Navient (NASDAQ:NAVI) Corporation (NASDAQ:NAVI), a leader in education loan management and business processing solutions, has amended its agreement with Sherborne Investors Management LP, extending the cooperation period through June 2025.
On Monday, December 20, 2024, Navient and Sherborne Investors entered into a second amendment to their Nomination and Cooperation Agreement, originally dated April 14, 2022. This amendment extends the "Covered Period" of the agreement, during which certain standstill provisions are in effect, to the earlier of the closing of Navient’s 2025 annual meeting of stockholders or 5:00 p.m. Eastern Time on June 30, 2025.
The amendment results in the removal of Section 5(a) of the original agreement and its replacement with new terms that redefine the Covered Period's duration. The Covered Period may now also end upon a judicial determination of a material breach of the agreement or the related Confidentiality Agreement by either Sherborne or Navient that remains uncured for twenty business days following written notice.
This development follows the initial agreement which aimed to allow Sherborne Investors, led by Edward J. Bramson, to nominate a director to Navient’s board. The extension of the cooperation period suggests a continuation of the collaborative relationship between the investment group and Navient.
The precise details of the agreement's amendment are outlined in Exhibit 10.1 of the SEC filing, which provides the legal framework for the extended terms of cooperation between the two parties.
The information contained in this article is based on Navient Corporation's recent 8-K filing with the U.S. Securities and Exchange Commission.
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