SLM Corp director granted 7,349 restricted shares

Akella Janaki reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Akella Janaki reported acquisition or exercise transactions in this Form 4 filing.

SLM Corp director Janaki Akella received a grant of 7,349 shares of Restricted Common Stock as part of the independent director annual retainer. The award, issued under the SLM Corporation 2021 Omnibus Incentive Plan and a 2026 Independent Director Restricted Stock Agreement, is subject to vesting conditions defined in that agreement.

Following this compensation-related grant, Akella directly holds a total of 19,946.126 shares of Common Stock, which includes Dividend Equivalent Units associated with previously granted Restricted Common Stock.

Insider Trade Summary

Grant/Award: 7,349 shares

Grant/Award 1 txn

Insider Akella Janaki

Role Director

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

Holdings After Transaction: Common Stock — 19,946.126 shares (Direct)

Footnotes (2)

1. F1. 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. F2. Includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person.

Key Figures

Restricted stock grant: 7,349 shares Grant price: $0.00 per share Post-transaction holdings: 19,946.126 shares

3 metrics

Restricted stock grant 7,349 shares Independent director annual retainer grant on 2026-06-16

Grant price $0.00 per share Compensation-related Restricted Common Stock award

Post-transaction holdings 19,946.126 shares Common Stock directly held after grant, including Dividend Equivalent Units

Key Terms

Restricted Common Stock, 2021 Omnibus Incentive Plan, Dividend Equivalent Units

3 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.

FAQ

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

What did SLM (SLM) disclose about Janaki Akella in this Form 4?

SLM Corp reported that director Janaki Akella received 7,349 shares of Restricted Common Stock as part of the annual independent director retainer, issued under the 2021 Omnibus Incentive Plan and subject to vesting terms in a 2026 Restricted Stock Agreement.

How many SLM (SLM) shares did Janaki Akella receive and at what price?

Janaki Akella received 7,349 shares of SLM Corp Restricted Common Stock at an effective price of $0.00 per share, reflecting a compensation grant rather than a market purchase, as part of independent director annual retainer compensation.

What are Janaki Akella’s SLM (SLM) holdings after this transaction?

After the Restricted Common Stock grant, Janaki Akella directly holds 19,946.126 shares of SLM Corp Common Stock. This total includes Dividend Equivalent Units that were issued in connection with previously granted Restricted Common Stock awards held by the director.

Why did SLM (SLM) grant Restricted Common Stock to Janaki Akella?

SLM Corp granted Restricted Common Stock to Janaki Akella as partial payment of the annual retainer for independent directors. The grant is structured under the 2021 Omnibus Incentive Plan, with vesting terms defined in the 2026 Independent Director Restricted Stock Agreement.

What does it mean that SLM (SLM) shares are "Restricted Common Stock"?

Restricted Common Stock generally means the shares are subject to vesting or forfeiture conditions. For Janaki Akella’s grant, vesting occurs under terms set in the 2026 Independent Director Restricted Stock Agreement related to SLM Corp’s 2021 Omnibus Incentive Plan.

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Accepted by SEC EDGAR 06/18/2026 - 04:06 PM EDT 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^*

Akella Janaki

(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	19,946.126(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 Janaki Akella	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)