SLM director awarded 1,087-share stock grant

A non-cash equity grant increased SLM Corp director Richard Scott Blackley’s direct holdings to 42,742.66 shares of common stock.

Rhea-AI Filing Summary

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

SLM Corp (SLM) reported that director Richard Scott Blackley received a grant of 1,087 shares of Common Stock on September 16, 2026 as a stock award taken in lieu of his quarterly cash retainer and committee fees. The per-share value of this grant equaled the closing sales price on the grant date, with no cash paid by the director. Following this award, his directly held position increased to 42,742.66 shares, which includes Dividend Equivalent Units issued in connection with Restricted Common Stock. No Rule 10b5-1 trading plan is reported for this transaction.

Insider Trade Summary

Grant/Award: 1,087 shares

Grant/Award 1 txn

Insider Blackley Richard Scott

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2	1,087	$0.00	$0.00

Holdings After Transaction: Common Stock — 42,742.66 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: 1,087 shares of Common Stock Shares owned after transaction: 42,742.66 shares Cash price per share paid by insider: $0.00 per share +1 more

4 metrics

Shares granted 1,087 shares of Common Stock Equity grant to director on September 16, 2026, in lieu of cash fees

Shares owned after transaction 42,742.66 shares Director’s direct holdings following the September 16, 2026 grant, including Dividend Equivalent Units

Cash price per share paid by insider $0.00 per share Grant received as compensation in stock; per-share value based on closing price, no cash outlay

Rule 10b5-1 plan status No Rule 10b5-1 plan reported Form 4 trading-plan checkbox is not marked for this transaction

Key Terms

Dividend Equivalent Units, quarterly cash retainer, Restricted Common Stock

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.

quarterly cash retainer financial

"received in lieu of the reporting person's quarterly cash retainer"

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.

FAQ

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

What insider transaction did SLM (SLM) report for Richard Scott Blackley?

SLM reported that director Richard Scott Blackley received a grant of 1,087 shares of Common Stock on September 16, 2026, as equity compensation taken in lieu of his quarterly cash retainer and committee fees.

How many SLM (SLM) shares does Richard Scott Blackley hold after this Form 4 transaction?

After the reported grant, Richard Scott Blackley directly holds 42,742.66 shares of SLM Common Stock, including Dividend Equivalent Units issued in connection with Restricted Common Stock.

Was cash paid for the SLM (SLM) shares granted to Richard Scott Blackley?

No cash was paid by the director for these shares. The 1,087 shares were received in lieu of his quarterly cash retainer and committee fees, with the per-share value based on the closing sales price on the grant date.

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

No. The filing indicates that the Rule 10b5-1 checkbox is not marked, so this equity grant to director Richard Scott Blackley is not reported as being made under a Rule 10b5-1 trading plan.

What type of Form 4 transaction was reported for SLM (SLM)?

The Form 4 reports an acquisition coded “A”, described as a grant or award of Common Stock, rather than an open-market purchase or sale. It reflects non-cash director compensation paid in stock.

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

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Available on EDGAR 09/18/2026 - 04:06 PM Accepted by SEC EDGAR 09/18/2026 - 04:06 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^*

Blackley Richard Scott

(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		1,087(1)	A	$0	42,742.66(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 Richard Scott Blackley	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)