Navient Corp DEFR14A, filed Apr 17, 2024

Navient Corp (NAVI)

DEFR14A 2024-04-17

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☐	Preliminary Proxy Statement

☐	Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒	Definitive Proxy Statement

☐	Definitive Additional Materials

☐	Soliciting Material Pursuant to Section 240.14a-12

☒	No fee required.

☐	Fee paid previously with preliminary materials.

☐	Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

	·	Adopt a variable, outsourced servicing model. Navient has entered into a binding letter of intent that will transition our student loan servicing to MOHELA, a leading provider of student loan servicing for government and commercial enterprises. This transaction is intended to create a variable cost structure for the servicing of our student loan portfolios and provides attractive unit economics across a wide range of servicing volume scenarios. Navient and MOHELA will work toward ensuring a seamless transition in the coming months and providing customers with uninterrupted servicing of their loans.

	·	Explore strategic options for the business processing division. Navient has launched a process to explore a range of value-creating options for our business processing division. Through various subsidiary brands, this division provides high-quality business processing services for a variety of government and healthcare clients, including hospitals, toll-road authorities, state revenue divisions, and federal agencies. With the decision to outsource student loan servicing, exploring options for the business processing division increases the opportunities for shared cost reduction. Navient is working with financial and legal advisors to assist the company in exploring strategic options for this division, which may include a sale of the division in whole or in part.

	·	Streamline shared services infrastructure and corporate footprint. As we implement these actions, we also plan to reshape our shared services functions and corporate footprint to align with the needs of a more focused, flexible and streamlined company.


David Yowan		Linda A. Mills
President and Chief Executive Officer		Chair of the Board of Directors

Date:	Thursday, May 23, 2024

Time:	8:00 a.m., Eastern Daylight Time

Access:	Meeting Live via the Internet Please visit www.virtualshareholdermeeting.com/NAVI2024

Items of Business:

	(1)	Elect the 8 nominees named in the proxy statement to serve as directors for one-year terms or until their successors have been duly elected and qualified;
	(2)	Ratify the appointment of KPMG LLP as Navient’s independent registered public accounting firm for 2024;
	(3)	Approve, in a non-binding advisory vote, the compensation paid to Navient’s named executive officers;
	(4)	Approve the Navient Corporation 2024 Omnibus Incentive Plan to replace the expiring 2014 Omnibus Incentive Plan; and
	(5)	Act on such other business as may properly come before the Annual Meeting or any adjournment or postponement of the meeting.

Record Date:

	You may vote if you were a shareholder of record as of the close of business on March 25, 2024.

	By Order of the Board of Directors,



	Mark L. Heleen Secretary

PROXY SUMMARY.........................................................................................................................................................….......................................................	12
Annual Meeting of Shareholders.........................................................................................................................................................................................	12
Meeting Agenda Voting Matters................................................................................................................................…......................................................	12
Board and Governance Practices........................................................................................................................................................................................	13
Board of Directors Composition..........................................................................................................................................................................................	14
Director Nominees................................................................................................................................…..............................................................................	15
GENERAL INFORMATION ......................................................................................................................................................................................................	16
QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING .......................................................................................................	17
OVERVIEW OF PROPOSALS.................................................................................................................................................................................................	22
PROPOSAL 1 — ELECTION OF DIRECTORS....................................................................................................................................................................	23
Agreements with the Sherborne Group...............................................................................................................................................................................	32
CORPORATE GOVERNANCE.................................................................................................................................................................................................	33
Role and Responsibilities of the Board of Directors.........................................................................................................................................................	33
Board Governance Guidelines..............................................................................................................................................................................................	33
Board Leadership Structure................................................................................................................................…..............................................................	34
Board Succession Planning..................................................................................................................................................................................................	34
Management Succession Planning......................................................................................................................................................................................	34
Director Independence...........................................................................................................................................................................................................	35
Board of Directors Meetings and Attendance at Annual Meeting.................................................................................................................................	35
Committee Membership................................................................................................................................…......................................................................	35
Compensation Consultant and Independence...................................................................................................................................................................	38
Compensation Committee Interlocks and Insider Participation....................................................................................................................................	38
The Board of Directors’ Role in Risk Oversight.................................................................................................................................................................	38
Risk Assessment of Compensation Policies.........................................................................................................................................................................	40
Nominations Process...............................................................................................................................................................................................................	41
Proxy Access..............................................................................................................................................................................................................................	42
Director Orientation and Continuing Education...............................................................................................................................................................	42
Our Commitment to Environment, Social and Governance..............................................................................................................................................	42
Policy on Political Contributions, Disclosure and Oversight.........................................................................................................................................	43
Code of Business Conduct.......................................................................................................................................................................................................	44
Policy on Review and Approval of Transactions with Related Parties..........................................................................................................................	44
Shareholder Engagement........................................................................................................................................................................................................	45
DIRECTOR COMPENSATION...................................................................................................................................................................................................	46
Director Compensation Elements...........................................................................................................................................................................................	46
Share Ownership Guidelines................................................................................................................................…...............................................................	46

