Document:

nfx101.htm

Exhibit 10.1

CHANGE OF CONTROL SEVERANCE AGREEMENT

This Change of Control Severance Agreement (this “Agreement”) between Newfield Exploration Company, a Delaware corporation (the “Company”), and Lawrence S. Massaro (“Executive”) is made and entered into effective as of December 19, 2014 (the “Effective Date”).

WHEREAS, Executive is a key executive of the Company;

WHEREAS, it is in the best interest of the Company and its stockholders if key executives can approach material business development decisions objectively and without concern for their personal situation;

WHEREAS, the Company recognizes that the possibility of a Change of Control (as defined below) of the Company may result in the early departure of key executives to the detriment of the Company and its stockholders; and

WHEREAS, in order to help retain and motivate key management and to help ensure continuity of key management, the Compensation & Management Development Committee of the Company’s Board of Directors (the “Board”) has authorized and directed the Company to enter into this Agreement;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive agree to the terms and conditions set forth herein.

	
  

	
1.

	
Term of Agreement.

	
  

	
A.

	
The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue in effect through the third anniversary of the Effective Date; provided, however, commencing on the first day following the Effective Date and on each day thereafter, the Term of this Agreement shall automatically be extended for one additional day unless the Board shall give written notice to Executive that the Term shall cease to be so extended in which event the Agreement shall terminate on the 30-month anniversary of the date such notice is given.

	
  

	
B.

	
Notwithstanding anything in this Agreement to the contrary, if a Change of Control occurs during the Term of this Agreement, the Term shall automatically be extended for the 30-month period following the date of the Change of Control; provided, however, that in no event shall such extension of the Term expire prior to the end of the 30-day period described in Section 2E below, if applicable.

  

  

  

	
  

	
C.

	
Termination of this Agreement shall not alter or impair any rights of Executive arising hereunder on or before such termination.

 

	 	
2.

	
Certain Definitions.

       

	
  

	
A.

	
“Bonus” shall mean an amount equal to one-half of the total of all cash bonuses (whether paid or deferred) awarded to Executive by the Company with respect to (i) the two most recent calendar years ending prior to Executive’s termination of employment or (ii) if greater, the two most recent calendar years ending prior to the Change of Control.

	
  

	
B.

	
“Cause” shall mean:

	
  

	
(i)

	
the willful and continued failure by Executive to substantially perform Executive’s duties with the Company (other than any such failure resulting from Executive’s incapacity due to physical or mental illness);

	
  

	
(ii)

	
Executive’s conviction of or plea of nolo contendre to a felony or a misdemeanor involving moral turpitude;

	
  

	
(iii)

	
Executive willfully engages in gross misconduct materially and demonstrably injurious to the Company;

	
  

	
(iv)

	
Executive’s material violation of any material policy of the Company; or

	
  

	
(v)

	
Executive’s having been the subject of any order, judicial or administrative, obtained or issued by the Securities and Exchange Commission, for any securities violation involving fraud.

For purposes of clause (i) of this definition, no act, or failure to act, on Executive’s part shall be deemed “willful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that Executive’s act, or failure to act, was in the best interest of the Company.  The determination of whether Cause exists must be made by a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board at a meeting of the Board that was called for the purpose of considering such termination (after 10 days’ notice to Executive and an opportunity for Executive, together with Executive’s counsel, to be heard before the Board and, if possible, to cure the breach that was the alleged basis for Cause prior to the meeting of the Board) finding that, in the good faith opinion of the Board, Executive was guilty of conduct constituting Cause and specifying the particulars thereof in detail.

  

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C.

	
“Change of Control” shall mean the occurrence of any of the following:

	
  

	
(i)

	
the Company is not the surviving Person (as such term is defined below) in any merger, consolidation or other reorganization (or survives only as a subsidiary of another Person);

	
  

	
(ii)

	
the consummation of a merger or consolidation of the Company with another Person pursuant to which less than 50% of the outstanding voting securities of the surviving or resulting corporation are issued in respect of the capital stock of the Company;

	
  

	
(iii)

	
the Company sells, leases or exchanges all or substantially all of its assets to any other Person;

	
  

	
(iv)

	
the Company is to be dissolved and liquidated;

	
  

	
(v)

	
any Person, including a “group” as contemplated by Section13(d)(3) of the Securities Exchange Act of 1934, acquires or gains ownership or control (including the power to vote) of more than 50% of the outstanding shares of the Company’s voting stock (based upon voting power); or

	
  

	
(vi)

	
as a result of or in connection with a contested election of directors, the Persons who were directors of the Company before such election cease to constitute a majority of the Board.

Notwithstanding the foregoing, the definition of “Change of Control” shall not include (a) any merger, consolidation, reorganization, sale, lease, exchange, or similar transaction involving solely the Company and one or more Persons that were wholly owned, directly or indirectly, by the Company immediately prior to such event or (b) any event that is not a “change in control” for purposes of Section 409A.  For purposes of this definition, “Person” shall mean any individual, partnership, corporation, limited liability company, trust, incorporated or unincorporated organization or association or other legal entity of any kind.

	
  

	
D.

	
“Code” shall mean the Internal Revenue Code of 1986, as amended.

  

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E.

	
“Good Reason” shall mean:

	
  

	
(i)

	
a material reduction in Executive's authority, duties, titles, status or responsibilities from those in effect immediately prior to the Change of Control or the assignment to Executive of duties or responsibilities inconsistent in any material respect from those of Executive in effect immediately prior to the Change of Control;

	
  

	
(ii)

	
any reduction in Executive’s annual rate of base salary;

	
  

	
(iii)

	
any failure by the Company to provide Executive with a combined total of annual base salary and annual bonus compensation at a level at least equal to the combined total of Executive’s annual rate of base salary with the Company in effect immediately prior to the Change of Control and one-half of the total of all cash bonuses (whether paid or deferred) awarded to Executive by the Company with respect to the two most recent calendar years ending prior to the Change of Control, with a failure being deemed to have occurred in the event that payments are made to Executive in a form other than cash, base salary is deferred at other than Executive’s election, bonus compensation is not awarded within two and one-half months following the end of the calendar year to which it relates, bonus compensation is deferred at other than Executive’s election at a rate in excess of the average ratio of deferred bonuses to currently paid bonuses awarded to Executive with respect to the two most recent calendar years ending prior to the Change of Control, or bonus compensation is deferred at other than Executive’s election in a manner that is not substantially similar in terms of Executive’s vested rights and timing of payments to the manner in which deferred bonuses were awarded to Executive with respect to the two most recent calendar years ending prior to the Change of Control;

	
  

	
(iv)

	
the Company fails to obtain a written agreement from any successor or assigns of the Company to assume and perform this Agreement as provided in Section 7 hereof; or

	
  

	
(v)

	
the relocation of the Company’s principal executive offices by more than 50 miles from where such offices were located immediately prior to the Change of Control or Executive is based at any office other than the principal executive offices of the Company, except for travel reasonably required in the performance of Executive’s duties and reasonably consistent with Executive’s travel prior to the Change of Control.

  

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Unless Executive terminates his employment upon or within 30 days following the later of an act or omission to act by the Company constituting a Good Reason hereunder, Executive’s continued employment thereafter shall constitute Executive’s consent to, and a waiver of Executive’s rights with respect to, such act or failure to act.  Executive’s right to terminate Executive’s employment for Good Reason shall not be affected by Executive’s incapacity due to physical or mental illness.  Executive’s determination that an act or failure to act constitutes Good Reason shall be presumed to be valid unless such determination is deemed by an arbitrator to be unreasonable and not to have been made in good faith by Executive.

	
  

	
F.

	
“Protected Period” shall mean the 30-month period beginning on the effective date of a Change of Control; provided, however, that in no event shall such period expire prior to the end of the 30-day period described in Section 2E above, if applicable.

	
  

	
G.

	
“Release” shall mean a comprehensive release and waiver agreement in substantially the same form as that attached hereto as Exhibit A.

	
  

	
H.

	
“Section 409A” means section 409A of the Code and the Department of Treasury rules and regulations issued thereunder.

	
  

	
I.

	
“Separation From Service” has the meaning ascribed to that term in Section 409A.

	
  

	
J.

	
“Specified Employee” means a person who is, as of the date of the person’s Separation From Service, a “specified employee” within the meaning of Section 409A, taking into account the elections made and procedures established in resolutions adopted by the Compensation & Management Development Committee of the Board.

	
  

	
K.

	
“Termination Base Salary” shall mean Executive’s annual base salary with the Company at the rate in effect immediately prior to the Change of Control or, if a greater amount, Executive’s annual base salary at the rate in effect at any time thereafter.

  

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Change of Control Severance Benefits

	
  

	
3.

