Document:

Exhibit

        

CHANGE IN CONTROL SEVERANCE PROTECTION AGREEMENT
HIGHPOINT OPERATING CORPORATION
This CHANGE IN CONTROL SEVERANCE PROTECTION AGREEMENT (the “Agreement”) is entered into as of July 19, 2018 (the “Effective Date”), between HighPoint Operating Corporation, a Delaware corporation (the “Company”), and Paul W. Geiger, III (the “Employee”).
RECITALS
WHEREAS, the Employee is a key employee of Company and serves as Company’s Chief Operating Officer; and 
WHEREAS, the Employee and Company desire to set forth the terms and conditions of the Employee’s compensation in the event of a termination of the Employee’s employment in connection with a Change in Control (as defined below); and
WHEREAS, in the event of a Change in Control, the Employee may be vulnerable to dismissal without regard to the quality of the Employee’s service, and Company believes that it is in the best interests of Company to enter into this Agreement in order to ensure fair treatment of the Employee and to reduce the distractions and other adverse effects upon the Employee’s performance which are inherent upon a Change in Control; and 
WHEREAS, this Agreement is not intended to be and shall not constitute an employment contract between Company and the Employee or to impose any obligation upon Company to retain the Employee, and the Employee acknowledges that the Employee is an “at‐will” employee of Company and that Company may terminate the Employee’s employment at any time with or without cause and with or without notice.
NOW, THEREFORE, for and in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
AGREEMENT
1.Definitions.  For purposes hereof, the following terms shall have the following meanings:
(a)    “Affiliate” shall mean, with respect to any Person (as defined herein), any other Person directly or indirectly controlling, controlled by or under direct or indirect common control with such Person.  A Person shall be deemed to control another Person for purposes of this definition if such Person possesses, directly or indirectly, the power • to vote the securities or other ownership interests having ordinary voting power to elect a majority of the Board of Directors of a corporation or other Persons performing similar functions for any other type of Person, or • to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, as general partner, as trustee or otherwise.
(b)    “Annual Compensation Amount” shall mean the Employee’s annualized base salary in effect immediately preceding the Employee’s termination of employment (disregarding any reduction thereto which constitutes grounds for Good Reason), including all amounts of the Employee’s base salary that are deferred under any qualified and non-qualified employee benefit plans of Company or any other agreement or arrangement, plus the greater of • the Employee’s target annual bonus opportunity in effect immediately preceding the Employee’s termination (disregarding any reduction thereto which constitutes grounds for Good Reason) or • the average of the actual annual bonuses earned by the Employee over the three-year period immediately preceding the calendar year in which the Employee’s employment terminated.
(c)    “Annual Incentive Plan” shall mean any annual incentive plan maintained by the Company or an Affiliate covering the Employee as of the date of the Employee’s Qualifying Termination.
(d)    “Board” shall mean the Board of Directors of Parent (as defined herein).
(e)    “Cause” shall mean • if the Employee is party to an employment agreement or similar agreement with Company and such agreement includes a definition of Cause, the definition contained therein or • if no such employment or similar agreement exists, it shall mean (%6) the Employee’s failure to perform the duties reasonably assigned to him or her by Company, (%6) a good faith finding by Company of the Employee’s dishonesty, gross negligence or misconduct, (%6) a material breach by the Employee of any written Company employment policies or rules or (%6) the Employee’s conviction for, or his or her plea of guilty or nolo contendere to, a felony or any other crime which involves fraud, dishonesty or moral turpitude.  Notwithstanding the foregoing, in order for the Employee’s termination to be for Cause pursuant to clauses (A) or (C) above, the Employee must be given written notice of the condition(s) giving rise to Cause and must be given a period of at least 30 days to cure such condition(s), to the extent capable of cure (as determined by the Committee). 
(f)    “Change in Control” of Company shall mean the occurrence of one of the following events:
(i)    An acquisition (other than directly from Company) of any voting securities of Company (the “Voting Securities”) by any Person (as defined herein) immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of the combined voting power of Company’s then outstanding Voting Securities; provided, however, that in determining whether a Change in Control has occurred, Voting Securities which are acquired in a Non-Control Acquisition (as hereinafter defined) shall not constitute an acquisition which would cause a Change in Control.  A “Non-Control Acquisition” shall mean an acquisition by (%4) an employee benefit plan (or a trust forming a part thereof) maintained by (x) Company or (y) any corporation or other Person of which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by Company (a “Subsidiary”), (%4) Company or any Subsidiary, or (%4) any Person in connection with a Non-Control Transaction (as defined in paragraph (iii)(c) below). 
(ii)    The individuals who are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that if the election, or nomination for election by Parent’s stockholders, of any new director was approved by a vote of at least a majority of the then Incumbent Board, such new director shall, for purposes of this Agreement, be considered as a member of the Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (defined as any solicitation subject to Rules 14a-1 to 14a-10 promulgated under the Exchange Act by any Person or group of Persons for the purpose of opposing a solicitation subject to Rules 14a-1 to 14a-10 by any other Person or group of Persons with respect to the election or removal of directors at any annual or special meeting of stockholders of Parent) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or
(iii)    Consummation of:
(1)    A merger, consolidation or reorganization involving Company or Parent, unless 
(a)    the stockholders of Parent, immediately before such merger, consolidation or reorganization, own, directly or indirectly, immediately following such merger, consolidation or reorganization, a majority of the combined voting power of the outstanding Voting Securities of the corporation resulting from such merger or consolidation or reorganization (the “Surviving Corporation”) or a corporation beneficially owning, directly or indirectly, a majority of the Voting Securities of the Surviving Corporation (a “Parent Corporation”) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization, and
(b)    the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute a majority of the members of the board of directors of either the Surviving Corporation or a Parent Corporation, and
(c)    no Person (other than Company, any Affiliate, any employee benefit plan (or any trust forming a part thereof) maintained by Company, the Surviving Corporation or any Subsidiary, or any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of 30% or more of the then outstanding Voting Securities) owns, directly or indirectly, 30% or more of the combined voting power of the Surviving Corporation’s then outstanding voting securities (unless there is a Parent Corporation, in which event of the Parent Corporation’s then outstanding voting securities).
A transaction described in the immediately preceding clauses (a) through (c) shall herein be referred to as a “Non-Control Transaction”;
(2)    A complete liquidation or dissolution of Company; or
(3)    The sale or other disposition of all or substantially all of the assets of Company to any Person (other than a transfer to a Subsidiary).
Notwithstanding paragraphs (i), (ii) or (iii) above, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by Parent which, by reducing the number of Voting Securities outstanding, increases the proportionate number of shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by Parent, and after such share acquisition by Parent, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.
Notwithstanding paragraphs (i), (ii) or (iii) above, to the extent that any amounts payable under this Agreement to the Employee constitutes a deferral of compensation subject to Section 409A, and if this Agreement provides for a payment event or a change in the time or form of payment of such amounts upon a Change in Control, then no Change in Control shall be deemed to have occurred upon an event described in paragraphs (i), (ii) or (iii) above unless the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under Section 409A.
(g)    “Code” shall mean the Internal Revenue Code of 1986, as amended.
(h)    “Compensation Committee” shall mean the compensation committee of the Board.
