<SEC-DOCUMENT>0000921895-24-003026.txt : 20241226
<SEC-HEADER>0000921895-24-003026.hdr.sgml : 20241226
<ACCEPTANCE-DATETIME>20241226103732
ACCESSION NUMBER:		0000921895-24-003026
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241226
DATE AS OF CHANGE:		20241226

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NAVIENT CORP
		CENTRAL INDEX KEY:			0001593538
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				464054283
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-88560
		FILM NUMBER:		241578111

	BUSINESS ADDRESS:	
		STREET 1:		13865 SUNRISE VALLEY DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-810-3000

	MAIL ADDRESS:	
		STREET 1:		13865 SUNRISE VALLEY DRIVE
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	New Corp
		DATE OF NAME CHANGE:	20131205

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sherborne Investors LP
		CENTRAL INDEX KEY:			0001406888
		ORGANIZATION NAME:           	
		IRS NUMBER:				204961096

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		135 E. 57TH STREET
		STREET 2:		32ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		(212) 735-1000

	MAIL ADDRESS:	
		STREET 1:		135 E. 57TH STREET
		STREET 2:		32ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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            <com:zipCode>10022</com:zipCode>
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          <personName>STEPHEN WELKER</personName>
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            <com:zipCode>10022</com:zipCode>
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          <personName>KENNETH MANTEL, ESQ.</personName>
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            <com:zipCode>10019</com:zipCode>
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      <reportingPersonInfo>
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        <reportingPersonCIK>0001914277</reportingPersonCIK>
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        <reportingPersonName>Welker Stephen</reportingPersonName>
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    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>NAVIENT CORP</issuerName>
        <issuerPrincipalAddress>
          <com:street1>13865 SUNRISE VALLEY DRIVE</com:street1>
          <com:city>HERNDON</com:city>
          <com:stateOrCountry>VA</com:stateOrCountry>
          <com:zipCode>20171</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>The following constitutes Amendment No. 9 to the Schedule 13D filed by the undersigned ("Amendment No. 9"). This Amendment No. 9 amends the Schedule 13D as specifically set forth herein.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 is hereby amended to add the following:

On December 20, 2024, Sherborne Investors Management LP and certain of its affiliates (collectively, "Sherborne") and the Issuer entered into Amendment No. 2 to the Nomination and Cooperation Agreement (the "Amendment"), amending that certain Nomination and Cooperation Agreement, dated as of April 14, 2022, as previously amended by Amendment No. 1 to Nomination and Cooperation Agreement, dated as of December 14, 2023 (as amended, the "Agreement").

The Issuer's Board of Directors has agreed to appoint Edward J. Bramson as Chair of the Board, effective upon the conclusion of the Issuer's 2025 annual meeting of stockholders.

The Amendment amends the Agreement to extend the "Covered Period", during which certain customary standstill provisions and other terms apply, at least through the earlier of (x) the closing of the Issuer's 2025 annual meeting of stockholders and (y) 5:00 p.m. Eastern Time on June 30, 2025. The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, which is attached as Exhibit 1 hereto and is incorporated herein by reference.</transactionPurpose>
      </item4>
      <item6>
        <contractDescription>Item 6 is hereby amended to add the following:

