Document:

Exhibit 10.5

 

STOCK REDEMPTION AND NOTE CANCELLATION
AGREEMENT

Dated as of April 30, 2019

 

This Stock Redemption
and Note Cancellation Agreement (this “Agreement”), dated as of the date first set forth above (the “Effective
Date”), is entered into by and between (i) Drone Aviation Holding Corp., a Nevada corporation (the “Company”)
and (ii) Daniyel Erdberg (“Shareholder”). Each of the Company and Shareholder may be referred to herein individually
as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, pursuant to
the Common Stock Purchase Agreement, dated as of December 21, 2018 (the “SPA”) Shareholder acquired, and is the owner
of, 150,000 shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”);

 

WHEREAS, all 150,000
shares of the Common Stock have been issued to Shareholder, with 50,000 of such shares of Common Stock being paid for in cash,
and 100,000 of such shares of Common Stock being paid for pursuant to the Promissory Note by the Shareholder in favor of the Company
as the “Borrower” thereunder in the original principal amount of $50,000, dated as of January 25, 2019 (the “Note”);
and

 

WHEREAS, now the Parties
desire for the Company to redeem from Shareholder the 100,000 shares of Common Stock being paid for pursuant to the Note (the “Shares”),
and to cancel and terminate the Note, in each case subject to the terms and conditions herein;

 

NOW, THEREFORE, in
consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

1.     Agreement
to Purchase and Sell. Subject to the terms and conditions of this Agreement, Shareholder shall sell, assign, transfer, convey,
and deliver to the Company, and the Company shall accept, redeem and purchase, the Shares and any and all rights in the Shares
to which Shareholder is entitled, and by doing so Shareholder shall be deemed to have assigned all of Shareholder’s rights,
titles and interest in and to the Shares to the Company. For the avoidance of doubt, the Shareholder shall retain ownership of
the 50,000 shares of Common Stock which were paid for in cash.

 

2.     Consideration.
The Shares shall be redeemed by the Company in return for the termination and cancellation of the Note. Effective as of the Closing
(as defined below), the Parties agree that the Note and all amounts due and payable thereunder, including the principal amount
and all accrued interest as of the Effective Date, are each hereby forgiven and the Note is hereby cancelled and terminated and
shall be of no further force or effect.

 

3.     Closing;
Deliveries; Additional Actions.

 

		3.1.	Closing. The purchase and sale of the Shares and the termination
of the Note (the “Closing”) shall be held on the Effective Date.

 

		3.2.	Deliveries at Closing. At the Closing, Shareholder shall deliver
to the Company any stock certificates evidencing the Shares, duly endorsed in blank or accompanied by stock powers duly executed
in blank in the form as attached hereto as Exhibit A, or other instruments of transfer in form and substance reasonably satisfactory
to the Company and such other documents as may be required under applicable law or reasonably requested by the Company.

 

     

     

    

 

		4.	Representations and Warranties of the Shareholder. Shareholder represents
and warrants to the Company as set forth below.

 

		4.1.	Right and Title to Shares. Shareholder legally and beneficially owns
the Shares and no other party has any rights therein or thereto. There are no liens or other encumbrances of any kind on the Shares
and Shareholder has the sole right to dispose of the Shares. There are no outstanding options, warrants or other similar agreements
with respect to the Shares.

 

		4.2.	Organization and Standing. Shareholder is an individual and has all
requisite power and authority to own his properties and conduct his business as it is now being conducted.

 

		4.3.	Due Authority; No Violation.
Shareholder has all requisite rights and authority or the capacity
to execute, deliver and perform its obligations under this Agreement. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part
of Shareholder, and no other proceedings on the part of Shareholder are necessary to authorize the execution, delivery and performance
of this Agreement or the transactions contemplated hereby or thereby on the part of Shareholder. The
execution, delivery and performance of this Agreement will not (x) violate, conflict with, or result in the breach, acceleration,
default or termination of, or otherwise give any other contracting party the right to terminate, accelerate, modify or cancel any
of the terms, provisions, or conditions of any material agreement or instrument to which Shareholder is
a party or by which it or its assets may be bound or (y) constitute a violation of any material applicable law, rule or regulation,
or of any judgment, order, injunctive award or decree of any governmental authority applicable to Shareholder or
(z) conflict with, result in the breach or termination of any provision of, or constitute a default under (in each case
whether with or without the giving of notice or the lapse of time, or both) any order, judgment, arbitration award, or decree to
which Shareholder is a party or by which it or any of its assets or properties are bound.

