SLM Corp Form 4: Ted Manvitz Receives Restricted Stock in Lieu of Cash

Rhea-AI Filing Summary

SLM Corporation (ticker: SLM) – Form 4 filing dated 20 June 2025

Independent director Ted Manvitz reported two equity awards that increased his direct ownership of SLM common stock by a combined 6,049 shares. On 17 June 2025 he received 5,281 restricted shares under the 2025 Independent Director Restricted Stock Agreement as part of the annual board retainer. On 18 June 2025 he accepted an additional 768 shares in lieu of his quarterly cash retainer and committee fees. Both grants were priced at $0 because they represent non-cash compensation. Following the transactions, Manvitz holds 63,720.6801 shares directly, including dividend-equivalent units and shares acquired through SLM’s dividend reinvestment plan. No derivative securities were reported and no open-market purchases or sales occurred.

The filing reflects routine director compensation rather than discretionary insider buying or selling, and the share count involved is immaterial relative to SLM’s total shares outstanding. Accordingly, the Form 4 is unlikely to have a material impact on the company’s valuation or trading dynamics.

Insights

Financial Analyst

TL;DR: Routine director stock grants; negligible ownership change; neutral market impact.

The Form 4 shows Ted Manvitz accepted equity instead of cash for his board retainer, adding just over 6 k shares. These are automatic, no-cost issuances under SLM’s 2021 Omnibus Incentive Plan, not open-market buys that might signal heightened insider confidence. The resulting 63.7 k-share stake is immaterial versus SLM’s ~240 m shares outstanding, so dilution is de minimis and sentiment impact limited. Investors may view equity-based compensation as alignment with shareholders, but the scale is too small to influence valuation or governance considerations materially.

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
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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^*

Manvitz Ted

(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	62,952.6801(2)(3)	D
Common Stock	06/18/2025		A		768(4)	A	$0	63,720.6801(2)(3)	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.

3. Includes shares of SLM Corporation's Common Stock (the "Shares") acquired under a dividend reinvestment plan.

4. Represents a grant of 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.

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Ted Manvitz	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 Ted Manvitz acquire in June 2025?

6,049 shares — 5,281 restricted shares on 17 June and 768 shares on 18 June 2025.

What is Ted Manvitz’s total SLM share ownership after the Form 4 transactions?

He now directly owns 63,720.6801 shares of SLM common stock.

Were the shares purchased on the open market?

No. The shares were equity grants issued at $0 under SLM’s director compensation plans.

Do the transactions include derivative securities?

No derivative securities were reported in Table II of the filing.

Why did Manvitz receive the additional 768 shares on 18 June 2025?

They were granted in lieu of his quarterly cash retainer and committee fees, valued at the closing price on the grant date.

Does this Form 4 indicate any change in SLM’s fundamentals?

No. It reflects routine director compensation and is not expected to affect SLM’s financial performance or capital structure.