[Form 4] SLM Corp Insider Trading Activity

Rhea-AI Filing Summary

SLM Corp executive Nicolas Jafarieh reported two tax-related share dispositions tied to restricted stock unit (RSU) vesting. On February 16, 2026, 8,156 RSU shares vested from a February 16, 2024 grant, and 2,903 shares were withheld by the company to cover tax obligations. On February 17, 2026, 12,337 RSU shares vested from a February 17, 2023 grant, and 3,973 shares were similarly withheld for taxes. In total, 6,876 common shares were disposed of through tax-withholding, and Jafarieh directly owns 206,348.534 common shares following these transactions, including dividend equivalent units.

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

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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^*

Jafarieh Nicolas

(Last) (First) (Middle)

300 CONTINENTAL DRIVE

(Street)

NEWARK DE 19713

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SLM Corp [ SLM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP -Legal, Govt, Comm Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	02/16/2026		F		2,903(1)	D	$24.04	210,321.534(2)	D
Common Stock	02/17/2026		F		3,973(3)	D	$23.9	206,348.534(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. On February 16, 2024, the reporting person was granted restricted stock units ("RSUs") representing rights to receive shares of Common Stock of SLM Corporation (the "Company"), subject to vesting conditions, to vest in one-third increments on February 16, 2025, 2026, and 2027. On February 16, 2026, 8,156 shares vested in connection with these RSUs, of which 2,903 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations.

2. Includes Dividend Equivalent Units in connection with RSUs held by the reporting person.

3. On February 17, 2023, the reporting person was granted RSUs representing rights to receive shares of Common Stock of the Company, subject to vesting conditions, to vest in one-third increments on February 17, 2024, 2025, and 2026. On February 17, 2026, 12,337 shares vested in connection with these RSUs, of which 3,973 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations.

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Nicolas Jafarieh	02/18/2026
	** 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.

FAQ

What insider transactions did SLM (SLM) EVP Nicolas Jafarieh report?

Nicolas Jafarieh reported two tax-withholding dispositions of SLM common stock. On February 16 and 17, 2026, a total of 6,876 shares were withheld by the company when RSUs vested, satisfying his tax obligations rather than representing open-market sales.

How many SLM shares were withheld for taxes from Jafarieh’s RSU vesting?

A total of 6,876 SLM shares were withheld for taxes. The company withheld 2,903 shares on February 16, 2026 and 3,973 shares on February 17, 2026, following RSU vesting events from prior equity grants subject to vesting conditions.

What RSU grants underlie the 2026 tax-withholding transactions for SLM’s EVP?

The dispositions relate to two RSU grants. One grant dated February 16, 2024 vests in one-third increments in 2025, 2026, and 2027. Another grant dated February 17, 2023 vests in one-third increments in 2024, 2025, and 2026, triggering the 2026 vesting and tax-withholding.

How many SLM shares does Nicolas Jafarieh own after these transactions?

After the reported tax-withholding dispositions, Nicolas Jafarieh directly owns 206,348.534 SLM common shares. This figure includes dividend equivalent units associated with RSUs he holds, as specified in the filing’s footnotes describing his post-transaction ownership position.

What does transaction code “F” mean in Nicolas Jafarieh’s SLM Form 4?

Transaction code “F” signifies payment of an exercise price or tax liability by delivering securities. In this case, SLM withheld vested RSU shares—2,903 and 3,973 shares on consecutive days—to satisfy Jafarieh’s tax withholding obligations instead of him selling shares on the open market.