SLM Corp (SLM) director receives 7,349 restricted shares as part of annual retainer

Rhea-AI Filing Summary

Leech Christopher T. reported acquisition or exercise transactions in this Form 4 filing.

SLM Corp director Christopher T. Leech received 7,349 shares of Restricted Common Stock as a compensation award. The grant was made at no cash cost per share under the SLM Corporation 2021 Omnibus Incentive Plan as partial payment of the annual retainer to independent directors and is subject to vesting terms in a 2026 Independent Director Restricted Stock Agreement. Following the award, Leech directly holds 19,946.126 shares of common stock, including dividend equivalent units tied to prior restricted stock.

Insights

Equity compensation analyst

Routine director equity grant; modest scale and compensation-driven.

The filing shows independent director Christopher T. Leech receiving 7,349 shares of Restricted Common Stock at $0.00 per share. This is partial payment of the annual retainer under the 2021 Omnibus Incentive Plan, so it is compensation, not an open-market purchase.

The award is subject to vesting under the 2026 Independent Director Restricted Stock Agreement, aligning director incentives with shareholders over time. After the grant, Leech directly owns 19,946.126 shares, including dividend equivalent units. The transaction is routine and does not materially alter the company’s outlook.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Leech Christopher T.

Role null

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

Holdings After Transaction: Common Stock — 19,946.126 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 Grant price: $0.00 per share Post-transaction holdings: 19,946.126 shares +1 more

4 metrics

Restricted stock grant 7,349 shares Award of Restricted Common Stock to independent director

Grant price $0.00 per share Equity award granted at no cash cost per share

Post-transaction holdings 19,946.126 shares Director’s direct SLM common stock holdings after grant

Form 4 transaction type Code A (grant/award acquisition) Non-derivative acquisition of common stock

Key Terms

Restricted Common Stock, 2021 Omnibus Incentive Plan, Dividend Equivalent Units, annual retainer, +1 more

5 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.

annual retainer financial

"in partial payment of the annual retainer to independent directors."

vesting financial

"The Restricted Common Stock award is subject to vesting upon the terms set forth in the 2026 Agreement."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

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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^*

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)
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 Christopher T. Leech	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 insider transaction did SLM (SLM) director Christopher T. Leech report?

Christopher T. Leech reported receiving 7,349 shares of Restricted Common Stock. The award was granted at no cash cost per share as part of his independent director annual retainer under SLM’s 2021 Omnibus Incentive Plan.

Was the SLM (SLM) Form 4 transaction a stock purchase or a compensation grant?

The Form 4 shows a compensation grant, not a market purchase. Leech received 7,349 restricted shares as partial payment of his annual director retainer under the 2021 Omnibus Incentive Plan, with vesting terms set in a 2026 Restricted Stock Agreement.

How many SLM (SLM) shares does Christopher T. Leech hold after this Form 4 award?

After the reported award, Christopher T. Leech directly holds 19,946.126 shares of SLM common stock. This total includes dividend equivalent units that were issued in connection with previously granted Restricted Common Stock and are reported together in his direct holdings.

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

The restricted stock was issued under the SLM Corporation 2021 Omnibus Incentive Plan. The specific terms, including vesting conditions, are set out in the 2026 Independent Director Restricted Stock Agreement, which applies to independent directors’ annual retainer equity awards.

What are dividend equivalent units mentioned in the SLM (SLM) Form 4 footnote?

Dividend equivalent units are not cash dividends; they are additional units credited in connection with Restricted Common Stock. In this filing, Leech’s total direct holdings of 19,946.126 shares include such dividend equivalent units linked to his existing restricted stock awards.