(i)    “Current Year Actual Bonus” shall mean the bonus the Employee would earn under the Annual Incentive Plan based on actual performance (if measurable, as determined in the sole discretion of the Compensation Committee) through the date of the Employee’s Qualifying Termination against applicable performance goal(s) adjusted to reflect the shortened performance period as determined by the Compensation Committee, in its sole discretion. 
(j)    “Disability” shall mean a physical or mental infirmity which impairs the Employee’s ability to perform substantially his or her duties for a period of one hundred eighty (180) consecutive days.
(k)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.
(l)    “Good Reason” shall include any of the following:
(i)    Company’s assignment to the Employee of duties materially and adversely inconsistent with, or a substantial adverse alteration in the nature of, the Employee’s responsibilities in effect immediately prior to the Change in Control;
(ii)    a material reduction in either the Employee’s salary or target annual bonus opportunity (if a target annual bonus opportunity has been established for the Employee) as each is in effect on the date of a Change in Control;
(iii)    Company’s relocation of the Employee’s primary place of employment to any place in excess of 50 miles from the Employee’s place of employment immediately prior to the Change in Control without the Employee’s written consent, except for reasonably required travel by the Employee on Company’s business;
(iv)    any material breach by Company of any provision of this Agreement; or
(v)    any failure by Company to obtain the assumption of this Agreement by any successor (by merger, consolidation or otherwise) or assignee of Company.
Notwithstanding the foregoing, or any other provision of this Agreement to the contrary, any assertion by the Employee of a termination for Good Reason shall not be effective unless all of the following conditions are satisfied: (x) the Employee must provide written notice to Parent of the existence of such condition(s) within 60 days of the Employee’s initial knowledge of the existence of such condition(s); (y) the condition(s) specified in such notice must remain uncorrected for 30 days following Company’s receipt of such written notice; and (z) the date of the Employee’s termination of employment must occur within 90 days after the Employee’s initial knowledge of the existence of the condition(s) specified in such notice.
(m)    “Paid General Cash Severance” shall mean the aggregate amount of any cash severance paid to the Employee through the date of a Change in Control under any agreement between the Company and the Employee or under any Company policy that is payable due to the Employee’s termination of employment during the 180 day period preceding the date of such Change in Control. 
(n)    “Parent” means HighPoint Resources Corporation, which is the sole stockholder of Company.
(o)    “Person” shall have the same meaning as used for purposes of the Section 13(d) or 14(d) of the Exchange Act.
(p)    “Qualifying Termination” shall mean, during the Term of the Agreement, • a termination by the Employee of the Employee’s employment with Company for Good Reason within two years after the occurrence of a Change in Control or • a termination of the Employee’s employment without Cause by Company within two years after the occurrence of a Change in Control, or • a termination of the Employee’s employment without Cause by Company  prior to the occurrence of a Change in Control when the transaction that results in the Change in Control is initiated prior to such termination, as indicated by a Letter of Intent or as otherwise determined by the Compensation Committee, and is subsequently consummated within 180 days following such termination.  Neither a termination of the Employee’s employment due to Disability nor a termination of the Employee’s employment due to death shall constitute a Qualifying Termination. Notwithstanding any provision to the contrary, with respect to any amounts payable under this Agreement upon a Qualifying Termination that are subject to Section 409A, such Qualifying Termination must also qualify as a “separation from service” within the meaning of Section 409A.
(q)    “Section 409A” means Section 409A of the Code and the rules, regulations and other interpretive guidance promulgated thereunder.
(r)    “Service” shall mean the provision of services by the Employee to Company or any Affiliate in any Service Provider capacity. Employee’s Service shall be deemed to have terminated either upon an actual cessation of providing services or upon the entity for which the Service Provider provides services ceasing to be an Affiliate. Except as otherwise provided in this Agreement, Service shall not be deemed terminated in the case of • any approved leave of absence; • transfers among Company and any Affiliates in any Service Provider capacity; or • any change in status so long as the individual remains in the service of Company or any Affiliate in any Service Provider capacity.
(s)    “Service Provider” shall mean an employee, a non-employee director, or any consultant or advisor who is a natural person and who provides services (other than in connection with • a capital-raising transaction or • promoting or maintaining a market in Parent securities) to Company or any Affiliate.
(t)    “2012 Equity Plan” shall mean the Bill Barrett Corporation 2012 Equity Incentive Plan and any successor plan thereto.
2.    Term. This Agreement shall be in effect commencing on the Effective Date and for a term of five (5) years following the Effective Date (the “Term of the Agreement”).  Notwithstanding any provision to the contrary, if a Change in Control occurs during the Term of the Agreement, then this Agreement shall remain in full force and effect until the two (2) year anniversary of the Change in Control (or, in the event the Employee experiences a Qualifying Termination during the Term of the Agreement, until the date upon which the Employee has received all amounts due in connection with such Qualifying Termination).  Except as set forth in the preceding sentence, the Term of the Agreement may only be extended by the written agreement of Company and the Employee.
3.    Payment of Accrued Compensation upon a Qualifying Termination.  If a Qualifying Termination occurs, the Employee shall immediately be paid all earned and accrued salary due and owing to the Employee, all earned bonus awards that may be due and owing to the Employee for prior years that may be due and owing to the Employee, vested deferred compensation (other than pension plan or profit sharing plan benefits, which shall be paid in accordance with the applicable plan), any benefits then due under any plans of Company in which the Employee is a participant, any accrued and unpaid vacation pay and any appropriate business expenses incurred by the Employee in connection with his or her duties, all to the date of the Qualifying Termination (collectively, “Accrued Compensation”).  The Employee shall also be entitled to the severance compensation described in the following Section 4.
4.    Severance Compensation.  Subject to the terms and conditions of this Agreement, including without limitation Sections 8, 9 and 4(e) hereof, the Employee shall be entitled to the following benefits upon a Qualifying Termination under the conditions set forth below:
(a)    Cash Severance. Company shall make a lump sum cash payment to the Employee equal to three (3) times the Employee’s Annual Compensation Amount (the “Severance Amount”); provided, however that such cash payment shall be reduced by the amount, if any, of the Employee’s Paid General Cash Severance. Subject to the requirements of Section 7 for “specified employees,” the payment under this paragraph (a) shall be paid on the first regular payroll date that is more than 60 days after the date of the Employee’s Qualifying Termination (or the Change in Control, if later) and in no event later than 74 days following such Qualifying Termination or the Change in Control, as applicable.
(b)    Certain Welfare Benefits.  Company shall make a lump sum cash payment to Employee equal to thirty-six (36) times the aggregate monthly premium (paid by Company and Employee) for each of the following plans as in effect at the time of the Employee’s Qualifying Termination:  Life insurance, disability, medical, dental and hospitalization.  Subject to the requirements of Section 7 for “specified employees,” the payment under this paragraph (b) shall be paid on the first regular payroll date that is more than 60 days after the date of the Employee’s Qualifying Termination (or the Change in Control, if later) and in no event later than 74 days following such Qualifying Termination or the Change in Control, as applicable.
(c)    Outplacement Assistance.  Company shall provide the Employee with outplacement assistance for a period of six (6) months from the date of the Employee’s Qualifying Termination at a cost to Company of no more than $12,000.
