SLM director granted 1,038 shares as fees

SLM Corp disclosed a routine equity grant to a director paid in stock instead of cash fees, modestly increasing his direct holdings.

Rhea-AI Filing Summary

SLM Corp (SLM) reported that director Mark L. Lavelle acquired 1,038 shares of common stock on September 16, 2026 as a grant in lieu of his quarterly cash retainer and committee fees. After this award, he directly holds 86,838.66 shares, which include Dividend Equivalent Units tied to Restricted Common Stock.

Insider Trade Summary

Grant/Award: 1,038 shares

Grant/Award 1 txn

Insider Lavelle Mark L

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2	1,038	$0.00	$0.00

Holdings After Transaction: Common Stock — 86,838.66 shares (Direct)

Footnotes (2)

1. F1. Represents a grant of shares of SLM Corporation's Common Stock (the "Shares") received in lieu of the reporting person's quarterly cash retainer and respective committee fees. The per share value of the Shares was equal to the closing sales price per share as of the grant date.
2. F2. Includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person.

Key Figures

Shares granted: 1,038 shares Transaction price per share: $0.00 Shares owned after transaction: 86,838.66 shares +2 more

5 metrics

Shares granted 1,038 shares Common Stock grant to director on September 16, 2026

Transaction price per share $0.00 Equity grant received in lieu of cash fees

Shares owned after transaction 86,838.66 shares Direct holdings of Mark L. Lavelle after the grant

Number of acquisitions reported 1 transaction Non-derivative grant or award of common stock

Reporting person role Director Status of Mark L. Lavelle at SLM Corp

Key Terms

Dividend Equivalent Units, Restricted Common Stock, quarterly cash retainer

3 terms

Dividend Equivalent Units financial

"Includes Dividend Equivalent Units issued in connection with Restricted Common Stock"

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.

Restricted Common Stock financial

"Includes Dividend Equivalent Units issued in connection with Restricted Common Stock"

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.

quarterly cash retainer financial

"received in lieu of the reporting person's quarterly cash retainer and respective committee fees"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did SLM (SLM) report for Mark L. Lavelle?

SLM reported that director Mark L. Lavelle received a grant of 1,038 shares of common stock on September 16, 2026, awarded in lieu of his quarterly cash retainer and committee fees.

How many SLM (SLM) shares does Mark L. Lavelle hold after this Form 4 transaction?

After the September 16, 2026 grant, Mark L. Lavelle directly holds 86,838.66 shares of SLM common stock, including Dividend Equivalent Units issued in connection with Restricted Common Stock.

Was the SLM (SLM) Form 4 transaction a market purchase or a grant?

The transaction was a grant or award, not a market purchase. The 1,038 shares were received in lieu of quarterly cash retainer and committee fees, with the per-share value based on the closing price on the grant date.

Did Mark L. Lavelle pay cash for the 1,038 SLM (SLM) shares?

No cash payment was reported. The 1,038 shares were granted as compensation in place of cash fees, and the form shows a per-share transaction price of $0.00, with value based on the closing sales price at grant.

Was the SLM (SLM) insider grant made under a Rule 10b5-1 trading plan?

The filing indicates no Rule 10b5-1 trading plan; the document-level checkbox for such a plan is shown as not selected.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/18/2026 - 04:11 PM Accepted by SEC EDGAR 09/18/2026 - 04:10 PM Learn about SEC filing dates

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^*

Lavelle Mark L

(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)
09/16/2026

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	09/16/2026		A		1,038(1)	A	$0	86,838.66(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. Represents a grant of shares of SLM Corporation's Common Stock (the "Shares") received in lieu of the reporting person's quarterly cash retainer and respective committee fees. The per share value of the Shares was equal to the closing sales price per share as of the grant date.

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

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Mark L. Lavelle	09/18/2026
	** 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)