4 2007-11-26 0 0001032033 SLM 0001065138 8obutun$ 12061 Bluemont Way Reston VA 20190 1 1 0 0 Executive Chairman Stock Appreciation Right 46.0000 2007-11-26 4 A 0 4500000 0 A Common Stock 4500000.0000 4500000.0000 D Twenty percent of the award vests upon the share price trading for 10 consecutive days at or above $52.00 per share on or before November 26, 2009, 100 percent of the award vests upon the share price trading for 10 consecutive days at or above $60.00 per share on or before November 26, 2009, and vesting is interpolated on a straight line basis if the share price trades for 10 consecutive days between $52.00 per share and $60.00 per share (for example, 50 percent of the award vests if the share price trades at $55.00 per share for 10 consecutive days.) To the extent the award does not vest based on the trading price, it will be forfeited. Generally after November 26, 2009. By: Mary F. Eure (POA) 2007-11-26