Document:

EX-10.17

 Exhibit 10.17 

Navient Corporation 2014 Omnibus Incentive Plan 

Net-Settled Options—Stock Option Agreement 

2013 Long-Term Incentive Award 
  

 
 SLM Corporation (“Predecessor
SLM”) established the SLM Corporation 2012 Omnibus Incentive Plan (the “SLM Plan”). 
 In connection with the separation (the
“Separation”) of the publicly-traded bank holding company pursuant to that certain Separation and Distribution Agreement (the “Separation Agreement”) by and among Predecessor SLM, New BLC
Corporation, which entity was renamed as of April 29, 2014 as SLM Corporation (“SLM BankCo”), and Navient Corporation (“NewCo”), SLM BankCo has assumed the SLM Plan. 

In connection with the Separation, then outstanding grants under the SLM Plan are required by the terms of the Separation Agreement to be
modified and/or canceled and modified and/or new awards granted in respect of the outstanding awards, such grants to be under either or both of the SLM Plan or the Navient Corporation 2014 Omnibus Incentive Plan (the “NewCo Plan”). New
grants under the SLM Plan required by the Separation Agreement are being made by the Compensation and Personnel Committee of the Board of Directors of SLM BankCo. 

            (the “Grantee”) was granted on February 7, 2013 (the
“Original Grant Date”) Net-Settled Stock Options under the SLM Plan (the “Original Grant”). 

The Original Grant is hereby canceled. 

The Compensation and Personnel Committee of the Board of Directors of NewCo (the “Committee”) hereby grants to Grantee Net-Settled Options (the “Substitute Grant”) under the NewCo Plan with terms and conditions set out below. By agreement of even date herewith Grantee is also receiving in respect of the Original Grant a
grant of net-settled options under the SLM Plan. 
  

	A.	Option Grant. Net-Settled Stock Options (the “Options”) to purchase a total of             shares of Common Stock, par value $.01 per share,
(“NewCo Common Stock”), of Navient Corporation (the “Corporation”) are hereby granted to Grantee subject in all respects to the terms and provisions of the NewCo Plan, which is incorporated herein by reference, and this Stock
Option Agreement (this “Agreement”). The Options are non-qualified stock options and are not intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, and will be interpreted
accordingly. 

  

	B.	Option Price. The purchase price per share is $11.4873 (the “Option Price”). 

  

	C.	Grant Date. The date of grant of these Options is April 30, 2014 (the “Grant Date”). 

  

	D.	 Vesting; Exercisability. Unless vested earlier by reason of the terms and conditions of the Original Grant or as set forth below, the Options
are vested and/or will vest as 

  
 Page 1 of 7 

 Exhibit 10.17 

Navient Corporation 2014 Omnibus Incentive Plan 

Net-Settled Options—Stock Option Agreement 

2013 Long-Term Incentive Award 
  

  
  

	 	follows: one-third of the Options shall vest on each of the first, second, and third anniversary of the Original Grant Date. 

  

	 	•	 	Except as set forth below, if the Grantee ceases to be an employee of the Corporation (or its subsidiaries) for any reason, he/she will forfeit any unvested Options as of the date of such termination of employment.

  

	 	•	 	Except as otherwise set forth herein, including Section H, if the Grantee’s employment with the Corporation (or its subsidiaries) is terminated by the Corporation for any reason other than for Misconduct, as
determined by the Corporation in its sole discretion, or if the Grantee voluntarily ceases to be an employee of the Corporation (or its subsidiaries) and meets the retirement eligibility requirements under Predecessor SLM’s retirement
eligibility policy in effect as of the Original Grant Date (“Retirement Eligible”), which shall be determined by the Corporation in its sole discretion, all unvested Options will continue to vest based on their original vesting terms and
each vested portion of the Options will be exercisable for one year from the date such portion vests, but in no event later than the Expiration Date (as defined below). If Grantee voluntarily terminates employment while Retirement Eligible, then any
Options that are vested as of the date of Grantee’s termination of employment will remain exercisable until the earlier of: (1) the Expiration Date; or (2) one year from the date of termination. For purposes of this Agreement,
“Misconduct” is defined as an act of embezzlement, fraud, dishonesty, nonpayment of any obligation owed to the Corporation or Predecessor SLM, breach of fiduciary duty or deliberate disregard of Corporation or Predecessor SLM rules; an
unauthorized disclosure of any Corporation or Predecessor SLM trade secret or confidential information; any conduct constituting unfair competition; inducing any customer of the Corporation or Predecessor SLM to breach a contract with the
Corporation or Predecessor SLM or any principal for whom the Corporation or Predecessor SLM acts as agent to terminate such agency relationship; or engaging in any other act or conduct proscribed by the senior human resources officer of the
Corporation or Predecessor SLM as Misconduct. 