 

		4.4.	Approvals. No approval, authority, or consent of or filing by Shareholder
with, or notification to, any governmental authority, is necessary to authorize the execution and delivery of this Agreement or
the consummation of the transactions contemplated herein.

 

		4.5.	Enforceability.
This Agreement has been duly executed and delivered by Shareholder and, assuming that this Agreement constitutes the legal,
valid and binding obligation of the Company, constitutes the legal, valid, and binding obligation of Shareholder, enforceable against
Shareholder in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement
of creditors’ rights generally.

 

		5.	Representations and Warranties of the Company. The Company represents
and warrants to Shareholder as set forth below.

 

		5.1.	Organization and Standing. The Company is duly organized, validly
existing, and in good standing under the laws of the State of Nevada and has all requisite power and authority to own its properties
and conduct its business as it is now being conducted. The nature of the business and the character of the properties the Company
owns or leases do not make licensing or qualification of the Company as a foreign entity necessary under the laws of any other
jurisdiction, except to the extent such licensing or qualification have already been obtained.

 

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		5.2.	Due Authority; No Violation.
The Company has all requisite rights and authority or the capacity
to execute, deliver and perform its obligations under this Agreement. The execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part
of the Company, and no other proceedings on the part of the Company are necessary to authorize the execution, delivery and performance
of this Agreement or the transactions contemplated hereby or thereby on the part of the Company. The
execution, delivery and performance of this Agreement will not (x) violate, conflict with, or result in the breach, acceleration,
default or termination of, or otherwise give any other contracting party the right to terminate, accelerate, modify or cancel any
of the terms, provisions, or conditions of any material agreement or instrument to which the Company is
a party or by which it or its assets may be bound or (y) constitute a violation of any material applicable law, rule or regulation,
or of any judgment, order, injunctive award or decree of any governmental authority applicable to the Company or
(z) conflict with, result in the breach or termination of any provision of, or constitute a default under (in each case
whether with or without the giving of notice or the lapse of time, or both) the Company’s
organizational documents, or any order, judgment, arbitration award, or decree to which such the Company is a party or by
which it or any of its assets or properties are bound.

 

		5.3.	Approvals. No approval, authority, or consent of or filing by the
Company with, or notification to, any governmental authority, is necessary to authorize the execution and delivery of this Agreement
or the consummation of the transactions contemplated herein.

 

		5.4.	Enforceability.
This Agreement has been duly executed and delivered by the Company and, assuming that this Agreement constitutes the legal,
valid and binding obligation of Shareholder, constitutes the legal, valid, and binding obligation of the Company, enforceable against
the Company in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement
of creditors’ rights generally.

 

		6.	Additional Agreements. This Agreement shall be effective upon its
execution by each of the Parties hereto. Each of the Parties hereto shall execute such documents and perform such further acts
as may be reasonably required to carry out the provisions hereof and the actions contemplated hereby.

 

		7.	Notices. All notices, requests, consents, claims, demands, waivers
and other communications hereunder shall be in writing and shall be given in accordance with the provisions of Section 6.8 of the
SPA.

 

		8.	Governing Law; Etc. This Agreement shall be governed and controlled
by and in accordance with the laws of the State of Florida without regard to its conflict of laws provisions. Venue for any action
brought to enforce the terms of this Agreement or for breach thereof shall lie exclusively in the state and federal courts located
in Duval County, Florida. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent
jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately
become null and void, leaving the remainder of this Agreement in full force and effect. The Parties affirm that this Agreement
is the product of negotiation and agree that it shall not be construed against any Party on the basis of sole authorship. The Parties
agree that the successful Party in any suit related to this Agreement (as determined by the applicable court(s)) shall be entitled
to recover its reasonable attorneys’ fees and expenses related thereto, including attorneys’ fees and costs incident
to an appeal.

 

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		9.	WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT HE OR IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN OR THE PERFORMANCE THEREOF (WHETHER BASED ON CONTRACT, TORT
OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTY HERETO HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION 9.

