SLM Corp (SLM) grants restricted stock to independent director Millerchip

Rhea-AI Filing Summary

MILLERCHIP GARY reported acquisition or exercise transactions in this Form 4 filing.

SLM Corp director Gary Millerchip received a grant of 7,349 shares of Restricted Common Stock as part of his annual retainer for independent directors. The award was issued under the SLM Corporation 2021 Omnibus Incentive Plan and is subject to vesting terms in the 2026 Independent Director Restricted Stock Agreement.

After this grant, Millerchip directly holds 12,747.126 shares of common stock, which include Dividend Equivalent Units issued in connection with previously awarded Restricted Common Stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider MILLERCHIP GARY

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 stock grant: 7,349 shares Post-grant holdings: 12,747.126 shares Grant price: $0.0000 per share

3 metrics

Restricted stock grant 7,349 shares Restricted Common Stock awarded as part of annual retainer

Post-grant holdings 12,747.126 shares Total SLM common shares held directly after the grant

Grant price $0.0000 per share Compensation grant, no cash consideration paid by director

Key Terms

Restricted Common Stock, 2021 Omnibus Incentive Plan, 2026 Independent Director Restricted Stock Agreement, Dividend Equivalent Units

4 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"

2026 Independent Director Restricted Stock Agreement financial

"subject 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.

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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^*

MILLERCHIP GARY

(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 Gary Millerchip	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 did SLM (SLM) director Gary Millerchip report in this Form 4?

Gary Millerchip reported receiving 7,349 shares of Restricted Common Stock from SLM Corp. The shares were granted as part of his annual retainer for independent directors and issued under the company’s 2021 Omnibus Incentive Plan, subject to specified vesting conditions.

How many SLM (SLM) shares does Gary Millerchip hold after this transaction?

After the grant, Gary Millerchip holds 12,747.126 SLM common shares directly. This total includes both the newly granted Restricted Common Stock and Dividend Equivalent Units previously issued in connection with earlier restricted stock awards.

What is the nature of the SLM (SLM) shares granted to Gary Millerchip?

The shares are Restricted Common Stock granted under SLM’s 2021 Omnibus Incentive Plan. They were issued as partial payment of Millerchip’s annual retainer as an independent director and are subject to vesting terms specified in the 2026 Independent Director Restricted Stock Agreement.

Did Gary Millerchip pay cash for the SLM (SLM) shares in this Form 4?

No cash was paid for these shares; the reported price per share is $0. The 7,349 Restricted Common Stock shares represent a compensation grant in partial payment of Millerchip’s annual retainer as an independent director of SLM Corp.

Are the SLM (SLM) restricted shares granted to Gary Millerchip fully vested?

The grant is not immediately fully vested. The footnote states the Restricted Common Stock award is subject to vesting based on the terms set forth in the 2026 Independent Director Restricted Stock Agreement associated with SLM’s 2021 Omnibus Incentive Plan.

What are Dividend Equivalent Units mentioned in Gary Millerchip’s SLM (SLM) holdings?

Dividend Equivalent Units are additional units credited in connection with Restricted Common Stock. The filing notes Millerchip’s total direct holdings include such units issued in connection with his restricted stock, increasing his reported share balance beyond just the original grants.