	
Severance Benefits.  If (a) Executive terminates his employment with the Company during the Protected Period for a Good Reason event or (b) the Company terminates Executive’s employment during the Protected Period other than (i) for Cause or (ii) due to Executive’s inability to perform the primary duties of his position for at least 180 consecutive days due to a physical or mental impairment and (c) as a result of such termination of employment Executive has a Separation From Service, Executive shall receive the following compensation and benefits from the Company, provided that, in the cases of Section 3A, 3C and 3D, Executive executes and does not revoke the Release:

	
  

	
A.

	
On the date that is six months after the date Executive has a Separation From Service with the Company, the Company shall pay to Executive in a lump sum, in cash, an amount equal to two and one-half (2.5) times the sum of Executive’s (i) Termination Base Salary and (ii) Bonus.

	
  

	
B.

	
Except to the extent specifically set forth in a grant agreement under any employee stock incentive plan of the Company, as of the date of Executive’s termination of employment (i) all restricted shares of Company stock of Executive (whether granted before or after the Effective Date) shall become 100% vested and all restrictions thereon shall lapse and the Company shall promptly deliver to Executive unrestricted shares of Company stock, and (ii) each then outstanding Company stock option of Executive (whether granted before or after the Effective Date) shall become 100% exercisable.  All restricted stock units granted by the Company to Executive shall vest and be settled in the manner provided in the applicable award agreement(s).

	
  

	
C.

	
At the time specified below, for the six-month period following the date on which Executive has a Separation From Service, the Company shall reimburse Executive for (1) if Executive or Executive’s dependents are eligible for and elect continued health coverage under a group health plan of the Company or an affiliate that is provided to satisfy the requirements of section 4980B of the Code (“COBRA Coverage”), the actual premium charged to Executive or Executive’s dependents for such COBRA Coverage or (2) if Executive is eligible to retire and receive retiree medical coverage, the actual premium charged to Executive for such retiree medical coverage for Executive and each of Executive’s dependents eligible for such retiree medical coverage.  Such reimbursements (which shall be taxable income to Executive) shall be paid to Executive directly or to the applicable group health plan, as determined by the Company, at the time specified below.  On the date that is six months after the date Executive has a Separation From Service as described in this Section 3, the Company shall pay to Executive in a lump

  

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sum, in cash, the sum of (1) an amount such that after payment of all applicable income taxes, Executive retains an amount equal to thirty times the amount of the applicable COBRA Coverage premium for such Executive on such date and (2) an amount such that Executive shall, after payment of all income taxes owed by Executive, retain an amount sufficient to pay the reimbursements for the COBRA Coverage premiums or retiree medical premiums for the six month period following the date on which Executive has a Separation From Service.

 

	
  

	
D.

	
The Company shall, at its sole expense, provide Executive with reasonable outplacement services, up to an aggregate amount of $30,000, from a nationally prominent executive outplacement service firm selected by the Company and reasonably acceptable to Executive.  The Company shall directly pay the provider the fees for such outplacement services.  The period during which such outplacement services shall be provided to Executive at the expense of the Company shall not extend beyond earlier to occur of (i) the date Executive begins other full-time employment with a new employer or (ii) the last day of the second taxable year of Executive following the taxable year of Executive during which he incurs a Separation From Service.

The Executive will not be paid the cash benefits described in Sections 3A, 3C and 3D, and the Executive shall forfeit any right to such payments, unless (i) the Executive has signed and delivered to the Company the Release furnished to the Executive and (ii) the period for revoking such Release shall have expired (in the case of both clause (i) and clause (ii)) prior to the earlier of the deadline established by the Company or the date that is six months after the date of the Executive’s Separation From Service.

For the final calendar year containing the Protected Period, in the event that the Company fails to award Executive prorated bonus compensation with respect to the portion of such calendar year prior to the expiration of the Protected Period in a manner that does not constitute a failure under Section 2E(iii), such failure shall be deemed to be an event that constitutes Good Reason and, if Executive terminates his employment upon or within 30 days following such failure, then such termination shall be deemed to be a termination of employment by Executive for Good Reason occurring during the Protected Period and Executive’s rights to benefits hereunder with respect to such termination shall be deemed to have arisen prior to the expiration of the Term.

The Company may withhold from any amounts or benefits payable under this Agreement all such taxes as it shall be req`uired to withhold pursuant to any applicable law or regulation.

  

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4.

	
Parachute Payments.

Anything to the contrary herein notwithstanding, if Executive is a “disqualified individual” (as defined in section 280G(c) of the Code), and the severance benefits provided for in Section 3, together with any other payments or benefits which Executive has the right to receive hereunder, would constitute a “parachute payment” (as defined in section 280G(b)(2) of the Code), then the severance benefits provided hereunder shall be either (a) reduced (but not below zero) so that the present value of such total amounts received by Executive from the Company will be one dollar ($1.00) less than three times Executive’s “base amount” (as defined in section 280G(b)(3) of the Code) and so that no portion of such amounts received by Executive shall be subject to the excise tax imposed by section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise tax under section 4999 of the Code and any applicable income tax).  The determination as to whether any such reduction in the amount of the severance benefits is necessary shall be made by the Company in good faith.  If a reduced cash payment is made and through error or otherwise that payment, when aggregated with other payments or benefits from the Company used in determining if a “parachute payment” exists, exceeds one dollar ($1.00) less than three times Executive’s base amount, Executive shall immediately repay such excess to the Company upon notification that an overpayment has been made.  Nothing in this Section 4 shall require the Company to be responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under section 4999 of the Code.

	
  

	
5.

	
Disputed Payments and Failures to Pay.

If the Company fails to make a payment in whole or in part as of the payment deadline specified in this Agreement, either intentionally or unintentionally, other than with the consent of Executive, Executive shall make prompt and reasonable good faith efforts to collect the remaining portion of the payment.  The Company shall pay any such unpaid benefits due to Executive, together with interest on the unpaid benefits from the date of the payment deadline specified in this Agreement at 120 percent of the rate specified in section 1274(b)(2)(B) of the Code within ten (10) business days of discovering that the additional monies are due and payable.

  

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6.           No Mitigation.

Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise nor, except as provided in Sections 3C and 3D, shall the amount of any payment or benefit provided for in this Agreement be reduced as the result of employment by another employer or self-employment, by offset against any amount claimed to be owed by Executive to the Company or otherwise, except that any severance payments or benefits that Executive is entitled to receive pursuant to a Company severance plan or program for employees in general shall reduce the amount of payments and benefits otherwise payable or to be provided to Executive under this Agreement.  Notwithstanding the foregoing, there shall be no such reduction to the extent that such reduction would result in an acceleration of payment of nonqualified deferred compensation that is prohibited under Section 409A.

	
  

	
7.

	
Successor Agreement.

The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly in writing on or prior to the effective date of such succession and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place.  Failure of the successor to so assume as provided herein shall constitute a breach of this Agreement and entitle Executive to the payments and benefits hereunder as if triggered by a termination of Executive by the Company other than for Cause on the date of such succession.

	
  

	
8.

	
Indemnity.

In any situation where under applicable law the Company has the power to indemnify, advance expenses to and defend Executive in respect of any judgments, fines, settlements, loss, cost or expense (including attorneys fees) of any nature related to or arising out of Executive’s activities as an agent, employee, officer or director of the Company or in any other capacity on behalf of or at the request of the Company, then the Company shall promptly on written request, fully indemnify Executive, advance expenses (including attorney’s fees) to Executive and defend Executive to the fullest extent permitted by applicable law, including but not limited to making such findings and determinations and taking any and all such actions as the Company may, under applicable law, be permitted to have the discretion to take so as to effectuate such indemnification, advancement or defense.  Such agreement by the Company shall not be deemed to impair any other obligation of the Company respecting Executive’s indemnification or defense otherwise arising out of this or any other agreement or promise of the Company under any statute.  Payments made pursuant to this Section 8 shall be made within ten (10) business days after delivery of Executive’s written request for payment accompanied with such evidence of fees

  

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and expenses incurred as the Company may reasonably require.  The parties intend and agree that the foregoing ten (10) business day deadline is not to be extended as a result of the following sentence which is included solely for the purpose of complying with Section 409A.  The Company shall make a payment to reimburse Executive pursuant to this Section 8 by the end of Executive’s taxable year following Executive’s taxable year in which the legal fees or expenses were incurred by Executive.  The legal fees or expenses that are subject to reimbursement pursuant to this Section 8 shall not be limited as a result of when the fees or expenses are incurred.  The amount of legal fees or expenses that is eligible for reimbursement pursuant to this Section 8 during a given taxable year of Executive shall not affect the amount of expenses eligible for reimbursement in any other taxable year of Executive.  The right to reimbursement pursuant to this Section 8 is not subject to liquidation or exchange for another benefit.  Notwithstanding any provision of this Agreement to the contrary, if Executive is a Specified Employee, any amount to which Executive would otherwise be entitled under this Section 8 during the first six months following the date of Executive’s Separation From Service shall be accumulated and paid to Executive on the date that is six months following the date of his Separation From Service.

