SEC Form 4 · accession 0001127602-15-016337
NAVIENT CORP · NAVI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Timothy J Hynes IV
Officer — EVP, Chief Risk&Compliance Off
Period of report
May 1, 2015
Accepted (ET)
May 5, 2015 · 5:31 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001593538
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | May 1, 2015 | F | 694 | $19.74 | D | 97,460 | D | |
| Common StockF3 | May 1, 2015 | S | 296 | $19.6445 | D | 97,164 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1As previously reported, on May 1, 2014, Mr. Hynes was granted 5,882 restricted stock units ("RSUs") under the Navient Corporation 2014 Omnibus Incentive Plan representing the right to receive shares of Navient common stock in the future, which vest in one-third increments on May 1, 2015, May 1, 2016 and May 1, 2017. On May 1, 2015, 1,960 shares of such RSUs were settled and an additional 62 shares were issued to Mr. Hynes upon the vesting of the related dividend equivalent rights. In connection with this settlement, 694 shares were withheld by Navient (as approved by the Navient Compensation and Personnel Committee) to satisfy Mr. Hynes's tax withholding obligations.
- F2Dividend equivalent rights issued on RSUs and performance stock units are included in Mr. Hynes's common stock holding balance.
- F3Per the instructions of Mr. Hynes, an additional 296 shares were sold in an open market transaction in order to provide funds to pay the difference between his projected actual federal tax liability and the permitted amount of federal tax withholding from the May 1st RSU vesting event.