On December 20, 2024, Sherborne and the Issuer entered into the Amendment, as defined and described in Item 4 above and attached as Exhibit 1 hereto.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 1 - Amendment No. 2 to Nomination and Cooperation Agreement, dated as of December 20, 2024, by and among Sherborne Investors Management LP, Newbury Investors LLC, Sherborne Strategic Fund F, LLC, Edward J. Bramson and Navient Corporation.</filedExhibits>
      </item7>
    </items1To7>
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      <signaturePerson>
        <signatureReportingPerson>Sherborne Investors Management LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker, Managing Director</title>
          <date>12/26/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Sherborne Strategic Fund F, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker, Managing Director</title>
          <date>12/26/2024</date>
        </signatureDetails>
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      <signaturePerson>
        <signatureReportingPerson>Newbury Investors LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker, Managing Director</title>
          <date>12/26/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Sherborne Investors Master GP, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker, Managing Director</title>
          <date>12/26/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Sherborne Investors lp</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker, Managing Director</title>
          <date>12/26/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Sherborne Investors Gp, LLC</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker, Managing Director</title>
          <date>12/26/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Sherborne Investors Management gp, llc</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker, Managing Director</title>
          <date>12/26/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BRAMSON EDWARD J</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Edward J Bramson</signature>
          <title>Edward J Bramson</title>
          <date>12/26/2024</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>Welker Stephen</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Stephen Welker</signature>
          <title>Stephen Welker</title>
          <date>12/26/2024</date>
        </signatureDetails>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1to13da912083005_122624.htm
<DESCRIPTION>AMENDMENT NO. 2 TO THE NOMINATION AND COOPERATION AGREEMENT
<TEXT>
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<P STYLE="text-align: right; margin: 0">Exhibit 1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><U>EXECUTION VERSION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">AMENDMENT NO. 2<BR>
TO<BR>
NOMINATION AND COOPERATION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Amendment No. 2, dated
as of December 20, 2024 (this &ldquo;<U>Amendment</U>&rdquo;), to the Nomination and Cooperation Agreement, dated as of April 14, 2022,
as amended by Amendment No. 1 to Nomination and Cooperation Agreement, dated as of December 14, 2023 (as may be amended, modified or supplemented
from time to time in accordance with its terms, the &ldquo;<U>Cooperation Agreement</U>&rdquo;), is by and among Navient Corporation,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;), Mr. Edward J. Bramson (the &ldquo;<U>Sherborne Designee</U>&rdquo;), Sherborne
Investors Management LP, Newbury Investors LLC, and Sherborne Strategic Fund F, LLC (together with Sherborne Investors Management LP,
Newbury Investors LLC, and the Sherborne Designee, &ldquo;<U>Sherborne</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company&rsquo;s
Board of Directors has agreed to appoint Edward J. Bramson as Chair of the Board, effective upon the closing of the 2025 annual meeting
of stockholders of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, Newbury Investors
LLC distributed shares of Common Stock beneficially owned by it to Sherborne Strategic Fund F, LLC in connection with an internal restructuring,
as a result of which Sherborne Strategic Fund F, LLC became a member of the Sherborne Group, and by entering into this Amendment, Sherborne
Strategic Fund F, LLC is joined as a party to the Cooperation Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, in accordance with
<U>Section 11</U> of the Cooperation Agreement, the parties hereto wish to amend the Cooperation Agreement as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined
Terms</U>. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Cooperation
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>.
The parties acknowledge and agree that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
5(a)</U> of the Cooperation Agreement is hereby deleted in its entirety and replaced with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&ldquo;(a) This Agreement is effective
as of the date hereof and shall remain in full force and effect for the period (the &ldquo;<U>Covered Period</U>&rdquo;) commencing on
the date hereof and ending on the date that is the earlier of (A) the later of the date that is (i) the earlier of (x) the closing of
the 2025 annual meeting of stockholders of the Company and (y) 5:00 p.m. Eastern Time on June 30, 2025, and (ii) the date that is twenty
(20) business days following the date the Sherborne Designee ceases to be a member of the Board; and (B) the election to terminate this
Agreement by the non-breaching Party, upon a judicial determination that the Sherborne Group or the Company has materially breached any
of the terms of this Agreement or the Confidentiality Agreement and has failed to cure any such breach within twenty (20) days of receipt
of written notice of such determination.&rdquo;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Other Amendments to Cooperation Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
and after the date hereof, each reference in the Cooperation Agreement to &ldquo;this Agreement&rdquo;, &ldquo;herein&rdquo;, &ldquo;hereof&rdquo;,
&ldquo;hereunder&rdquo; or words of similar import shall mean and be a reference to the Cooperation Agreement as amended hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise expressly provided herein, all of the terms and conditions of the Cooperation Agreement remain unchanged and continue in
full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
The provisions of Section 9 (<I>Miscellaneous</I>), Section 11 (<I>Entire Agreement; Amendment</I>), Section 12 (<I>Notices</I>), Section
13 (<I>Severability</I>), Section 14 (<I>Counterparts</I>), Section 15 (<I>No Third Party Beneficiaries; Assignment</I>) and Section 16
(<I>Interpretation and Construction</I>) of the Cooperation Agreement are incorporated into, and shall apply to, this Amendment, <I>mutatis
mutandis. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">[<I>Remainder of page intentionally left blank;
signature page follows</I>]</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, this
Amendment has been executed on behalf of each of the parties hereto as of the date first above written.</P>

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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>NAVIENT CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Matthew Sheldon</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">Matthew Sheldon</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Senior Vice President &amp; General Counsel</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Signature Page to Amendment No. 2 to Cooperation
Agreement]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, this
Amendment has been executed on behalf of each of the parties hereto as of the date first above written.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase"><B>Sherborne Investors Management LP</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Stephen L. Welker</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">Stephen L. Welker</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Managing Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

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    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase"><B>NEWBURY INVESTORS LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Stephen L. Welker</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">Stephen L. Welker</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Managing Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase"><B>Sherborne Strategic Fund F, LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Stephen L. Welker</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">Stephen L. Welker</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Managing Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">/s/ Edward J. Bramson</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">Edward J. Bramson</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Signature Page to Amendment No. 2 to Cooperation
Agreement]</I></P>

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