Document:

EX-10.27

 Exhibit 10.27 

Stock Option Notice 

Navient Corporation 2014 Omnibus Incentive Plan 
  

 
 SLM Corporation (“Predecessor
SLM”) established the SLM Corporation 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. 

In conjunction with the Employment Agreement between John F. Remondi (the “Optionee”) and Predecessor SLM commencing on
January 8, 2008 (the “Employment Agreement”), the Optionee was granted on January 8, 2009 (the “Original Grant Date”) Net-Settled Stock Options under the SLM Plan covering
1,000,000 shares (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 Optionee Net-Settled Options (the “Substitute Grant”) under the NewCo Plan with terms and conditions set out below. By agreement of even date herewith Optionee is also receiving in respect of the Original Grant a
grant of net-settled options under the SLM Plan. 
  

	A.	Option Grant. Stock Options (the “Options”) to purchase a total of 1,000,000 shares of Common Stock, par value $.01, (“NewCo Common Stock”), of NewCo (the “Corporation”) are hereby
granted the Optionee, subject in all respects to the terms and provisions of the NewCo Plan and the Employment Agreement, both of which are incorporated herein by reference, and this Stock Option Notice (the “Notice”). 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). 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. 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 $6.5230 dollars (the “Option Price”). 

  
 Page 1 of 2 

 Exhibit 10.27 

Stock Option Notice 

Navient Corporation 2014 Omnibus Incentive Plan 
  

  
  

 

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

  

	D.	Vesting; Exercisability. The Options are vested by reason of the terms and conditions of the Original Grant. 

Optionee’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. 
 The Optionee must contact Merrill
Lynch to accept this grant and agree to the terms and conditions in this Notice, the Employment 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 Optionee fails to accept the terms of this grant, the Options may not be
exercised. 
  

Copies of the Plan Document and Prospectus are available on the Company’s Intranet site and the
Merrill Lynch BenefitsOnline website at www.Benefits.ML.com. Paper copies or fax request of these documents can also be obtained by contacting Equity Plan Administration by sending an email to Equity.Plans@Navient.com. 

  
 Page 2 of 2EX-10.28

 Exhibit 10.28 

Navient Corporation 2014 Omnibus Incentive Plan 

Independent Director Stock Award Agreement 2014 

Pursuant to the terms and conditions of the Navient Corporation 2014 Omnibus Incentive Plan (the “Plan”), Navient Corporation (the
“Corporation”) hereby grants to                     (the “Grantee”)
            shares of common stock of the Corporation, par value $0.01, on May 22, 2014 (the “Grant Date”), subject to the terms and conditions below. All capitalized terms
used herein that are not defined shall have the meanings as set forth in the Plan. 
  

	 	•	 	The Corporation may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any transfer or sale by the Grantee of any shares of Common Stock, including without
limitation (a) restrictions under an insider trading policy and (b) restrictions that may be necessary in the absence of an effective registration statement under the Securities Act of 1933, as amended, covering the shares of the
Corporation’s common stock. The sale of the shares must also comply with other applicable laws and regulations governing the sale of such shares. 

  

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

  

	 	•	 	The Corporation may, in its sole discretion, decide to deliver any documents related to any awards granted under the Plan by electronic means or to request Grantee’s 

  
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 Exhibit 10.28 

 

	 	 
consent to participate in the Plan by electronic means. Grantee hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an
on-line or electronic system established and maintained by the Corporation or another third party designated by the Corporation, and such consent shall remain in effect throughout Grantee’s term of service with the Corporation and thereafter
until withdrawn in writing by Grantee. 

  

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

  

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

 

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

 

	 	•	 	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. 

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: 
 Human Resources Department 

ATTN: Equity Plan Administration 

300 Continental Drive 
 Newark, DE
19713 
 If to the Grantee, to the last address maintained in the Corporation’s files for the Grantee. 

 

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

  

	 	•	 	In the event that any provision of this Agreement is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent
necessary to render it legal, valid and enforceable, 

  
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 Exhibit 10.28 

 

	 	 
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. 

 

	
	Accepted by:
	
	  

Signature

	
	  

Date

  

			
	NAVIENT CORPORATION
		
	 BY:    
	 	John F. Remondi
		 	Chief Executive Officer

  
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