Document:

EX-4.3

 Exhibit 4.3 

 
 NAVIENT CORPORATION 

2014 OMNIBUS INCENTIVE PLAN 

 NAVIENT CORPORATION 

2014 OMNIBUS INCENTIVE PLAN 

Table of Contents 
  

							
	 	  	 	  	Page	 
	1.	  	 Plan
	  	 	1	  
	2.	  	 Objectives
	  	 	1	  
	3.	  	 Definitions
	  	 	1	  
	4.	  	 Eligibility
	  	 	5	  
	5.	  	 Common Stock Available for Awards
	  	 	6	  
	6.	  	 Administration
	  	 	6	  
	7.	  	 Delegation of Authority
	  	 	8	  
	8.	  	 Employee Awards
	  	 	8	  
	9.	  	 Director Awards
	  	 	12	  
	10.	  	 Award Payment; Dividends and Dividend Equivalents
	  	 	12	  
	11.	  	 Option Exercise
	  	 	12	  
	12.	  	 Taxes
	  	 	13	  
	13.	  	 Amendment, Modification, Suspension or Termination
	  	 	13	  
	14.	  	 Assignability
	  	 	13	  
	15.	  	 Adjustments
	  	 	14	  
	16.	  	 Restrictions
	  	 	15	  
	17.	  	 Unfunded Plan
	  	 	15	  
	18.	  	 Code Section 409A
	  	 	15	  
	19.	  	 Awards to Foreign Nationals and Employees Outside the United States
	  	 	16	  
	20.	  	 Governing Law
	  	 	16	  
	21.	  	 Right to Continued Service or Employment
	  	 	16	  
	22.	  	 Usage
	  	 	17	  
	23.	  	 Headings
	  	 	17	  
	24.	  	 Effectiveness
	  	 	17	  

  
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 NAVIENT CORPORATION 

2014 OMNIBUS INCENTIVE PLAN 

1.    Plan 

Navient Corporation, a Delaware corporation (the “Company”), established this Navient Corporation 2014 Omnibus Incentive Plan (this
“Plan”), effective as of April 7, 2014 (the “Effective Date”). This Plan shall continue in effect for a term of 10 years after the Effective Date unless sooner terminated by action of the Board of Directors of the Company.

 2.    Objectives 

This Plan is designed to attract and retain employees of the Company and its Subsidiaries (as defined herein), to attract and retain qualified
non-employee directors of the Company, to encourage the sense of proprietorship of such employees and directors and to stimulate the active interest of such persons in the development and financial success of the Company and its Subsidiaries. These
objectives are to be accomplished by making Awards under this Plan and thereby providing Participants (as defined herein) with a proprietary interest in the growth and performance of the Company and its Subsidiaries. 

3.    Definitions 

As used herein, the terms set forth below shall have the following respective meanings: 

“Authorized Officer” means the Chairman of the Board, the Chief Executive Officer of the Company or the
senior human resources officer of the Company (or any other senior officer of the Company to whom any of such individuals shall delegate the authority to execute any Award Agreement). 

“Award” means the grant of any Option, Stock Appreciation Right, Stock Award, or Cash Award, any of which may
be structured as a Performance Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions, and limitations as the Committee may establish in accordance with the objectives of this Plan.

 “Award Agreement” means the document (in written or electronic form) communicating the terms, conditions
and limitations applicable to an Award. The Committee may, in its discretion, require that the Participant execute such Award Agreement, or may provide for procedures through which Award Agreements are made available but not executed. Any
Participant who is granted an Award and who does not affirmatively reject the applicable Award Agreement shall be deemed to have accepted the terms of Award as embodied in the Award Agreement. 

“Board” means the Board of Directors of the Company. 

“Cash Award” means an Award denominated in cash. 

  
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 “Change in Control” means an occurrence of any of the following
events: (a) an acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any “person or group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) other than an employee benefit plan of the Company, immediately after which such person or group has “Beneficial Ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of
the combined voting power of the Company’s then outstanding Voting Securities; or (b) the consummation of (i) a merger, consolidation or reorganization involving the Company, unless the Company resulting from such merger,
consolidation or reorganization (the “Surviving Company”) shall adopt or assume this Plan and a Participant’s Awards under the Plan and either (A) the stockholders of the Company immediately before such merger, consolidation or
reorganization own, directly or indirectly immediately following such merger, consolidation or reorganization, at least seventy-five percent (75%) of the combined voting power of the Surviving Company in substantially the same proportion as
their ownership immediately before such merger, consolidation or reorganization, or (B) at least a majority of the members of the Board of Directors of the Surviving Company were directors of the Company immediately prior to the execution of
the agreement providing for such merger, consolidation or reorganization, or (ii) a complete liquidation or dissolution of the Company. 

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

“Committee” means the Compensation and Personnel Committee of the Board, and any successor committee thereto or such
other committee of the Board as may be designated by the Board to administer this Plan in whole or in part including any subcommittee of the Board as designated by the Board. 

“Common Stock” means the Common Stock, par value $0.01 per share, of the Company. 

“Company” means Navient Corporation, a Delaware corporation, or any successor thereto. 

“Covered Employee” means any Employee who is or may be a “covered employee,” as defined in Code
Section 162(m). 
 “Director” means an individual serving as a member of the Board who is not an Employee
and an individual who has agreed to become a director of the Company or any of its Subsidiaries and actually becomes such a director following such date of agreement. 

“Director Award” means the grant of any Award (other than an Incentive Stock Option), whether granted singly,
in combination, or in tandem, to a Participant who is a Director pursuant to such applicable terms, conditions, and limitations established by the Board. 

  
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 “Disability” means (1) if the Participant is an Employee, a
disability that entitles the Employee to benefits under the Company’s long-term disability plan, as may be in effect from time to time, as determined by the plan administrator of the long-term disability plan or (2) if the Participant is a
Director, a disability whereby the Director is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months. Notwithstanding the foregoing, if an Award is subject to Code Section 409A, the definition of Disability shall conform to the requirements of Treasury Regulation § 1.409A-3(i)(4)(i). 

“Dividend Equivalents” means, in the case of Restricted Stock Units or Performance Units, an amount equal to
all dividends and other distributions (or the economic equivalent thereof) that are payable to stockholders of record during the Restriction Period or performance period, as applicable, on a like number of shares of Common Stock that are subject to
the Award. 
 “Employee” means (i) an employee of the Company or any of its Subsidiaries, (ii) an
employee or former employee of the former parent of the Company, SLM Corporation, a Delaware corporation (“SLM”), but only with respect to Awards made in connection with the separation of the Company from SLM, and (iii) an individual
who has agreed to become an employee of the Company or any of its Subsidiaries and actually becomes such an employee following such date of agreement. 

“Employee Award” means the grant of any Award, whether granted singly, in combination, or in tandem, to an
Employee pursuant to such applicable terms, conditions, and limitations established by the Committee. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time. 
 “Exercise Price”
means the price at which a Participant may exercise his right to receive cash or Common Stock, as applicable, under the terms of an Award. 