Anti-Hedging and Pledging Policy........................................................................................................................................................................................	47
Policy on Rule 10b5-1 Trading Plans...................................................................................................................................................................................	47
Other Compensation.................................................................................................................................................................................................................	48
Deferred Compensation Plan for Directors..........................................................................................................................................................................	48
Director Compensation Table.................................................................................................................................................................................................	48
PROPOSAL 2 — RATIFICATION OF THE APPOINTMENT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.............	50
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM............................................................................................................................................	51
Fees Paid to Independent Registered Public Accounting Firms for 2023 and 2022...................................................................................................	51
Pre-approval Policies and Procedures.................................................................................................................................................................................	51
REPORT OF THE AUDIT COMMITTEE...................................................................................................................................................................................	52
OWNERSHIP OF COMMON STOCK......................................................................................................................................................................................	53
EXECUTIVE OFFICERS...............................................................................................................................................................................................................	55
PROPOSAL 3 — ADVISORY VOTE ON EXECUTIVE COMPENSATION......................................................................................................................	56
EXECUTIVE COMPENSATION..................................................................................................................................................................................................	57
Compensation and Human Resources Committee Report.............................................................................................................................................…	57
Compensation Discussion and Analysis...............................................................................................................................................................................	58
Summary Compensation Table................................................................................................................................................................................................	79
Grants of Plan-Based Awards.................................................................................................................................................................................................	80
Outstanding Equity Awards at Fiscal Year End.................................................................................................................................................................	82
Option Exercises and Stock Vested During Fiscal Year 2023.........................................................................................................................................	83
Pension Benefits........................................................................................................................................................................................................................	83
Non-Qualified Deferred Compensation................................................................................................................................................................................	83
Arrangements with Named Executive Officers.....................................................................................................................................................................	84
Potential Payments upon Termination or Change in Control........................................................................................................................................	85
CEO Pay Ratio..........................................................................................................................................................................................................................	88
PAY VERSUS PERFORMANCE.................................................................................................................................................................................................	89
Pay versus Performance Table...............................................................................................................................................................................................	89
PROPOSAL 4 — APPROVAL OF THE NAVIENT CORPORATION 2024 OMNIBUS INCENTIVE PLAN TO REPLACE THE EXPIRING 2014 OMNIBUS INCENTIVE PLAN	95

OTHER MATTERS.......................................................................................................................................................................................................................	101
Certain Relationships and Related Transactions...............................................................................................................................................................	101
Other Matters for the 2024 Annual Meeting.......................................................................................................................................................................	101
Delinquent Section 16(a) Reports........................................................................................................................................................................................	101
Shareholder Proposals for the 2025 Annual Meeting......................................................................................................................................................	102
Proxy Access Procedures.........................................................................................................................................................................................................	102
Solicitation Costs...…...............................................................................................................................................................................................................	102
Householding…………………………………………………………………………………………………………………………………………………	102

	Proposals	Board Voting Recommendations	Page

1.	Election of each director nominee	FOR EACH NOMINEE	23

2.	Ratification of the appointment of KPMG as Navient’s independent registered public accounting firm for 2024	FOR	50

3.	Non-binding advisory shareholder vote to approve the compensation paid to our named executive officers	FOR	56

4.	Approval of the Navient Corporation 2024 Omnibus Incentive Plan to replace the expiring 2014 Omnibus Incentive Plan	FOR	95

