Document:

navi-ex103_29.htm

Exhibit 10.3

 

Navient Corporation 2014 Omnibus Incentive Plan 
Independent Director Restricted Stock Agreement

Pursuant to the terms and conditions of the Navient Corporation 2014 Omnibus Incentive Plan, amended and restated as of May 24, 2018 (the “Plan”), Navient Corporation (the “Corporation”) hereby grants to __________________ (the “Grantee”) _________ shares of common stock of the Corporation, par value $0.01 (the “Restricted Stock”), on ______________, 2020 (the “Grant Date”) subject to the terms and conditions below. All capitalized terms used herein that are not defined shall have the meanings as set forth in the Plan. 

	
 
	
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Twenty-five percent (25%) of the Restricted Stock will immediately vest and become transferable on the Grant Date and, unless vested earlier or forfeited as set forth below, an additional twenty-five percent (25%) of the Restricted Stock will vest and become transferable on May 1 following the Grant Date, an additional twenty-five percent (25%) of the Restricted Stock will vest and become transferable on August 1 following the Grant Date, and the final twenty-five percent (25%) of the Restricted Stock will vest and become transferable on November 1 following the Grant Date.

	
 
	
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Except as provided below, if the Grantee ceases to be a member of the Board of Directors of the Corporation for any reason, the Grantee will forfeit any portion of the Restricted Stock that has not vested as of the date his/her Board service ceases.

	
 
	
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If not previously vested or forfeited, the Restricted Stock will vest and become transferable upon any of the following events: (i) the Grantee’s death or Disability or (ii) upon a Change in Control. 

	
 
	
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The Restricted Stock will be held in an account in the Grantee’s name at the Corporation’s transfer agent, currently Computershare. The Grantee is entitled to vote the shares of Restricted Stock. 

	
 
	
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Dividends declared on unvested shares of Restricted Stock will not be paid currently.  Instead, amounts equal to such dividends will be credited to an account established on behalf of the Grantee and such amounts will be deemed to be invested in additional shares of the Corporation’s common stock (“Dividend Equivalents”).  Such Dividend Equivalents will be subject to the same vesting schedule to which the Restricted Stock is subject.  At the time that the underlying Restricted Stock vests, the amount of Dividend Equivalents allocable to such Restricted Stock will also vest and will be settled in shares of the Corporation’s common stock (provided that any fractional share amount shall be paid in cash). Dividend Equivalents declared on unvested shares of Restricted Stock are not subject to income tax until vesting, at which time they are taxed as ordinary income.  

	
 
	
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The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any transfer or sale by the Grantee of any shares of Common Stock, including without limitation (a) restrictions under an insider trading policy and (b) restrictions that may be necessary in the 

 

 

	
 
		
absence of an effective registration statement under the Securities Act of 1933, as amended, covering the shares of the Corporation’s common stock. The sale of the shares must also comply with other applicable laws and regulations governing the sale of such shares.  

	
 
	
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As an essential term of this award, the Grantee consents to the collection, use and transfer, in electronic or other form, of personal data as described herein for the exclusive purpose of implementing, administering and managing Grantee’s participation in the Plan. By accepting this award, the Grantee acknowledges that the Corporation holds certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security number or other identification number, salary, tax rates and amounts, nationality, job title, any shares of stock held in the Corporation, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding, for the purpose of implementing, administering and managing the Plan (“Data”). Grantee acknowledges that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in jurisdictions that may have different data privacy laws and protections, and Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Grantee or the Corporation may elect to deposit any shares of the Corporation’s common stock.  Grantee acknowledges that Data may be held to implement, administer and manage the Grantee’s participation in the Plan as determined by the Corporation, and that Grantee may request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, provided however, that refusing or withdrawing Grantee’s consent may adversely affect Grantee’s ability to participate in the Plan.  

	
 
	
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The Corporation may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request Grantee’s consent to participate in the Plan by electronic means. Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation, and such consent shall remain in effect throughout Grantee’s term of service with the Corporation and thereafter until withdrawn in writing by Grantee. 

	
 
	
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“Disability” means the absence of the Grantee from the Corporation’s Board of Director’s duties for 180 consecutive days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Corporation or its insurers and reasonably acceptable to the Grantee or the Grantee’s legal representative.

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The Grantee hereby agrees to accept as binding, conclusive, and final all decisions and interpretations of the Outside Board and, where applicable, the Committee concerning any questions arising under this Agreement or the Plan.

	
 
	
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Nothing in the Plan, in this Agreement or any other instrument executed pursuant thereto or hereto shall confer upon the Grantee any right to continued service on the Board.

	
 
	
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The Outside Board and/or the Committee reserves the right to unilaterally amend this Agreement to reflect any changes in applicable law or financial accounting standards.