“Fair Market Value” of a share of Common Stock means, as of a particular date, (1) if shares of Common
Stock are listed on a national securities exchange, the closing sales price per share of Common Stock on the consolidated transaction reporting system for the principal national securities exchange on which shares of Common Stock are listed on that
date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, (2) if the Common Stock is not so listed, the average of the closing bid and asked price on that date,
or, if there are no quotations available for such date, on the last preceding date on which such quotations shall be available, as reported by an inter-dealer quotation system, (3) if shares of Common Stock are not publicly traded, the most
recent value determined by an independent appraiser appointed by the Committee for such purpose, or (4) if none of the above are applicable, the fair market value of a share of Common Stock as determined in good faith by the Committee. 

  
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 “Grant Date” means the date an Award is granted to a Participant
pursuant to this Plan. 
 “Incentive Stock Option” means an Option that is intended to comply with the
requirements set forth in Code Section 422. 
 “Nonqualified Stock Option” means an Option that is not intended to
comply with the requirements set forth in Code Section 422. 
 “Option” means a right to purchase a
specified number of shares of Common Stock at a specified Exercise Price, which is either an Incentive Stock Option or a Nonqualified Stock Option. 

“Participant” means an Employee or Director to whom an Award has been made under this Plan. 

“Performance Award” means an Award made pursuant to this Plan to a Participant which is subject to the
attainment of one or more Performance Goals. 
 “Performance Goal” means one or more standards established
by the Committee to determine in whole or in part whether a Performance Award shall be earned. 
 “Performance
Unit” means a unit evidencing the right to receive in specified circumstances an amount of cash or one share of Common Stock or equivalent value in cash, the value of which at the time it is settled is determined as a function of the extent
to which established performance criteria have been satisfied. 
 “Performance Unit Award” means an Award
in the form of Performance Units. 
 “Qualified Performance Awards” has the meaning set forth in Paragraph
8(a)(vii)(B). 
 “Restricted Stock” means a share of Common Stock that is restricted or subject to
forfeiture provisions. 
 “Restricted Stock Award” means an Award in the form of Restricted Stock. 

“Restricted Stock Unit” means a unit evidencing the right to receive in specified circumstances one share of
Common Stock or equivalent value in cash that is restricted or subject to forfeiture provisions. 
 “Restricted
Stock Unit Award” means an Award in the form of Restricted Stock Units. 

  
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 “Restriction Period” means a period of time beginning as of the
date upon which a Restricted Stock Award or Restricted Stock Unit Award is made pursuant to this Plan and ending as of the date upon which such Award is no longer restricted or subject to forfeiture provisions. 

“Stock Appreciation Right” or “SAR” means a right to receive a payment, in cash or Common Stock,
equal to the excess of the Fair Market Value of a specified number of shares of Common Stock on the date the right is exercised over a specified Exercise Price. 

“Stock Award” means an Award in the form of shares of Common Stock, including a Restricted Stock Award, and a
Restricted Stock Unit Award or Performance Unit Award that may be settled in shares of Common Stock, and excluding Options and SARs. 

“Stock-Based Award Limitations” has the meaning set forth in Paragraph 5. 

“Subsidiary” means (1) in the case of a corporation, any corporation of which the Company directly or
indirectly owns shares representing 50% or more of the combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote generally on matters submitted to a vote of the stockholders of
such corporation, and (2) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly owns 50% or more of the voting, capital or profits interests
(whether in the form of partnership interests, membership interests or otherwise). 
 4.    Eligibility

 (a) Employees. All Employees are eligible for Employee Awards under this Plan, provided, however, that if the
Committee makes an Employee Award to an individual whom it expects to become an Employee following the Grant Date of such Award, such Award shall be subject to (among other terms and conditions) the individual actually becoming an Employee. 

(b) Directors. All Directors are eligible for Director Awards under this Plan, provided, however, that if the Board
makes a Director Award to an individual whom it expects to become a Director following the Grant Date of such Award, such Award shall be subject to (among other terms and conditions) the individual actually becoming a Director. 

The Committee (or the Board, in the case of Director Awards) shall determine the type or types of Awards to be made under this Plan and shall
designate from time to time the Employees or Directors who are to be granted Awards under this Plan. 

  
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 5.    Common Stock Available for Awards 

Subject to the provisions of Paragraph 15 hereof, there shall be available for Awards under this Plan granted wholly or partly in Common
Stock (including rights or Options that may be exercised for or settled in Common Stock) an aggregate of 45,000,000 shares of Common Stock (the “Maximum Share Limit”), all of which shall be available for Incentive Stock Options. Each Stock
Award granted under this Plan shall be counted against the Maximum Share Limit as one share of Common Stock; each Option and SAR shall be counted against the Maximum Share Limit as one share of Common Stock. 

Awards settled in cash shall not reduce the Maximum Share Limit under the Plan. If an Award expires or is terminated, cancelled or
forfeited, the shares of Common Stock associated with the expired, terminated, cancelled or forfeited Awards shall again be available for Awards under the Plan, and the Maximum Share Limit shall be increased by the same amount as such shares were
counted against the Maximum Share Limit (i.e., increased by one share of Common Stock, if a Stock Award, and one share of Common Stock, if an Option or SAR). The following shares of Common Stock shall not become available again for issuance
under the Plan: 
 (a) Shares of Common Stock that have been retained or withheld by the Company in payment or
satisfaction of the Exercise Price, purchase price or tax withholding obligation of an Award; and 
 (b) Shares of Common
Stock that have been delivered (either actually or by attestation) to the Company in payment or satisfaction of the Exercise Price, purchase price or tax withholding obligation of an Award. 

The Board and the appropriate officers of the Company shall from time to time take whatever actions are necessary to file any required
documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that shares of Common Stock are available for issuance pursuant to Awards. 

Notwithstanding anything to the contrary contained in this Plan, the following limitations shall apply to any Awards made hereunder: 

(a) No Employee may be granted during any calendar year Awards exercisable, covering or relating to more than 1,250,000 shares
of Common Stock (the “Stock-Based Award Limitation”); and 
 (b) No Employee may be granted during any calendar
year (1) Cash Awards or (2) Restricted Stock Unit Awards or Performance Unit Awards that may be settled solely in cash, having a value determined on the Grant Date in excess of $5,000,000. 

