[Form 4] SLM Corp Insider Trading Activity

Rhea-AI Filing Summary

Ted Manvitz, a director of SLM Corp (ticker SLMBP), received 866 shares of common stock as compensation in lieu of his quarterly cash retainer and committee fees on the reported transaction date. After the grant and related adjustments, the reporting person beneficially owned 64,831.8982 shares, a total that includes dividend equivalent units tied to restricted stock and shares acquired via a dividend reinvestment plan. The shares were granted at a per-share value equal to the closing sales price on the grant date and were issued at no cash cost to the reporting person.

Positive

• Director compensation aligned with shareholders: Payment in stock ties director incentives to long-term share performance.
• No cash outlay by issuer disclosed: Shares issued in lieu of cash retainers conserve company cash.
• Beneficial ownership disclosed: Reporting shows 64,831.8982 shares beneficially owned, improving transparency.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director compensation was paid in equity, aligning management and shareholder interests without cash outlay.

The reported Form 4 documents a routine equity grant to a director in lieu of cash retainer and committee fees, increasing beneficial ownership to 64,831.8982 shares. The grant was priced at the market close on the grant date and includes dividend equivalent units and dividend reinvestment plan shares. This is a customary governance practice to align incentives; it does not indicate a change in control, a new strategic direction, or unusual related-party transactions.

Securities Analyst

TL;DR: Transaction is routine director compensation with minimal market impact given size.

The transaction reports acquisition of 866 shares at $0 cash cost to the reporting person, increasing reported beneficial holdings to 64,831.8982 shares. The filing notes inclusion of dividend equivalent units and reinvested dividends. For investors, this represents compensation-related share issuance rather than an open-market trade; the size appears modest relative to a public float and is unlikely to materially affect liquidity or valuation.

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).

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)
09/17/2025

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	09/17/2025		A		866(1)	A	$0	64,831.8982(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. Represents a grant of shares of SLM Corporation's Common Stock (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.

2. Includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person.

3. Includes Shares acquired under a dividend reinvestment plan.

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Ted Manvitz	09/19/2025
	** 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 did Ted Manvitz report on the Form 4 for SLMBP?

The Form 4 reports a director compensation-related acquisition of 866 shares of SLM Corp common stock, increasing beneficial ownership to 64,831.8982 shares.

Why were shares granted to the reporting person?

The shares were granted in lieu of the quarterly cash retainer and committee fees, as stated in the filing.

Did the reporting person pay cash for the shares?

No. The transaction lists a price of $0, indicating shares were issued as compensation rather than purchased for cash.

Do the reported holdings include dividends or reinvestments?

Yes. The filing states the total includes Dividend Equivalent Units related to restricted stock and shares acquired under a dividend reinvestment plan.

Was this Form 4 filed by a single reporting person?

Yes. The filing indicates it was a Form filed by One Reporting Person and identifies the reporting person as a director.