  

	 	•	 	Upon termination of employment for death, Disability or as provided for under the Navient Corporation Change in Control Severance Plan for Senior Officers as it exists on the Grant Date, all unvested Options will vest
and will be exercisable for one year from the date of such vesting. For purposes of this Agreement, “Disability” has the meaning set forth in the SLM Long Term Disability Plan in effect immediately prior to the Distribution Date (as
defined in the Separation Agreement). 

  

	 	•	 	Except as otherwise set forth herein and except as otherwise provided in the Navient Corporation Change in Control Severance Plan as it exists on the Grant Date, vested Options (taking into account any vesting
acceleration, if any) are exercisable until the earlier of: (1) the Expiration Date; or (2) three months from the date of termination. 

  
 Page 2 of 7 

 Exhibit 10.17 

Navient Corporation 2014 Omnibus Incentive Plan 

Net-Settled Options—Stock Option Agreement 

2013 Long-Term Incentive Award 
  

  
  

	 	•	 	Upon termination of employment for Misconduct or for cause, as determined by the Corporation in its sole discretion, any/all Options, vested or unvested, are forfeited. 

Grantee’s being an employee of NewCo from and after the Grant Date shall not be treated as a termination of employment upon the Separation under the
Original Grant and the Separation shall not be treated as a Change in Control under the SLM Plan or the NewCo Plan. 
  

	E.	Expiration. These Options expire five years from the Original Grant Date (the “Expiration Date”), subject to the provisions of the NewCo Plan and this Agreement, which may provide for earlier expiration
in certain instances, including Grantee’s termination of employment. 

  

	F.	Non-Transferable; Binding Effect. These Options may not be transferred except as provided for herein. All or any part of these Options may be transferred by the Grantee by will or by the laws of descent and
distribution. In addition, Grantee may transfer all or any part of any Option to “Immediate Family Members.” “Immediate Family Members” means children, grandchildren, spouse or common law spouse, siblings or parents of the
Grantee or bona fide trusts, partnerships or other entities controlled by and of which all beneficiaries are Immediate Family Members of the Grantee. Any Options that are transferred are further conditioned on the Grantee’s transferees and
Immediate Family Members agreeing to abide by the Corporation’s then current stock option transfer guidelines. The terms of these Options shall be binding upon the executors, administrators, heirs, and successors of the Grantee.

  

	G.	Net-Settlement upon Option Exercise; Taxes. These Options shall be exercised only in accordance with the terms of this Agreement. Each exercise must be for no fewer than fifty (50) Options, other than an
exercise for all remaining Options. Upon exercise of all or part of the Options, the Grantee shall receive from the Corporation the number of shares of Common Stock resulting from the following formula: the total number of Options exercised less the
sum of “Shares for the Option Cost” and “Shares for Taxes”, rounded up to the nearest whole share. “Shares for the Option Cost” equals the Option Price multiplied by the number of Options exercised divided by the fair
market value of NewCo Common Stock at the time of exercise. “Shares for Taxes” equals the tax liability (the statutory withholding minimum) divided by the fair market value of the NewCo Common Stock at the time of exercise. Grantee shall
receive cash for any resulting fractional share amount. As a condition to the issuance of shares of NewCo Common Stock pursuant to these Options, the Grantee agrees to remit to the Corporation (through the procedure described in this paragraph) at
the time of any exercise of these Options any taxes required to be withheld by the Corporation under federal, state, or local law as a result of the exercise of these Options. 

  
 Page 3 of 7 

 Exhibit 10.17 

Navient Corporation 2014 Omnibus Incentive Plan 

Net-Settled Options—Stock Option Agreement 

2013 Long-Term Incentive Award 
  

  
  

	H.	Vesting Upon Change in Control. Notwithstanding anything to the contrary in this Agreement, including Section (D): 

  

	 	(I)	In the event of a Change in Control in which the acquiring or surviving company in the transaction does not assume or continue outstanding Awards upon the Change in Control, then any portion of these Options that were
not vested shall become 100 percent vested and exercisable effective immediately prior to the consummation of such Change in Control; and 

  

	 	(II)	If Grantee’s employment with the Corporation shall terminate within twenty-four months following a Change in Control other than for (i) Misconduct or for cause, as determined by the Corporation in its sole
discretion, or (ii) voluntary termination, any Options not previously vested shall immediately become vested and exercisable upon such employment termination and such Options shall be exercisable until the earlier of: (1) the Expiration
Date; or (2) one year from the date of termination. 