 

		10.	Specific Performance. The Parties agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed by them in accordance with the terms hereof or were otherwise breached
and that each Party shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent
breaches of the provisions hereof and to enforce specifically the terms and provisions hereof, without the proof of actual damages,
in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees to waive any requirement for
the security or posting of any bond in connection with any such equitable remedy, and agrees that it will not oppose the granting
of an injunction, specific performance or other equitable relief on the basis that (a) any other Party has an adequate remedy
at law, or (b) an award of specific performance is not an appropriate remedy for any reason at law or equity. Each of the
Parties acknowledges and agrees that the remedy at law available to the other Party for breach of any Party’s obligations
under this Agreement would be inadequate and that damages flowing from such a breach may not readily be susceptible to being measured
in monetary terms. Accordingly, each Party acknowledges, consents and agrees that, in addition to any other rights or remedies
that any Party may have at law, in equity or under this Agreement, upon adequate proof of a violation by any other Party of any
provision of this Agreement, the first Party will be entitled to seek immediate injunctive relief and may obtain a temporary order
restraining any threatened or further breach, without the necessity of proof of actual damage or requirement to post a bond.

 

		11.	Entire Agreement; Severability. This Agreement and the exhibits attached hereto and the
SPA set forth the entire agreement between the Parties with respect to the subject matter hereof and fully supersedes any prior
agreements or understandings between the Parties with respect to the subject matter hereof. The Parties acknowledge that each has
not relied on any representations, promises, or agreements of any kind made to the other in connection with each Party’s
decision to accept this Agreement, except for those set forth in this Agreement. If any provision of this Agreement is held to
be illegal, invalid, or unenforceable under present or future laws effective during the term hereof, the provision shall be fully
severable and this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision were never
a part hereof; and the remaining provisions hereof shall remain in full force and effect and shall not be affected by the illegal,
invalid, or unenforceable provision or by its severance herefrom. The Parties have participated in the drafting and negotiation
of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if drafted
jointly by the Parties thereto and no presumption of burden of proof shall arise favoring or burdening any Party by virtue of the
authorship of any provision in this Agreement.

 

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		12.	Amendment. This Agreement may not be modified, altered or changed except upon express written
consent of both Parties wherein specific reference is made to this Agreement.

 

		13.	Headings. The headings contained in this Agreement are intended solely for convenience and
shall not affect the rights of the Parties.

 

		14.	Waiver. Waiver of any term or condition of this Agreement by any Party shall only be effective
if in writing and shall not be construed as a waiver of any subsequent breach or failure of the same term or condition, or a waiver
of any other term or condition of this Agreement.

 

		15.	Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the
benefit of the Parties hereto and their permitted successors and assigns. No Party to this Agreement may assign or delegate, by
operation of law or otherwise, all or any portion of its rights, obligations or liabilities under this Agreement without the prior
written consent of the other Party to this Agreement, which any such Party may withhold in its absolute discretion. Any purported
assignment without such prior written consents shall be void.

 

		16.	No Third-Party Beneficiaries. Other than as specifically set forth herein, nothing in this
Agreement shall confer any rights, remedies or claims upon any person or entity not a Party or a permitted assignee of a Party
to this Agreement.

 

		17.	Further Assurances. From time to time, whether at or following the Closing, each Party shall
make reasonable commercial efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things reasonably
necessary, proper or advisable, including as required by applicable laws, to consummate and make effective as promptly as practicable
the transactions contemplated by this Agreement.

 

		18.	Expenses. Except as expressly provided herein, all costs and expenses incurred in connection
with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses.

 

		19.	Counterparts. This Agreement may be signed in any number of counterparts with the same effect
as if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original
of this Agreement.

 

[Remainder of page intentionally
left blank – Signature pages follow]

 

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IN WITNESS
WHEREOF, the Parties have duly executed this Agreement as of the date first above written.

 

	 	Drone Aviation Holding Corp.
	 	 	 
	 	By: 	/s/ Kendall W. Carpenter
	 	Name: 	Kendall W Carpenter
	 	Title:	EVP and CFO 
	 	 	 
	 	Daniyel Erdberg
	 	 	 
	 	By: 	/s/ Daniyel Erdberg
	 	Name:	Daniyel Erdberg

 

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Exhibit A

 

IRREVOCABLE STOCK POWER

Drone Aviation Holding Corp. 

