CABRAL ANNA ESCOBEDO 4

What Happened Anna Escobedo Cabral, a member of Navient Corporation’s Board of Directors, received a grant of 18,018.018 phantom stock units on June 4, 2026. The reported per-unit valuation was $7.77, for a total reported value of $140,000. This was an award (derivative grant), not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-06-04; Form 4 filed 2026-06-05 (timely; within SEC reporting window).
• Grant: 18,018.018 phantom stock units valued at $7.77 each; total reported value $140,000.
• Vesting schedule (per footnote): 25% vested on grant date (4,504.5045 units), then 25% on 2026-08-01, 25% on 2026-11-01, and 25% on 2027-02-01.
• Derivative treatment: Phantom units are settled in Navient common shares on a one-for-one basis upon distribution.
• Dividend equivalents: 3,617.0899 dividend-equivalent units accrued on the phantom units are included in the reporting person’s holding balance.
• Shares owned after transaction: Not specified in the provided filing details.
• Filing timeliness: Report appears timely (filed the next day).

Context These are non-cash, deferred-compensation phantom stock units issued to a director under the Navient Deferred Compensation Plan for Directors. Phantom units are a derivative award that will convert to common shares upon distribution according to the plan rules and vesting schedule; they are not an immediate open-market purchase or sale and do not by themselves indicate a buy/sell market action.