SEC Form 4 · accession 0001127602-19-009474
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 28, 2019
Accepted (ET)
Mar 4, 2019 · 4:46 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 28, 2019 | F | 140,785 | $12.22 | D | 2,302,308 | D | |
| Common Stock | holding | — | — | — | 250 | I | As custodian for child |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents performance stock units ("PSUs") awarded under the Navient Corporation 2014 Omnibus Incentive Plan and previously reported on February 3, 2016. Each PSU represents the right to receive one share of Navient Corporation ("Navient") common stock in the future, which target amount vests at a specified percentage and is settled based upon achieving certain performance conditions over a three-year performance period ending on the final day of fiscal year 2018. On January 30, 2019, the Compensation and Personnel Committee approved the achievement of the 2016 - 2018 PSUs at 125% of target resulting in the settling on February 28, 2019, of 262,177.50 shares of such PSUs and an additional 40,971.1558 shares were issued to the reporting person upon the vesting of the related dividend equivalent rights. In connection with this settlement, 140,785 shares were withheld by Navient (as approved by the Navient Compensation and Personnel Committee) to satisfy the reporting person's tax withholding obligations.
- F2Reflects the disposition of 0.6558 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.