  

	I.	Clawback Provisions. Notwithstanding anything to the contrary herein, if the Board of Directors (the “Board”) of the Corporation, or an appropriate committee thereof, determines that, any material
misstatement of financial results or a performance metric criteria of Predecessor SLM or the Corporation has occurred as a result of the Grantee’s conduct or the Grantee has committed a material violation of corporate policy or has committed
fraud or Misconduct, and the Grantee at the time of such violation, fraud or Misconduct (or at any time thereafter) was an officer of Predecessor SLM or the Corporation (or its subsidiaries) at the Senior Vice President level or above, then the
Board or committee shall consider all factors, with particular scrutiny when one of the top 20 members of management are involved, and the Board or such committee, may in its sole discretion require reimbursement of any compensation resulting from
the vesting and exercise of Options and the cancellation of any outstanding Options from the Grantee (whether or not such individual is currently employed by the Corporation (or its subsidiaries)) during the three-year period following the date the
Board first learns of the violation, fraud or Misconduct. 

  

	J.	Board Interpretation. The Grantee hereby agrees to accept as binding, conclusive, and final all decisions and interpretations of the Board and, where applicable, the Compensation and Personnel Committee of the
Board (the “Committee”) concerning any questions arising under this Agreement or the NewCo Plan. 

  

	K.	Stockholder Rights. The Grantee shall not be deemed a stockholder of the Corporation with respect to any of the shares of NewCo Common Stock subject to the Options, except to the extent that such shares shall
have been purchased and transferred to the Grantee. The Corporation shall not be required to issue or transfer any shares of NewCo Common Stock purchased upon exercise of the Options until all applicable requirements of law have been complied with
and such shares shall have been duly listed on any securities exchange on which the NewCo Common Stock may then be listed. 

  
 Page 4 of 7 

 Exhibit 10.17 

Navient Corporation 2014 Omnibus Incentive Plan 

Net-Settled Options—Stock Option Agreement 

2013 Long-Term Incentive Award 
  

  
  

	L.	No Right to Continued Employment. Nothing in the NewCo Plan, in this Agreement or any other instrument executed pursuant thereto or hereto shall confer upon the Grantee any right to continued employment with
the Corporation or any of its subsidiaries or affiliates. 

  

	M.	Amendments for Accounting Charges. The Committee reserves the right to unilaterally amend this Agreement to reflect any changes in applicable law or financial accounting standards. 

 

	N.	Securities Law Compliance; Restrictions on Resales of Option Shares. The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any
exercise of the Option and/or any resales by the Grantee or other subsequent transfers by the Grantee of any shares of NewCo Common Stock issued as a result of the exercise of the Option, including without limitation (a) restrictions under an
insider trading policy, (b) restrictions that may be necessary in the absence of an effective registration statement under the Securities Act of 1933, as amended, covering the Option and/or the NewCo Common Stock underlying the Option and
(c) restrictions as to the use of a specified brokerage firm or other agent for exercising the Option and/or for such resales or other transfers. The sale of the shares of NewCo Common Stock underlying the Option must also comply with other
applicable laws and regulations governing the sale of such shares. 

  

	O.	 Data Privacy. As an essential term of this Option, the Grantee consents to the collection, use and transfer, in electronic or other form, of
personal data as described in this Agreement for the exclusive purpose of implementing, administering and managing Grantee’s participation in the NewCo Plan. By entering into this Agreement and accepting the Option, the Grantee acknowledges
that the Corporation holds certain personal information about the Grantee, including, but not limited to, name, home address and telephone number, date of birth, social security number or other identification number, salary, tax rates and amounts,
nationality, job title, any shares of stock held in the Corporation, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding, for the purpose of implementing, administering and
managing the NewCo Plan (“Data”). Grantee acknowledges that Data may be transferred to any third parties assisting in the implementation, administration and management of the NewCo Plan, that these recipients may be located in
jurisdictions that may have different data privacy laws and protections, and Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and
managing the NewCo Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Grantee or the Corporation may elect to deposit any shares of Common Stock acquired upon exercise of the Option.
Grantee acknowledges that Data may be held to implement, administer and manage the 

  
 Page 5 of 7 

 Exhibit 10.17 

Navient Corporation 2014 Omnibus Incentive Plan 

Net-Settled Options—Stock Option Agreement 

2013 Long-Term Incentive Award 
  

  
  

	 	Grantee’s participation in the NewCo Plan as determined by the Corporation, and that Grantee may request additional information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, provided however, that refusing or withdrawing Grantee’s consent may adversely affect Grantee’s ability to participate in the NewCo Plan. 

