SEC Form 4 · accession 0001127602-16-044641
NAVIENT CORP · NAVI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John F Remondi
Officer — Chief Executive Officer · Director
Period of report
Feb 29, 2016
Accepted (ET)
Mar 2, 2016 · 8:49 pm EST
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 | Feb 29, 2016 | F | 46,383 | $10.83 | D | 1,351,446 | D | |
| Common Stock | holding | — | — | — | 250 | I | As custodian for child |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1As previously reported, in connection with the separation of Navient Corporation (the "Company") from Sallie Mae ("SLM"), the Company established the Navient Corporation 2014 Omnibus Incentive Plan and issued new Navient equity awards to holders of outstanding SLM equity awards in order to maintain the intrinsic value of prior SLM award grants. On April 30, 2014, Mr. Remondi was granted 90,052 restricted stock units ("RSUs") representing the right to receive shares of Navient common stock in the future, which were to vest fully on the second business day after the Company's annual report on Form 10-K for the fiscal year 2015 is filed, and in no event later than March 15, 2016. On February 29, 2016, 90,052 shares of such RSUs were settled and an additional 6,115 shares were issued to Mr. Remondi upon the vesting of the related dividend equivalent rights. In connection with this settlement, 46,383 shares were withheld by Navient (as approved by the Navient Compensation and Personnel Committee) to satisfy Mr. Remondi's tax withholding obligations.
- F2Also reflects the disposition of 0.1674 shares settled in cash upon the delivery of the related dividend equivalent rights, in accordance with the terms of the 2014 Navient Corporation Omnibus Incentive Plan.