SEC Contract Filing

Filing Date: 2018-04-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>slm20180331ex103.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<div><a name="s39933052F701724936F9D00FD3DD30EA"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:center;text-indent:624px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.3</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SLM Corporation 2012 Omnibus Incentive Plan <br>2018 Performance Stock Unit Term Sheet</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to the terms and conditions of the SLM Corporation 2012 Omnibus Incentive Plan (the &#8220;Plan&#8221;), the Nominations, Governance, and Compensation Committee (the &#8220;Committee&#8221;) of the SLM Corporation Board of Directors hereby grants to _____________________ (the &#8220;Grantee&#8221;) on January 26, 2018 (the &#8220;Grant Date&#8221;) an award (the &#8220;Award&#8221;) of ______ shares of Performance Stock Units (&#8220;PSUs&#8221;), which represent the right to acquire shares of common stock of SLM Corporation (the &#8220;Corporation&#8221;) subject to the following terms and conditions (this &#8220;Agreement&#8221;):</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Vesting Schedule</font><font style="font-family:inherit;font-size:12pt;">. Unless vested earlier as set forth below, the Award will vest, and will be converted into shares of the Corporation&#8217;s common stock, based on the following vesting terms:</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:72px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">A specified number of the total PSUs granted to each executive shall vest in amounts based on the amount of &#8220;Cumulative Charge-offs&#8221; (as that term is defined below) achieved by the Corporation for the period from January 1, 2018 through December 31, 2020 in the aggregate, as shown on the attached chart, and on the date specified in this Agreement below. Each vested PSU will be settled in shares of the Corporation&#8217;s common stock.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Cumulative Charge-offs&#8221; shall be defined </font><font style="font-family:inherit;font-size:12pt;color:#232323;">as the Corporation&#8217;s cumulative charge-offs for the period from January 1, 2018 through December 31, 2020 on the fourth quarter 2017 full principal and interest repayment cohort, as produced by the Chief Credit Officer and independently validated by the Chief Risk Officer.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">PSUs shall vest on the date of the certification by the Nominations, Governance, and Compensation Committee of the Company&#8217;s Board of Directors as to satisfaction of the Cumulative Charge-offs performance factor.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:72px;"><font style="font-family:inherit;font-size:12pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Committee has discretion to decrease the