	
 
	
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This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law.

	
 
	
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All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if personally delivered, telefaxed or telecopied to, or, if mailed, when received by, the other party at the following addresses: 

If to the Corporation to: 

Navient Corporation

Attn:  Human Resources, Equity Plan Administration 

123 Justison Street 

Wilmington, DE 19801

If to the Grantee, to the last address maintained in the Corporation’s files for the Grantee.

	
 
	
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In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the terms of the Plan control, except as expressly stated otherwise herein. This Agreement and the Plan together set forth the entire agreement and understanding between the parties as to the subject matter hereof and supersede all prior oral and written and all contemporaneous or subsequent oral discussions, agreements and understandings of any kind or nature. Capitalized terms not defined herein shall have the meanings as described in the Plan.

	
 
	
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In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of this Agreement shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision. The headings in this Agreement are solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. The Grantee shall cooperate and take such actions as may be reasonably requested by the Corporation in order to carry out the provisions and 

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purposes of the Agreement. The Grantee is responsible for complying with all laws applicable to Grantee, including federal and state securities reporting laws.

 

 

 

	
NAVIENT CORPORATION
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:  
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
Jack Remondi
	
 
	
 

	
 
	
President and Chief Executive Officer
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
Accepted by:
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
Date
	
 
	
 

 

 

4manh-ex41_197.htm

 

Exhibit 4.1

 

DESCRIPTION OF THE COMPANY’S SECURITIES

 

Manhattan Associates, Inc., a Georgia corporation (the “Company”), has one class of securities, our common stock, registered under Section 12 of the Securities Exchange Act of 1934, as amended.

 

DESCRIPTION OF COMMON STOCK

 

The following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Articles of Incorporation, as amended by the Articles of Amendment to our Articles of Incorporation (the “Articles of Incorporation”) and our Amended Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to our most recent Annual Report on Form 10-K. We encourage you to read our Articles of Incorporation and our Bylaws for additional information.

 

Authorized Shares of Capital Stock

 

Our authorized capital stock consists of: 

	
 
	
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200,000,000 shares of common stock, $0.01 par value per share; and 

	
 
	
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20,000,000 shares of preferred stock, no par value per share.

 

Voting Rights

 

The holders of our common stock are entitled to one vote per share on all matters to be voted upon by our shareholders. Each director will be elected by a plurality of the votes cast with respect to such director’s election (subject to a Board policy requiring a nominee in an uncontested election who is elected with less than a majority of the votes cast to offer to resign). Our common stock has no preemptive rights.

 

Dividends

 

Subject to any preferences that may be applicable to any preferred stock issued in the future, the holders of our common stock are entitled to receive ratably any dividends that may be declared from time to time by our board of directors out of funds legally available for that purpose. 

 

Liquidation Rights

 

In the event of our liquidation, dissolution or winding up, the holders of our common stock are entitled to share ratably in all assets remaining after the payment of liabilities, subject to the prior distribution rights of any preferred stock issued in the future. 

 

Anti-Takeover Provisions.

 

Certain provisions in our Articles of Incorporation and our Bylaws may have the effect of discouraging potential acquisition proposals or making a tender offer or delaying or preventing a change in control, including changes a shareholder might consider favorable. Such provisions may also prevent or frustrate attempts by our shareholders to replace or remove our management. In particular, the Articles of Incorporation and Bylaws, as applicable, among other things:

 

	
 
	
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provide for a staggered board of directors, with three classes that are as equal in number as possible; 

	
 
	
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provide that vacancies on the board of directors may be filled by a majority of the directors in office, although less than a quorum;

	
 
	
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provide the board of directors with the power to retain and discharge our officers; and

	
 
	
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subject to certain exceptions, provide the board of directors with the ability to alter the bylaws without shareholder approval.

 

 

 

 

 

Advance Notice Requirements for Shareholder Proposals and Director Nominations 

 

Our Bylaws establish advance notice procedures with respect to shareholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.

 

Preferred Stock

 

The Company is authorized to designate and issue up to 20,000,000 shares of preferred stock, no par value per share, in one or more series and to determine the rights and preferences of each series, to the extent permitted by the Articles of Incorporation, and to fix the terms of such preferred stock without any vote or action by the shareholders. The issuance of any series of preferred stock may have an adverse effect on the rights of holders of common stock and could decrease the amount of earnings and assets available for distribution to holders of common stock. In addition, any issuance of preferred stock could have the effect of delaying, deferring or preventing a change in control of the Company.

 

Listing

 

The Company’s common stock is listed on the Nasdaq Global Select Market under the symbol “MANH”.

 

Transfer Agent

 

The transfer agent for our common stock is Computershare Trust Company, N.A.

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