SEC Contract Filing

Filing Date: 2022-04-27

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>navi-ex101_54.htm
<DESCRIPTION>EX-10.1
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;">&nbsp;</p>
<p style="text-align:right;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:24pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Navient Corporation 2014 Omnibus Incentive Plan<br />Performance Stock Unit Agreement</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the terms and conditions of the Navient Corporation 2014 Omnibus Incentive Plan, amended and restated as of May 24, 2018 (the &#8220;Plan&#8221;), the Compensation and Human Resources Committee (the &#8220;Committee&#8221;) of the Navient Corporation Board of Directors (&#8220;Board&#8221;) hereby grants to <font style="font-weight:bold;">________________</font> (the &#8220;Grantee&#8221;) on February 4, 2022 (the &#8220;Grant Date&#8221;) an award (the &#8220;Award&#8221;) of <font style="font-weight:bold;">__________</font> shares of Performance Stock Units (&#8220;PSUs&#8221;), which represent the right to acquire shares of common stock of Navient Corporation (the &#8220;Corporation&#8221;) subject to the following terms and conditions of this Performance Stock Unit Agreement (the &#8220;Agreement&#8221;):</p>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:12pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">1.</font></p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="text-decoration:underline;color:#000000;">Vesting Schedule</font><font style="color:#000000;">.&nbsp;&nbsp;Unless vested earlier as set forth below, the PSUs will vest, and will be settled in shares of the Corporation&#8217;s common stock, based on the following vesting terms:</font></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:12pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:12pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:12pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:12pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">Subject to the other provisions of this Section 1, a specified percentage of the total PSUs granted shall vest (subject to application of the rTSR Modifier defined below) based on the Corporation&#8217;s performance for fiscal years 2022, 2023 and 2024 in the aggregate, as shown in the following performance chart (which reflects the Return on Equity performance target and range for 2022 only):</font></p></td></tr></table></div>
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