[Form 4] SLM Corporation Insider Trading Activity

Rhea-AI Filing Summary

SLM Corporation (ticker: SLM) – Form 4 insider filing dated 20-Jun-2025

Independent director Daniel Greenstein reported a single transaction on 17-Jun-2025 involving 5,281 shares of SLM common stock. The shares were awarded at a stated price of $0 under the company’s 2021 Omnibus Incentive Plan pursuant to the 2025 Independent Director Restricted Stock Agreement. The award represents partial payment of the director’s annual cash retainer and is subject to the vesting conditions outlined in that agreement.

Following the grant, Greenstein’s beneficial ownership stands at 5,281 directly held shares. No open-market purchases, sales, derivative transactions, or changes in indirect ownership were disclosed, and no 10b5-1 trading plan box was checked.

Investment takeaways

• The filing reflects routine equity compensation rather than an opportunistic buy, so it offers a limited read-through on the director’s valuation view.
• Nonetheless, additional equity ties director interests more closely to shareholders, marginally improving governance alignment.
• The small size relative to SLM’s ~510 m shares outstanding suggests immaterial market impact.

Positive

• Director equity ownership increases by 5,281 shares, modestly aligning board and shareholder interests.

Negative

• Grant is compensation-related, not an open-market purchase, so it provides limited confidence signal and negligible market impact.

Insights

Corporate Governance Expert

TL;DR: Routine restricted-stock grant; aligns incentives but financially immaterial—neutral governance signal.

The 5,281-share award is standard practice under SLM’s director compensation policy. While it modestly increases equity alignment, the dollar value is negligible versus the director’s total comp and SLM’s market cap. No 10b5-1 plan is invoked, and no sales occurred, so there is no adverse optics. Because the grant is unvested and service-conditioned, it does not yet convey full ownership rights. Overall governance impact is neutral, with no red flags or unusual structures observed.

Portfolio Manager

TL;DR: Small, compensation-driven insider acquisition; irrelevant to valuation, market impact negligible.

From a portfolio perspective, this filing does not alter the investment thesis. It is neither an open-market buy nor a discretionary purchase, so it carries minimal signaling value. The position size—about 0.001% of shares outstanding—will not affect float or liquidity. Unless multiple insiders begin buying with personal funds, I would treat this as a non-event when modeling position weightings.

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^*

Greenstein Daniel

(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	5,281	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.

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Daniel Greenstein	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

How many SLM shares did director Daniel Greenstein acquire?

The Form 4 shows an award of 5,281 restricted shares of SLM common stock.

Was the transaction an open-market purchase?

No, the shares were issued at $0 as part of the director’s annual retainer under the 2021 Omnibus Incentive Plan.

What is Greenstein’s total direct ownership after the award?

His direct beneficial ownership stands at 5,281 shares following the reported transaction.

Does the filing involve a 10b5-1 trading plan?

The filing does not check the box indicating a transaction under Rule 10b5-1(c).

Is the award immediately vested?

No. The restricted stock vests according to the 2025 Independent Director Restricted Stock Agreement terms.