 

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

  

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

 

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

 If to the Corporation to: 

Navient Corporation 
 Attn: Human
Resources, Equity Plan Administration 
 300 Continental Drive 

Newark, DE 19713 
 If to the
Grantee, to (i) the last address maintained in the Corporation’s Human Resources files for the Grantee or (ii) the Grantee’s mail delivery code or place of work at the Corporation (or its subsidiaries). 

 

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

 

	T.	 Miscellaneous. In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of
competent jurisdiction, such provision 

  
 Page 6 of 7 

 Exhibit 10.17 

Navient Corporation 2014 Omnibus Incentive Plan 

Net-Settled Options—Stock Option Agreement 

2013 Long-Term Incentive Award 
  

  
  

	 	shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of this Agreement shall not be affected except to the extent necessary to reform
or delete such illegal, invalid or unenforceable provision. The headings in this Agreement are solely for convenience of reference, and shall not constitute a part of this Agreement, nor shall they affect its meaning, construction or effect. The
Grantee shall cooperate and take such actions as may be reasonably requested by the Corporation in order to carry out the provisions and purposes of the Agreement. The Grantee is responsible for complying with all laws applicable to Grantee,
including federal and state securities reporting laws. 

 The Grantee must contact Merrill Lynch to accept this grant and agree to the terms
and conditions in this Agreement, the applicable plan document, any terms and conditions documents and all other applicable documents. Merrill Lynch can be contacted at www.benefits.ml.com or by phone at 1-877-756-ESOP. If Grantee fails to accept the terms of this grant, the Options may not be exercised. 

  
 Page 7 of 7EX-10.18

 Exhibit 10.18 

Navient Corporation 2014 Omnibus Incentive Plan 

Restricted Stock Unit Term Sheet 

2012 
  

 
 SLM Corporation (“Predecessor
SLM”) established the SLM Corporation 2009-2012 Incentive Plan (the “SLM Plan”). 
 In connection with the separation (the
“Separation”) of the publicly-traded bank holding company pursuant to that certain Separation and Distribution Agreement (the “Separation Agreement”) by and among Predecessor SLM, New BLC
Corporation, which entity was renamed as of April 29, 2014 as SLM Corporation (“SLM BankCo”), and Navient Corporation (“NewCo”), SLM BankCo has assumed the SLM Plan. 

In connection with the Separation, then outstanding grants under the SLM Plan are required by the terms of the Separation Agreement to be
modified and/or canceled and modified and/or new awards granted in respect of the outstanding awards, such grants to be under either or both of the SLM Plan or the Navient Corporation 2014 Omnibus Incentive Plan (the “NewCo Plan”). New
grants under the SLM Plan required by the Separation Agreement are being made by the Compensation and Personnel Committee of the Board of Directors of SLM BankCo. 

            (the “Grantee”) was granted on February 3, 2012 (the
“Original Grant Date”) Restricted Stock Units under the SLM Plan (the “Original Grant”). 
 A portion of the Restricted
Stock Units issued under the Original Grant have vested by reason of the terms and conditions of the Original Grant. Any unvested Restricted Stock Units remaining under the Original Grant are hereby canceled. 

The Compensation and Personnel Committee of the Board of Directors of NewCo (the “Committee”) hereby grants to Grantee Restricted
Stock Units (the “Substitute Grant”) under the NewCo Plan with terms and conditions set out below. By agreement of even date herewith Grantee is also receiving in respect of the Original Grant a grant of shares of restricted stock units
under the SLM Plan. 
 Pursuant to the terms and conditions of the NewCo Plan, the Committee hereby grants to the Grantee on April 30,
2014 (the “Grant Date”) an award (the “Award”) of             Restricted Stock Units as applicable (“RSUs”), which represent the right to acquire shares of
common stock of NewCo (the “Corporation”) subject to the following terms and conditions (the “Agreement”): 
  

	1.	Vesting Schedule. Unless vested earlier as set forth below, the Award will vest, and will be converted into shares of common stock on February 3, 2015. 