(d)    Current Year Bonus.  Company shall make a lump sum cash payment to Employee equal to the greater of • the Employee’s target annual bonus in effect under any Annual Incentive Plan covering Employee as of the date of the Employee’s Qualifying Termination, adjusted to reflect the period from the beginning of the year through the date of the Employee’s Qualifying Termination or • Current Year Actual Bonus. Subject to the requirements of Section 7 for “specified employees,” the payment under this paragraph (d) shall be paid on the first regular payroll date that is more than 60 days after the date of the Employee’s Qualifying Termination (or the Change in Control, if later) and in no event later than 74 days following such Qualifying Termination or the Change in Control, as applicable.
(e)    Release Requirement.  Notwithstanding the foregoing, the payment or provision of any benefits described in this Section 4 and any accelerated vesting of outstanding equity and long-term cash incentive awards upon a Qualifying Termination pursuant to Section 5 shall be expressly conditioned upon Employee’s execution and non-revocation of and compliance with the Release and Confidentiality Agreement substantially in the form attached hereto as Exhibit A.  In the event that the Release and Confidentiality Agreement has not become effective and irrevocable prior to the date that is 60 days after the date of the Employee’s Qualifying Termination (or the Change in Control, if later), the Employee shall not be entitled to receipt of any payments or benefits pursuant to this Agreement in connection with such Qualifying Termination.
5.    Equity and Long-Term Cash Incentive Awards. The treatment of any outstanding equity and long-term cash incentive awards held by the Employee upon a Change in Control shall be determined in accordance with the 2012 Equity Plan and any applicable award agreements covering such awards, except in the following respects:
(a)    As to any then outstanding nonvested equity awards and nonvested long-term cash incentive awards that are not continued, assumed or replaced in accordance with Section 12(b)(2) of the 2012 Equity Plan (or any successor provision thereto) and as to which vesting depends upon the completion of a service condition, such equity awards shall become fully vested and be treated in a manner provided for under the 2012 Equity Plan.
(b)    As to any then outstanding nonvested equity awards and nonvested long-term cash incentive awards that are not continued, assumed or replaced in accordance with Section 12(b)(2) of the 2012 Equity Plan (or any successor provision thereto) and as to which vesting depends upon the attainment of pre-determined level(s) of financial or operational metrics, the number of shares of Parent common stock subject to such equity awards that become fully vested or the settlement amount of such cash incentive awards shall be calculated based upon the assumption of target performance.
(c)    As to any then outstanding nonvested equity awards and nonvested long-term cash incentive awards that are not continued, assumed or replaced in accordance with Section 12(b)(2) of the 2012 Equity Plan (or any successor provision thereto) and as to which vesting depends upon the attainment of pre-determined level(s) of Parent’s total shareholder return or upon performance conditions other than those described in Section 5(b), the number of shares of Parent common stock subject to such equity awards that become fully vested or the settlement amount of such cash incentive awards shall be calculated based on actual performance through the date of the Change in Control as determined by the Compensation Committee in its sole discretion. Any equity awards and long-term cash incentive awards that remain nonvested following such determinations shall be forfeited.
(d)    The Employee acknowledges that the determinations made under paragraphs (b) and (c) may result in the vesting of fewer shares and the settlement of a smaller cash amount than would otherwise be determined under the terms of the 2012 Equity Plan and the Employee agrees that the potential payment of such fewer shares or smaller cash amount shall represent a complete discharge of Company’s and any Affiliate’s obligations under such equity awards and long-term cash incentive awards subject to paragraphs (b) and (c).
(e)    To the extent that an equity award or long-term cash incentive award is continued, assumed or replaced (collectively referred to as a “Replacement Award”) under the circumstances described in Section 12(b)(2)(A) of the 2012 Equity Plan (or any successor provision thereto), then the terms of such Replacement Award shall meet the requirements of subparagraph (i) and (ii) below at all times and shall not be modified in a way that materially and adversely impacts the Employees rights thereunder without the prior written consent of the Employee:
(i)    The requirements of Section 12(b)(2) of the 2012 Equity Plan (or any successor provision thereto); and
(ii)    The Replacement Award provides that upon the Employee’s Qualifying Termination occurring during the two-year period immediately following a Change in Control, the Replacement Award shall become fully vested and free of restrictions of any kind (including but not limited to service-based and performance-based restrictions) and, in the case of a Replacement Award in the form of (5) a stock option or SAR award, such awards shall be fully exercisable for their remaining terms (without giving effect to any provision that may result in the shortening of the term due to the Employee’s Qualifying Termination), (ii) an equity or long-term cash incentive award subject to the satisfaction of one or more performance conditions shall be deemed to be satisfied at target performance and paid upon such Qualifying Termination but in no event later than 74 days thereafter, (ii) an equity or long-term cash incentive award (other than a stock option or SAR award) subject to the satisfaction of a service condition shall be paid upon such Qualifying Termination but in no event later than 74 days thereafter.
(f)    Notwithstanding anything to the contrary in this Section 5, with respect to any equity award or long-term cash incentive award which is outstanding as of the Effective Date and which constitutes “deferred compensation” subject to Section 409A of the Code, to the limited extent necessary to avoid the imposition of additional taxes pursuant to Section 409A, such awards shall remain payable upon a Change in Control as provided for in the applicable existing document(s) (whether such document is an award agreement, a change in control severance agreement, or other document) governing the payment of such equity awards or long-term cash incentive awards.
6.    Tax Payments.
(a)    Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to the contrary, if any of the payments or benefits provided or to be provided by Company or its affiliates to the Employee or for the Employee’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this Section 6 be subject to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments shall be payable either • in full or • reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is subject to the Excise Tax, whichever of the foregoing clauses (i) or (ii) results in the Employee’s receipt on an after-tax basis of the greatest amount of benefits after taking into account the applicable federal, state, local and foreign income, employment and excise taxes (including the Excise Tax) (the “Better After Tax Position”).  In the event that such a reduction described in foregoing clause (ii) results in a Better After Tax Position, the Covered Payments shall be reduced in a manner that maximizes the Employee’s economic position.  In applying this principle, the reduction shall be made in a manner consistent with the requirements of Section 409A, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero.  Notwithstanding the foregoing, the Committee shall retain discretion to adjust the procedure for implementing the reduction described in clause (ii) above to the extent such adjustment does not result in the imposition of additional taxes pursuant to Section 409A.
(b)    If, notwithstanding the initial application of this Section 6, the Internal Revenue Service determines that any Covered Payment constitutes an excess parachute payment (as defined by Section 280G(b) of the Code), this Section 6 will be reapplied based on the Internal Revenue Service’s determination, and the Employee will be required to promptly repay the portion of the Covered Payments required to minimize imposition of the Excise Tax.
(c)    Any determination required under this Section 6 shall be made in writing in good faith by an independent accounting firm selected and paid for by Company (the “Accounting Firm”), which shall provide detailed supporting calculations to Company and the Employee as requested by Company or the Employee.  Company and the Employee shall provide the Accounting Firm with such information and documents as the Accounting Firm may reasonably request in order to make a determination under this Section 6.
7.    Compliance with Section 409A.
(a)    The payments and benefits provided pursuant to this Agreement are intended to be exempt from the limitations and requirements set forth in Section 409A and shall be construed and interpreted in accordance with such intent.  Notwithstanding the foregoing, Company makes no representations that the payments and benefits contemplated under this Agreement are exempt from Section 409A and in no event shall Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Employee on account of non-compliance with the requirements of Section 409A.  For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment.  To the extent required by Section 409A, payments or reimbursements of any expenses provided for under this Agreement shall be made in accordance with Treasury Regulation Section 1.409A-3(i)(1)(iv).  