	Arnold	Bramson	Cabral	Klane	Lawson	Mills	Thompson	Yowan
Skills and Experience
Executive Leadership: Business and strategic management experience from service in a significant leadership position, such as CEO, CFO or other senior leadership position.	X	X	X	X	X	X	X	X
Industry Experience: Experience in the Company’s businesses, including consumer lending, business process, and loan management	X			X		X	X	X
Operations and Strategic Planning: Experience managing the operations of a business or large organization and driving strategic direction and growth	X	X		X	X	X	X	X
Finance/Accounting/Capital Markets: Background or experience in finance, accounting, capital markets or financial reporting	X	X		X				X
Legal/Regulatory: Experience in navigating legal risks acquired as a practicing attorney; experience in regulatory matters or government relations			X		X		X
Risk Management: Experience with reviewing or managing risk in a large organization, including specific types of risk (e.g., financial risk, physical security, cybersecurity)	X	X		X		X		X
Human Capital Management / Compensation: Experience in retaining, managing and developing a large workforce, including in the areas of compensation, training and diversity, equity and inclusion	X	X	X	X	X	X	X
Environmental, Governance & Social: Experience in corporate governance, environmental and sustainability initiatives and/or corporate social responsibility			X		X		X
Technology: Experience in technology or information security, including the use of technology to facilitate business operations		X				X

Board Diversity	Age of Director Nominees	Tenure of Director Nominees

Name*	Age⁽¹⁾	Director Since	Occupation and Experience	Independent	Standing Committee Memberships⁽²⁾					Other Public Boards
Name*	Age⁽¹⁾	Director Since	Occupation and Experience	Independent	EC	AC	CC	NGC	RC	Other Public Boards
Frederick Arnold	70	2018	Financial Executive	Yes		M			M	1
Edward Bramson	73	2022	Partner, Sherborne Investors Management LP	Yes ⁽³⁾						0
Anna Escobedo Cabral	64	2014	Partner, Cabral Group, LLC	Yes	M	C		M		0
Larry A. Klane	63	2019	Co-Founding Principal, Pivot Investment Partners LLC	Yes	M		M		C	1
Michael A. Lawson	70	2021	Partner, Ellis George LLP	Yes		M	M			0
Linda A. Mills	74	2014	President and CEO, Cadore Group LLC	Yes	C					1
Jane J. Thompson	72	2014	CEO, Jane J. Thompson Financial Services	Yes	M		C	M		2
David L Yowan	67	2017	President and Chief Executive Officer, Navient	No	M					0

(1)	Ages are as of April 11, 2024.
(2)	Membership as of April 11, 2024.
(3)	Mr. Bramson is independent with regard to his membership on the Board of Directors. Mr. Bramson has declined to serve on any Committees.
*	Ms. Unger will remain as Chair of the Nominations and Governance Committee until the Annual Meeting on May 23, 2024. It is anticipated that the Board will realign the membership and leadership of the Board Committees after the Annual Meeting.

EC	Executive Committee	NGC	Nominations and Governance Committee	C	Chair
AC	Audit Committee	RC	Risk Committee	M	Member
CC	Compensation and Human Resources Committee

Additional information about our director nominees, including summaries of their business and leadership experience, skills and qualifications, can be found in the director biographies that begin on page 23 of this proxy statement.

VOTE BY INTERNET BEFORE THE MEETING	Vote your shares at www.proxyvote.com. Votes submitted via the Internet must be received by 11:59 p.m., Eastern Daylight Time, on May 22, 2024. Please have your Notice of Internet Availability or proxy card available when you log on.	If you hold shares directly in your name as a shareholder of record, you may either vote or be represented by another person at the Annual Meeting by executing a legal proxy designating that person as your proxy to vote your shares. If you hold your shares in a street name, you must obtain a legal proxy from your broker, bank, trustee or other nominee and present it to the inspector of elections with your ballot to be able to vote at the Annual Meeting. To request a legal proxy, please follow the instructions at www.proxyvote.com

VOTE BY PHONE	Call the toll-free number (1-800-690-6903). You may call this toll-free telephone number, which is available 24-hours a day, and follow the pre-recorded instructions. Please have your Notice of Internet Availability or proxy card available when you call. If you hold your shares in street name, your broker, bank, trustee or other nominee may provide you additional instructions regarding voting your shares by telephone. Votes submitted telephonically must be received by 11:59 p.m., Eastern Daylight Time, on May 22, 2024.