 

	
  

	
9.

	
Notices.

All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed, in either case, to the Company’s headquarters or to such other address as either party shall have furnished to the other in writing in accordance herewith.  Notices and communications shall be effective when actually received by the addressee.

	
  

	
10.

	
Arbitration.

Any dispute about the validity, interpretation, effect or alleged violation of this Agreement (an “arbitrable dispute”) must be submitted to confidential arbitration in Houston, Texas.  Arbitration shall take place before an experienced employment arbitrator licensed to practice law in such state and selected in accordance with the Model Employment Arbitration Procedures of the American Arbitration Association.  Arbitration shall be the exclusive remedy of any arbitrable dispute.  The Company shall bear all fees, costs and expenses of arbitration, including its own, those of the arbitrator and those of Executive unless the arbitrator provides otherwise with respect to the fees, costs and expenses of Executive; in no event shall Executive be chargeable with the fees, costs and expenses of the Company or the arbitrator.  Should any party to this Agreement pursue any arbitrable dispute by any method other than arbitration, the other party shall be entitled to recover from the party initiating the use of such method all damages, costs, expenses and attorneys’ fees incurred as a result of the use of such method.  Notwithstanding anything herein to the contrary, nothing in this Agreement shall purport to waive or in any way limit the right of any party to seek to enforce any judgment or decision on an arbitrable dispute in a court of competent jurisdiction.  Each party hereby irrevocably submits to the exclusive

  

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jurisdiction of the state and federal courts in Houston, Texas, for the purposes of any proceeding arising out of this Agreement.

 

11.           Governing Law.

This Agreement will be governed by and construed in accordance with the laws of the State of Texas without regard to conflicts of law principles.

	
  

	
12.

	
Entire Agreement.

This Agreement is an integration of the parties’ agreement and no agreement or representatives, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party that are not set forth expressly in this Agreement.

	
  

	
13.

	
Severability.

The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

	
  

	
14.

	
Amendment and Waivers.

No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by Executive and such member of the Board as may be specifically authorized by the Board.  No waiver by either party hereto at any time of any breach by the other party hereto of, or in compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

	
  

	
15.

	
Compliance with Section 409A.

The Company and Executive intend that this Agreement by its terms and in operation meet the requirements of Section 409A so that compensation deferred under this Agreement (and applicable investment earnings) shall not be subject to tax under Section 409A.  Any ambiguities in this Agreement shall be construed to effect this intent.  If any provision of this Agreement is found to be in violation of Section 409A, then such provision shall be deemed to be modified or restricted to the extent and in the manner necessary to render such provision in conformity with Section 409A, or shall be deemed excised from this Agreement, and this Agreement shall be construed and enforced to the maximum extent permitted by Section 409A as if such provision had been originally incorporated in this Agreement as so modified or restricted, or as if such provision had not been originally incorporated in this Agreement, as the case may be.

 

 

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IN WITNESS WHEREOF, the Company and Executive have executed this Agreement effective as of the date first written above.

NEWFIELD EXPLORATION COMPANY

By:  /s/ Lee K. Boothby                                                                      

Name: Lee K. Boothby

Title: CEO, President & Chairman

EXECUTIVE

/s/ Lawrence S. Massaro                                                                                

Lawrence S. Massaro

  

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EXHIBIT A

AGREEMENT AND RELEASE

THIS AGREEMENT AND RELEASE is by and between _____________ (“Executive”) and Newfield Exploration Company (“Newfield”), a Delaware corporation, having its principal place of business in The Woodlands, Texas.

WITNESSETH:

1.           Termination.  Executive’s employment with Newfield will be terminated effective __________.  Executive acknowledges and agrees that he has no authority to act for, and will not act for, Newfield in any capacity on or after the date on which he is terminated.  Executive may not execute this Agreement and Release until on or after the date on which Executive’s employment is terminated.

2.           Consideration.  After Executive signs and returns this Agreement and Release, Newfield will provide Executive with a severance payment at the time and in the amount set forth in Section 3 of that certain Amended and Restated Change of Control Severance Agreement entered into between Executive and Newfield (the “Severance Agreement”) which is attached hereto and made a part of this Agreement and Release for all purposes.  This Agreement and Release is entered into by Executive in return for Newfield’s promises herein and in the Severance Agreement to provide the severance payment and other benefits to Executive as provided in the Severance Agreement, which Executive acknowledges and agrees to be good and sufficient consideration to which Executive is not otherwise entitled.

3.           Prior Rights and Obligations.  Except as herein set forth, this Agreement and Release extinguishes all rights, if any, which Executive may have, and obligations, if any, Newfield may have, contractual or otherwise, relating to the employment or termination of employment of Executive with Newfield or any of the other Newfield Parties (as defined in Paragraph 7 below) including without limitation, all rights or benefits he may have under any employment contract, incentive compensation plan, bonus plan or stock option plan with any Newfield Party.

4.           Company Assets.  Executive hereby represents and warrants that he has no claim or right, title or interest in any property designated on any Newfield Party’s books as property or assets of any of the Newfield Parties.  Promptly after the effective date of his resignation, Executive shall deliver to Newfield any such property in his possession or control, including, if applicable and without limitation, his personal computer, cellular telephone, keys and credit cards furnished by any Newfield Party for his use.

5.           Proprietary and Confidential Information.  Executive agrees and acknowledges that the Newfield Parties have developed and own valuable “Proprietary and Confidential Information” that constitutes valuable and unique property including, without limitation, concepts, ideas, plans, strategies, analyses, surveys, and proprietary information related to the past, present or anticipated business of the various Newfield Parties.  Except as may be required by law,

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Executive agrees that he will not at any time disclose to others, permit to be disclosed, use, permit to be used, copy or permit to be copied, any such Proprietary and Confidential Information (whether or not developed by Executive) without Newfield’s prior written consent.

 

Except as may be required by law, Executive further agrees to maintain in confidence any Proprietary and Confidential Information of third parties received or of which he has knowledge as a result of his employment with Newfield or any Newfield Party.

6.           Cooperation.  Executive shall cooperate with the Newfield Parties to the extent reasonably required in all matters relating to his employment or the winding up of his pending work on behalf of any Newfield Party and the orderly transfer of any such pending work as designated by Newfield.  This obligation of cooperation shall continue indefinitely subject to Executive’s reasonable availability and shall include, without limitation, assisting Newfield and its counsel in preparing and defending against any claims which may be brought against Newfield or any Newfield Party or responding to any inquiry by any governmental agency or stock exchange.  Newfield’s requests for Executive’s cooperation as may be required from time to time shall be as commercially reasonable and Executive agrees that he shall be commercially reasonable in providing such cooperation, taking into account the needs of the Newfield Parties and the position he may have with another employer at the time such cooperation is required.  Executive shall take such further action and execute such further documents as may be reasonably necessary or appropriate in order to carry out the provisions and purposes of this Agreement and Release.

7.           Newfield Parties.  Executive agrees that Newfield, its parent, sister, affiliated and subsidiary companies, past and present, and their respective employees, officers, directors, stockholders, agents, representatives, partners, predecessors and successors, past or present, and all benefit plans sponsored by any of them, past or present, shall be defined collectively, including Newfield, as the “Newfield Parties” and each of them, corporate or individual, individually as a “Newfield Party.”

8.           Executive’s Warranty and Representation.  Executive represents, warrants and agrees that he has not filed any claims, appeals, complaints, charges or lawsuits against any of the Newfield Parties with any governmental agency or court.  Executive also represents, warrants and agrees that, except as prohibited by law, he will not file or permit to be filed or accept benefit from any claim, complaint or petition filed with any court by him or on his behalf at any time hereafter; provided, however, this shall not limit Executive from filing a Demand for Arbitration for the sole purpose of enforcing his rights under this Agreement and Release.  Further, Executive represents and warrants that no other person or entity has any interest or assignment of any claims or causes of action, if any, he may have against any Newfield Party, which have been satisfied fully by this Agreement and Release and which he now releases in their entirety, and that he has not sold, assigned, transferred, conveyed or otherwise disposed of any of the claims, demands, obligations, or causes of action referred to in this Agreement and Release, and that he has the sole right and exclusive authority to execute this Agreement and Release and receive the consideration provided.