(b)    Notwithstanding any provision of the Agreement to the contrary and except as provided by this Section 7(b), if the Employee is a “specified employee” as defined under Section 409A or any regulations or Treasury guidance promulgated thereunder, the Employee shall not be entitled to any payments or benefits in the nature of non-qualified deferred compensation within the meaning of Section 409A (“Deferred Compensation”) and Company shall not pay or provide such Deferred Compensation, upon a separation of Employee’s service until the earlier of: • the date which is six (6) months after the Employee’s separation from service for any reason other than death or • the date of Employee’s death.  The provisions of this Section 7(b) shall apply only if necessary to avoid the imposition of taxes and penalties under Section 409A relating to the payment of non-qualified deferred compensation to specified employees upon their separation from service.  The determination of whether Section 409A is deemed to apply to the payment of any amounts hereunder shall be made in good faith by Company after consultation with and advice from its legal or accounting advisors and after consulting with the Employee.
(c)    If any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Employee to incur any additional tax or interest under Section 409A, Company shall, to the extent practicable, after consulting with and receiving the approval of the Employee (which shall not be unreasonably withheld or delayed), reform such provision.
(d)    Any revisions made pursuant to Section 7(b) or 7(c) shall be made to maintain, to the maximum extent practicable, the original intent and economic benefit to the Employee of the applicable provision without violating the provisions of Section 409A.
8.    Non-Solicitation.  As partial consideration for entering into this Agreement, during the Term of the Agreement through two (2) years after the date of termination of the Employee’s Service for any reason, the Employee will not induce any employee of Company or its Affiliates to leave the employ of Company or its Affiliates.  If any restriction set forth in this Section 8 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.
9.    Clawback Rights. Parent’s clawback policy, as it may exist and be modified from time to time, is incorporated by reference and is made a part hereof. The Employee acknowledges and agrees that any payments to the Employee hereunder are subject to such policy and to applicable law.  Without limiting the generality of the foregoing sentence, the Employee also expressly acknowledges that any payments or benefits shall be subject to any clawback or similar requirements of applicable law including, without limitation, pursuant to the Dodd Frank Wall Street Reform and Consumer Protection Act and any current or future rules or regulations promulgated thereunder.
10.    Employment Status.  This Agreement does not constitute a contract of employment or impose on the Employee or Company any obligation to retain the Employee, or to change the status of the Employee’s employment.  The Employee acknowledges that the Employee is an “at‐will” employee of Company, and that Company may terminate the Employee’s employment at any time, with or without cause and with or without notice.
11.    Nature of Rights.  The Employee shall have the status of a mere unsecured creditor of Company with respect to his or her right to receive any payment under this Agreement.  This Agreement shall constitute a mere promise by Company to make payments in the future of the benefits provided for herein.  It is the intention of the parties hereto that the arrangements reflected in this Agreement shall be treated as unfunded for tax purposes and, if it should be determined that Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) is applicable to this Agreement, for purposes of Title I of ERISA.  Nothing in this Agreement shall prevent or limit the Employee’s continuing or future participation in any benefit, bonus, incentive or other plan or program provided by Company and for which the Employee may qualify, nor shall anything herein limit or reduce such rights as the Employee may have under any other agreements with Company.  Amounts which are vested benefits or which the Employee is otherwise entitled to receive under any plan or program of Company shall be payable in accordance with such plan or program, except as explicitly modified by this Agreement.
12.    Full Settlement.  Company’s obligation to provide the payments and benefits provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which Company may have against the Employee or others.  In no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement and such amounts shall not be reduced whether or not the Employee obtains other employment.  In the event that the Employee obtains a favorable final, nonappealable adjudication with respect to any contest (including as a result of any contest by the Employee about the amount of any payment pursuant to this Agreement) by Company, the Employee or others of the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof Company agrees to reimburse the Employee, to the full extent permitted by law, all reasonable legal fees and expenses incurred as a result of such contest.
13.    Miscellaneous.
(a)    Administration by Compensation Committee. The Compensation Committee shall have the exclusive power and authority to administer this Agreement, including, without limitation, the right and power to interpret the provisions of this Agreement and to make all determinations deemed necessary or advisable for the administration of this Agreement.
(b)    Severability.  Should a court or other body of competent jurisdiction determine that any provision of this Agreement is excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible.
(c)    Withholding.  All compensation and benefits to the Employee hereunder shall be reduced by all federal, state, local and other withholdings and similar taxes and payments required by applicable law.
(d)    Impact of Agreement on Other Benefits. Except as otherwise provided herein, no provision of this Agreement shall be interpreted so as to reduce any amounts otherwise payable, or in any way diminish Employee’s rights as an employee of Company, whether existing now or hereafter, under any benefit, incentive, retirement, stock option, stock bonus, stock purchase plan, or any employment agreement or other plan or arrangement.  Notwithstanding the foregoing, the Employee acknowledges and agrees that, except as set forth above in respect of Paid General Severance Amounts, in the event the Employee becomes eligible to receive the payments and benefits described in Sections 4 and 5, the Employee shall not be eligible to receive any additional severance or similar benefits in connection with such Qualifying Termination.
(e)    Entire Agreement; Modification.  This Agreement represents the entire agreement between the parties and supersedes and replaces any prior agreements between the parties, written or oral, with respect to the subject matter covered hereby.  This Agreement may be amended, modified, superseded or canceled, and any of the terms hereof may be waived, only by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance; provided, however, that Company may unilaterally amend the terms of this Agreement without the Employee’s consent • if such amendment does not materially impair the rights of the Employee under this Agreement, or • if such amendment is necessary to comply with applicable federal or state laws, rules or regulations (including stock exchange rules) or any clawback or other compensation recovery policy as provided in Section 9.  The failure of any party at any time or times to require performance of any provision hereof shall not affect such party’s right at a later time to enforce the same.  No waiver by any party of the breach of any provision contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such breach or of any other provision of this Agreement.
(f)    Applicable Law.  This Agreement shall be construed under and governed by the laws of the State of Delaware.
(g)    Successors and Assigns.  This Agreement shall be binding upon, and shall inure to the benefit of, Company’s successors and assigns and the Employee’s heirs and assigns.
(h)    Nontransferability by the Employee.  Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by the Employee, the Employee’s beneficiaries or legal representatives, except by will or by the laws of descent and distribution.
(i)    Survival.  The provisions of Sections 6 through 13 of this Agreement, and those sections necessary to interpret and apply them, shall survive the termination of this Agreement, regardless of the reason for such termination.
- SIGNATURE PAGE FOLLOWS -
IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.
HIGHPOINT OPERATING CORPORATION