6.    Administration 

(a) Authority of the Committee. Except as otherwise provided in this Plan with respect to actions or determinations by
the Board, this Plan shall be administered by the Committee; provided, however, that (i) any and all members of the Committee shall satisfy any independence requirements prescribed by any stock exchange on which the

  
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Company lists its Common Stock; (ii) Awards may be granted to individuals who are subject to Section 16(b) of the Exchange Act only if the Committee is comprised solely of two or more
“Non-Employee Directors” as defined in Securities and Exchange Commission Rule 16b-3 (as amended from time to time, and any successor rule, regulation or statute fulfilling the same or similar function); and (iii) any Award intended
to qualify for the “performance-based compensation” exception under Code Section 162(m) shall be granted only if the Committee is comprised solely of two or more “outside directors” within the meaning of Code
Section 162(m) and regulations pursuant thereto. Subject to the provisions hereof, the Committee shall have full and exclusive power and authority to administer this Plan and to take all actions that are specifically contemplated hereby or are
necessary or appropriate in connection with the administration hereof. The Committee shall also have full and exclusive power to interpret this Plan and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem
necessary or proper, all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of this Plan. Subject to Paragraph 6(c) hereof, the Committee may, in its discretion, (x) provide for the
extension of the exercisability of an Award, or (y) in the event of death, Disability, retirement or Change in Control, accelerate the vesting or exercisability of an Award, eliminate or make less restrictive any restrictions contained in an
Award, waive any restriction or other provision of this Plan or an Award or otherwise amend or modify an Award in any manner that is, in either case, (1) not adverse to the Participant to whom such Award was granted, (2) consented to by
such Participant or (3) authorized by Paragraph 15(c) hereof; provided, however, that no such action shall permit the term of any Option to be greater than 10 years from its Grant Date. The Committee may correct any defect or supply any
omission or reconcile any inconsistency in this Plan or in any Award Agreement in the manner and to the extent the Committee deems necessary or desirable to further this Plan’s purposes. Any decision of the Committee in the interpretation and
administration of this Plan shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. The Board shall have the same powers as the Committee with respect to Director Awards. 

(b) Indemnity. No member of the Board or the Committee or officer of the Company to whom the Committee has delegated
authority in accordance with the provisions of Paragraph 7 of this Plan shall be liable for anything done or omitted to be done by him, by any member of the Board or the Committee or by any officer of the Company in connection with the
performance of any duties under this Plan, except for his own willful misconduct or as expressly provided by statute. 
 (c)
Prohibition on Repricing of Awards. Subject to the provisions of Paragraph 15 hereof, the terms of outstanding Award Agreements may not be amended without the approval of the Company’s stockholders so as to (i) reduce the
Exercise Price of any outstanding Options or SARs or (ii) cancel any outstanding Options or SARs in exchange for cash or other Awards, or Options or SARs with an Exercise Price that is less than the Exercise Price of the original Options or
SARs. 

  
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 7.    Delegation of Authority 

The Committee may delegate any of its authority to grant Awards to Employees who are not subject to Section 16(b) of the Exchange Act,
subject to Paragraph 6(a) above, to the Board or to any other committee of the Board, provided such delegation is made in writing and specifically sets forth such delegated authority. The Committee may also delegate to an Authorized Officer
authority to execute on behalf of the Company any Award Agreement. The Committee and the Board, as applicable, may engage or authorize the engagement of a third party administrator to carry out administrative functions under this Plan. Any such
delegation hereunder shall only be made to the extent permitted by applicable law. 
 8.    Employee
Awards 
 (a) The Committee shall determine the type or types of Employee Awards to be made under this Plan and
shall designate from time to time the Employees who are to be the recipients of such Awards. Each Award shall be embodied in an Award Agreement, which shall contain such terms, conditions and limitations as shall be determined by the Committee, in
its sole discretion, and, if required by the Committee, shall be signed by the Participant to whom the Award is granted and by an Authorized Officer for and on behalf of the Company. Awards may consist of those listed in this Paragraph 8(a)
hereof and may be granted singly, in combination or in tandem. Awards may also be made in combination or in tandem with, in replacement of, or as alternatives to, grants or rights under this Plan or any other plan of the Company or any of its
Subsidiaries, including the plan of any acquired entity; provided, however, that, except as contemplated in Paragraph 15 hereof, no Option or SAR may be issued in exchange for the cancellation of an Option or SAR with a higher Exercise Price nor may
the Exercise Price of any Option or SAR be reduced. All or part of an Award may be subject to conditions established by the Committee. Upon the termination of employment by a Participant who is an Employee, any unexercised, unvested or unpaid Awards
shall be treated as set forth in the applicable Award Agreement or in any other written agreement the Company has entered into with the Participant. 

(i) Options. An Employee Award may be in the form of an Option. An Option awarded pursuant to this Plan may consist of
either an Incentive Stock Option or a Nonqualified Stock Option. The price at which shares of Common Stock may be purchased upon the exercise of an Option shall be not less than the Fair Market Value of the Common Stock on the Grant Date. The term
of an Option shall not exceed 10 years from the Grant Date. Options may not include provisions that “reload” the Option upon exercise. Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Option,
including, but not limited to, the term of any Option and the date or dates upon which the Option becomes vested and exercisable, shall be determined by the Committee. 

(ii) Stock Appreciation Rights. An Employee Award may be in the form of an SAR. The Exercise Price for an SAR shall not
be less than the Fair Market Value of the Common Stock on the Grant Date. The holder of a tandem 

  
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SAR may elect to exercise either the Option or the SAR, but not both. The exercise period for an SAR shall extend no more than 10 years after the Grant Date. SARs may not include provisions that
“reload” the SAR upon exercise. Subject to the foregoing provisions, the terms, conditions, and limitations applicable to any SAR, including, but not limited to, the term of any SAR and the date or dates upon which the SAR becomes vested
and exercisable, shall be determined by the Committee. 
 (iii) Stock Awards. An Employee Award may be in the form of
a Stock Award. The terms, conditions and limitations applicable to any Stock Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee, and subject to the minimum Restriction Period and performance
period requirements and any other applicable requirements described in this Paragraph 8(a) hereof. 
 (iv) Restricted
Stock Unit Awards. An Employee Award may be in the form of a Restricted Stock Unit Award. The terms, conditions and limitations applicable to a Restricted Stock Unit Award, including, but not limited to, the Restriction Period and the right to
receive Dividend Equivalents, if any, shall be determined by the Committee. Subject to the terms of this Plan, the Committee, in its sole discretion, may settle Restricted Stock Units in the form of cash or in shares of Common Stock (or in a
combination thereof) equal to the value of the vested Restricted Stock Units. 
 (v) Performance Unit Awards. An
Employee Award may be in the form of a Performance Unit Award. Each Performance Unit shall have an initial value that is established by the Committee on the Grant Date. Subject to the terms of this Plan, after the applicable performance period has
ended, the Participant shall be entitled to receive settlement of the value and number of Performance Units earned by the Participant over the performance period, to be determined as a function of the extent to which the corresponding performance
goals have been achieved. Settlement of earned Performance Units shall be as determined by the Committee and as evidenced in an Award Agreement. Subject to the terms of this Plan, the Committee, in its sole discretion, may settle earned Performance
Units in the form of cash or in shares of Common Stock (or in a combination thereof) equal to the value of the earned Performance Units as soon as practicable after the end of the performance period and following the Committee’s determination
of actual performance against the performance measures and related goals established by the Committee. The terms, conditions and limitations applicable to a Performance Unit Award, including, but not limited to, the Restriction Period and the right
to Dividend Equivalents, if any, shall be determined by the Committee. 
 (vi) Cash Awards. An Employee Award may be
in the form of a Cash Award. The terms, conditions and limitations applicable to a Cash Award, including, but not limited to, vesting or other restrictions, shall be determined by the Committee. 