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9.           Release.  Executive agrees to release, acquit and discharge and does hereby release, acquit and discharge the Newfield Parties, individually and collectively, from any and all claims and from any and all causes of action against any of the Newfield Parties, of any kind or character, whether now known or not known, he may have against any such Newfield Party including, but not limited to, any claim for salary, benefits, expenses, costs, damages, compensation, remuneration or wages; and all claims or causes of action arising from his employment, termination of employment, or any alleged discriminatory employment practices, including but not limited to any and all claims or causes of action arising under the Age Discrimination in Employment Act, as amended, 29 U.S.C. § 621 et seq, Title VII of the Civil Rights Act of 1964, as amended, the Americans With Disabilities Act, 42 U.S.C. § 1981, the Employee Retirement Income Security Act, the Family and Medical Leave Act, the Texas Commission on Human Rights Act, and any other federal, state or local laws, whether statutory or common, contract or tort.  This release also applies to any claims brought by any person or agency or class action under which Executive may have a right or benefit.

10.           No Admissions.  Executive expressly understands and agrees that the terms of this Agreement and Release are contractual and not merely recitals and that this Agreement and Release does not constitute evidence of unlawful conduct or wrongdoing by Newfield.  By his execution of this Agreement and Release, Executive acknowledges and agrees that (i) he knows of no act, event, or omission by any Newfield Party which is unlawful or violates any law, governmental rule or regulation, or any rule or regulation of any stock exchange, (ii) he has not committed, during his employment with Newfield or any Newfield Party, any act which is unlawful or which violates any governmental rule or regulation or any rule or regulation of any stock exchange, (iii) he has not requested any Newfield Party to commit any unlawful act or violate any governmental rule or regulation or any rule or regulation of any stock exchange, and (iv) neither he nor any other person employed by or contracting with any Newfield Party has been subjected to any adverse action because any such person refused to commit any unlawful act or violate any governmental rule or regulation or any rule or regulation of any stock exchange.

11.           Enforcement of Agreement and Release.  No waiver or non-action with respect to any breach by the other party of any provision of this Agreement and Release, nor the waiver or non-action with respect to any breach of the provisions of similar agreements with other employees shall be construed to be a waiver of any succeeding breach of such provision, or as a waiver of the provision itself.  Should any provisions hereof be held to be invalid or wholly or partially unenforceable, such provisions shall be revised and reduced in scope so as to be valid and enforceable.

12.           Choice of Law.  This Agreement and Release shall be governed by and construed and enforced, in all respects, in accordance with the law of the State of Texas without regard to the principles of conflict of law except as preempted by federal law.

13.           Merger.  This Agreement and Release supersedes, replaces and merges all previous agreements and discussions relating to the same or similar subject matters between Executive and Newfield and constitutes the entire agreement between Executive and Newfield with respect to the subject matter of this Agreement and Release.  This Agreement and Release may not be

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changed or terminated orally, and no change, termination or waiver of this Agreement and Release or any of the provisions herein contained shall be binding unless made in writing and signed by all parties, and in the case of Newfield, by an authorized officer.

 

14.           No Derogatory Comments.  Except as required by judicial process or governmental rule or regulation, Executive shall refrain from making public or private comments relating to any Newfield Party which are derogatory or which may tend to injure any such party in such party’s business, public or private affairs.

15.           Confidentiality. Executive agrees that he will not disclose the terms of this Agreement and Release or the consideration received from Newfield to any other person, except his attorney or financial advisors and only on the condition that they keep such information strictly confidential; provided, however, that the foregoing obligation of confidence shall not apply to information that is required to be disclosed by any applicable law, rule or regulation of any governmental authority.

16.           Rights Under the Older Worker Benefit Protection Act and the Age Discrimination and Employment Act.  Executive acknowledges and agrees:

16.1           that he has at least forty-five days to review this Agreement and Release, along with the demographic information attached hereto as Attachment 1;

16.2           that he has been advised in writing to consult with an attorney regarding the terms of this Agreement and Release prior to executing this Agreement and Release;

16.3           that, if he executes this Agreement and Release, he has seven days following the execution of this Agreement and Release to revoke this Agreement and Release, by submitting, in writing, notice of such revocation to Newfield;

16.4           that this Agreement and Release shall not become effective or enforceable until the revocation period has expired;

16.5           that he does not, by the terms of this Agreement and Release, waive claims or rights that may arise after the date he executes this Agreement and Release;

16.6           that he is receiving, pursuant to this Agreement and Release, consideration in addition to anything of value to which he is already entitled; and

16.7           that this Agreement and Release is written in such a manner that he understands his rights and obligations.

17.           Agreement and Release Voluntary.  Executive acknowledges and agrees that he has carefully read this Agreement and Release and understands that it is a release of all claims, known and unknown, past or present including all claims under the Age Discrimination in Employment Act.  He further agrees that he has entered into this Agreement and Release for the above stated consideration.  He warrants that he is fully competent to execute this Agreement

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and Release which he understands to be contractual.  He further acknowledges that he executes this Agreement and Release of his own free will, after having a reasonable period of time to review, study and deliberate regarding its meaning and effect, and after being advised to consult an attorney, and without reliance on any representation of any kind or character not expressly set forth herein.  Finally, he executes this Agreement and Release fully knowing its effect and voluntarily for the consideration stated above.

 

18.           Notices.  Any notices required or permitted to be given under this Agreement and Release shall be properly made if delivered in the case of Newfield to:

Newfield Exploration Company

4 Waterway Square Place, Suite 100

The Woodlands, Texas  77382

Attention:  Human Resources, Personal and Confidential

and in the case of Executive to:

_________________________

_________________________

_________________________

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have caused this Agreement and Release to be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, this ____ day of ____________,  , to be effective the eighth day following execution by ____________________ unless earlier revoked.

______________________________                                                                __________________________________

Date                                                                                EXECUTIVE

______________________________                                                                NEWFIELD EXPLORATION COMPANY

Date

        By:  __________________________________

        Name:  ________________________________

        Title:  _________________________________

A-6Exhibit 10.1

 Exhibit 10.1 

Navient Deferred Compensation Plan 

(As Amended and Restated Effective January 1, 2015) 

ARTICLE 1. PURPOSE 

Section 1.1. Navient Corporation offers the Navient Deferred Compensation Plan (the “Plan”) to certain key employees for
the purpose of saving for retirement and other personal expenses on a tax-favored basis. 
 The Plan, originally named the Sallie Mae
Deferred Compensation Plan for Key Employees, was adopted effective January 1, 1998. Effective May 1, 2014, the Plan was amended and restated to reflect the assumption and continuation of the Sallie Mae Deferred Compensation Plan for Key
Employees, a portion of which was spun-off to be maintained by New BLC Corporation, a Delaware Corporation (“SLM BankCo”), or an affiliate thereof, and the Plan was renamed the Navient Corporation Deferred Compensation Plan for Key
Employees. 
 The Plan is hereby amended and restated effective January 1, 2015 (the “Effective Date”) to reflect the merger
of the Navient Supplemental 401(k) Savings Plan with and into the Navient Corporation Deferred Compensation Plan for Key Employees, and is renamed the Navient Deferred Compensation Plan. This amended and restated Plan applies to amounts deferred
under the Plan with respect to a Participant’s service on or after January 1, 2015. The terms of the Plan (or, to the extent applicable, the terms of the Navient Supplemental 401(k) Savings Plan) in effect immediately before the Effective
Date shall apply to amounts deferred under the Plan (or, to the extent applicable, the Navient Supplemental 401(k) Savings Plan) with respect to a Participant’s service prior to January 1, 2015. For the avoidance of doubt, the terms of the
Plan (or, to the extent applicable, the terms of the Navient Supplemental 401(k) Savings Plan) in effect immediately before the Effective Date shall apply to any annual cash performance-based compensation earned pursuant to the Navient Corporation
2014 Management Incentive Plan and deferred pursuant to a timely election made in 2014, as well as any Company contribution associated with such deferral. 

With respect to amounts deferred hereunder that are subject to Code Section 409A, as amended, and any regulations and other official
guidance issued thereunder, applicable provisions of the Plan document shall be interpreted to permit the deferral of compensation in accordance with Code Section 409A, and any provision that would conflict with such requirements shall not be
valid or enforceable. 
 ARTICLE 2. DEFINITIONS 

Section 2.1. The following words and phrases shall have the following meanings unless a different meaning is plainly required by
the context: 
 Account. “Account” means the account or accounts established on behalf of a Participant, on the books
of the Company, pursuant to Section 5.1, which shall be comprised of the following sub-accounts: one Retirement/Termination Distribution Account and/or one or more In-Service Distribution Accounts. 

  
 1 

 Administrator. “Administrator” means the senior human resources officer
of the Company. 
 Affiliate. “Affiliate” means any firm, partnership, or corporation that directly or indirectly,
through one or more intermediaries, controls, is controlled by, or is under common control with Navient, provided such Affiliate is designated as such by the Administrator. “Affiliate” also includes any other organization similarly related
to the Company that is designated as such by the Administrator. 
 Alternative Company Contributions. “Alternative Company
Contributions” means the contributions made by the Company pursuant to Section 4.6, which shall be credited to the Retirement/Termination Distribution Account of eligible Participants. 

