a matter of law, or otherwise, or any power that the Company may have to indemnify him or her or hold him or
her harmless. 

  
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 Article 14.    Successors 

All obligations of the Company under the Plan or any Award Agreement will be binding on any successor to the Company, whether the existence of
the successor results from a direct or indirect purchase of all or substantially all of the business or assets of the Company or both, or a merger, consolidation, or otherwise. 

Article 15.    Legal Construction 

15.1    Number. Except where otherwise indicated by the context, any plural term used in this Plan includes
the singular and a singular term includes the plural. 
 15.2    Severability. If any provision of the
Plan is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included. 

15.3    Requirements of Law. The granting of Awards and the issuance of Share or cash payouts under the Plan
will be subject to all applicable laws, rules, and regulations, and to any approvals by governmental agencies or national securities exchanges as may be required. 

15.4    Securities Law Compliance. As to any individual who is, on the relevant date, an officer, director
or ten percent (10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined under Section 16 of the Exchange Act, transactions under this Plan are
intended to comply with all applicable conditions of Rule 16b-3 under the Exchange Act, or any successor rule. To the extent any provision of the Plan or action by the Committee fails to so comply, it will be
deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 

15.5    Unfunded Status of the Plan. The Plan is intended to constitute an “unfunded” plan for
incentive and deferred compensation. With respect to any payments or deliveries of Shares not yet made to a Participant by the Company, the Participant’s rights are no greater than those of a general creditor of the Company. The Committee may
authorize the establishment of trusts or other arrangements to meet the obligations created under the Plan, so long as the arrangement does not cause the Plan to lose its legal status as an unfunded plan. 

15.6    Governing Law. To the extent not preempted by federal law, the Plan and all agreements hereunder
will be construed in accordance with and governed by the laws of the State of Michigan without giving effect to principles of conflicts of law. 

15.7    Offsets. To the extent permitted by applicable law, the Company shall have the right to offset from
any Award payable hereunder any amount that a Participant owes to the Company or any Affiliate without the consent of the Participant (or his or her beneficiary, in the event of the Participant’s death). 

  
 12 

 15.8    Plan Document Controls. The Plan and each Award
Agreement constitute the entire agreement with respect to the subject matter hereof and thereof; provided, that in the event of any inconsistency between the Plan and an Award Agreement, the terms and conditions of the Plan shall control. 

Article 16.    Incentive Compensation Recoupment Policy 

Notwithstanding any provision in the Plan or in any Award Agreement to the contrary, all Awards are subject to the Incentive Compensation
Recoupment Policy established by the Company, as amended from time to time. 

*    *    *    *    * 

  
 13Exhibit

Exhibit 10.1
SLM Corporation 2012 Omnibus Incentive Plan
2019 Restricted Stock Unit Term Sheet
This Restricted Stock Unit Term Sheet (this “Agreement”) further describes the terms of the RSUs granted to Grantee pursuant to the Restricted Stock Unit Grant Notice.  The Restricted Stock Unit Grant Notice and the SLM Corporation 2012 Omnibus Incentive Plan (the “Plan”) are incorporated herein in their entirety.
		
	1.
	Vesting Schedule.  Unless vested earlier as set forth below, the Award will vest, and will be converted into shares of common stock, in one-third increments on each of the first, second, and third anniversary of the Grant Date.

		
	2.
	Employment Termination; Death; Disability.  Except as provided below, if the Grantee voluntarily ceases to be an employee of SLM Corporation (the “Corporation”) (or one of its subsidiaries) for any reason or his or her employment is terminated by the Corporation for Misconduct (as defined below), he/she shall forfeit any portion of the Award that has not vested as of the date of such termination of employment.  For purposes of this Agreement, “Misconduct” is defined as an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Corporation, breach of fiduciary duty or deliberate disregard of Corporation rules; an unauthorized disclosure of any Corporation trade secret or confidential information; any conduct constituting unfair competition; inducing any customer of the Corporation to breach a contract with the Corporation or any principal for whom the Corporation acts as agent to terminate such agency relationship; or engaging in any other act or conduct proscribed by the senior human resources officer as Misconduct.

If not previously vested, the Award will continue to vest, and will be converted into shares of common stock, on the original vesting terms and vesting dates set forth above in the event that (i) the Grantee’s employment is terminated by the Corporation for any reason other than for Misconduct or (ii) the Grantee voluntarily ceases to be an employee of the Corporation (or one of its subsidiaries) and meets the Corporation’s retirement eligibility requirements under the Corporation’s then current retirement eligibility policy, which shall be determined by the Corporation in its sole discretion.
If not previously vested, the Award will vest, and will be converted into shares of common stock, upon death or Disability (provided that such Disability qualifies as a “disability” within the meaning of Treasury Regulation Section 1.409A-3(i)(4)).
The unvested portion of the Award shall be forfeited upon termination of employment due to Misconduct.
Notwithstanding anything stated herein, the Plan or in the SLM Corporation Change in Control Severance Plan for Senior Officers, this Award shall not be subject to the terms set forth in the SLM Corporation Change in Control Severance Plan for Senior Officers.
		
