SLM » Topics » Termination Due to Death or Disability
This excerpt taken from the SLM DEF 14A filed Apr 10, 2008.
to Death or Disability
Amounts disclosed in this column
are the number of shares of performance stock that would vest on
December 31, 2007 multiplied by $20.14, the closing price
of SLM stock on December 31, 2007, plus the difference
between $20.14 and the exercise prices of stock options
multiplied by the number of stock options that would vest on
December 31, 2007.
Cash severance for Mr. Andrews
will be based on his target bonus of $2,500,000. Cash severance
for the other NEOs, if applicable, is equal to two times the
two-year average of their annual performance bonus plus base
An estimate of the
Corporations per-employee cost of providing health care
benefits for a
period, if applicable.
In order to estimate a tax gross up
for change in control excise taxes, it was assumed that options
vested and the intrinsic value was paid in cash in connection
with a change in control. Further, the intrinsic value was
adjusted as permitted under IRS regulations.
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