[Form 4] SLM Corporation Insider Trading Activity

Rhea-AI Filing Summary

SLM Corporation (ticker: SLM) filed a Form 4 detailing an insider equity grant. On 06/17/2025 independent director Christopher T. Leech received 5,281 shares of restricted common stock at a stated price of $0 under the 2025 Independent Director Restricted Stock Agreement, part of the company’s 2021 Omnibus Incentive Plan. The award represents a portion of the annual cash retainer paid to outside directors and will vest according to the plan’s terms. No shares were sold and no derivatives were involved. After the transaction, Leech’s direct beneficial ownership rose to 12,480.9277 shares, a figure that includes dividend-equivalent units. The filing was signed on 06/20/2025 and does not reference a Rule 10b5-1 trading plan, suggesting a routine, compensation-related grant rather than an open-market purchase or sale.

Insights

Financial Analyst

TL;DR: Routine director grant; immaterial to valuation or liquidity.

The 5,281 restricted shares awarded to Director Leech add roughly US$ (market value depends on prevailing price), a negligible amount relative to SLM’s ~US$4 bn market cap. Because the shares were issued at $0 as compensation rather than purchased, there is no immediate cash signal from the insider. The total post-grant holding of 12,481 shares is modest, so the filing does not materially change insider ownership trends or float. Investors typically view such grants as neutral unless accompanied by open-market buying or sizable accumulation, which is not the case here.

Corporate Governance Expert

TL;DR: Standard equity retainer aligns director with shareholders; governance-neutral.

The transaction reflects SLM’s practice of paying part of the independent directors’ compensation in equity, consistent with governance best practices that foster alignment. The use of restricted stock, vesting under the 2025 Agreement, encourages longer-term orientation. Proper Section 16 reporting, timely filing (within two business days), and the absence of derivative complexity indicate strong compliance. No red flags on disclosure, timing, or structure are evident.

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 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

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	06/17/2025		A		5,281(1)	A	$0	12,480.9277(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 - 2025 Independent Director Restricted Stock Agreement (the "2025 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 2025 Agreement.

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	06/20/2025
	** 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 activity did SLM (SLM) report on the June 20 2025 Form 4?

SLM disclosed that Director Christopher T. Leech received 5,281 restricted common shares as part of his annual board retainer.

How many SLM shares does Christopher Leech own after the transaction?

Following the grant, Leech directly owns 12,480.9277 shares, including dividend-equivalent units.

Was the 5,281-share transaction a purchase or compensation grant?

It was a compensation-related grant issued at $0 per share under the 2025 Independent Director Restricted Stock Agreement.

Did the Form 4 report any sales or derivative transactions?

No. The filing shows only an acquisition of restricted stock; no shares were sold and no derivatives were involved.

Does the filing mention a Rule 10b5-1 trading plan?

The box indicating a 10b5-1 plan is unchecked, so the grant was not made under such a plan.