By:    /s/ R. Scot Woodall
R. Scot Woodall, Chief Executive Officer

EMPLOYEE

/s/ Paul W. Geiger, III

Paul W. Geiger, III

Page 1Blueprint

	

11100 USA Parkway

Fishers, IN 46037

	
 

 

July
13, 2018

 

John F.
(Jeff) Whorley

 

Dear
Jeff:

 

In
connection with the transaction (the “Transaction”)
contemplated by the Asset Purchase Agreement entered into by and
between Navient Solutions, LLC (the “Company”), a
wholly owned subsidiary of Navient Corporation
(“Navient”), and First Data Resources, LLC (the
“Purchase Agreement”), you have indicated your
intention to seek employment with First Data Corporation
(“First Data”) on or following the Closing (as defined
in the Purchase Agreement) of the Transaction, pursuant to the
terms and conditions mutually agreed upon by you and First Data.
Your last day of employment with the Company (and any other
subsidiary or affiliate of Navient) is referred to herein as the
“Separation Date.” The purpose of this letter (this
“Letter Agreement”) is to confirm our mutual agreement
that, in connection with the Transaction and subject to the
Closing, your employment with the Company (and any other subsidiary
or affiliate of Navient) will terminate effective as of the
Separation Date and set forth certain terms and conditions of your
termination of employment.

 

Subject
to the Closing, your last day of employment with the Company (and
any other subsidiary or affiliate of Navient) will be the
Separation Date and you will be paid for all time worked up to and
including the Separation Date. Your eligibility to participate in
all Navient-sponsored employee benefit plans will end effective on
the Separation Date or such other date as may be set forth in such
plans.

 

If you
sign this Letter Agreement and, on or after the Separation Date, a
Separation and Release Agreement substantially in the form attached
hereto as Exhibit
A, agreeing to be bound by the general release and other
terms and conditions in the Separation and Release Agreement, then
Navient agrees to provide to you the following (the
“Consideration”):

 

●

Navient will pay
you an annual cash incentive bonus under the Navient 2018
Management Incentive Plan equal to 150% of your base salary (i.e.,
an annual incentive bonus based on target performance) reduced on a
pro-rated basis to reflect the number of days you are employed with
the Company (and any other subsidiary or affiliate of Navient) in
2018.

 

●

Solely for purposes
of your outstanding equity awards granted under the Navient
Corporation 2014 Omnibus Incentive Plan, as amended from time to
time, your termination will be treated as an involuntary
termination of employment for reasons other than cause, and the
aforementioned equity awards will remain outstanding and continue
to vest and become payable pursuant to their terms.