Beneficiary. “Beneficiary” means the person or persons designated as such in accordance with
Section 12.3. 
 Board. “Board” means the Board of Directors of Navient. 

Bonus. “Bonus” means any annual cash performance-based compensation earned pursuant to the Navient Corporation
Management Incentive Plan or any successor plan to the Navient Corporation Management Incentive Plan. 
 Bonus Deferral.
“Bonus Deferral” means the portion of Bonus that otherwise would be payable to a Participant but for the Participant’s timely election to defer receipt of such payment pursuant to Section 4.2 of this Plan. 

Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

Company. “Company” means Navient and any Affiliate, unless the Affiliate has made an affirmative election not to adopt
the Plan. A Company may revoke its participation in the Plan at any time, but until such revocation, all the provisions of the Plan and amendments thereto shall apply to the Eligible Employees of the Company. In the event a Company revokes its
participation in the Plan, the Plan shall be deemed terminated only with respect to such Company. 
 Company Contributions.
“Company Contributions” means the contributions made by the Company pursuant to Section 4.5, which shall be credited to the Retirement/Termination Distribution Account of eligible Participants. 

Disabled. “Disabled” has the meaning set forth in the Navient Employees Comprehensive Welfare Benefits Plan with
respect to the provision of long-term disability benefits (provided that the Participant qualifies as a “disabled” within the meaning of Treasury Regulation Section 1.409A-3(i)(4)). 

  
 2 

 Earnings Crediting Options. “Earnings Crediting Options” means the deemed
investment options that are offered under the Plan from time to time and selected by the Participant pursuant to which deemed earnings are credited to the Participant’s Account. 

Eligible Employee. “Eligible Employee” means an Employee who (i) is at the Director level or above at the Company,
and (ii) is designated by the Administrator as eligible to participate in the Plan. 
 Eligible Compensation.
“Eligible Compensation” means, for any given Plan Year, the sum of a Participant’s (i) Salary for the Plan Year, plus (ii) any Bonus earned in the calendar year immediately preceding the Plan Year and payable in the Plan
Year; provided that such sum shall be reduced (but not below zero) by the dollar limit set forth in section 401(a)(17) of the Code that is applicable for the Plan Year. Notwithstanding the preceding sentence, the Eligible Compensation of a
Participant shall not exceed $500,000 in any given Plan Year. 
 Employee. “Employee” means any individual employed
by the Company, in accordance with the personnel policies and practices of the Company, including citizens of the United States employed outside of their home country and resident aliens employed in the United States; provided, however, that to
qualify as an “Eligible Employee” for purposes of the Plan, the individual must be a member of a group of “key management or other highly compensated employees” within the meaning of Sections 201, 301, and 401 of the Employee
Retirement Income Security Act of 1974, as amended. 
 End Termination Date. “End Termination Date” means the date of
termination of a Participant’s Service with the Company and its Affiliates and shall be determined without reference to any compensation continuation arrangement or severance benefit arrangement that may be applicable. 

Enrollment Agreement. “Enrollment Agreement” means the authorization, in form and substance
satisfactory to the Administrator, which an Eligible Employee files in order to participate in the Plan. 
 In-Service
Distribution Account. “In-Service Distribution Account” means a sub-account maintained on behalf of a Participant to record the amounts payable at a future date as specified in the Participant’s Enrollment Agreement. Unless
otherwise determined by the Administrator, a Participant may maintain no more than five In-Service Distribution Accounts. 

Navient. “Navient” means Navient Corporation, a Delaware Corporation. 

Navient 401(k) Plan. “Navient 401(k) Plan” means the Navient 401(k) Savings Plan. 

Participant. “Participant” means an Eligible Employee who has filed a complete Enrollment Agreement with the
Administrator or the Administrator’s designee, in accordance with the provisions of Section 4, and who is making Salary Deferrals, Bonus Deferrals and/or Target Dollar Deferrals into the Plan. In the event that the Participant becomes
incompetent, the term shall mean his or her personal representative or guardian, 

  
 3 

 who shall have the rights of a Participant, except the right to change the form and timing of the
commencement of benefits elected by the Participant on the Enrollment Agreement. In the event of the death of a Participant, the term shall mean his or her Beneficiary, who shall have the rights of a Participant, except the right to change the form
and timing of the commencement of benefits elected by the Participant on the Enrollment Agreement. An individual shall remain a Participant until that individual has received full distribution of any amount credited to the Participant’s
Account. 
 Plan. “Plan” means this plan, the Navient Deferred Compensation Plan, as amended from time to time. 

Plan Year. “Plan Year” means the 12-month period beginning on each January 1 and ending on the following
December 31. 
 Retirement. “Retirement” means a Participant’s Termination of Employment, where the
Participant has attained the age of sixty (60) and has served ten (10) or more Years of Service with the Company prior to his or her Termination of Employment. 

Retirement/Termination Account. “Retirement/Termination Account” means a sub-account maintained on behalf of a
Participant to which Salary Deferrals, Bonus Deferrals, Target Dollar Deferrals, Company Contributions and Alternative Company Contributions are credited. 

Salary. “Salary” means the total amount of cash remuneration paid by the Company to an Eligible
Employee for any calendar year of employment as base salary, including the Participant’s contributions of Salary under this Plan, any elective deferrals, as defined in section 402(g) of the Code, and any compensation contributed on behalf
of an Eligible Employee to any cafeteria plan, as defined in section 125 of the Code, maintained by the Company or an Affiliate, but not taking into account any fringe benefits, moving and relocation expenses and other forms of welfare benefits.

 Salary Deferral. “Salary Deferral” means the portion of Salary that otherwise would be payable to a Participant
but for the Participant’s timely election to defer receipt of such payment pursuant to Section 4.1 of this Plan. 

Service. “Service” means the period of time during which an employment relationship exists between an Employee and the
Company, including any period during which the Employee is on an approved leave of absence, whether paid or unpaid. “Service” includes employment prior to May 1, 2014, with SLM Corporation, or an affiliate of SLM Corporation. 

Target Dollar Deferral. “Target Dollar Deferral” means the portion of Salary that otherwise would be payable to a
Participant but for the Participant’s timely election to defer receipt of such payment pursuant to Section 4.3 of this Plan. 

Termination of Employment. “Termination of Employment” or “Terminates Employment” means a termination of
employment or other separation from Service from the Company as described in Code Section 409A and the regulations thereunder. 

  
 4 

 Valuation Date. “Valuation Date” means each day on which the NASDAQ Stock
Exchange is open for business, or such other date determined by the Administrator. 
 Year of Service.
“Year of Service” means each 12-month period of Service. 
 ARTICLE 3. ADMINISTRATION OF THE PLAN AND DISCRETION 

Section 3.1. The Administrator shall have full power and authority to interpret the Plan, to prescribe, amend and rescind any
rules, forms and procedures as he or she deems necessary or appropriate for the proper administration of the Plan, and to make any other determinations and to take any other actions as he or she deems necessary or advisable in carrying out his or
her duties under the Plan. All action taken by the Administrator arising out of, or in connection with, the administration of the Plan or any rules adopted thereunder, shall, in each case lie within his or her sole discretion, and shall be final,
conclusive and binding upon any Company, the Board, all Employees, all Beneficiaries of Employees and all persons and entities having an interest therein. Notwithstanding any provision in this Plan to the contrary, the Administrator shall have no
authority to take any action or make any decision which impacts solely on the Plan benefits of the Administrator. 
 Section 3.2.
The Administrator shall serve without compensation for his or her services unless otherwise determined by the Board. All expenses of administering the Plan shall be paid by the Company. 

Section 3.3. Navient shall indemnify and hold harmless the Administrator from any and all claims, losses, damages, expenses
(including counsel fees) and liability (including any amounts paid in settlement of any claim or any other matter with the consent of the Board) arising from any act or omission of such member, except when the same is due to gross negligence or
willful misconduct. Except as otherwise provided by law, neither the Administrator nor any other person who is an employee, officer and/or director of the Company, will incur any liability whatsoever on account of any matter connected with or
related to the Plan or the administration of the Plan, unless such person has acted in bad faith, or has willfully neglected his or her duties, in respect of the Plan. 

Section 3.4. Any decisions, actions or interpretations to be made under the Plan by the Administrator shall be made in his or her
sole discretion, not as a fiduciary, and need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all persons interested in the Plan. 

ARTICLE 4. DEFERRAL ELECTIONS 

Section 4.1. Salary Deferrals. An Eligible Employee will be offered the opportunity each Plan Year to defer a percentage of
his or her Salary to be earned in the following Plan Year by timely filing a complete and fully executed Enrollment Agreement pursuant to procedures established by the Administrator. A completed Enrollment Agreement must be filed by the Eligible
Employee no later than the annual filing deadline established by the Administrator, but in no event later than the last day of the Plan Year (i.e., December 31 of the year prior to the year in which the Salary will be earned). With respect to
Salary Deferrals, a completed Enrollment Agreement shall become irrevocable on the first day of the subsequent Plan Year (i.e., January 1 of the year in which the Salary will be earned). 

