Director at SLM (NASDAQ: SLM) receives 1,402-share equity grant in lieu of cash

Rhea-AI Filing Summary

Blackley Richard Scott reported acquisition or exercise transactions in this Form 4 filing.

SLM Corp director Richard Scott Blackley received a grant of 1,402 shares of Common Stock on March 18, 2026. These shares were awarded in lieu of his quarterly cash retainer and committee fees, with the per-share value based on the closing price on the grant date.

After this grant, Blackley directly holds 33,040.3 shares of SLM Common Stock, which includes dividend equivalent units tied to previously awarded restricted stock. This is a routine, compensation-related equity award rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Blackley Richard Scott

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,402	$0.00	--

Holdings After Transaction: Common Stock — 33,040.3 shares (Direct)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

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^*

Blackley Richard Scott

(Last) (First) (Middle)

300 CONTINENTAL DRIVE

(Street)

NEWARK DELAWARE 19713

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	03/18/2026		A		1,402(1)	A	$0	33,040.3(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 Richard Scott Blackley	03/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did SLM (SLM) disclose for Richard Scott Blackley?

SLM disclosed that director Richard Scott Blackley received 1,402 shares of Common Stock as a grant on March 18, 2026. The shares were issued as compensation in lieu of his quarterly cash retainer and committee fees, not through an open-market purchase.

Was the SLM (SLM) Form 4 transaction a stock purchase or a grant?

The Form 4 shows a grant, not a purchase. Blackley received 1,402 shares of SLM Common Stock as a compensation award, coded "A" for grant or award, with a price per share of 0.0000, reflecting non-cash equity compensation.

How many SLM (SLM) shares does Richard Scott Blackley hold after this grant?

Following the March 18, 2026 grant, Richard Scott Blackley directly holds 33,040.3 shares of SLM Common Stock. This total includes dividend equivalent units that were issued in connection with restricted common stock already held by him.

Why did SLM (SLM) grant shares instead of paying cash fees to the director?

The filing states that 1,402 shares were granted in lieu of Blackley’s quarterly cash retainer and committee fees. This structure compensates the director using equity rather than cash, aligning part of his board compensation with SLM’s stock performance.

How was the value of the SLM (SLM) director stock grant determined?

The per-share value of the 1,402-share grant was equal to SLM’s closing sales price on the March 18, 2026 grant date. Although the exact dollar figure is not provided, the method ties grant value directly to that day’s market closing price.

Do the reported SLM (SLM) holdings include dividend equivalent units?

Yes. The filing notes that Blackley’s reported 33,040.3 SLM shares include dividend equivalent units. These units were issued in connection with restricted common stock he holds and are counted together with his other directly owned shares.