  
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 (b) Performance Awards. Without limiting the type or number of Awards that
may be made under the other provisions of this Plan, any Employee Award granted under this Plan may be structured as a Performance Award. The terms, conditions and limitations applicable to an Award that is a Performance Award shall be determined by
the Committee. The Committee shall set Performance Goals in its discretion which, depending on the extent to which they are met, will determine the value and/or amount of Performance Awards that will be paid out to the Participant and/or the portion
of an Award that may be exercised. 
 (i) Nonqualified Performance Awards. Performance Awards granted to Employees
that are not intended to qualify as qualified performance-based compensation under Code Section 162(m) shall be based on achievement of such Performance Goals and be subject to such terms, conditions and restrictions as the Committee or its
delegate shall determine. 
 (ii) Qualified Performance Awards. Performance Awards granted to Employees under this
Plan that are intended to qualify as qualified performance-based compensation under Code Section 162(m) shall be paid, vested or otherwise deliverable solely on account of the attainment of one or more pre-established, objective Performance
Goals established by the Committee prior to the earlier to occur of (1) 90 days after the commencement of the period of service to which the Performance Goal relates and (2) the lapse of 25% of the period of service (as scheduled in good
faith at the time the goal is established), and in any event while the outcome is substantially uncertain. A Performance Goal is objective if a third party having knowledge of the relevant facts could determine whether the goal is met. One or more
of such goals may apply to the Employee, one or more business units, divisions or sectors of the Company, or the Company as a whole, and if so desired by the Committee, by comparison with a peer group of companies. A Performance Goal shall include
one or more of the following: (a) cash flow (including operating cash flow, free cash flow, cash flow return on capital, or cash flow per share), (b) core cash earnings per share (including earnings before interest, taxes, depreciation and
amortization), (c) return measures (including return on assets, capital, equity, or sales), (d) total stockholder return, (e) productivity ratios, (f) expense targets or ratios, (g) revenue, (h) core cash income or net
income, (i) core cash operating income or net operating income, (j) operating profit or net operating profit, (k) gross or operating margin, (l) return on operating revenue, (m) market share, (n) loan volume,
(o) overhead or other expense reduction, (p) charge-off levels, (q) deposit growth, (r) margins, (s) operating efficiency, (t) economic value added, (u) customer or employee satisfaction, (v) debt reduction,
(w) capital targets, (x) consummation of acquisitions, dispositions, projects or other specific events or transactions, (y) liquidity, (z) capital adequacy, (aa) ratio of nonperforming to performing assets,

  
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(bb) ratio of common equity to total assets, or (cc) regulatory compliance metrics. 

Unless otherwise stated, such a Performance Goal need not be based upon an increase or positive result under a particular business criterion
and could include, for example, maintaining the status quo or limiting economic losses (measured, in each case, by reference to specific business criteria). In interpreting Plan provisions applicable to Qualified Performance Awards, it is the intent
of this Plan to conform with the standards of Code Section 162(m) and Treasury Regulation § 1.162-27(e)(2)(i), as to grants to Covered Employees and the Committee in establishing such goals and interpreting this Plan shall be guided by
such provisions. Prior to the payment of any compensation based on the achievement of Performance Goals applicable to Qualified Performance Awards, the Committee must certify in writing that applicable Performance Goals and any of the material terms
thereof were, in fact, satisfied. For this purpose, approved minutes of the Committee meeting in which the certification is made shall be treated as such written certification. Subject to the foregoing provisions, the terms, conditions and
limitations applicable to any Qualified Performance Awards made pursuant to this Plan shall be determined by the Committee. The Committee may provide in any such Performance Award that any evaluation of performance may include or exclude certain
events that occur during a Performance Period including but not limited to: (i) amortization, depreciation or impairment of tangible or intangible assets, (ii) litigation or claim judgments or settlements, (iii) the effect of changes
in tax law, accounting principles or other laws or provisions affecting reported results, (iv) accruals for reorganization and restructuring programs or reductions in force or early retirement programs, (v) any extraordinary non-recurring
items that may be defined in an objective and non-discretionary manner under or by reference to U.S. Generally Accepted Accounting Principles, accounting standards or other applicable accounting standards in effect from time to time and/or in
management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year, (vi) the sale of investments or non-core assets;
(vii) discontinued operations, categories or segments; (viii) investments, acquisitions or dispositions; (ix) political, legal and other business interruptions (such as due to war, insurrection, riot, terrorism, confiscation,
expropriation, nationalization, deprivation, seizure, and regulatory requirements); (x) natural catastrophes; (xi) currency fluctuations; (xii) stock based compensation expense; (xiii) early retirement of debt;
(xiv) conversion of convertible debt securities; and (xv) termination of real estate leases. 
 (iii)
Adjustment of Performance Awards. Awards that are intended to qualify as Performance Awards may not be adjusted upward. 

  
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The Committee may retain the discretion to adjust such Performance Awards downward, either on a formula or discretionary basis or any combination, as the Committee determines. 

9.    Director Awards 

The Board has the sole authority to grant Director Awards from time to time in accordance with this Paragraph 9. Director Awards may consist
of the forms of Award described in Paragraph 8, with the exception of Incentive Stock Options, may be granted singly, in combination, or in tandem and shall be granted subject to such terms and conditions as specified in Paragraph 8. Each Director
Award may, in the discretion of the Board, be embodied in an Award Agreement, which shall contain such terms, conditions, and limitations as shall be determined by the Board, in its sole discretion. 

10.    Award Payment; Dividends and Dividend Equivalents 

(a) General. Payment of Awards may be made in the form of cash or Common Stock, or a combination thereof, and may
include such restrictions as the Committee (or the Board, in the case of Director Awards) shall determine, including, but not limited to, in the case of Common Stock, restrictions on transfer and forfeiture provisions. For a Restricted Stock Award,
the certificates evidencing the shares of such Restricted Stock (to the extent that such shares are so evidenced) shall contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto. For a
Restricted Stock Unit Award that may be settled in shares of Common Stock, the shares of Common Stock that may be issued at the end of the Restriction Period shall be evidenced by book entry registration or in such other manner as the Committee may
determine. 
 (b) Dividends and Dividend Equivalents. Dividends and/or Dividend Equivalents shall not be made part of
any Options or SARs. Rights to (1) dividends will be extended to and made part of any Restricted Stock Award and (2) Dividend Equivalents may be extended to and made part of any Restricted Stock Unit Award and Performance Unit Award,
subject in each case to such terms, conditions and restrictions as the Committee may establish; provided, however, that any such dividends or Dividend Equivalents paid with respect to unvested Stock Awards, including Stock Awards subject to
Performance Goals shall be subject to the same restrictions and/or Performance Goals as applicable, as the underlying Stock Award. 