	3.
	Change in Control.  Notwithstanding anything to the contrary in this Agreement:

		
	(a)
	In the event of a Change in Control in which the acquiring or surviving company in the transaction does not assume or continue outstanding Awards upon the Change in Control, then any portion of the Award that is not vested shall become 100 percent vested; provided, however, the conversion of the accelerated portion of the RSUs into shares of common stock (i.e., the settlement of the Award) will nevertheless be made at the same time or times as if such RSUs had vested in accordance with the vesting schedule set forth in Section 1 or, if earlier, upon the termination of Grantee’s employment for reasons other than Misconduct.

		
	(b)
	If Grantee’s employment shall terminate within twenty-four months following a Change in Control for any reason other than (i) by the Company for Misconduct or (ii) by Grantee’s voluntary termination of employment that is not a Termination of Employment for Good Reason, as defined in the Change in Control Severance Plan for Senior Officers (if applicable to the Grantee), any portion of the Award not previously vested shall immediately become vested, and shall be converted into shares of common stock, upon such employment termination.

		
	4.
	Taxes; Dividends.  The Grantee of the Award shall make such arrangements as may reasonably be required by the Corporation, including transferring a sufficient number of shares of the Corporation’s common stock, to satisfy the income and employment tax withholding requirements that accrue upon the Award becoming vested or, if applicable, settled in shares of the Corporation’s common stock (by approving this Agreement, the Nominations, Governance, and Compensation Committee (the “Committee”) hereby approves the transfer of such shares to the Corporation for purposes of SEC Rule 16b-3).  Dividends declared on an unvested Award will not be paid in cash currently except in the case of fractional shares as set forth below.  Instead, an account established on behalf of the Grantee will be credited with an amount equal to such dividends, which amount shall be reinvested in additional shares of the Corporation’s common stock (“Dividend Equivalent”).  The value of the Dividend Equivalents will be calculated in the same manner as dividends paid to holders of common stock.  Such Dividend Equivalents will be subject to the same vesting schedule to which the Award is subject.  Upon vesting of any portion of the Award, the amount of Dividend Equivalents allocable to such Award (and any fractional share amount) will also vest and will be converted into shares of the Corporation’s common stock (provided that any fractional share amount shall be paid in cash).

		
	5.
	Section 409A.  For purposes of section 409A of the Internal Revenue Code, the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), each payment and benefit payable under this Agreement is hereby designated as a separate payment.  The parties intend that all RSUs provided under this Agreement and shares issuable hereunder comply with or be exempt from the requirements of Section 409A so that none of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.  Notwithstanding anything in the Plan or this Agreement to the contrary, if the vesting of the balance, or some lesser portion of the balance, of the RSUs is to be accelerated in connection with the Grantee’s termination of service, such accelerated RSUs will not be settled by virtue of such acceleration until and unless the Grantee has a “separation from service” within the meaning of Section Treasury Regulation 1-409A-1(h), as determined by the Corporation, in its sole discretion.  Further, and notwithstanding anything in the Plan or this Agreement to the contrary, if (x) any of the RSUs to be provided in connection with the Grantee’s separation from service do not qualify for any reason to be exempt from Section 409A, (y) the Grantee is, at the time of such separation from service, a “specified employee” (as 

defined in Treasury Regulation Section 1.409A-1(i)) and (z) the settlement of such RSUs would result in the imposition of additional tax under Section 409A if such settlement occurs on or within the six (6) month period following the Grantee’s separation from service, then, to the extent necessary to avoid the imposition of such additional taxation, the settlement of any such RSUs during such six (6) month period will accrue and will not be settled until the date six (6) months and one (1) day following the date of the Grantee’s separation from service and on such date (or, if earlier, the date of the Grantee’s death), such RSUs will be settled.
		