  
 5 

 A completed Enrollment Agreement shall specify (a) the percentage of Salary to be deferred
(pursuant to payroll reduction, and after required payroll taxes have been deducted), expressed in a whole percentage, and (b) whether the Salary Deferral will be allocated to a Retirement/Termination Account or to an In-Service Account. A
Participant shall allocate his or her Salary Deferral between these accounts in increments of one percent; provided, however, that 100 percent of such Salary Deferral may be allocated to one such account. The Administrator may establish minimum or
maximum amounts that may be deferred under this Section and may change such standards from time to time; provided, however, that in no event shall the maximum amount be permitted to exceed 80 percent of the Eligible Employee’s Salary. 

Section 4.2. Bonus Deferrals. An Eligible Employee will be offered the opportunity each Plan Year to defer a portion of his
or her Bonus by timely filing a complete and fully executed Enrollment Agreement pursuant to procedures established by the Administrator. Except as provided below with respect to Bonuses that qualify as performance-based compensation under Code
Section 409A, a completed Enrollment Agreement must be filed by the Eligible Employee no later than the annual filing deadline established by the Administrator, but in no event later than the last day of the Plan Year immediately preceding Plan
Year in which is the Bonus will be earned (i.e., December 31 of the year prior to the year in which the Bonus will be earned). In the case of any Bonus that is designated by the Company as a performance-based Bonus and which qualifies as
performance-based compensation under Code Section 409A, a completed Enrollment Agreement must be filed by the Eligible Employee in accordance with Treasury Regulation §1.409A-2(a)(8) no later than the date that is six months before the end
of the performance period related to such Bonus (which performance period shall be not less than 12 months), or such other earlier date designated by the Administrator. With respect to Bonus Deferrals, a completed Enrollment Agreement shall become
irrevocable on the day immediately following the latest date for filing such Enrollment Agreement. 
 A completed Enrollment Agreement shall
specify (a) the percentage of Bonus to be deferred (pursuant to payroll reduction, and after required payroll taxes have been deducted), expressed in a whole percentage, and (b) whether the Bonus Deferral will be allocated to a
Retirement/Termination Account or to an In-Service Account. A Participant shall allocate his or her Bonus Deferral between these accounts in increments of one percent; provided, however, that 100 percent of such Salary Deferral may be allocated to
one such account. The Administrator may establish minimum or maximum amounts that may be deferred under this Section and may change such standards from time to time; provided, however, that in no event shall the maximum amount be permitted to exceed
80 percent of the Eligible Employee’s Bonus. 
 Section 4.3. Target Dollar Deferrals. Each Eligible Employee
designated by the Administrator will be offered the opportunity each Plan Year to defer a fixed dollar 

  
 6 

 amount, determined by the Company, of his or her Salary to be earned in the following Plan Year
by timely filing a complete and fully executed Enrollment Agreement pursuant to procedures established by the Administrator. Notwithstanding the provisions of this Section 4.3, an Eligible Employee who elects to defer a percentage of his or her
Salary under Section 4.1 for a given Plan Year, or who elects to defer a percentage of his or her Bonus under Section 4.2 for a given Plan Year, shall not be entitled to elect a Target Dollar Deferral for the same Plan Year. 

A completed Enrollment Agreement must be filed by the Eligible Employee no later than the annual filing deadline established by the
Administrator, but in no event later than the last day of the Plan Year (i.e., December 31 of the year prior to the year in which the Salary will be earned). With respect to Target Dollar Deferrals, a completed Enrollment Agreement shall become
irrevocable on the first day of the subsequent Plan Year (i.e., January 1 of the year in which the Salary will be earned). 
 A
completed Enrollment Agreement shall specify (a) the fixed dollar amount to be deferred (pursuant to payroll reduction, and after required payroll taxes have been deducted), and (b) whether the Target Dollar Deferral will be allocated to a
Retirement/Termination Account or to an In-Service Account. A Participant shall allocate his or her Target Dollar Deferral between these accounts in increments of one percent; provided, however, that 100 percent of such Target Dollar Deferral may be
allocated to one such account. The Administrator may establish minimum or maximum amounts that may be deferred under this Section and may change such standards from time to time; provided, however, that in no event shall the maximum amount be
permitted to exceed 80 percent of the Eligible Employee’s Salary. 
 Section 4.4. Newly Eligible Employees. The
Administrator may, in his or her discretion, permit Employees who first become Eligible Employees after the beginning of a Plan Year to enroll in the Plan for that Plan Year by filing a complete and fully executed Enrollment Agreement, in accordance
with Sections 4.1, 4.2 and 4.3, as soon as practicable following the date the Employee becomes an Eligible Employee, but in no event later than 30 days after such date. Any election by an Eligible Employee pursuant to this Section to defer
Salary shall apply only to such amounts as are earned by the Eligible Employee after the date on which such Enrollment Agreement is filed. Notwithstanding anything in this Section to the contrary, a newly Eligible Employee shall not be eligible to
elect to defer any Bonus earned in the Plan Year in which he or she first becomes an Eligible Employee, if he or she becomes an Eligible Employee after June 30 of the Plan Year. 

Section 4.5. Company Contributions. A Participant who has completed one Year of Service shall be eligible to receive a
Company Contribution, subject to the conditions set forth in this Section 4.5. For each Plan Year in which a Participant makes a Salary Deferral or a Bonus Deferral, the Participant shall be eligible to receive a Company Contribution in an
amount equal to the greater of: (i) five percent (5%) of the Participant’s Eligible Compensation, or (ii) five percent (5%) of the sum of the Participant’s Salary Deferral and Bonus Deferral; provided, however, that the
Company Contribution for a given Plan Year shall not exceed the sum of the Participant’s Salary 

  
 7 

 Deferral and Bonus Deferral. Any Company Contribution shall be credited to the Participant’s
Retirement/Termination Distribution Account at such time(s) as determined solely by the Company. A Participant who makes a Target Dollar Deferral with respect to a given Plan Year shall not be eligible to receive a Company Contribution for that Plan
Year. 
 Section 4.6. Alternative Company Contributions. A Participant who has completed one Year of Service shall be
eligible to receive an Alternative Company Contribution, subject to the conditions set forth in this Section 4.6. For each Plan Year in which a Participant makes a Target Dollar Deferral, the Participant shall be eligible to receive a Company
Alternative Contribution in an amount equal to the greater of: (i) the Participant’s Target Dollar Deferral, or (ii) five percent (5%) of the Participant’s Eligible Compensation; provided, however, the Company Alternative
Contribution for a given Plan Year shall not exceed $25,000. Any Company Alternative Contribution shall be credited to the Participant’s Retirement/Termination Distribution Account at such time(s) as determined solely by the Company. 

Section 4.7. Transfers from Other Plans of Deferred Compensation. The Company may credit an Eligible Employee with an amount
under this Plan equal to the amount credited under a prior plan of deferred compensation maintained by the Company or its predecessor on behalf of a selected group of management and highly compensated employees. Any such amount shall be credited to
the Retirement/Termination Distribution Account. 
 Section 4.8. Vesting. A Participant shall be 100% vested in his
Account at all times. 
 ARTICLE 5. PARTICIPANT ACCOUNTS 

Section 5.1. Establishment of Accounts. The Company shall establish on its books a hypothetical Account for each
Participant. Each Account shall be comprised of one or more sub-accounts. One sub-account shall be referred to as the Retirement/Termination Account. Generally, the distribution of amounts credited to the Retirement/Termination Account shall be
subject to Section 7.1 or Section 7.2 (depending on the nature of the Participant’s separation from Service). The other sub-accounts shall be referred to as In-Service Accounts. Company Contributions and Alternative Company
Contributions, when credited, are credited only to the Retirement/Termination Distribution Account. 
 Section 5.2. Earnings
on Participant Accounts. A Participant’s Account shall be credited with earnings in accordance with the Earnings Crediting Options, elected by the Participant from time to time, until such Account is fully distributed. Participants may
allocate their Retirement/Termination Account and/or each of their In-Service Accounts among the Earnings Crediting Options then available under the Plan only in accordance with rules and procedures adopted by the Administrator. In the event no
Earnings Crediting Option election is received, a Participant’s Account shall be deemed invested in an Earnings Crediting Option, as available from time to time, which has been designated as a default Earnings Crediting Option by the
Administrator. The deemed rate of return, positive or negative, credited under each Earnings Crediting Option is based upon the 

  
 8 

 actual investment performance of such Earnings Crediting Option, and shall equal the total return
of such Earnings Crediting Option, net of asset based charges, including, without limitation, money management fees, fund expenses and mortality and expense risk insurance contract charges. The Company reserves the right, on a prospective basis, to
add or delete Earnings Crediting Options. 
 Section 5.3. Earnings Crediting Options. Notwithstanding that the rates of
return credited to Participants’ Accounts under the Earnings Crediting Options are based upon the actual performance of the Earnings Crediting Options, the Company shall not be obligated to invest any Salary Deferrals, Bonus Deferrals, Target
Dollar Deferrals, Company Contributions, Alternative Company Contributions or any other amounts in such Earnings Crediting Options. 

