Form 4: Navient EVP, CFO & PAO Joe Fisher Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Joe Fisher, EVP, CFO & PAO of Navient Corp, reports changes in beneficial ownership due to the settlement of performance stock units (PSUs) and associated tax withholding.
Summary
- On March 3, 2025, Joe Fisher, EVP, CFO & PAO of Navient Corp, reported changes in beneficial ownership.
- These changes are primarily due to the settlement of performance stock units (PSUs) awarded under the 2014 Omnibus Incentive Plan.
- The 2022-2024 PSUs were approved at 46% of the target, resulting in the settlement of 14,268.280 shares on March 3, 2025.
- An additional 1,820.760 shares were issued upon the vesting of related dividend equivalent rights.
- Navient withheld 7,096 shares to satisfy tax withholding obligations.
- 18,887.133 PSUs were forfeited because the company failed to meet the threshold performance level for the 2022-2024 performance period.
- Following these transactions, Fisher's direct ownership includes 319,277.255 shares of common stock.
Sentiment
Score: 4
Explanation: The document indicates underperformance with PSUs settling at 46% of target and forfeiture of additional PSUs due to not meeting threshold performance levels. While standard reporting, the underperformance is a negative signal.
Negatives
- 18,887.133 PSUs were forfeited because the company failed to meet the threshold performance level for the 2022-2024 performance period.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors regarding executive compensation and stock ownership.
Stakeholder Impact
- Shareholders may be concerned about the company's performance, as indicated by the PSU settlement at 46% of target and the forfeiture of PSUs.
Key Dates
| Date | Description |
|---|---|
| February 4, 2022 | Date PSUs were previously reported. |
| January 23, 2025 | Compensation and Human Resources Committee approved the achievement of the 2022-2024 PSUs at 46% of target. |
| March 3, 2025 | Settlement date of 14,268.280 shares of PSUs and issuance of 1,820.760 shares for dividend equivalent rights. |
| March 5, 2025 | Date of the report filing. |
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