[Form 4] SLM Corp Insider Trading Activity

Rhea-AI Filing Summary

SLM Corp executive Nicolas Jafarieh reported new stock-based compensation and a related tax withholding transaction. On March 2, he acquired 51,424 restricted stock units classified as Common Stock at $0.00 per share as a long-term incentive award that vests in one-third increments on March 2 of 2027, 2028, and 2029, subject to continued employment. On March 3, 2,874 shares of Common Stock were withheld at $19.19 per share to cover tax obligations on 6,088 RSUs that vested, leaving him with 285,986.534 shares owned directly after the transactions.

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

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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)
03/02/2026

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	03/02/2026		A		51,424(1)	A	$0	288,860.534(2)	D
Common Stock	03/03/2026		F		2,874(3)	D	$19.19	285,986.534(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. A long-term incentive award of restricted stock units ("RSUs") under the SLM Corporation 2021 Omnibus Incentive Plan, which is classified as "Common Stock," as permitted, since the RSUs will be settled solely by delivery of shares of SLM Corporation (the "Company") Common Stock. Subject to continuing employment, these RSUs vest in one-third increments on March 2, 2027, 2028, and 2029.

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

3. On March 3, 2025, 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 March 3, 2026, 2027, and 2028. On March 3, 2026, 6,088 shares vested in connection with these RSUs, of which 2,874 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations.

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Nicolas Jafarieh	03/04/2026
	** 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) report for Nicolas Jafarieh?

SLM Corp reported that EVP Nicolas Jafarieh received 51,424 restricted stock units and had 2,874 shares withheld for taxes. The award is part of a long-term incentive plan and is settled in Common Stock, increasing his direct equity-based exposure.

How many SLM Corp shares were granted to Nicolas Jafarieh in this Form 4?

The filing shows a grant of 51,424 restricted stock units classified as Common Stock at a stated price of $0.00 per share. These units represent rights to receive SLM Corp Common Stock, subject to vesting over future years under the company’s 2021 Omnibus Incentive Plan.

Why were 2,874 SLM Corp shares disposed of in Nicolas Jafarieh’s Form 4?

The 2,874 shares were withheld by SLM Corp to satisfy Nicolas Jafarieh’s tax withholding obligations on vesting RSUs. On March 3, 6,088 RSU-based shares vested; part of these shares were retained by the company instead of cash to cover taxes owed.

What is the vesting schedule for Nicolas Jafarieh’s new SLM Corp RSU award?

The 51,424 RSUs granted to Nicolas Jafarieh vest in three equal installments on March 2, 2027, March 2, 2028, and March 2, 2029. Vesting is conditioned on his continued employment, aligning the award with long-term service at SLM Corp.

How many SLM Corp shares does Nicolas Jafarieh hold after these transactions?

After the reported grant and tax withholding transactions, Nicolas Jafarieh directly owns 285,986.534 shares of SLM Corp Common Stock. This balance includes shares tied to prior awards, along with dividend equivalent units associated with his existing restricted stock units.