11.    Option Exercise 

The Exercise Price shall be paid in full at the time of exercise in cash or, if permitted by the Committee and elected by the Participant, the
Participant may purchase such shares by means of the Company withholding shares of Common Stock otherwise deliverable on exercise of the Award or tendering Common Stock valued at Fair Market Value on the date of exercise, or any combination thereof.
The Committee, in its sole discretion, shall determine acceptable methods for Participants to tender Common Stock or other Awards. The Committee may provide for procedures to permit the exercise or purchase of such Awards by use of the proceeds to
be 

  
 12 

 
received from the sale of Common Stock issuable pursuant to an Award (including cashless exercise procedures approved by the Committee involving a broker or dealer approved by the Committee). The
Committee may adopt additional rules and procedures regarding the exercise of Options from time to time, provided that such rules and procedures are not inconsistent with the provisions of this Paragraph 11. 

12.    Taxes 

The Company shall have the right to deduct applicable taxes from any Award payment and withhold, at the time of delivery or vesting of
cash or shares of Common Stock under this Plan, an appropriate amount of cash or number of shares of Common Stock or a combination thereof for payment of required withholding taxes or to take such other action as may be necessary in the opinion of
the Company to satisfy all obligations for withholding of such taxes; provided, however, that the number of shares of Common Stock withheld for payment of required withholding taxes must equal no more than the required minimum withholding
taxes. The Committee may also permit withholding to be satisfied by the transfer to the Company of shares of Common Stock theretofore owned by the holder of the Award with respect to which withholding is required. If shares of Common Stock are used
to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding is required to be made. 

13.    Amendment, Modification, Suspension or Termination 

The Board may amend, modify, suspend or terminate this Plan (and the Committee may amend an Award Agreement) for the purpose of meeting or
addressing any changes in legal requirements or for any other purpose permitted by law, except that (1) no amendment or alteration that would adversely affect the rights of any Participant under any Award previously granted to such Participant
shall be made without the consent of such Participant and (2) no amendment or alteration shall be effective prior to its approval by the stockholders of the Company to the extent stockholder approval is otherwise required by applicable legal
requirements or the requirements of the securities exchange on which the Company’s stock is listed, including any amendment that expands the types of Awards available under this Plan, materially increases the number of shares of Common Stock
available for Awards under this Plan, materially expands the classes of persons eligible for Awards under this Plan, materially extends the term of this Plan, materially changes the method of determining the Exercise Price of Options, deletes or
limits any provisions of this Plan that prohibit the repricing of Options or SARs, or decreases any minimum vesting requirements for any Stock Award. 

14.    Assignability 

Unless otherwise determined by the Committee (or the Board in the case of Director Awards) and expressly provided for in an Award Agreement,
no Award or any other benefit under this Plan shall be assignable or otherwise transferable except (1) by will or the laws of descent and distribution or (2) pursuant to a domestic relations order issued by a court of competent
jurisdiction that is not contrary to the terms and conditions of this Plan or applicable Award and in a form acceptable to the Committee. The Committee may prescribe and include in applicable Award Agreements other restrictions on transfer. Any
attempted assignment of an 

  
 13 

 
Award or any other benefit under this Plan in violation of this Paragraph 14 shall be null and void. Notwithstanding the foregoing, no Award may be transferred for value or consideration. 

15.    Adjustments 

(a) The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its stockholders
to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior
preference stock (whether or not such issue is prior to, on a parity with or junior to the Common Stock) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate
act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above. 

(b) In the event of any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend payable
in shares of Common Stock or other stock split, then (1) the number of shares of Common Stock reserved under this Plan, (2) the number of shares of Common Stock covered by outstanding Awards in the form of Common Stock or units denominated
in Common Stock, (3) the Exercise Price or other price in respect of such Awards, (4) the Stock-Based Award Limitations, and (5) the appropriate Fair Market Value and other price determinations for such Awards shall each be
proportionately adjusted by the Committee as appropriate to reflect such transaction. In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity,
the adoption by the Company of any plan of exchange affecting the Common Stock or any distribution to holders of Common Stock of securities or property (other than normal cash dividends or dividends payable in Common Stock), the Committee shall make
appropriate adjustments to (i) the number and kind of shares of Common Stock covered by Awards in the form of Common Stock or units denominated in Common Stock, (ii) the Exercise Price or other price in respect of such Awards,
(iii) the appropriate Fair Market Value and other price determinations for such Awards, and (iv) the Stock-Based Award Limitations to reflect such transaction; provided that such adjustments shall only be such as are necessary to maintain
the proportionate interest of the holders of the Awards and preserve, without increasing, the value of such Awards. 
 (c)
In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee may make such adjustments to Awards or other provisions for the disposition of Awards as it deems
equitable, and shall be authorized, in its discretion, (1) to provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the
assumption of the Award, regardless of whether in a transaction to which Code Section 424(a) applies, (2) to provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with
respect to, the Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction, or (3) to cancel any such Awards and to

  
 14 

 
deliver to the Participants cash in an amount that the Committee shall determine in its sole discretion is equal to the fair market value of such Awards on the date of such event, which in the
case of Options or Stock Appreciation Rights shall be the excess of the Fair Market Value of Common Stock on such date over the Exercise Price of such Award. 

(d) No adjustment or substitution pursuant to this Paragraph 15 shall be made in a manner that results in noncompliance with
the requirements of Code Section 409A, to the extent applicable. 
 16.    Restrictions 

No Common Stock or other form of payment shall be issued with respect to any Award unless the Company shall be satisfied based on the advice
of its counsel that such issuance will be in compliance with applicable federal and state securities laws. Certificates evidencing shares of Common Stock delivered under this Plan (to the extent that such shares are so evidenced) may be subject to
such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or transaction reporting system upon which
the Common Stock is then listed or to which it is admitted for quotation and any applicable federal or state securities law. The Committee may cause a legend or legends to be placed upon such certificates (if any) to make appropriate reference to
such restrictions. 
 17.    Unfunded Plan 

This Plan is unfunded. Although bookkeeping accounts may be established with respect to Participants who are entitled to cash, Common Stock or
rights thereto under this Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that may at any time be represented by cash, Common Stock or rights thereto, nor shall
this Plan be construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee of any cash, Common Stock or rights thereto to be granted under this Plan. Any liability or obligation of the
Company to any Participant with respect to an Award of cash, Common Stock or rights thereto under this Plan shall be based solely upon any contractual obligations that may be created by this Plan and any Award Agreement, and no such liability or
obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company. None of the Company, the Board or the Committee shall be required to give any security or bond for the performance of any
obligation that may be created by this Plan. With respect to this Plan and any Awards granted hereunder, Participants are general and unsecured creditors of the Company and have no rights or claims except as otherwise provided in this Plan or any
applicable Award Agreement. 
 18.    Code Section 409A 

(a) Awards made under this Plan are intended to comply with or be exempt from Code Section 409A, and ambiguous provisions
hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for an Award if such action would result in the 

  
 15 

 
imposition of taxes under Code Section 409A. Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under this Plan would result in the imposition of an
additional tax under Code Section 409A, that Plan provision or Award shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect
the Participant’s rights to an Award. 
 (b) Unless the Committee provides otherwise in an Award Agreement, each
Restricted Stock Unit Award, Performance Unit Award or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar year in which the
Award (or such portion thereof) is no longer subject to a “substantial risk of forfeiture” within the meaning of Code Section 409A. If the Committee determines that a Restricted Stock Unit Award, Performance Unit Award or Cash Award
is intended to be subject to Code Section 409A, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Code Section 409A. 

