SLM CORPORATION (NASDAQ:ISM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Charles P. Rocha, former Executive Vice President and Chief Marketing Officer for SLM Corporation (the “Company”), died on January 17, 2018. In connection with his death, the Company entered into an Agreement and Release (the “Agreement”) with the personal representative for his estate on March 20, 2018.
Among other things, the Agreement provides that:
| · | The Company will pay a total severance amount of $2,051,613.38, less withholding taxes and other deductions as required by law, in a lump sum payment. |
| · | Mr. Rocha’s family members will have the right to continue medical, dental and vision coverage through the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for up to 36 months. The Company will pay the employer portion of the total cost of the premiums for such coverage for the 36-month period. |
| · | The Company has received a general release from all claims, as well as a covenant not to sue. |
The foregoing description of the Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement. A copy of the Agreement willbefiledas an exhibit to the Company’s quarterly report on Form10-Qfor the quarter ending March 31, 2018.