VOTE BY MAIL	If you hold your shares in a street name through a broker, bank, trustee or other nominee and want to vote by mail, you must request paper copies of the proxy materials. Once you receive your paper copies, you will need to complete, sign and date the voting instruction form and return it in the prepaid return envelope provided. Your voting instruction form must be received no later than the close of business on May 22, 2024.
VOTE BY INTERNET DURING THE MEETING	Go to www.virtualshareholdermeeting.com/NAVI2024 Vote must be submitted by the close of polls during the Annual Meeting.

	·	“FOR” the election of each of the director nominees named in Proposal 1;

	·	“FOR” ratification of the appointment of Navient’s independent registered public accounting firm, as set forth in Proposal 2;

	·	“FOR” approval, on a non-binding advisory basis, of the compensation paid to our named executive officers as set forth in this proxy statement as Proposal 3; and

	·	“FOR” approval of the Navient Corporation 2024 Omnibus Incentive Plan to replace the expiring 2014 Omnibus Incentive Plan, as set forth in Proposal 4.

	·	Delivering a written notice of revocation to Navient’s Corporate Secretary at the Office of the Corporate Secretary, Navient Corporation, 13865 Sunrise Valley Drive, Herndon, Virginia 20171;

	·	Submitting another timely vote via the Internet, by telephone or by mailing a new proxy (following the instructions listed under the “How do I vote?” section above); or

	·	If you are eligible to vote during the Annual Meeting, you also can revoke your proxy or voting instructions and change your vote during the Annual Meeting by logging into the website at www.virtualshareholdermeeting.com/NAVI2024 and following the voting instructions.

	·	Proposal 1 requests the election of the director nominees named in this proxy statement to the Board of Directors.

	·	Proposal 2 requests ratification of the appointment of KPMG LLP as Navient’s independent registered public accounting firm for the fiscal year ending December 31, 2024.

	·	Proposal 3 requests the approval, in a non-binding advisory vote, of the compensation paid to our named executive officers as set forth in this proxy statement.

	·	Proposal 4 requests the approval of the Navient Corporation 2024 Omnibus Incentive Plan to replace the expiring 2014 Omnibus Incentive Plan.

	·	Review Navient’s long-term strategies and set long-term performance metrics;

	·	Review and approve Navient’s annual business plan and multi-year strategic plan, regularly review performance against such plans and ensure alignment between the Company’s actions and its longer-term strategic objectives;

	·	Review risks affecting Navient and its processes for managing those risks, and oversee management performance with regard to various aspects of risk management, compliance and governance;

	·	Select, evaluate and compensate the Chief Executive Officer;

	·	Plan for succession of the Chief Executive Officer and other members of the executive management team;

	·	Review and approve major transactions;

	·	Through its Audit Committee, select and oversee Navient’s independent registered public accounting firm;

	·	Oversee financial matters, including financial reporting, financial controls and capital allocation;

	·	Recommend director candidates for election by shareholders and plan for the succession of directors; and

	·	Evaluate the Board’s composition, succession, and effectiveness.

	·	A majority of the members of the Board of Directors must be independent directors and all members of the Audit, Compensation and Human Resources, and Nominations and Governance Committees must be independent.

	·	All directors stand for re-election each year and must be elected by a majority of the votes cast in uncontested elections.

	·	No individual is eligible for nomination to the Board after the earlier of (i) their 75^th birthday or (ii) after having served in the aggregate more than 15 years on the Board.

	·	The Board of Directors has separated the roles of Chair of the Board and CEO, and an independent, non-executive director serves as Chair.

	·	Independent members of the Board of Directors and its committees meet in executive session, outside the presence of management or the CEO during each scheduled Board or committee meeting. The Chair of the Board (or the applicable committee chair) presides over these sessions.

	·	Navient maintains stock ownership and retention guidelines for directors and executive officers and has a policy prohibiting the hedging or pledging of its stock.

	·	The Board of Directors and each committee conduct performance reviews annually through a combination of online questionnaires and individual director interviews.

	·	The Board of Directors and its committees may engage their own advisors.