	6.
	Clawback Provision.  If the SLM Corporation Board of Directors (the “Board”), or an appropriate committee thereof, determines that, (a) any material misstatement of financial results or a performance metric criteria has occurred as a result of the Grantee’s conduct or (b) the Grantee has committed a material violation of corporate policy or has committed fraud or Misconduct, then the Board or such committee may, in its sole discretion, require reimbursement of any compensation resulting from the vesting of RSUs and the cancellation of any outstanding RSUs from the Grantee (whether or not such individual is currently employed by the Corporation) during the three-year period following the date on which the conduct resulting in the material misstatement occurred, or the date such violation, fraud or Misconduct occurred, as determined by the Board or the applicable committee.  The Board or such committee shall consider all factors, with particular scrutiny when one of the Senior Vice Presidents or above are involved, in determining whether and to what extent such involvement described herein occurred and the amount of such reimbursement.  Notwithstanding anything to the contrary herein, this provision shall be subject to adjustment and amendment to conform with any subsequently adopted policy or amendment relating to the clawback of compensation as may be adopted by the Board or an appropriate committee thereof.

		
	7.
	Securities Law Compliance.  The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any transfer or sale by the Grantee of any shares of the Corporation’s common stock, including without 

limitation (a) restrictions under an insider trading policy and (b) restrictions that may be necessary in the absence of an effective registration statement under the Securities Act of 1933, as amended, covering the shares of the Corporation’s common stock.  The sale of the shares must also comply with other applicable laws and regulations governing the sale of such shares.
		
	8.
	Data Privacy.  As an essential term of this award, the Grantee consents to the collection, use and transfer, in electronic or other form, of personal data as described herein for the exclusive purpose of implementing, administering and managing Grantee’s participation in the Plan.  By accepting this award, the Grantee acknowledges that the Corporation holds certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security number or other identification number, salary, tax rates and amounts, nationality, job title, any shares of stock held in the Corporation, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding, for the purpose of implementing, administering and managing the Plan (“Data”).  Grantee acknowledges that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in jurisdictions that may have different data privacy laws and protections, and Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Grantee or the Corporation may elect to deposit any shares of the Corporation’s common stock.  Grantee acknowledges that Data may be held to implement, administer and manage the Grantee’s participation in the Plan as 

determined by the Corporation, and that Grantee may request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, provided however, that refusing or withdrawing Grantee’s consent may adversely affect Grantee’s ability to participate in the Plan.
		
	9.
	Electronic Delivery.  The Corporation may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request Grantee’s consent to participate in the Plan by electronic means.  Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation, and such consent shall remain in effect throughout Grantee’s term of service with the Corporation (or its subsidiaries) and thereafter until withdrawn in writing by Grantee.

		
	10.
	Board Interpretation.  The Grantee hereby agrees to accept as binding, conclusive, and final all decisions and interpretations of the Board and, where applicable, the Committee concerning any questions arising under this Agreement or the Plan.

		
	11.
	No Right to Continued Employment.  Nothing in the Plan, in this Agreement or any other instrument executed pursuant thereto or hereto shall confer upon the Grantee any right to continued employment with the Corporation or any of its subsidiaries or affiliates.

		
	12.
	Amendments for Accounting Charges.  The Committee reserves the right to unilaterally amend this Agreement to reflect any changes in applicable law or financial accounting standards.

		
	13.
	Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law.

		
	14.
	Notices.  All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if personally delivered, telefaxed or telecopied to, or, if mailed, when received by, the other party at the following addresses:

If to the Corporation to:
Human Resources Department
ATTN: Total Rewards
300 Continental Drive
Newark, DE 19713

If to the Grantee, to (i) the last address maintained in the Corporation’s Human Resources files for the Grantee or (ii) the Grantee’s mail delivery code or place of work at the Corporation (or its subsidiaries).
		
	15.
	Plan Controls; Entire Agreement; Capitalized Terms.  In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the terms of the Plan control, except as expressly stated otherwise herein.  This Agreement, the Plan and the Restricted Stock Unit Grant Notice together set forth the entire agreement and understanding between the parties as to the subject matter hereof and supersede all prior oral and written and all contemporaneous or subsequent oral discussions, agreements and understandings of any kind or nature.  Capitalized terms not defined herein shall have the meanings as described in the Plan or in the Restricted Stock Unit Grant Notice.

		
	16.
	Miscellaneous.  In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.  The headings in this Agreement are solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect.  The Grantee shall cooperate and take such actions as may be reasonably requested by the Corporation in order to carry out the provisions and purposes of the Agreement.  The Grantee is responsible for complying with all laws applicable to Grantee, including federal and state securities reporting laws.

Grantee is deemed to accept this Award of RSUs under this Agreement and to agree that such Award is subject to the terms and conditions set forth in this Agreement and the Plan unless Grantee provides the Corporation written notification of Grantee’s rejection of this Award of RSUs not later than 30 days after Grantee’s receipt of notice of the posting of this Agreement on-line or through electronic means (in which case such Award will be forfeited and Grantee shall have no further right or interest therein as of such date).

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