 

Please
note that you will not be eligible for the Consideration until
Navient has received an executed copy of the Separation and Release
Agreement, and you have not revoked the Separation and Release
Agreement as set forth therein. You acknowledge and agree that your
termination of employment shall not constitute an involuntary
termination event under the Navient Corporation Executive Severance
Plan for Senior Officers and you therefore will not be entitled to
any severance payments or benefits thereunder.

 

Please
acknowledge your agreement to the terms of this Letter Agreement by
signing below and returning this Letter Agreement to me no later
than July 18, 2018. Should you have any additional questions
regarding the foregoing, please do not hesitate to contact
me.

 

Sincerely,

 

 

/s/ John Kroehler

Jon
Kroehler

Chief
Human Resources Officer

 

 

	

AGREED
AND ACCEPTED:

	
 

	

 

 

/s/
John F. (Jeff) Whorley Jr.

	

 

 

Date:
July 17, 2018

	

John F.
(Jeff) Whorley, Jr.

	
 

 

 

 

 

 

 

 

 

 

Exhibit A

 

SEPARATION AND RELEASE AGREEMENT

 

This
Separation and Release Agreement (this “Agreement”) is
entered into as of the date set forth on the signature page below
(the “Execution Date”), by and between John F. (Jeff)
Whorley, Jr. (“you”) and Navient Corporation, its
subsidiaries, predecessors, and affiliates (collectively, the
“Company”).

 

WHEREAS, you have
agreed to employment with First Data Corporation or an affiliated
company (“First Data”), pursuant to terms and
conditions mutually agreed upon between you and First
Data;

 

WHEREAS, in
connection with your employment with First Data, you and the
Company have mutually agreed that your employment with the Company
will terminate effective July 22, 2018 (the “Separation
Date”);

 

WHEREAS, you and
the Company entered that certain letter agreement dated July 13,
2018 (the “Letter Agreement”), which set forth the
general terms of your termination of employment with the Company
and required that you enter into this Agreement;

 

WHEREAS, you and
the Company desire to enter into this Agreement to set forth the
terms and conditions of the termination of your employment with the
Company, including the release and other terms required by the
Letter Agreement; and

 

WHEREAS, you may
consider for twenty-one (21) days whether you wish to sign this
Agreement and you are advised to review this Agreement with your
attorney.

 

NOW
THEREFORE, in consideration of the mutual promises set forth in
this Agreement and of other good and valuable consideration the
sufficiency of which you acknowledge, and intending to be legally
bound hereby, you and the Company agree as follows:

 

1. General Terms of Separation.
Your last day of employment with the Company will be the Separation
Date and you will be paid for all time worked up to and including
the Separation Date. Your eligibility to participate in all
Company-sponsored plans that are governed by Employee Retirement
Income Security Act or 1974, as amended (“ERISA”) will
end effective on the Separation Date or such other date as may be
set forth in such plans. You acknowledge and agree that your
termination of employment shall not constitute an involuntary
termination event under the Company’s Executive Severance
Plan for Senior Officers and you therefore will not be entitled to
severance thereunder.

 

2. Consideration. If you sign (and
do not revoke) this Agreement, agreeing to be bound by the general
release in Paragraph 3 below, including the other terms and
conditions of this Agreement described below, the Company agrees to
provide the following (the “Consideration”): (a) the
Company will pay you an annual cash incentive bonus under the
Navient 2018 Management Incentive Plan equal to 150% of your base
salary (i.e., an annual incentive bonus based on target
performance) reduced on a pro-rated basis to reflect the number of
days you are employed with the Company in 2018, payable in a lump
sum within thirty (30) days of the Separation Date; and (b) the
Company will treat your termination as an involuntary termination
of employment for reasons other than cause such that all of your
outstanding equity awards granted under the Navient Corporation
2014 Omnibus Incentive Plan, as amended from time to time, will
remain outstanding and continue to vest and become payable pursuant
to their terms. You will not be eligible for the Consideration
described in this Paragraph 2 until the Company has received an
executed copy of this Agreement and you have not revoked this
Agreement as set forth 
in Paragraph 13.

 

3. General Release. In exchange
for the Consideration, you hereby waive all claims available under
federal, state or local law against the Company (including its
subsidiaries, affiliates and assigns) and the directors, officers,
employees, employee benefit plans and agents of the Company (and
its subsidiaries, affiliates and assigns) arising out of your
employment with the Company or the termination of that employment,
including but not limited to all claims arising under the Americans
with Disabilities Act, the Civil Rights Act of 1991, the Employee
Retirement Income Security Act, the Equal Pay Act, the Genetic
Information Non-discrimination Act, the Family and Medical Leave
Act, Section 1981 of U.S.C, Title VII of the Civil Rights Act, the
Indiana Civil Rights Act, the Indiana Wage Discrimination Law, the
Indiana Employment Discrimination Against Disabled Persons Law, the
Indiana Equal Pay Law, the Indiana Military Leave Family leave Act,
the Indiana Blacklisting Statute, the Indiana Off Duty Use of
Tobacco by Employees Law, the Indiana Age Bias Law, the Indiana
False Claims and Whistleblower Protection Statute, the Indiana Wage
Payment and Wage Claims Act, the Indiana Minimum Wage Law, as well
as wrongful termination claims, breach of contract claims,
discrimination claims, harassment claims, retaliation claims,
whistleblower claims (to the fullest extent they may be released
under applicable law), defamation or other tort claims, and claims
for attorneys’ fees and costs. You are not prohibited from
making or asserting and you are not waiving: (i) your rights under
this Agreement; (ii) any claims for unemployment compensation,
workers’ compensation or state disability insurance benefits
pursuant to the terms of applicable state laws; (iii) any claim for
vested benefits under any Company-sponsored retirement or welfare
benefit plan; and (iv) any other right that may not be released
under applicable law. You acknowledge that you have not made any
claims or allegations related to sexual harassment or sexual abuse
and none of the payments set forth in this Agreement are related to
sexual harassment or sexual abuse.