 

FOR VALUABLE CONSIDERATION, the receipt
of which is hereby acknowledged, Daniyel Erdberg (“Seller”) hereby assigns, transfers, and conveys to Drone Aviation
Holding Corp., a Nevada corporation (the “Company”), all of Seller’s right, title, and interest in and to (i)
100,000 shares of common stock, par value $0.0001 per share, of the Company (the “Shares”), and hereby irrevocably
appoints the Executive Vice President, the Chief Financial Officer and the other authorized officers of the Company as Seller’s
attorney-in-fact to transfer said Shares on the books of the Company, with full power of substitution in the premises.

 

Date: April 30, 2019

 

Seller: Daniyel Erdberg

 

	By:	/s/ Daniyel Erdberg	 
	Name: 	Daniyel Erdberg	 

 

 

6navi-ex101_90.htm

Exhibit 10.1

Navient Corporation 2014 Omnibus Incentive Plan
Performance Stock Unit Agreement

Pursuant to the terms and conditions of the Navient Corporation 2014 Omnibus Incentive Plan, amended and restated as of May 24, 2018 (the “Plan”), the Compensation and Personnel Committee (the “Committee”) of the Navient Corporation Board of Directors (“Board”) hereby grants to ________________ (the “Grantee”) on _____________, 2019 (the “Grant Date”) an award (the “Award”) of __________ shares of Performance Stock Units (“PSUs”), which represent the right to acquire shares of common stock of Navient Corporation (the “Corporation”) subject to the following terms and conditions of this Performance Stock Unit Agreement (the “Agreement”):

 

	
1.
	
Vesting Schedule.  Unless vested earlier as set forth below, the PSUs will vest, and will be settled in shares of the Corporation’s common stock, based on the following vesting terms:

	
 
	
•
	
Subject to the other provisions of this Section 1, a specified percentage of the total PSUs granted shall vest based on the Corporation’s performance for fiscal years 2019, 2020 and 2021 in the aggregate, as shown in the following performance chart:

						
	
Performance Metric
	
Weight
	
Percentage of PSUs Vesting**

	
0%
	
50%
	
100%
	
150%

	
Net Student Loan Cash Flows
	
70%
	
Less than
$8.2 billion
	
$8.2 billion
	
$9.1 billion
	
$9.9 billion
or greater

	
Return on Equity*
	
10% / 10% / 10%
	
Less than
11.2%
	
11.2%
	
12.7%
	
14.2%

 

	
 
	
*
	
Return on Equity (ROE) performance targets and range for 2019 only. ROE performance targets and range for 2020 and 2021 to be established by the Committee at the beginning of each respective year, with each year’s performance counting 1/3 towards the total 30% weight.
	
 

	
 
	
**
	
For points between each performance level, the vesting percentages will be interpolated.

 

	
 
	
•
	
Each vested PSU will be settled in shares of the Corporation’s common stock.  PSUs shall vest on the second business day after the Corporation’s annual report on Form 10-K for the fiscal year 2021 is filed, and in no event later than March 15, 2022. 

	
 
	
•
	
“Net Student Loan Cash Flows” shall mean the Corporation’s aggregate cash flows net of secured borrowings from student loans realized for the fiscal years 2019, 2020 and 2021, including student loan cash flows realized from new acquisitions, but excluding the impact of cash flows for fiscal years beyond 2021 that are accelerated through securitizing or pledging unencumbered student loans, or through loan sales.

 

	
2.
	
Employment Termination; Death; Disability.  Except as provided below, if the Grantee ceases to be an employee of the Corporation (or a Subsidiary) for any reason, he/she shall 

OHSWEST:261493461.3 

DRAFT 01/25/12 9:24AM 

 

 
 

		
forfeit any portion of the Award that has not vested as of the date of such termination of employment.  

 

If not previously vested, the Award will continue to vest, and will be settled in shares of the Corporation’s common stock, subject to the original performance goals and performance period set forth above, and on the original vesting terms and vesting dates set forth above, in the event that the Grantee’s employment is terminated by the Corporation (or a Subsidiary) for any reason other than for Cause.  

 

If not previously vested, a portion of the Award (as determined below) will continue to vest, and will be settled in shares of the Corporation’s common stock, subject to the original performance goals and performance period set forth above, and on the original vesting terms and vesting dates set forth above, in the event that the Grantee voluntarily ceases to be an employee of the Corporation (or a Subsidiary) due to Retirement.  For purposes of the immediately preceding sentence: (i) the entire Award will continue to vest if the Grantee ceases employment on or after the third anniversary of the Grant Date; (ii) two-thirds of the Award will continue to vest if the Grantee ceases employment on or after the second anniversary (but before the third anniversary) of the Grant Date; (iii) one-third of the Award will continue to vest if the Grantee ceases employment on or after the first anniversary (but before the second anniversary) of the Grant Date; and (iv) no portion of the Award will vest if the Grantee ceases employment before the first anniversary of the Grant Date.