(c) If the Participant is identified by the Company as a “specified employee” within the meaning of Code
Section 409A(a)(2)(B)(i) on the date on which the Participant has a “separation from service” (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any Award payable or settled on account of a
separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Participant’s separation from
service, (2) the date of the Participant’s death, or (3) such earlier date as complies with the requirements of Code Section 409A. 

19.    Awards to Foreign Nationals and Employees Outside the United States 

The Committee may, without amending this Plan, (1) establish special rules applicable to Awards granted to Participants who are foreign
nationals, are employed or otherwise providing services outside the United States, or both, including rules that differ from those set forth in this Plan, and (2) grant Awards to such Participants in accordance with those rules. 

20.    Governing Law 

This Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by mandatory provisions of the
Code or the securities laws of the United States, shall be governed by and construed in accordance with the laws of the State of Delaware. 

21.    Right to Continued Service or Employment 

Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or any of its Subsidiaries to
terminate any Participant’s employment or other service relationship with the Company or its Subsidiaries at any time, nor confer upon any Participant any right to continue in the capacity in which he is employed or otherwise serves the Company
or its Subsidiaries. 

  
 16 

 22.    Usage 

Words used in this Plan in the singular shall include the plural and in the plural the singular, and the gender of words used shall be
construed to include whichever may be appropriate under any particular circumstances of the masculine, feminine or neuter genders. 

23.    Headings 

The headings in this Plan are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Plan. 

24.    Effectiveness 

This Plan, as approved by the Board on April 7, 2014, shall be effective as of the Effective Date. This Plan shall continue in effect for
a term of 10 years commencing on the Effective Date, unless earlier terminated by action of the Board. 
 The stockholder of the Company approved this Plan
on April 8, 2014. 
 IN WITNESS WHEREOF, Navient Corporation has caused this Plan to be executed by its duly authorized officer,
effective as provided herein. 
  

			
	NAVIENT CORPORATION
		
	By:	 	 
		
	Title:	 	 
		
	Date:	 	 

  
 17EX-4.3

 Exhibit 4.3 

NAVIENT CORPORATION 
 EMPLOYEE
STOCK PURCHASE PLAN 
  

	1.	PURPOSE 

 The purpose of the Navient Corporation Employee Stock Purchase Plan (the
“Plan”) is to motivate employees of Navient Corporation (the “Corporation”) and subsidiaries owned more than 50% by the Corporation or which the Corporation controls (collectively the “Employers”) to achieve corporate
goals and to encourage equity ownership in the Corporation in order to increase proprietary interest in the Corporation’s success. 
  

	2.	ADMINISTRATION 

  

	 	a)	The Plan shall be administered by the Compensation and Personnel Committee of the Corporation’s Board of Directors or a duly-authorized delegate (the “Committee”). In addition to its duties with respect
to the Plan, the Committee shall have full authority, consistent with the Plan, to interpret the Plan, to promulgate such rules and regulations with respect to the Plan as it deems desirable, to delegate its responsibilities hereunder to appropriate
persons and to make all other determinations necessary or desirable for the administration of the Plan. All decisions, determinations and interpretations of the Committee shall be binding upon all persons. 

 

	 	b)	The rights to purchase stock (“Options”) that are granted under this Plan shall constitute non-qualified stock options that are not intended to qualify under Section 423 of the Internal Revenue Code of
1986, as amended from time to time (the “Code”). However, the Plan is intended to be exempt from or compliant with Section 409A of the Code and will be interpreted in a manner intended to maintain such exemption or comply with
Section 409A of the Code. 

  

	3.	SHARES SUBJECT TO THE PLAN 

 The stock that may be purchased under the Plan is common
stock, $.01 par value, of the Corporation. The aggregate number of shares that may be purchased as of May 1, 2014, is one million (1,000,000) which is subject to adjustment pursuant to Paragraph 4. Such shares may be previously-issued
stock reacquired by the Corporation, authorized, but unissued stock, or stock that is purchased on the open market by the Corporation. 
 If
at any time the number of shares to be purchased in an Offering Period, as defined in Paragraph 5(c), causes the total number of shares offered under the Plan to exceed the above stated limit, then the number of shares that may be purchased by each
Participant in that Offering Period shall be reduced pro rata. 

  
 1 

	4.	ADJUSTMENTS FOR CHANGES IN CAPITALIZATION 

 If any change is made in, or other events
occur with respect to, the Corporation’s stock subject to the Plan or subject to any Option granted under this Plan without receipt of consideration by the Corporation (through merger, consolidation, reorganization, recapitalization,
reincorporation, stock dividend, dividend in property other than cash, extraordinary cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the
receipt of consideration by the Corporation, each an “Adjustment Event”), the Plan shall be adjusted in the class(es) and maximum number of securities subject to the Plan pursuant to Section 3 and the outstanding Options granted under
this Plan shall be maintained in the same equivalent economic position with respect to the class(es) and number of securities and price per share of Corporation stock subject to such outstanding Options. The Committee shall be responsible for
determining whether an Adjustment Event has occurred for purposes of this Section 4. If an Adjustment Event has occurred, the Committee shall make such adjustments as described herein, and its determination shall be final, binding and
conclusive. No fractional interests shall be issued under the Plan based on such adjustments. The Committee shall not make any adjustment pursuant to this Section 4 that would cause an Option that is otherwise exempt from Section 409A of
the Code to become subject to Section 409A of the Code, or that would cause an Option that is subject to Section 409A of the Code to fail to satisfy the requirements of Section 409A of the Code. 

 

	5.	DEFINITIONS 

  

	 	a)	Eligible Compensation. The term “Eligible Compensation” shall mean the regular salary and hourly wages (calculated at the regular hourly rate, including payments for sick leave, vacation, paid time-off,
holidays, jury duty, bereavement and other paid leaves of absence). In addition commissions paid by an Employer to a Participant during the Offering Period are considered “Eligible Compensation.” “Eligible Compensation” shall not
include other forms of compensation such as Short-term Disability payments, severance payments, incentive compensation, and overtime pay. 

  

	 	b)	Entry Date. The term “Entry Date” shall mean the first day of each Plan Year, except that for eligible employees hired after the first day of any Plan Year and on or prior to December 1st, the initial
“Entry Date” shall mean the first day of the month following their commencement of employment with the Corporation or an Employer. 