 

4. Reports to Government Entities.
Nothing in this Agreement, restricts or prohibits you from
initiating communications directly with, responding to any
inquiries from, providing testimony before, providing confidential
information to, reporting possible violations of law or regulation
to, or from filing a claim or assisting with an investigation
directly with a self-regulatory authority or a government agency or
entity, including the U.S. Equal Employment Opportunity Commission,
the Department of Labor, the National Labor Relations Board, the
Department of Justice, the Securities and Exchange Commission, the
Congress, and any agency Inspector General (collectively, the
“Regulators”), or from making other disclosures that
are protected under the whistleblower provisions of state or
federal law or regulation. However, you are waiving your right to
receive any individual monetary relief resulting from such claims,
regardless of whether you or another party has filed them, and in
the event you obtain such monetary relief the Company will be
entitled to an offset for the payments made pursuant to this
Agreement, except where such limitations are prohibited as a matter
of law (e.g., under the Sarbanes-Oxley Act of 2002, 18 U.S.C.A.
§§ 1514A). This Agreement does not limit your right to
receive an award from any Regulator that provides awards for
providing information relating to a potential violation of law. You
do not need the prior authorization of the Company to engage in
such communications with the Regulators, respond to such inquiries
from the Regulators, provide confidential information or documents
to the Regulators, or make any such reports or disclosures to the
Regulators. You are not required to notify the Company that you
have engaged in such communications with the
Regulators.

 

5. Confidentiality, Intellectual
Property, Non-Competition, and
Non-Solicitation.

 

(a)           Except
as required or permitted by statute, regulation, court order or the
Asset Purchase Agreement by and between Navient Solutions, LLC and
First Data Resources, LLC dated April 4, 2018 (the “First
Data Agreement”), or pursuant to written consent given by
Navient’s Chief Legal Officer, you agree not to disclose to
anyone else any of the information or materials which are
proprietary or trade secrets of the Company or are otherwise
confidential. In addition, you hereby acknowledge that you
previously signed an Agreement Regarding Confidentiality,
Intellectual Property and Non-Solicitation in June 2015, and that
you continue to be bound by the terms of that agreement (the
“IP Agreement”), the purpose of which is to protect to
the maximum extent permitted by law the Company’s protectable
business interests, except as modified in this Paragraph 5. You
understand that you shall not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a
trade secret that is made (i) in confidence to a federal, state, or
local government official, either directly or indirectly, or to an
attorney, and solely for the purpose of reporting or investigating
a suspected violation of law; or (ii) is made in a complaint or
other document filed in a lawsuit or other proceeding, if such
filing is made under seal.

 

(b)           In
exchange for the Consideration, you agree as follows: You shall
not, directly or indirectly, compete with the Company for a period
of twelve (12) months after your Separation Date (“Restricted
Period”). For the purposes of this Paragraph 5(b), and
except as provided below, “compete” means working or
serving in any capacity in which you would engage in similar work
or activities as you did for the Company, including but not limited
to working or serving as a director, officer, employee, consultant,
agent, representative, or in any other capacity, with or without
compensation, on behalf of one or more entities engaged in any
business similar to the type of business conducted by the Company
at the time your employment with the Company terminated. For
purposes of this Paragraph 5(b), and except as provided below,
businesses similar to the type of business conducted by the Company
include, but are not limited to, (i) loan management; (ii) loan
servicing; (iii) asset recovery services, including debt collection
and default prevention services for government and non-government
entities; (iv) business process servicing on behalf of
municipalities, public authorities and hospitals; and (v) any other
business substantially similar to that in which the Company is
engaged at the time of your termination.

 

Notwithstanding the
foregoing, your employment by First Data will be excepted from the
foregoing non-competition restrictions to the extent your
responsibilities during the Restricted Period are limited to the
development, operation and marketing of (i) the student loan
processing platform conveyed pursuant to the First Data Agreement,
and/or (ii) other loan processing platforms owned by First Data, in
either case subject to the confidentiality and other provisions set
forth in Paragraph 5(a) above. The Company will consider additional
exceptions to the non-competition restrictions in this Agreement
(e.g., future joint ventures between the Company and First Data) on
a case-by-case basis. Requests for exceptions must be provided in
writing to the Company’s Chief Human Resources
Officer.

 

(c)           Except
as provided below, you further agree that during the Restricted
Period you shall not solicit or encourage any employee with whom
you communicated within the last year of your employment to leave
the employ of the Company, or hire any such employee. The foregoing
employee non-solicitation restrictions shall not apply with respect
to those employees of the Company who (i) receive and accept offers
of employment by First Data pursuant to the First Data Agreement,
or (ii) may be hired by First Data in response to general
employment advertisements/solicitations pursuant to the terms of
the First Data Agreement. For the avoidance of doubt, the
provisions of this Paragraph 5(c) shall supersede any similar
non-solicitation restrictions in the IP Agreement.

 

(d)           Except
as provided below, you further agree that during the Restricted
Period you shall not, directly or indirectly, contact or accept
business that the Company could otherwise perform from any of the
Company’s customers or prospective customers with whom you
communicated within the last two (2) years of your employment. For
the purposes of this Paragraph 5(d), “business that the
Company could otherwise perform” includes, but is not limited
to, (i) loan management; (ii) loan servicing; (iii) asset recovery
services, including debt collection and default prevention services
for government and non-government entities; (iv) business process
servicing on behalf of municipalities, public authorities and
hospitals; and (v) any other business substantially similar to that
in which the Company is engaged at the time of your termination.
Notwithstanding the foregoing, the provisions of this Paragraph
5(d) shall not apply to business solicitations on behalf of First
Data for student loan servicing and other business processing
services, provided that such services are delivered by utilizing
(i) the student loan processing platform conveyed pursuant to the
First Data Agreement, and/or (ii) other loan processing platforms
owned by First Data. For the avoidance of doubt, the provisions of
this Paragraph 5(d) shall supersede any similar non-solicitation
restrictions in the IP Agreement.

 

(e)           You
expressly agree that the markets served by the Company extend
nationally are not dependent on the geographic location of the
personnel or the businesses by which they are employed and that the
restrictions set forth in this Paragraph 5 have been designed to be
reasonable and are no greater than are required for the protection
of the Company and do not prevent you from earning a livelihood by
working in positions that do not compete with the Company. In the
event that a court shall determine that any provision of this
Agreement is unenforceable, the parties shall request that the
court construe this Agreement in such a fashion as to render it
enforceable and to revise time, geographic and functional limits to
those minimum limits that the court believes are reasonable to
protect the interests of the Company. You acknowledge and agree
that this covenant has unique, substantial and immeasurable value
to the Company, that you have sufficient skills to provide a
livelihood for yourself while this covenant remains in force, and
that this covenant will not interfere with your ability to work
consistent with my experience, training, and
education.