	Audit Committee	Compensation and Human Resources Committee	Executive Committee	Risk Committee	Nominations and Governance Committee
Frederick Arnold	X			X
Anna Escobedo Cabral ⁽¹⁾	CHAIR		X		X
Larry A. Klane		X	X	CHAIR
Michael A. Lawson	X	X
Linda A. Mills			CHAIR
Jane J. Thompson		CHAIR	X		X
Laura S. Unger ⁽²⁾			X	X	CHAIR
David L. Yowan ⁽³⁾			X
Number of Meetings in 2023	9	8	4	4	7

(1)	Ms. Cabral served on the Compensation and Human Resources Committee until she became a member and Chair of the Audit Committee on May 15, 2023.
(2)	Ms. Unger is not standing for reelection to the Board in 2024. Ms. Unger will remain as Chair of the Nominations and Governance Committee until the Annual Meeting on May 23, 2024. It is anticipated that the Board will realign the membership and leadership of the Board Committees after the Annual Meeting.
(3)	Mr. Yowan served on the Audit Committee and the Risk Committee until he became the CEO of Navient on May 15, 2023.

*Enterprise Risk Domain*	*Board Committee*	*Risk Description*
Credit	Risk Committee	Risk resulting from an obligor's failure to meet the terms of any contract with the Company or otherwise fail to perform as agreed.
Market	Risk Committee	Risk resulting from changes in market conditions, such as interest rates, spreads, commodity prices or volatilities.
Funding and Liquidity	Risk Committee	Risk arising from the Company's inability to meet its obligations when they come due without incurring unacceptable losses.
Compliance	Audit Committee	Risk arising from violations of, or non-conformance with, laws, rules, regulations, prescribed practices, internal policies, and procedures, or ethical standards.
Legal	Audit Committee	Risk manifested by claims made through the legal system, including litigation brought against the Company. Legal risk may arise from a product, a transaction, a business relationship, property (real, personal, or intellectual), employee conduct, or a change in law or regulation.
Operational	Risk Committee / Compensation and Human Resources Committee	Risk resulting from inadequate or failed internal processes, personnel and systems, inadequate product design and testing, or from external events, including cybersecurity risk.
Reputational and Political	Nominations and Governance Committee	Risk from stakeholder perceptions on legal matters, environmental, social and governance matters, our internal code of conduct or other employee misconduct.
Governance	Nominations and Governance Committee	Risk of not establishing and maintaining a control environment that aligns with stakeholder and regulatory expectations, including tone at the top and board performance.
Strategic	Executive Committee	Risk from adverse business decisions or improper implementation of business strategies.

	·	Knowledge of Navient’s business;

	·	Proven record of accomplishment;

	·	Integrity and sound judgment;

	·	Ability to challenge and stimulate management; and

	·	Independence.

	·	Finance, including capital allocation;

	·	Accounting/audit;

	·	Corporate governance;

	·	Executive leadership;

	·	Information security and cybersecurity;

	·	Financial services, including financial technology and innovation;

	·	Capital markets;

	·	Business operations and operating efficiency;

	·	Mergers and acquisitions;

	·	Higher education;

	·	Consumer credit;

	·	Business processing solutions and outsourcing;

	·	Consumer marketing and product development, including customer experience;

	·	Government/Regulatory; and

	·	Legal.

Who we engage:			Who Participates:
We engage with a wide range of constituents, including:
				·	Executive Management, including our CEO and CFO
	·	Institutional shareholders		·	Investor Relations
	·	Sell-side and buy-side analysts		·	Senior Management
	·	Fixed-income investors		·	Subject Matter Experts
	·	Proxy advisory firms
	·	Rating agencies	Key Topics of Engagement:
	·	ESG-focused firms
			Our engagements cover a broad range of topics, including:
Key Resources:

	·	Form 10-Ks, 10-Qs, 8-Ks and other SEC filings		·	Overall business strategy
	·	Annual Proxy statement		·	Current industry conditions
	·	Company presentations		·	Financial performance
	·	Press releases		·	Simplification of Company
	·	Navient.com/investors		·	Operating efficiency
	·	Corporate Social Responsibility report		·	Corporate governance
				·	Regulatory and legal matters
How we engage				·	Strategic priorities
				·	Executive Compensation
We utilize multiple avenues for engagement, including:				·	Sustainability and ESG-related matters

	·	One-on-one meetings, in-person and virtual
	·	Group meetings, in-person and virtual
	·	Quarterly earnings calls
	·	Investor events
	·	Industry conferences and presentations
	·	Annual shareholder meetings

2023 Compensation Elements	Compensation Value
Annual Cash Retainer	$	100,000
Additional Cash Retainer for Independent Board Chair		70,000
Additional Cash Retainer for Audit Committee Chair		35,000
Additional Cash Retainer for Compensation and Human Resources Committee Chair		30,000
Additional Cash Retainer for Risk Committee Chair		30,000
Additional Cash Retainer for Nominations and Governance Committee Chair		25,000
Additional Cash Retainer for Each Non-Chair Committee Member		10,000
Annual Equity Award		140,000
Additional Equity Award for Independent Board Chair		100,000

	·	All Rule 10b5-1 trading plans must be pre-cleared by the Company’s Securities Trading Compliance Officer.

