Document:

Exhibit

EXHIBIT 10.1

SLM Corporation 2012 Omnibus Incentive Plan

2019 Independent Director Restricted Stock Agreement

Pursuant to the terms and conditions of the SLM Corporation 2012 Omnibus Incentive Plan (the “Plan”), SLM Corporation (the “Corporation”) hereby grants to _______________(the “Grantee”) _____ shares of common stock of the Corporation, par value $0.20 (the “Restricted Stock”), on June 20, 2019 (the “Grant Date”) subject to the terms and conditions below.  All capitalized terms used herein that are not defined shall have the meanings as set forth in the Plan. 

100 percent of the Restricted Stock is subject to a risk of forfeiture and is non-transferable on the Grant Date. 

Upon the Corporation’s 2020 annual meeting of stockholders (the “Vesting Event”), 100 percent of the Restricted Stock will vest and become transferable unless vested earlier as set forth below. 

The Restricted Stock will vest and become transferable prior to the Vesting Event upon any of the following events: (i) the Grantee’s death or Disability or (ii) upon a Change in Control. 

100 percent of the Restricted Stock will be forfeited if the Grantee ceases to be a director of the Corporation’s Board of Directors prior to the Vesting Event for any reason other than death, Disability (as defined below) or a Change in Control. 

The Restricted Stock will be held in an account in the Grantee’s name at the Corporation’s transfer agent, currently Computershare.  The Grantee is entitled to vote the shares of Restricted Stock. 

Dividends declared on unvested shares of Restricted Stock 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 Restricted Stock is subject.  Upon vesting of any portion of the Restricted Stock, the amount of Dividend Equivalents allocable to such Restricted Stock (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).  Dividend Equivalents declared on unvested shares of Restricted Stock are not subject to income tax until vesting, at which time they are taxed as ordinary income. 

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 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. 

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 the 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”).  The 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 the Grantee authorizes the recipients to receive, possess, use, retain and transfer 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.  The 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 the 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 the Grantee’s consent may adversely affect the Grantee’s ability to participate in the Plan. 

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 and thereafter until withdrawn in writing by Grantee.  

“Disability” means the absence of the Grantee from the Corporation’s Board of Directors duties for 180 consecutive days as a result of incapacity due to mental or physical illness 

which is determined to be total and permanent by a physician selected by the Corporation or its insurers and reasonably acceptable to the Grantee or the Grantee’s legal representative.

The Grantee is deemed to accept this award of Restricted Stock 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 the Grantee provides the Corporation written notification of the Grantee’s rejection of this award of Restricted Stock not later than 30 days after the 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 the Grantee shall have no further right or interest therein as of such date).Exhibit

1

ALEXION PHARMACEUTICALS, INC.
2017 INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT FOR NON-Employee DIRECTORS

Award:  [    ] Restricted Stock Units

THIS AGREEMENT (the "Agreement") by and between Alexion Pharmaceuticals, Inc., a Delaware corporation (the "Company"), and you ("Participant") sets forth the terms and conditions of an award of restricted stock units granted to Participant on May 15, 2019 (the "Grant Date") under the Alexion Pharmaceuticals Inc. 2017 Incentive Plan (as amended and in effect from time to time, the "Plan"), which is incorporated herein by reference.
W I T N E S S E T H:
WHEREAS, pursuant to the Plan, the Company has granted to Participant, and Participant desires to accept, an award (the "Award") of restricted stock units ("RSUs"), upon the terms and conditions set forth in this Agreement and the Plan.  Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan.
NOW, THEREFORE, the parties hereto agree as follows:

1.Grant.  The Company hereby grants to Participant on the Grant Date the number of RSUs set forth above, subject to the terms and conditions of the Plan and this Agreement.  An RSU is an unfunded and unsecured promise to deliver (or cause to be delivered) to Participant, subject to the terms and conditions of the Plan and this Agreement, a share of Stock (each, a "Share") on the delivery date or as otherwise provided herein.  Until such delivery, Participant has only the rights of a general unsecured creditor, and no rights as a shareholder, of the Company.
2.Vesting.  The RSUs shall become fully vested on the earlier to occur of (a) the first anniversary of the Grant Date, and (b) the date of the 2020 annual meeting of shareholders (whichever date occurs earlier, the "Vesting Date"); provided that the Participant remains in continuous service as a Director from the Grant Date until the Vesting Date.  While Participant’s continuous service is not required in order to receive delivery of Shares underlying RSUs that are vested in accordance with this Agreement at the time Participant’s service with the Company terminates, all other terms and conditions of this Agreement shall continue to apply to such vested RSUs.  The Award will terminate, and no Shares underlying such vested RSUs will be delivered, if Participant fails to comply with such terms and conditions.  Notwithstanding the foregoing, the RSUs, to the extent outstanding and unvested, shall immediately become fully vested prior to the Vesting Date in the event of (a) a Change in Control of the Company, (b) Participant’s cessation of service as a Director due to his or her death, or (c) Participant’s cessation of service as a Director at a time when he or she (i) is in good standing, as determined by the Board in its sole discretion, and (ii) has served a minimum of five (5) consecutive full years as a Director.
3.Delivery.  As soon as administratively feasible after the date the RSUs vest under Section 2 above, but no later than thirty (30) days following such vesting date, the Company shall cause to be delivered to the Participant (or in the event of the Participant’s death, the Participant’s beneficiary or legal representative) 

the Shares underlying the RSU in accordance with this Agreement.  No Shares will be issued pursuant to the Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company.  In the event that any Shares are to be delivered to an individual other than the original Participant, the Company will be under no obligation to deliver shares of Stock hereunder unless and until it is satisfied as to the authority of the individual to receive the Shares.
4.Nontransferability.  This Award may not be transferred except as expressly permitted by Section 6(a)(3) of the Plan.
5.Forfeiture and Recoupment of Gains.  Except as otherwise provided in Section 2, upon the cessation of Participant’s service as a Director, Participant shall forfeit, without payment, any and all RSUs that were outstanding but that had not yet become vested immediately prior to such termination of service, and such RSUs shall cease to be outstanding and no Shares will be delivered in respect thereof. By accepting the Award the Participant expressly acknowledges and agrees that his or her rights (and those of any permitted transferee) under the Award or to any Shares acquired under the Award or any proceeds from the disposition thereof are subject to Section 6(a)(5) of the Plan (including any successor provision). Nothing in the preceding sentence shall be construed as limiting the general application of Section 8 of this Agreement. 
6.Continuance as Director.  Nothing in this Agreement shall be deemed to create any obligation on the part of the Board to nominate Participant for reelection as a Director by the Company’s stockholders or give Participant any right to continue to serve as a Director or interfere with the right of the Company or the Board to terminate the service of Participant.
7.Provisions of the Plan.  The provisions of the Plan, the terms of which are incorporated in this Agreement, shall govern if and to the extent that there are inconsistencies between those provisions and the provisions hereof (except as expressly provided herein).  Participant acknowledges that he or she received a copy of the Plan prior to the date of this Agreement.  By acceptance of the Award, the Participant agrees to be subject to the terms of the Plan.
8.Tax Matters.  Participant understands that he or she (and not the Company) shall be responsible for his or her own tax liability arising from or due in connection with the grant or vesting of the RSUs and/or the delivery of any Shares hereunder.  The Company shall have no liability or obligation relating to the foregoing.   
9.Miscellaneous.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.  
IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

ALEXION PHARMACEUTICALS, INC.

By:    
Name:    
Title:

PARTICIPANT

__________________________________
Name:

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