 

(f)           To
enable the Company to monitor compliance with the obligations
imposed by this Agreement, you further agree to notify in writing
the Company’s Chief Human Resources Officer if your
responsibilities at First Data extend beyond the development,
operation and marketing of (i) the student loan processing platform
conveyed pursuant to the First Data Agreement, and/or (ii) other
student loan processing platforms owned by First Data. In addition,
if your employment with First Data ends, you agree to inform the
Company’s Chief Human Resources Officer of the identity of
any subsequent employer(s) and your prospective job title(s) and
responsibilities prior to beginning employment. You agree that
these notice requirements shall remain in effect for twelve (12)
months following your Separation Date.

 

(g)           In
the event that the Board of Directors of Navient Corporation
(“Board”) or its successor reasonably determines that
you have violated any of the post-employment restrictions of this
Agreement and the Board’s determination is upheld through
arbitration under Paragraph 6 of this Agreement, or if a court at
your request determines that all or a substantial part of such
restrictions are held to be unenforceable, you will return to the
Company the cash Consideration (less withholdings previously
withheld by law).

 

(i)           The
illegality, unenforceability, or ineffectiveness of any provision
of this Paragraph 5 shall not affect the legality, enforceability,
or effectiveness of any other provision of this
Agreement.

 

(j)           Notwithstanding
these confidentiality provisions, you may disclose these
restrictive covenants to prospective employers and agree that the
Company may provide a copy of this Agreement to your prospective or
future employers.

 

6. Arbitration of Disputes. You
agree to resolve any disputes with the Company regarding this
Agreement through final and binding arbitration, to the fullest
extent permitted by law. For example, you agree to arbitrate any
dispute about the validity of this Agreement and any claim you may
bring, which means that an Arbitrator and not another tribunal will
decide issues of arbitrability and of liability with respect to any
claim you may bring; provided, however, that either party may
pursue a temporary restraining order and/or preliminary injunctive
relief, with expedited discovery where necessary, in a court of
competent jurisdiction to protect common law or contractual trade
secret or confidential information rights and to enforce the
post-employment restrictions in Paragraph 5. Arbitrations shall be
conducted by JAMS (also known as Judicial Arbitration &
Mediation Services) in accordance with its employment dispute
resolution rules. This agreement to arbitrate does not apply to
government agency proceedings, but does apply to any action you
might bring, including but not limited to any lawsuit related to a
government agency proceeding, to the fullest extent permitted by
law. By agreeing to this Agreement, you understand that you are
waiving your right to a jury trial.

 

7. Statement of Non-Admission.
Nothing in this Agreement is intended as or will be construed as an
admission or concession of liability or wrongdoing by you, the
Company or any of the Released Parties. Rather, the proposed
Agreement is being offered for the sole purpose of settling
cooperatively and amicably any and all possible disputes between
the parties.

 

8. No Actions Pending Against the
Company. You expressly acknowledge and represent that: (a)
you have received all wages to which you were entitled as an
employee of the Company; and (b) you are not aware of any facts
that may constitute violations of the Company’s policies
and/or legal obligations.

 

9. Governing Law. This Agreement
will be governed by and construed in accordance with the laws of
the State of Indiana.

 

10. Entire Agreement. This
Agreement constitutes the entire agreement between the parties
relating to the matters contained herein and supersedes any and all
prior representations and agreements, written or oral, expressed or
implied.

 

11. Headings; Days. Headings
contained in this Agreement are for convenience of reference only
and are not intended, and shall not be construed, to modify,
define, limit, or expand the intent of the parties as expressed in
this Agreement, and they shall not affect the meaning or
interpretation of this Agreement. All references to a number of
days throughout this Agreement refer to calendar days.

 

12. Representations. You agree and
represent that (a) you have read carefully the terms of this
Agreement, including the general release; (b) you have had an
opportunity to and have been advised by the Company to review this
Agreement, including the general release, with an attorney; (c) you
understand the meaning and effect of the terms of this Agreement,
including the general release; (d) you were given twenty-one (21)
days to determine whether you wished to sign this Agreement,
including the general release; (e) your decision to sign this
Agreement, including the general release, is of your own free and
voluntary act without compulsion of any kind; (f) no promise or
inducement not expressed in this Agreement has been made to you;
and (g) you have adequate information to make a knowing and
voluntary waiver.

 

13. Revocation Period. If you sign
this Agreement, you will retain the right to revoke it for seven
(7) days (“Revocation Period”). If you revoke this
Agreement, you are indicating that you have changed your mind and
do not want to be legally bound by this Agreement. This Agreement
shall not be effective until after the Revocation Period has
expired without your having revoked it. To revoke this Agreement,
you must send a letter to the attention of Jon Kroehler, Chief
Human Resources Officer, Navient, 11100 USA Parkway, Fishers, IN
46037. The letter must be received within seven (7) days of your
execution of this Agreement. If the seventh day is a Sunday or
federal holiday, then the letter must be received on the following
business day. If you revoke this Agreement on a timely basis, you
shall not be eligible for the Consideration set forth in Paragraph
2 above.

 

14. Expiration Date. As noted
above, you have twenty-one (21) days to decide whether you wish to
sign this Agreement. If you do not sign this Agreement on or before
that time, then this Agreement is withdrawn and you will not be
eligible for the Consideration set forth in Paragraph 2
above.

 

[Signature Page Follows]

 

 

 

 

 

 

IN
WITNESS WHEREOF, and intending to be legally bound hereby, you and
the Company hereby execute the foregoing Separation and Release
Agreement as of the Execution Date set forth below.

 

 

NAVIENT
CORPORATION

 

 

 

By:            

__________________________

 

Jon
Kroehler

Chief
Human Resources Officer

 

 

 

I HAVE READ THIS AGREEMENT. I HAVE BEEN ADVISED BY THE COMPANY TO
CONSULT WITH AN ATTORNEY OF MY OWN CHOOSING DURING THE TWENTY-ONE
(21)-DAY CONSIDERATION PERIOD. I SIGN THIS AGREEMENT FREELY AND
VOLUNTARILY, WITHOUT DURESS OR COERCION.

 

 

 

______________________________

John F.
(Jeff) Whorley, Jr.

 

 

 

______________________________

Execution
Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00285-of-00352.parquet"}]]