SLM Form 4: Director Receives 889 Shares in Lieu of Cash Retainer

Rhea-AI Filing Summary

Henry F. Greig, a director of SLM Corp The Form 4 shows he was granted 889 shares in lieu of his quarterly cash retainer and committee fees at a per-share value equal to the closing sales price on the grant date, recorded at a price of $0 on the form. After the grant and related items, his beneficial ownership is reported as 6,194.6421 shares. The filing also notes inclusion of Dividend Equivalent Units issued in connection with restricted common stock he holds. The form was signed by a POA on 09/19/2025.

Positive

• Grant of 889 shares received in lieu of quarterly cash retainer and committee fees
• Beneficial ownership reported as 6,194.6421 shares following the transaction
• Dividend Equivalent Units included for restricted common stock held by the reporting person
• Form 4 filed and signed by POA, indicating formal Section 16 disclosure

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director equity grant recorded as compensation; modest change in reported beneficial ownership.

The reported transaction is a non-cash compensation grant of 889 common shares received instead of a quarterly cash retainer and committee fees. Such grants are common for aligning director compensation with shareholder interests and do not indicate a purchase or sale by the director. The reported post-transaction beneficial ownership is 6,194.6421 shares, and the form discloses Dividend Equivalent Units tied to restricted stock, which affects long-term economic exposure. There is no information in the filing about material changes to company operations, significant open-market transactions, or derivative activity.

Corporate Governance Expert

TL;DR: Standard insider disclosure of equity compensation; no governance red flags evident from the form.

The Form 4 documents a grant of common stock to a director in lieu of cash compensation, with explicit disclosure of the grant amount and resulting beneficial ownership. The filing follows Section 16 reporting requirements and was executed via power of attorney. The inclusion of Dividend Equivalent Units for restricted stock is noted, showing the director receives economically equivalent items tied to restricted holdings. The disclosure is concise and limited to compensation-related equity, with no additional governance events disclosed.

09/19/2025 - 04:09 PM

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).

1. Name and Address of Reporting Person^*

GREIG HENRY F

(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		889(1)	A	$0	6,194.6421(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. 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.

Remarks:

	/s/ Jeffrey Lipschutz (POA) for Henry F. Greig	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 transaction did Henry F. Greig report on the Form 4 for SLMBP?

The Form 4 reports a grant of 889 shares of SLM Corp common stock on 09/17/2025, received in lieu of his quarterly cash retainer and committee fees.

How many shares does Henry F. Greig beneficially own after the reported transaction?

Following the reported transaction, his beneficial ownership is listed as 6,194.6421 shares.

Was the director required to pay for the shares reported on the Form 4?

The filing shows the shares were granted in lieu of cash and records the price as $0 on the form, reflecting a compensation grant rather than a purchase.

Does the filing mention any derivative transactions or option exercises?

No; Table II (derivative securities) contains no reported transactions in this filing.

Are there any additional compensatory items disclosed with the shares?

Yes; the filing states it includes Dividend Equivalent Units issued in connection with restricted common stock held by the reporting person.