 

	2.	 Employment Termination; Death; Disability. Except as provided below, if the Grantee voluntarily ceases to be an employee of the Corporation (or
one of its subsidiaries) for any reason or his or her employment is terminated by the Corporation for Misconduct, as determined by the Corporation in its sole discretion, he/she shall forfeit any portion of the Award that has not vested as of the
date of such termination of employment. For purposes of this Agreement, “Misconduct” is defined as an act of embezzlement, fraud, 

  
 Page 1 of 4 

 Exhibit 10.18 

Navient Corporation 2014 Omnibus Incentive Plan 

Restricted Stock Unit Term Sheet 

2012 
  

  
  

	 	dishonesty, nonpayment of any obligation owed to the Corporation or Predecessor SLM, breach of fiduciary duty or deliberate disregard of Corporation or Predecessor SLM rules; an unauthorized disclosure of any
Corporation or Predecessor SLM trade secret or confidential information; any conduct constituting unfair competition; inducing any customer of the Corporation or Predecessor SLM to breach a contract with the Corporation or Predecessor SLM or any
principal for whom the Corporation or Predecessor SLM acts as agent to terminate such agency relationship; or engaging in any other act or conduct proscribed by the senior human resources officer of the Corporation or Predecessor SLM as Misconduct.

 If not previously vested, the Award will continue to vest, and will be converted into shares of common stock, on the
original vesting terms and vesting dates set forth above in the event that (i) the Grantee’s employment is terminated by the Corporation for any reason other than for Misconduct, as determined by the Corporation in its sole discretion, or
(ii) the Grantee voluntarily ceases to be an employee of the Corporation (or one of its subsidiaries) and meets the retirement eligibility requirements under Predecessor SLM’s retirement eligibility policy in effect as of the Original
Grant Date, which shall be determined by the Corporation in its sole discretion. 
 If not previously vested, the Award will vest, and will
be converted into shares of common stock, upon death or Disability (provided that such Disability qualifies as a “disability” within the meaning of Treasury Regulation Section 1.409A-3(i)(4)). For purposes of this Agreement,
“Disability” has the meaning set forth in the SLM Long Term Disability Plan in effect immediately prior to the Distribution Date (as defined in the Separation Agreement). 

The Award shall be forfeited upon termination of employment due to Misconduct, as determined by the Corporation in its sole discretion. 

Notwithstanding anything stated herein, the NewCo Plan or in the Navient Corporation Change in Control Severance Plan for Senior Officers, this
Award shall not be subject to the terms set forth in the Navient Corporation Change in Control Severance Plan for Senior Officers. 

Grantee’s being an employee of NewCo from and after the Grant Date shall not be treated as a termination of employment upon the Separation
under the Original Grant and the Separation shall not be treated as a Change in Control under the NewCo Plan or the SLM Plan. 
  

	3.	Change of Control. Notwithstanding anything to the contrary in this Agreement: 

  

	 	(a)	 In the event of a Change of Control Transaction or a Change of Control in which the acquiring or surviving company in the transaction does not assume
or continue outstanding Awards upon the Change of Control or Change of Control Transaction, then any portion of the Award that is not vested shall become 100 

  
 Page 2 of 4 

 Exhibit 10.18 

Navient Corporation 2014 Omnibus Incentive Plan 

Restricted Stock Unit Term Sheet 

2012 
  

  
  

	 	percent vested; provided, however, the conversion of the accelerated portion of the RSUs into shares of common stock (i.e., the settlement of the Award) will nevertheless be made at the same time or times as if such
RSUs had vested in accordance with the vesting schedule set forth in Section 1 or, if earlier, upon the termination of Grantee’s employment for reasons other than Misconduct. 

 

	 	(b)	If Grantee’s employment shall terminate within twenty-four months following a Change of Control or a Change of Control Transaction for any reason other than (i) by the Corporation for Misconduct, as determined
by the Corporation in its sole discretion or (ii) by Grantee’s voluntary termination of employment that is not a Termination of Employment for Good Reason, as defined in the Change in Control Severance Plan for Senior Officers (if
applicable to the Grantee), any portion of the Award not previously vested shall immediately become vested, and shall be converted into shares of common stock, upon such employment termination. 

