SLM » Topics » Termination Due to Death or Disability

This excerpt taken from the SLM DEF 14A filed Apr 10, 2008.
Termination Due to Death or Disability
  Estimated Tax
Name   Vesting(1)   Severance   Insurance   Benefit   Gross Up   Total
  $ 0       n/a       n/a       n/a       n/a     $ 0  
    269,232       n/a       n/a       n/a       n/a       269,232  
    510,267       n/a       n/a       n/a       n/a       510,267  
    50,652       n/a       n/a       n/a       n/a       50,652  
    399,376       n/a       n/a       n/a       n/a       399,376  
(1) 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.



(2) 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 salary.
(3) An estimate of the Corporation’s per-employee cost of providing health care benefits for a 24-month period, if applicable.
(4) 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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