 

If not previously vested, the Award will vest, and will be settled in shares of the Corporation’s common stock, at the target levels set forth above, upon death or Disability (provided that such Disability qualifies as a “disability” within the meaning of Treasury Regulation Section 1.409A-3(i)(4)).

 

The Award shall be forfeited upon termination of employment due to Cause.

 

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

 

	
 
	
•
	
In the event of a Change in Control described in clause (b) of the definition thereof 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 the Award that is not vested shall vest based on the level of achievement of the performance goals in Section 1 through the end of the month immediately preceding or coinciding with the date of the Change in Control, and shall be converted into shares of common stock as of immediately prior to the consummation of the Change in Control. The Committee shall proportionately reduce the “Net Student Loan Cash Flows” and the “Return on Equity” performance goals in Section 1 above based on the portion of the performance period elapsed through the end of the month immediately preceding or coinciding with the date of the Change in Control.

 

	
 
	
•
	
In the event of either (x) a Change in Control described in clause (a) of the definition thereof, or (y) a Change in Control described in clause (b) of the definition thereof in 

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which the acquiring or surviving company in the transaction assumes or continues outstanding Awards, no acceleration of vesting shall occur upon such Change in Control, and the Award shall continue to vest in accordance with Section 1 hereof; provided, however, that if Grantee’s employment shall terminate within twenty-four months following such a Change in Control for any reason other than (i) by the Corporation (or a Subsidiary), or the surviving or acquiring entity in the transaction (as the case may be), for Cause, or (ii) by Grantee’s voluntary termination of employment that is not a Retirement or a termination of employment for Good Reason, any portion of the Award not previously vested shall immediately become vested at the 100% target level set forth in the vesting schedules herein, and shall be settled in shares of the Corporation’s common stock, upon such employment termination. Upon any termination of employment during such twenty-four month period described in clause (i) or (ii) of the preceding sentence, any unvested portion of the Award shall be forfeited. Upon any termination of employment occurring after the end of such twenty-four month period, vesting and settlement of any remaining unvested portion of the Award shall be governed by Section 2 hereof.

 

	
 
	
•
	
Notwithstanding anything stated herein, the 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.

 

	
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 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 PSUs provided under this Agreement and shares issuable hereunder comply with 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 Plan or this Agreement to the contrary, if the vesting of the balance, or 

3

		
some lesser portion of the balance, of the PSUs is to be accelerated in connection with the Grantee’s termination of service, such accelerated PSUs will not be settled by virtue of such acceleration until and 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 Plan or this Agreement to the contrary, if (x) any of the PSUs 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 PSUs 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 PSUs during such six (6) month period will accrue and will not be settled 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 PSUs will be settled.

 

	
6.
	
Clawback Provision.  Notwithstanding anything to the contrary herein, the Award shall be subject to any recoupment or clawback policy that is adopted by the Corporation, including any policy that is adopted after the Grant Date, or any recoupment or clawback policy that becomes applicable to the Corporation pursuant to any requirement of law or any exchange listing requirement, in either case to the extent provided therein. 

 

	
7.
	
Securities Law Compliance. 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 the Corporation’s 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.

 

	
8.
	
Data Privacy.  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 

4

		
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.

 

	
9.
	
Electronic Delivery.  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 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 (or one of its subsidiaries) and thereafter until withdrawn in writing by Grantee.

 

	
10.
	
Board Interpretation.  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.

 

	
11.
	
No Right to Continued Employment.  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 employment with the Corporation or any of its subsidiaries or affiliates.

 

	
12.
	
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.

 

	
13.
	
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.

 

	
14.
	
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

123 Justison Street

Wilmington, DE 19801

 

5

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).

 

	
15.
	
Plan Controls; Entire Agreement; Capitalized Terms.  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.

 

	
16.
	
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 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.

 

 

 

	
NAVIENT CORPORATION
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
By:  
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
Jack Remondi
	
 
	
 

	
 
	
President and Chief Executive Officer
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
Accepted by:
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
Date
	
 
	
 

 

6

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