SLM (SLM) director Greenstein receives 7,349 restricted shares as board retainer

Rhea-AI Filing Summary

Greenstein Daniel reported acquisition or exercise transactions in this Form 4 filing.

SLM Corp director Daniel Greenstein received a stock-based compensation award rather than buying shares on the market. He was granted 7,349 shares of Restricted Common Stock at no cash cost, issued under the SLM Corporation 2021 Omnibus Incentive Plan as partial payment of his annual independent director retainer.

The award is subject to vesting terms set out in the 2026 Independent Director Restricted Stock Agreement. After this grant, Greenstein directly holds a total of 12,747.126 shares of SLM common stock, which includes Dividend Equivalent Units tied to his restricted stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Greenstein Daniel

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7,349	$0.00	--

Holdings After Transaction: Common Stock — 12,747.126 shares (Direct, null)

Footnotes (1)

1. The reporting person received shares of Restricted Common Stock, issued pursuant to the terms of the SLM Corporation 2021 Omnibus Incentive Plan - 2026 Independent Director Restricted Stock Agreement (the "2026 Agreement") in partial payment of the annual retainer to independent directors. The Restricted Common Stock award is subject to vesting upon the terms set forth in the 2026 Agreement. Includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person.

Key Figures

Restricted shares granted: 7,349 shares Grant price per share: $0.0000 per share Total shares after grant: 12,747.126 shares

3 metrics

Restricted shares granted 7,349 shares Restricted Common Stock award to director on 2026-06-16

Grant price per share $0.0000 per share Equity compensation; no cash paid by director

Total shares after grant 12,747.126 shares Director’s direct SLM common stock holdings after transaction

Key Terms

Restricted Common Stock, 2021 Omnibus Incentive Plan, Dividend Equivalent Units, annual retainer, +1 more

5 terms

Restricted Common Stock financial

"The reporting person received shares of Restricted Common Stock, issued pursuant to the terms of the SLM Corporation 2021 Omnibus Incentive Plan"

Restricted common stock is company shares that carry limits on selling or transferring for a set period or until certain conditions are met, like time-based vesting or regulatory clearance. Think of them as shares in a locked box that gradually open; they can become freely tradable later but initially reduce the number of shares available on the market. Investors watch restricted stock because its eventual release can change a company’s share supply, affect stock price, and influence control and dilution.

2021 Omnibus Incentive Plan financial

"issued pursuant to the terms of the SLM Corporation 2021 Omnibus Incentive Plan - 2026 Independent Director Restricted Stock Agreement"

Dividend Equivalent Units financial

"Includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person."

Dividend equivalent units are bookkeeping credits that mirror cash dividends paid on actual shares, granted to holders of stock-based awards such as restricted stock units or deferred compensation. They matter to investors because they increase a company’s reported employee compensation cost and can lead to issuance of more shares or cash payouts over time, similar to extra pay linked to ownership that affects shareholder dilution and corporate cash flow.

annual retainer financial

"in partial payment of the annual retainer to independent directors."

vesting financial

"The Restricted Common Stock award is subject to vesting upon the terms set forth in the 2026 Agreement."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Greenstein Daniel

(Last) (First) (Middle)

300 CONTINENTAL DRIVE

(Street)

NEWARK DELAWARE 19713

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
SLM Corp [ SLM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/16/2026		A		7,349(1)	A	$0	12,747.126(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person received shares of Restricted Common Stock, issued pursuant to the terms of the SLM Corporation 2021 Omnibus Incentive Plan - 2026 Independent Director Restricted Stock Agreement (the "2026 Agreement") in partial payment of the annual retainer to independent directors. The Restricted Common Stock award is subject to vesting upon the terms set forth in the 2026 Agreement.

2. Includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person.

Remarks:

	/s/ Richard Nelson (POA) for Daniel Greenstein	06/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did SLM (SLM) director Daniel Greenstein report?

Director Daniel Greenstein reported receiving 7,349 shares of Restricted Common Stock in a stock award. The grant was made as part of his annual independent director retainer and did not involve an open-market purchase or sale of SLM shares.

Was the SLM (SLM) insider transaction a market buy or sell of shares?

The transaction was not a market buy or sell. Greenstein received 7,349 Restricted Common Stock shares as a compensation grant under SLM’s 2021 Omnibus Incentive Plan, with no cash price per share and subject to vesting conditions.

How many SLM (SLM) shares does Daniel Greenstein hold after this Form 4?

Following the award, Greenstein directly holds 12,747.126 shares of SLM common stock. This figure includes both Restricted Common Stock and associated Dividend Equivalent Units credited in connection with those restricted shares.

What plan governs the SLM (SLM) restricted stock granted to Daniel Greenstein?

The award was issued under the SLM Corporation 2021 Omnibus Incentive Plan and documented in the 2026 Independent Director Restricted Stock Agreement. This agreement sets the terms for the restricted shares, including vesting conditions tied to Greenstein’s board service.

Why did SLM (SLM) grant Restricted Common Stock to its independent director?

SLM granted Restricted Common Stock to Greenstein as partial payment of his annual retainer for serving as an independent director. Using equity-based compensation helps align director interests with shareholders through stock that vests over time under plan terms.