  

	 	c)	Offering Period. The term “Offering Period” shall mean the 12-month period beginning with the first day of each Plan Year, except that for eligible employees hired after the first day of any Plan Year and on
or prior to January 1st, the initial “Offering Period” shall mean the period beginning with the first day of the month in which benefits are otherwise effective following their commencement of employment with the Corporation or an
Employer and ending on the immediately following July 31st. 

  
 2 

	 	d)	Plan Year. The Plan will follow a twelve month cycle starting each August 1st and ending the next July 31st. 

  

	 	e)	Purchase Date. The term “Purchase Date” shall mean the last day of an Offering Period, except if the NASDAQ Stock Market is closed on the last day of an Offering Period, the Purchase Date shall mean the
immediately preceding trading day on the NASDAQ Stock Market. 

  

	 	f)	Participant. The term “Participant” shall mean an eligible employee who elects to participate in the Plan pursuant to Paragraph 9. 

 

	6.	ELIGIBILITY 

 All regular full-time and part-time employees working 24 or more hours per
week of an Employer shall be eligible to participate in the Plan on their Entry Date; provided, however, that such eligible employees complete the enrollment procedures established by the Committee prior to the enrollment deadline for such Entry
Date. Notwithstanding the prior sentence, the following individuals shall not be eligible to participate in the Plan: 
  

	 	a)	any individual whose services are performed for the Employer pursuant to a contract between the Employer and another entity, and whom the Employer treats as a leased employee; 

 

	 	b)	any individual that the Employer treats as an independent contractor; 

  

	 	c)	temporary employees; 

  

	 	d)	members of the Boards of Directors of the Corporation and of the Employers, unless otherwise eligible as described above; and 

  

	 	e)	international employees. 

  

	7.	PURCHASE PRICE 

 The Purchase Price per share shall be equal to the fair market value of
a share of common stock on the first business day of the Plan Year on which the NASDAQ Stock Market is open, less 15 percent of such fair market value. Unless otherwise determined by the Board of Directors of the Corporation or the Committee, the
fair market value of a share of common stock on a particular date shall be deemed to be the closing price of a share of common stock as recorded by the NASDAQ Stock Market on such date or, if no closing price has been recorded on such date, on the
day immediately following the day on which such a closing price was recorded. 

  
 3 

	8.	OPTION TO PURCHASE STOCK 

 Prior to each Entry Date, the Corporation will offer eligible
employees the opportunity to elect to participate in the Plan. Each eligible employee who elects to participate will receive an Option to purchase on the Purchase Date the number of full and/or fractional shares of common stock at the Purchase
Price. 
  

	9.	ENROLLING IN THE PLAN 

 An eligible employee may elect to participate in the Plan by
completing the enrollment procedures established by the Committee before the enrollment deadline announced for each Entry Date. 
 A
Participant shall elect a percentage to be deducted regularly from his or her Eligible Compensation on an after-tax basis provided that the Participant must elect an initial payroll deduction of no less than one percent (1%) and no more than
twenty-five percent (25%) of his or her Eligible Compensation, not to exceed $7,500 per Offering Period. Only whole percentages may be elected. 

A Participant may elect to change his or her payroll deduction percentage on a biweekly basis, as limited by Paragraph 12. 

Unless a Participant changes his or her payroll deduction percentage or ceases participation in the Plan in accordance with Paragraphs 12 and
13, a Participant’s payroll deductions, as limited by Paragraph 10, and his or her initial enrollment elections will continue until the end of the Offering Period. A Participant must complete the enrollment procedures established by the
Committee each Offering Period. 
  

	10.	DEPOSITS 

 Pursuant to the enrollment procedures established by the Committee, after-tax
payroll contributions to the Plan will be deposited to an interest bearing omnibus account established for the Plan at the custodial bank selected by the Committee. No other types of deposits may be made. Accrued interest for the Plan will be based
on the money market annual yield rate published in the Wall Street Journal “Bonds, Rates & Yields” section on the 25th of each month. 
  

	11.	INDIVIDUAL BALANCES 

 Individual balances are record kept at the Corporation by the
Committee’s designates. Effective the 1st business day of each month, the accrued Plan interest will be allocated to Participants based on the individual balances on the last business day of the previous month. When applicable, the
interest earned by each Participant for the calendar year will be reported on IRS Form 1099-DIV. 

  
 4 

	12.	MINIMUM AND MAXIMUM CONTRIBUTIONS 

 A Participant must elect an initial payroll deduction
of no less than one percent (1%) and no more than twenty-five percent (25%) of his or her Eligible Compensation, not to exceed $7,500 per Offering Period. A Participant may change his or her contribution during the Offering Period,
including changing to zero percent. Contributions other than by payroll deductions are not permitted. Only whole percentages are allowed. 
  

	13.	WITHDRAWALS FROM THE PLAN 

 A Participant may make one withdrawal during each Offering
Period under the terms and procedures established by the Committee. The withdrawal must be for the total amount of contributions and interest on record at the time the transaction is processed. The funds will be distributed to the employee through
their regular payroll check as soon as practicable but no later than thirty (30) days from the date the withdrawal request is submitted. If a Participant receives a withdrawal during an Offering Period, he or she shall no longer participate in
the Plan for the remainder of such Offering Period. An eligible employee who has ceased participation in the Plan may enter the Plan for the next Offering Period by following the enrollment procedures established by the Committee, subject to
Paragraph 9. 
  

	14.	STOCK PURCHASES 

 In accordance with the applicable procedures established by the
Committee, the Corporation shall exercise all Options to Purchase shares which each Participant is entitled to on each Purchase Date. The Corporation shall withhold a sufficient number of shares to cover his or her applicable taxes on any gains,
which is the difference between the value of shares purchased at the discount price and the market value of those shares on the purchase date. Taxes in the required amount will be paid to the appropriate government agency(ies). 

If the Purchase Price exceeds the fair market value per share on the Purchase Date, no shares will be purchased. The individual balances will
be distributed to the Participant’s via payroll. 
 The common stock purchased on the Purchase Date will be issued and credited to a
brokerage account established by the Corporation on behalf of the Participant (the “Stock Account”) as soon as administratively practicable after such Purchase Date. A Participant may sell any or all shares held in his/her Stock Account
unless restricted from trading in Corporation Stock at that time. 
  

	15.	TERMINATION OF EMPLOYMENT 

 In the event that a Participant’s employment terminates
for any reason including retirement, total and permanent disability, or death, before the applicable Purchase Date, participation in the Plan shall terminate immediately and as soon as practicable and no later than March 15 following the end of
the Offering Period in which Participant’s termination of employment occurs, the Participant or the Participant’s beneficiary(ies) or estate if no 

  
 5 

 
beneficiary is elected will be paid in cash the value of his or her Individual Balance. A Participant who transfers employment between Employers shall not be deemed to have terminated employment
for the purposes of this Paragraph. 
  