Section 5.4. Changes in Earnings Crediting Options. Subject to limitations set forth in Section 11, a Participant may
change the Earnings Crediting Options to which his or her Account is deemed to be allocated with whatever frequency is determined by the Administrator, which shall not be less than four times per Plan Year. Each such change may include
(a) reallocation of the Participant’s existing Retirement/Termination Account and In-Service Accounts among the Earnings Crediting Options, and/or (b) reallocation of Earnings Crediting Options with respect to amounts to be credited
to the Participant’s Account in the future, as the Participant may elect. Any such change must be in accordance with the rules and procedures adopted by the Administrator. 

Section 5.5. Valuation of Accounts. The value of a Participant’s Account as of any Valuation Date shall equal the
amounts theretofore credited to such Account, including any earnings (positive or negative) deemed to be earned on such Account in accordance with Section 5.2 through the Valuation Date coincident with or immediately preceding such date, less
the amounts theretofore deducted from such Account. 
 Section 5.6. Statement of Accounts. Except as set forth below, the
Administrator shall provide to each Participant, not less frequently than annually, a statement in such form as the Administrator deems desirable setting forth the balance standing to the credit of the Participant’s Account. In lieu of
providing such a statement, the Administrator may provide each Participant with electronic access to information regarding his or her Account via a website maintained by Plan’s third-party administrator. 

Section 5.7. Distribution from Accounts. The Participant’s Account shall be reduced by the amount of payments made by
the Company to the Participant or the Participant’s Beneficiary pursuant to this Plan. Any distribution made to or on behalf of a Participant from his or her Account in an amount which is less than the entire balance of any such Account shall
be made pro rata from each of the Earnings Crediting Options to which such Account is then allocated. 

  
 9 

 ARTICLE 6. DISTRIBUTION ELECTIONS 

Section 6.1. Election of Distribution Options. In the first Enrollment Agreement filed by an Eligible Employee, the Eligible
Employee shall elect the time and manner of payment pursuant to which the Eligible Employee’s Account will be paid. 

Section 6.2. Retirement/Termination Account. Initial elections as to the payment of a Participant’s
Retirement/Termination Account upon Retirement shall be applicable to all amounts in the Retirement/Termination Distribution Account. 

Section 6.3. In-Service Account. The time and manner of payment elected with respect to an In-Service Account must be
elected on the Enrollment Agreement at the time Salary Deferrals, Bonus Deferrals or Target Dollar Deferrals are first directed into the In-Service Account. The election of the time and manner of payment will be applicable to all amounts in such
In-Service Account. 
 Section 6.4. Election Changes. An election to change the time and manner of payment of amounts
deferred into one or more sub-account: 1) must delay distribution of such amount for at least 5 years beyond the original distribution date; 2) must be made at least 12 months before the original distribution date; and 3) will not be
effective until 12 months after the Participant makes the new election. For purposes of this Section 6.4, installment payments will be treated as a single form of payment. 

ARTICLE 7. DISTRIBUTION OF BENEFITS 

Section 7.1. Distribution of Benefits Upon Retirement. Upon a Termination of Employment that qualifies as a Retirement under
the Plan, the Participant’s Retirement/Termination Account shall be distributed in one of the following methods, as elected by the Participant in accordance with Section 6.2: (i) in a single lump sum, or (ii) in up to ten
(10) annual installments. In the event no distribution election is received, the Participant’s Retirement/Termination Account shall be distributed in a single lump sum. Distribution of the Participant’s Retirement/Termination Account
shall be made or commence on the first day of the seventh month following the Participant’s Termination of Employment. 

Section 7.2. Distribution of Benefits Upon Termination Other Than Retirement. Upon a Termination of Employment that does not
qualify as a Retirement, the Participant’s Retirement/Termination Distribution Account shall be distributed in a single lump sum on the first day of the seventh month following the Participant’s Termination of Employment. 

Section 7.3. Distribution of Benefits From In-Service Distribution Account. Each In-Service Account maintained on behalf of
a Participant shall be distributed in one of the following methods, as elected by the Participant in accordance with Section 6.3: (i) in a single lump sum, or (ii) in up to five (5) annual installments. In the event no
distribution election is received, the Participant’s In-Service Account shall be distributed in a single lump sum. Payment of each In-Service Account shall commence in the Plan Year elected by the Participant at a time selected by the
Administrator. Notwithstanding the preceding 

  
 10 

 sentence, the remaining balance of an In-Service Account will be distributed in a single lump sum
upon a Termination of Employment if the Participant elected to receive such a distribution pursuant to the first Enrollment Agreement filed with respect to the In-Service Account, provided that such distribution shall be made on the first day of the
seventh month following the Participant’s Termination of Employment. 
 Section 7.4. Distribution of Benefits Upon a
Change of Control. A Participant’s entire Account balance shall become immediately due and payable upon the occurrence of a Change in Control only if (i) the Change in Control satisfies the requirements of Code
Section 409A(a)(2)(A)(v) (and the guidance issued thereunder) and (ii) the Participant elected to receive a distribution of benefits upon a Change in Control pursuant to the first Enrollment Agreement filed with respect to the
Participant’s Account. Any such distribution of the Participant’s entire Account balance upon the occurrence of a Change in Control shall be made in a single lump sum as soon as practicable following the Change in Control. For purposes of
this Section 7.4, a Change in Control means a change in the ownership or effective control of the Corporation or in the ownership of a substantial portion of the assets of Navient, as determined in accordance with the requirements of Code
Section 409A. 
 Section 7.5. Installment Payments. If the Participant has elected to receive his or her Account in
the form of installment payments, the first annual installment payment shall equal (i) the value of such Account as of the applicable Valuation Date, divided by (ii) the number of annual installment payments elected by the Participant in
the Enrollment Agreement, pursuant to which such Account was established. The remaining annual installments shall equal (i) the value of such Account as of the applicable Valuation Date divided by (ii) the number of installments remaining.

 Section 7.6. Mode of Distribution. Except as otherwise required under Article 11, all distributions and withdrawals
under the Plan shall be made in cash. 
 ARTICLE 8. DISABILITY 

Section 8.1. In the event a Participant becomes Disabled, the Participant’s Retirement/Termination Distribution Account, if
any, shall be distributed to the Participant in accordance with Section 7.1 or Section 7.2, as applicable. The Participant’s In-Service Distribution Accounts, if any, will be distributed to the Participant in accordance with
Section 7.3(a), without regard to the fact that the Participant became Disabled. In addition, the Participant’s right to make any further deferrals under this Plan shall terminate if the Participant has incurred a medically determinable
physical or mental impairment resulting in the Participant’s inability to perform the duties of his or her position or any substantially similar position where such impairment can be expected to result in death or can be expected to last for a
continuous period of not less than six months. 

  
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 ARTICLE 9. SURVIVOR BENEFITS 

Section 9.1. Death of Participant Prior to the Commencement of Benefits. In the event of a Participant’s death prior to
the commencement of benefits in accordance with Section 7, the Participant’s entire Account balance shall be paid to the Participant’s Beneficiary, as determined under Section 12.3, in a single lump sum as soon as practicable
following the Participant’s death. 
 Section 9.2. Death of Participant After Benefits Have Commenced. In the event a
Participant dies after annual installments from his or her Account have commenced, but before the entire balance of such Account has been paid, the remaining balance shall be paid to the Participant’s Beneficiary, as determined under
Section 12.3, in a single lump sum as soon as practicable following the Participant’s death. 
 ARTICLE 10. EMERGENCY
BENEFIT 
 Section 10.1. In the event that the Administrator, upon written request of a Participant, determines,
in his or her sole discretion, that the Participant has suffered an unforeseeable financial emergency, the Company shall pay to the Participant from his or her Account, as soon as practicable following such determination, an amount necessary to meet
the emergency, after deduction of any and all taxes as may be required pursuant to Section 12.9 (the “Emergency Benefit”), and after taking into account the extent to which such hardship is or may be relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). An unforeseeable financial emergency means a severe financial
hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s beneficiary, or of a Participant’s dependent (as defined in Code Section 152, without regard to
Code Section 152(b)(1), (b)(2), and (d)(1)(B)); loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance); or similar extraordinary and
unforeseeable circumstances arising as a result of events beyond the control of the Participant. Examples of events that may constitute an unforeseeable financial emergency include the imminent foreclosure of or eviction from the Participant’s
primary residence; the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication; and the need to pay for the funeral expenses of the Participant’s spouse, the
Participant’s beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)). Whether a Participant is faced with an unforeseeable financial emergency
will be determined based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of an unforeseeable financial emergency may not be made to the extent that such emergency is or may be relieved:
(i) through reimbursement or compensation by available insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship or
(iii) by cessation of deferrals under the Plan. Emergency Benefits shall be paid first from the Participant’s In-Service Distribution Accounts, if any, in the order in which such Accounts would otherwise be distributed to the Participant.
If the distribution exhausts 

  
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 the In-Service Accounts, the Retirement/Termination Distribution Account may be accessed. With
respect to that portion of any Account which is distributed to a Participant as an Emergency Benefit in accordance with this Section, no further benefit shall be payable to the Participant under this Plan. Notwithstanding anything in this Plan to
the contrary, a Participant who receives an Emergency Benefit in any Plan Year shall not be entitled to make any further Salary or Bonus Deferrals for the remainder of such Plan Year. 

