secwatch.observer — SEC 8-K summary
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Issuer:     NAVIENT CORP (NAVI)
CIK:        0001593538
Form:       8-K
Filed at:   2024-07-05T23:59:59+00:00
Accession:  0001654954-24-008668
Event type: other_material
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Navient approves STIP with transformation targets; CEO gets $1.6M RSU + $2.4M PSU awards
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- STIP targets outsourcing ~80% of servicing expenses, BPS divestment, and ~20% ($11M) shared services cut in Q4 2024.
- CEO eligible for 150% of base salary cash incentive under STIP; other NEOs eligible for 125%.
- CEO David Yowan granted $1.6M in RSUs and $2.4M in PSUs based on TSR relative to peers.
- RSUs vest 50% on 1-year anniversary and 50% on Dec 31, 2025; PSUs vest up to 150% based on performance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1593538/000165495424008668/0001654954-24-008668-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1593538/000165495424008668/navi_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-24-008668

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer