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SLM (SLM) independent director awarded 7,349 restricted shares as retainer compensation

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Schneck-Last Vivian C. reported acquisition or exercise transactions in this Form 4 filing.

SLM Corp director Vivian C. Schneck-Last received a grant of 7,349 shares of Common Stock as compensation. The award consists of Restricted Common Stock issued under the SLM Corporation 2021 Omnibus Incentive Plan as partial payment of the annual retainer for independent directors and is subject to vesting terms. After this grant, Schneck-Last directly holds 98,945.126 shares, including Dividend Equivalent Units tied to prior restricted awards.

Positive

  • None.

Negative

  • None.
Insider Schneck-Last Vivian C.
Role null
Type Security Shares Price Value
Grant/Award Common Stock 7,349 $0.00 --
Holdings After Transaction: Common Stock — 98,945.126 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.
Restricted stock grant 7,349 shares Common Stock grant to independent director on June 16, 2026
Grant price $0.00 per share Compensation grant, no cash paid by director
Shares after transaction 98,945.126 shares Total direct holdings following the grant
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"
2026 Independent Director Restricted Stock Agreement financial
"2026 Independent Director Restricted Stock Agreement (the "2026 Agreement") in partial payment of the annual retainer to independent directors"
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.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Schneck-Last Vivian C.
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock06/16/2026A7,349(1)A$098,945.126(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 Vivian C. Schneck-Last06/18/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What did SLM (SLM) director Vivian C. Schneck-Last report on this Form 4?

Vivian C. Schneck-Last reported receiving 7,349 shares of SLM Common Stock as a grant. The shares are Restricted Common Stock issued as part of her independent director annual retainer and are subject to vesting under a 2026 Restricted Stock Agreement.

Is the SLM (SLM) Form 4 transaction a market purchase or sale?

The transaction is not a market trade; it is a grant of 7,349 Restricted Common Stock shares at no cash cost. These shares were awarded as part of director compensation, rather than being bought or sold on the open market by the reporting person.

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

The restricted stock grant was issued under the SLM Corporation 2021 Omnibus Incentive Plan. It is specifically documented in the 2026 Independent Director Restricted Stock Agreement, which sets the vesting conditions that apply to the awarded shares.

How many SLM (SLM) shares does Vivian C. Schneck-Last hold after this grant?

Following the grant, Vivian C. Schneck-Last directly holds 98,945.126 shares of SLM Common Stock. This total includes Dividend Equivalent Units that were issued in connection with previously granted Restricted Common Stock held by the reporting person.

What are Dividend Equivalent Units mentioned in the SLM (SLM) Form 4 footnote?

Dividend Equivalent Units are additional units credited in connection with Restricted Common Stock. For this SLM Form 4, the director’s reported holdings include such units, which accumulate based on dividends that would have been paid on the underlying restricted shares.