	·	A trading plan may be entered into, modified or terminated only during an open trading window and while not in possession of material non-public information.

	·	Once adopted, the person must not exercise any influence over the number of securities to be traded, the price at which they are to be traded or the date of the trade.

Name	Fees Earned or Paid in Cash⁽¹⁾ ($)		Stock Awards⁽²⁾ ($)		All Other Compensation⁽³⁾ ($)		Total ($)
Frederick Arnold		120,000		139,989		63		260,052
Edward Bramson⁽⁴⁾		-		-		-		-
Anna Escobedo Cabral⁽⁵⁾		138,750		140,000		63		278,813
Larry A. Klane⁽⁶⁾		140,000		140,000		63		280,063
Michael A. Lawson		120,000		139,989		63		260,052
Linda A. Mills⁽⁷⁾		170,000		239,981		63		410,044
Jane J. Thompson⁽⁸⁾		140,000		140,000		63		280,063
Laura S. Unger⁽⁹⁾		135,000		140,000		63		275,063
David L. Yowan⁽¹⁰⁾		-		-		-		-

(1)	This table includes all fees earned or paid in fiscal year 2023. Unless timely deferred under the Director Deferred Compensation Plan, annual cash retainers are paid in quarterly installments on or around February 1^st, August 1^st and November 1^st. The second quarter installment is paid on or about the date of our Annual Meeting.

(2)	The grant date fair market value for each share of restricted stock granted in 2023 to directors is based on the closing market price of the Company’s Common Stock on the grant date. Additional details on accounting for stock-based compensation can be found in “Note 2–Significant Accounting Policies” to the audited consolidated financial statements included in the 2023 Annual Report on Form 10-K. Stock awards are rounded down to the nearest whole share to avoid the issuance of fractional shares. As noted in the footnotes below, certain directors timely elected to receive a credit under the Director Deferred Compensation Plan in lieu of their 2023 annual equity retainer. Plan credits in lieu of the annual equity retainer are automatically invested in a notional Company stock fund and are not subject to rounding for fractional shares.

(3)	All Other Compensation is detailed in a table on the following page.

(4)	Mr. Bramson has elected to waive all director compensation through the 2024 Annual Meeting.

(5)	Ms. Cabral timely elected to receive a credit under the Director Deferred Compensation Plan in lieu of her 2023 annual equity retainer, with the credit being automatically invested in a notional Company stock fund.

(6)	Mr. Klane timely elected to receive a credit under the Director Deferred Compensation Plan in lieu of his 2023 annual equity retainer, with the credit being automatically invested in a notional Company stock fund.

(7)	Ms. Mills timely elected to defer her 2023 cash retainer.

(8)	Ms. Thompson timely elected to receive a credit under the Director Deferred Compensation Plan in lieu of her 2023 annual equity retainer, with the credit being automatically invested in a notional Company stock fund.

(9)	Ms. Unger timely elected to receive a credit under the Director Deferred Compensation Plan in lieu of her 2023 annual equity retainer, with the credit being automatically invested in a notional Company stock fund. Ms. Unger is not standing for reelection to the Board in 2024.

(10)	Mr. Yowan served as a non-employee director until May 15, 2023, when he was appointed President and Chief Executive Officer of Navient. Mr. Yowan’s compensation for his partial tenure as a non-employee director of the Board is included in the Summary Compensation Table below. See the “Compensation Discussion and Analysis” section of this proxy statement for information regarding Mr. Yowan’s 2023 compensation.

Name	Life Insurance Premiums^(A)) ($)		Total ($)
Frederick Arnold		63		63
Edward Bramson		-		-
Anna Escobedo Cabral		63		63
Larry A. Klane		63		63
Michael A. Lawson		63		63
Linda A. Mills		63		63
Jane J. Thompson		63		63
Laura S. Unger		63		63
David L. Yowan		-		-