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| SLM > SEC Filings for SLM > Form 8-K on 30-Sep-2009 | All Recent SEC Filings |
30-Sep-2009
Change in Directors or Principal Officers, Other Events
On September 29, 2009, Barry Feierstein, Executive Vice President of SLM Corporation (the "Company), and a named executive officer for purposes of compensation disclosures in the most recent proxy statement filed with the Securities and Exchange Commission, reached a mutual agreement with the Company to voluntarily leave his employment with the Company effective November 1, 2009. Mr. Feierstein will continue as a consultant to the Company for a period of approximately eight months.
The Company is announcing revised share ownership guidelines for executive officers, which were approved by the Compensation Committee of the Company's Board of Directors (the "Compensation Committee.") The ownership guidelines, which are expected to be achieved over a five-year period, are:
Chief Executive Officer -- Lesser of 1 million shares or $5 million in value.
Vice Chairman & CFO/Sr. Executive Vice President -- Lesser of 500,000 shares or
$2.5 million in value.
Executive Vice President -- Lesser of 200,000 shares or $1 million in value.
The guidelines encourage continued ownership of a significant amount of the Company's common stock acquired through equity awards. Except as otherwise approved by the Compensation Committee, officers must hold all equity grants until the guidelines are met, and an officer will not be eligible for further equity grants if the officer sells (i) before the guidelines are met or (ii) after if such sale results in violation of the guidelines.
The following shares and share units count towards the ownership guidelines:
shares held in brokerage accounts; vested shares credited to deferred
compensation accounts; shares credited to qualified retirement plan accounts;
vested performance stock and performance stock units; on an after-tax basis,
restricted stock and RSUs that vest solely upon the passage of time count upon
grant; and on an after-tax basis, the extent to which vested stock options are
"in-the-money."
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