	16.	CHANGE IN CONTROL 

 In the event of a Change of Control or Change of Control Transaction,
all outstanding Options under the Plan shall automatically be exercised immediately prior to the consummation of such Change of Control or Change of Control Transaction by causing all amounts credited to each Participant’s account to be applied
to purchase as many shares pursuant to the Participant’s Option as possible at the Purchase Price, subject to the limitations set forth in the Plan. The Corporation shall use its best efforts to provide at least ten (10) days’ prior
written notice of the occurrence of a Change of Control or Change of Control Transaction and Participants shall, following the receipt of such notice, have the right to terminate their outstanding Options prior to the effective date of such Change
of Control or Change of Control Transaction. 
 “Change of Control” shall mean an occurrence of any of the following events:
(a) an acquisition (other than directly from the Corporation) of any voting securities of the Corporation (the “Voting Securities”) by any “person or group” (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act) other than an employee benefit plan of the Corporation, immediately after which such Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of more than fifty percent (50%) of the
combined voting power of the Corporation’s then outstanding Voting Securities; or (b) the consummation of (i) a merger, consolidation or reorganization involving the Corporation, unless the Corporation resulting from such merger,
consolidation or reorganization (the “Surviving Corporation”) shall adopt or assume this Plan and a Participant’s Options under the Plan and either (A) the shareholders of the Corporation immediately before such merger,
consolidation or reorganization own, directly or indirectly immediately following such merger, consolidation or reorganization, at least seventy-five percent (75%) of the combined voting power of the Surviving Corporation in substantially the
same proportion as their ownership immediately before such merger, consolidation or reorganization, or (B) at least a majority of the members of the Board of Directors of the Surviving Corporation were directors of the Corporation immediately
prior to the execution of the agreement providing for such merger, consolidation or reorganization, or (ii) a complete liquidation or dissolution of the Corporation. “Change of Control Transaction” shall mean the consummation of any
tender offer, offer, exchange offer, solicitation, merger, consolidation, reorganization or other transaction, either of which results in a Change of Control. 
  

	17.	ACQUISITIONS AND DISPOSITIONS 

 The Board of Directors may, in its sole and absolute
discretion, create special Offering Periods for individuals who become eligible employees solely in connection with the acquisition of another company or business by merger, reorganization or purchase of assets and, notwithstanding anything in the
Plan to the contrary, may provide for special 

  
 6 

 
purchase dates for Participants who will cease to be eligible employees solely in connection with the disposition of all or a portion of any Employer or a portion of the Corporation, which
Offering Periods and purchase rights granted pursuant thereto shall, notwithstanding anything stated herein, be subject to such terms and conditions as the Board of Directors considers appropriate in the circumstances. 

 

	18.	NO TRANSFER OR ASSIGNMENT OF EMPLOYEE’S RIGHTS 

 Except as specified in Paragraph
19, an employee’s rights under the Plan are his or hers alone and may not be transferred or assigned to, or availed of, by any other person. 
  

	19.	BENEFICIARY DESIGNATION 

 The beneficiary shall be one or more persons designated by the
Participant in accordance with the procedures established by the Committee who is entitled to receive amounts contributed and/or earned by the Participant and/or act on behalf of the Participant, pursuant to Paragraph 15. 

 

	20.	CLAIMS PROCEDURES 

 A Participant may appeal a denial of benefits under this Plan by
submitting a written statement appealing the decision, normally within 60 days of the denial of the benefit by the Committee. In the written statement, the Participant must state reasons why the claim should not have been denied. Also, the written
statement should be accompanied by any documents, additional information or comments that might be helpful to the Committee. In this manner, the Committee intends to afford any Participant or beneficiary whose claim for benefits has been denied a
reasonable opportunity for a review of the decision. Written appeals must be sent to: 
 Compensation and Personnel Committee 

Navient Corporation 
 300
Continental Drive 
 Newark, Delaware 19713 

The Committee will review a Participant’s appeal and will promptly notify such Participant in writing of the decision. Normally, this
decision will be made within 60 days of receipt of the appeal, but this period may be extended to no more than 120 days if special circumstances require additional time. In such a case, the Participant will be notified before the end of the
initial 60-day period of the reasons for the extension. 
  

	21.	TERMINATION AND AMENDMENTS TO PLAN 

 The Board may at any time and from time to time,
alter, amend, suspend or terminate this Plan in whole or in part, including to add or remove subsidiaries of the Corporation, provided, however, that shareholder approval shall be required for any amendment (i) that materially alters the terms
of this Plan or (ii) where such approval is required by applicable 

  
 7 

 
legal or stock exchange requirements. No amendment or alteration that would adversely affect the rights of any Participant under any Award previously granted to such Participant shall be made
without the consent of such Participant. Nothing contained in this Plan shall be construed to prevent the Corporation from taking any corporate action which is deemed by the Corporation to be appropriate or in its best interest, whether or not such
action would have an adverse effect on the Plan or any rights granted under the Plan. No employee, beneficiary or other person or entity shall have any claim against the Corporation as a result of any such action. 

 

	22.	INDEMNITY 

 The Corporation shall, consistent with applicable law, indemnify members of
the Committee from any liability, loss or other financial consequence with respect to any act or omission relating to the Plan to the same extent and subject to the same conditions as specified in the indemnity provisions contained in the By-Laws
and Regulations of the Corporation. 
  

	23.	LIMITATIONS ON SALE OF STOCK PURCHASED UNDER THE PLAN 

 The Plan is intended to provide
common stock for investment and not for resale. The Corporation does not, however, intend to restrict the sale of the stock other than in accordance with the Corporation’s general policies regarding the sale of the Corporation’s stock. The
employee assumes the risk of any market fluctuations in the price of such stock. 
  

	24.	PAYMENT OF EXPENSES RELATED TO PLAN 

 The cost, if any, for the delivery of shares to a
Participant or commissions upon the sale of stock shall be paid by the Participant using such service. Other expenses associated with the Plan, if any, at the discretion of the Committee, will be allocated as deemed appropriate by the Committee.

  

	25.	OPTIONEES NOT STOCKHOLDERS 

 Neither the granting of an Option to an employee, nor the
deductions from his or her pay shall cause such employee to be a stockholder of the shares covered by an Option until such shares have been purchased by and issued to him or her. 

 

	26.	TAXES 

 As a condition of the grant and exercise of an Option, a Participant shall make
such arrangements as the Corporation may require for the satisfaction of any applicable U.S. federal, state, local or foreign tax, withholding, and any other required deductions or payments that may arise in connection with such Option. The
Corporation shall not be required to issue any shares under the Plan until such obligations are satisfied. 

  
 8 

	27.	NO EMPLOYMENT RIGHTS 

 Nothing in the Plan shall confer upon any employee any right to
continued employment, or interfere with the right of the Corporation or the Employers to terminate his or her employment at any time, for any reason. 
  

	28.	EFFECTIVE DATE 

 This Plan is effective May 1, 2014. 

IN WITNESS WHEREOF, Navient Corporation has caused this instrument to be duly executed in its name and on its behalf. 

 

			
	Navient Corporation
		
	By:	 	  

  
 9

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