SLM director Leech granted 914 shares as fees

SLM Corp director Christopher T. Leech received additional stock-based director compensation, increasing his direct holdings to just under 21,000 shares.

Rhea-AI Filing Summary

SLM Corp (symbol: SLM) is the issuer of record for a Form 4 filing submitted to the SEC. Leech Christopher T. reported acquisition or exercise transactions in this Form 4 filing.

SLM Corp (SLM) reported that director Christopher T. Leech received an equity award of 914 shares of Common Stock on September 16, 2026, as a grant in lieu of his quarterly cash retainer and committee fees. The award was valued using the closing sales price on the grant date, and following this grant he directly holds 20,896.66 shares, which include Dividend Equivalent Units associated with Restricted Common Stock.

Insider Trade Summary

Grant/Award: 914 shares

Grant/Award 1 txn

Insider Leech Christopher T.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2	914	$0.00	$0.00

Holdings After Transaction: Common Stock — 20,896.66 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: 914 shares of Common Stock Per-share grant price: $0.00 per share Shares owned after transaction: 20,896.66 shares +1 more

4 metrics

Shares granted 914 shares of Common Stock Director equity grant on September 16, 2026 in lieu of cash fees

Per-share grant price $0.00 per share Reported grant price; value based on closing sales price on grant date

Shares owned after transaction 20,896.66 shares Total direct holdings of Christopher T. Leech after the grant, including Dividend Equivalent Units

Transaction date September 16, 2026 Grant date for 914-share director award

Key Terms

Dividend Equivalent Units, Restricted Common Stock, quarterly cash retainer, committee fees

4 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

"issued in connection with Restricted Common Stock held by the reporting person"

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"

committee fees 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 Christopher T. Leech?

SLM reported that director Christopher T. Leech received a grant of 914 shares of Common Stock on September 16, 2026, as compensation in lieu of his quarterly cash retainer and committee fees.

How many SLM (SLM) shares did Christopher T. Leech acquire in this Form 4?

Christopher T. Leech acquired 914 shares of SLM Common Stock through a grant made as non-cash director compensation on September 16, 2026.

What is Christopher T. Leech’s total direct ownership in SLM (SLM) after the transaction?

After the grant, Christopher T. Leech directly holds 20,896.66 shares of SLM Common Stock, including Dividend Equivalent Units issued in connection with his Restricted Common Stock.

Was cash paid for the SLM (SLM) shares granted to Christopher T. Leech?

No cash was paid by Christopher T. Leech for these shares. The 914 shares were granted at a reported per-share price of $0.00 as stock compensation in lieu of his quarterly cash retainer and committee fees.

How was the value of the SLM (SLM) stock grant to Christopher T. Leech determined?

The value of the granted shares was based on the closing sales price per share of SLM Common Stock on the September 16, 2026 grant date, according to the footnote disclosure.

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, reflecting dividend-related rights. The total direct holdings figure of 20,896.66 shares for Christopher T. Leech includes these units.

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

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Available on EDGAR 09/18/2026 - 04:12 PM Accepted by SEC EDGAR 09/18/2026 - 04:12 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^*

Leech Christopher T.

(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		914(1)	A	$0	20,896.66(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 Christopher T. Leech	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)