Supplement to the Proxy Statement for the 2019 Annual Meeting of Shareholders
This Supplement supplements the Proxy Statement, furnished to holders of the Companys common stock in connection with the solicitation
of proxies on behalf of the Board of Directors for use at the Annual Meeting, to be held on June 6, 2019, and any adjournment or postponement thereof. The Annual Meeting will be held at our headquarters at 123 Justison Street, Wilmington,
Delaware 19801, at 8:00 a.m., Eastern Daylight Time. The record date for determining shareholders who are entitled to vote at the Annual Meeting is April 8, 2019, which is the same record date specified in the Proxy Statement. The Notice of
2019 Annual Meeting of Shareholders of Navient Corporation, the Proxy Statement, the Companys Annual Report on Form
10-K
for the year ending December 31, 2018 (the 2018 Annual Report),
and the previous WHITE proxy card or previous voting instruction form were first made available on or about May 1, 2019, to all shareholders entitled to vote at the Annual Meeting. Except as described in this Supplement, the information
provided in the Proxy Statement continues to apply and should be considered in voting your shares. To the extent that information in this Supplement differs from or updates information contained in the Proxy Statement, the information in this
Supplement is more current and this Supplement should be read in conjunction with the Proxy Statement.
You are encouraged to sign, date and promptly
return the revised WHITE proxy card or revised voting instruction form to ensure that your shares are voted for the Boards slate of eleven (11) nominees.
UPDATED SLATE OF NOMINEES FOR ELECTION; TERMINATION OF CANYON SOLICITATION
On May 2, 2019, the Company, entered into the Agreement with Canyon, for the purpose of, among other things, resolving the pending proxy contest.
Pursuant to the terms of the Agreement, the Company agreed to nominate Marjorie Bowen and Larry Klane for election to the Board at the Annual Meeting. William
M. Diefenderfer, III has also notified the Board of his decision not to stand for
re-election
to the Board at the Annual Meeting.
Accordingly, as of the Annual Meeting, the size of the Board will now be set at eleven (11) members and the Boards slate of director nominees
submitted for election at the Annual Meeting is as follows:
Frederick Arnold
Marjorie Bowen
Anna Escobedo
Cabral
Larry Klane
Katherine
A. Lehman
Linda A. Mills
John
(Jack) F. Remondi
Jane J. Thompson
Laura S. Unger
Barry L. Williams
David L. Yowan
Canyon has withdrawn its
slate of four (4) nominees for election as directors at the Annual Meeting, discontinued its proxy solicitation with respect to the Annual Meeting and agreed to vote in favor of the Boards slate of director nominees.
The Board of Directors recommends a vote
FOR
the election of each of the nominees named above on the revised WHITE proxy card or revised
voting instruction form.
For further information regarding the Agreement, please see the summary set forth below under the section entitled
Agreement with Canyon.
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