 

	4.	Taxes; Dividends. The Grantee of the Award shall make such arrangements as may reasonably be required by the Corporation, including transferring a sufficient number of shares of the Corporation’s stock, to
satisfy the income and employment tax withholding requirements that accrue upon the Award becoming vested or, if applicable, settled in shares of the Corporation’s common stock (by approving this Agreement, the Committee hereby approves the
transfer of such shares to the Corporation for purposes of SEC Rule 16b-3). Dividends declared on an unvested Award will not be paid currently. Instead, amounts equal to such dividends will be credited to an account established on behalf of the
Grantee and such amounts will be deemed to be invested in additional shares of the Corporation’s common stock (“Dividend Equivalents”). Such Dividend Equivalents will be subject to the same vesting schedule to which the Award is
subject. Upon vesting of any portion of the Award, the amount of Dividend Equivalents allocable to such Award and any dividend equivalents earned under the Original Grant allocable to this Award (and any fractional share amount) will also vest and
will be converted into shares of the Corporation’s common stock (provided that any fractional share amount shall be paid in cash). 

  

	5.	 Section 409A. For purposes of section 409A of the Internal Revenue Code, the regulations and other guidance thereunder and any state law
of similar effect (collectively “Section 409A”), each payment and benefit payable under this Agreement is hereby designated as a separate payment. The parties intend that all RSUs provided under this Agreement and shares issuable hereunder
comply with or be exempt from the requirements of Section 409A so that none of the payments or benefits will be subject to the adverse tax penalties imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.
Notwithstanding anything in the NewCo Plan or this Agreement to the contrary, if the vesting of the balance, or some lesser portion of the balance, of the RSUs is to be accelerated in connection with the Grantee’s termination of service, such
accelerated RSUs will not be settled by virtue of such acceleration until and 

  
 Page 3 of 4 

 Exhibit 10.18 

Navient Corporation 2014 Omnibus Incentive Plan 

Restricted Stock Unit Term Sheet 

2012 
  

  
  

	 	unless the Grantee has a “separation from service” within the meaning of Section Treasury Regulation 1-409A-1(h), as determined by the Corporation, in its sole discretion. Further, and notwithstanding anything
in the NewCo Plan or this Agreement to the contrary, if (x) any of the RSUs to be provided in connection with the Grantee’s separation from service do not qualify for any reason to be exempt from Section 409A, (y) the Grantee is,
at the time of such separation from service, a “specified employee” (as defined in Treasury Regulation Section 1.409A-1(i)) and (z) the settlement of such RSUs would result in the imposition of additional tax under
Section 409A if such settlement occurs on or within the six (6) month period following the Grantee’s separation from service, then, to the extent necessary to avoid the imposition of such additional taxation, the settlement of any
such RSUs during such six (6) month period will accrue and will not be made until the date six (6) months and one (1) day following the date of the Grantee’s separation from service and on such date (or, if earlier, the date of
the Grantee’s death), such RSUs will be settled. 

  

	6.	Clawback Provision. Notwithstanding anything to the contrary herein, if the Board of Directors of the Corporation (the “Board”), or an appropriate committee thereof, determines that, any material
misstatement of financial results or a performance metric criteria of Predecessor SLM or the Corporation has occurred as a result of the Grantee’s conduct or the Grantee has committed a material violation of corporate policy of Predecessor SLM
or the Corporation or has committed fraud or Misconduct with respect to Predecessor SLM or the Corporation, and the Grantee at the time of such violation, fraud or Misconduct (or at any time thereafter) was an officer of the Corporation or
Predecessor SLM at the Senior Vice President level or above, then the Board or committee shall consider all factors, with particular scrutiny when one of the top 20 members of management are involved, and the Board or such committee, may in its sole
discretion require reimbursement of any compensation resulting from the vesting, exercise or settlement of Options and/or Restricted Stock/RSUs and the cancellation of any outstanding Options and/or Restricted Stock/RSUs from the Grantee (whether or
not such individual is currently employed by the Corporation) during the three-year period following the date the Board first learns of the violation, fraud or Misconduct. 

 

	7.	Unless otherwise stated, any capitalized terms not defined herein shall have the meanings as described in the SLM Plan as in effect immediately prior to the Distribution Date (as defined in the Separation Agreement).

 Grantee is deemed to accept this Award of RSUs under this Agreement and to agree that such Award is subject to the terms and conditions
set forth in this Agreement and the NewCo Plan unless Grantee provides the Corporation written notification of Grantee’s rejection of this Award of RSUs not later than 30 days after Grantee’s receipt of notice of the posting of this
Agreement on-line or through electronic means (in which case such Award will be forfeited and Grantee shall have no further right or interest therein as of such date). 

  
 Page 4 of 4

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