The amount available for distribution of amounts deferred under the Plan on account of an unforeseeable financial emergency shall be limited to
the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution), and shall be
determined in accordance with Code Section 409A and the regulations thereunder. In all events, distributions due to an unforeseeable financial emergency shall be made solely in accordance with the provisions of Code Section 409A and
related official guidance. 
 ARTICLE 11. EARNINGS CREDITING OPTION BASED ON COMPANY STOCK 

Section 11.1. Vice Presidents and Above. Notwithstanding any other provision of the Plan, for Participants who are or become
a Vice President or above, any portion of such a Participant’s Account deemed to be invested in Navient stock may not be changed to another investment option for the entire period of time that the Account is maintained and shall be distributed
in the form of Navient common stock. 
 ARTICLE 12. MISCELLANEOUS 

Section 12.1. Amendment and Termination. The Plan may be amended, suspended, discontinued or terminated at any time by
Navient; provided, however, that no such amendment, suspension, discontinuance or termination shall reduce or in any manner adversely affect the rights of any Participant with respect to benefits that are payable or may become payable under the Plan
based upon the balance of the Participant’s Accounts as of the effective date of such amendment, suspension, discontinuance or termination. Notwithstanding the foregoing, in no event shall any amendment, modification or termination be made in a
manner that is inconsistent with the requirements under Code Section 409A. 
 Section 12.2. Claims Procedure. 

(a) Claim 

A person who believes that he or she is being denied a benefit to which he or she is entitled under the Plan (hereinafter
referred to as a “Claimant”) may file a written request for such benefit with the Plan’s third-party administrator, setting forth the claim. 

(b) Claim Decision 

  
 13 

 Upon receipt of a claim, the Plan’s third-party administrator shall advise
the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The Plan’s third-party administrator may, however, extend the reply period for an additional ninety
(90) days for reasonable cause. 
 If the claim is denied in whole or in part, the Claimant shall be provided a written
opinion, using language calculated to be understood by the Claimant, setting forth: 
  

	 	(1)	The specific reason or reasons for such denial; 

  

	 	(2)	The specific reference to pertinent provisions of this Agreement on which such denial is based; 

  

	 	(3)	A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary; and 

 

	 	(4)	Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review. 

(c) Request for Review 

Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request
in writing that the Administrator review the determination of the Plan’s third-party administrator. The Claimant or his/her duly authorized representative may, but need not, review the pertinent documents and submit issues and comment in
writing for consideration by the Administrator. If the Claimant does not request a review of the initial determination within such sixty (60) day period, the Claimant shall be barred and estopped from challenging the determination. 

(d) Review of Decision 

Within sixty (60) days after the Administrator’s receipt of a request for review, it will review the initial
determination. After considering all materials presented by the Claimant, the Administrator will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for the decision and
containing specific references to the pertinent provisions of this Agreement on which the decision is based. If special circumstances require that the sixty (60) day time period be extended, the Administrator will so notify the Claimant and
will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review. 

Section 12.3. Designation of Beneficiary. Each Participant may designate a Beneficiary or Beneficiaries (which Beneficiary
may be an entity other than a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the consent of any such Beneficiary. Any such
designation, change or cancellation must be made in a form approved by the Administrator and shall not be effective until received by the 

  
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 Administrator, or his or her designee. If no Beneficiary has been named, or the designated
Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary shall be the Participant’s estate. If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid in equal shares,
unless the Participant has specifically designated otherwise. 
 Section 12.4. Limitation of Participant’s Right.
Nothing in this Plan shall be construed as conferring upon any Participant any right to continue in the employment of the Company, nor shall it interfere with the rights of the Company to terminate the employment of any Participant and/or to take
any personnel action affecting any Participant without regard to the effect which such action may have upon such Participant as a recipient or prospective recipient of benefits under the Plan. Any amounts payable hereunder shall not be deemed salary
or other compensation to a Participant for the purposes of computing benefits to which the Participant may be entitled under any other arrangement established by the Company for the benefit of its employees. 

Section 12.5. No Limitation on Company Actions. Nothing contained in the Plan shall be construed to prevent the Company from
taking any action which is deemed by it to be appropriate or in its best interest. No Participant, Beneficiary, or other person shall have any claim against the Company as a result of such action. 

Section 12.6. Obligations to Company. If a Participant becomes entitled to a distribution of benefits under the Plan, and if
at such time the Participant has outstanding any debt, obligation, or other liability representing an amount owing to the Company that arose in the ordinary course of the service relationship between the Company and the Participant, then the Company
may offset, to the extent permitted under Treasury Regulation §1.409A-3(j)(4)(xiii), such amount owed to it against the amount of benefits otherwise distributable, to the extent permissible under State law. Such determination shall be made by
the Administrator. 
 Section 12.7. Nonalienation of Benefits. Except as expressly provided herein, no Participant or
Beneficiary shall have the power or right to transfer (otherwise than by will or the laws of descent and distribution), alienate, or otherwise encumber the Participant’s interest under the Plan, except pursuant to a domestic relations order
that would qualify as a Qualified Domestic Relations Order under section 414(p) of the Code. The Company’s obligations under this Plan may not be assigned or transferred except to (a) any corporation or partnership which acquires all
or substantially all of the Company’s assets or (b) any corporation or partnership into which the Company may be merged or consolidated. The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s
Beneficiaries, heirs, executors, administrators or successors in interest. 
 Section 12.8. Protective Provisions. Each
Participant shall cooperate with the Company by furnishing any and all information requested by the Company in order to facilitate the payment of benefits hereunder, taking such physical examinations (for insurance purposes) as the Company may deem
necessary and taking such other relevant action as may be requested by the Company. If a Participant refuses to cooperate, the Company shall have no further obligation to the Participant under the Plan, other than payment to such Participant of the
then current balance of the Participant’s Accounts in accordance with his or her prior elections. 

  
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 Section 12.9. Withholding Taxes. Subject to the requirements of Code
Section 409A and any guidance issued thereunder, the Company may make such provisions and take such action as it may deem necessary or appropriate for the withholding of any taxes which the Company is required by any law or regulation of any
governmental authority, whether Federal, state or local, to withhold in connection with any benefits under the Plan, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Participant (or his or
her Beneficiary). Each Participant, however. shall be responsible for the payment of all individual tax liabilities relating to any such benefits. 

Section 12.10. Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan of deferred
compensation for Participants. Benefits payable hereunder shall be payable out of the general assets of the Company, and no segregation of any assets whatsoever for such benefits shall be made. Notwithstanding any segregation of assets or transfer
to a grantor trust, with respect to any payments not yet made to a Participant, nothing contained herein shall give any such Participant any rights to assets that are greater than those of a general creditor of the Company. 

Section 12.11. Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue
in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 

Section 12.12. Government Law. The Plan shall be construed in accordance with the laws of the State of Delaware, without
reference to the principles of conflict of laws. 
 Section 12.13. Headings. Headings are inserted in this Plan for
convenience of reference only and are to be ignored in the construction of the provisions of the Plan. 
 Section 12.14.
Gender. Singular or Plural. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may read as
the plural and the plural as the singular. 
 Section 12.15. Notice. Any notice or filing required or permitted to be
given to the Plan or the Administrator under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Human Resources Department, or to such other entity as the Administrator may designate from
time to time. Such notice shall be deemed given as to the date of delivery, or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 

  
 16 

 IN WITNESS WHEREOF, Navient Corporation has caused this Plan to be duly executed in its name and
on its behalf as of the ______ day of December, 2014. 
  

	
	NAVIENT CORPORATION
	
	By:                                     
                                    

  
 17

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