Form 4: SLM Corp CEO Jonathan W. Witter Reports Changes in Beneficial Ownership After RSU Vesting
SEC Form 4
Jonathan W. Witter, CEO of SLM Corp, reports changes in beneficial ownership due to the vesting of restricted stock units and subsequent tax withholding.
Summary
- On February 18, 2025, Jonathan W. Witter, CEO of SLM Corp, had 44,868 restricted stock units (RSUs) vest.
- The company withheld 22,481 shares to satisfy tax obligations related to the vesting.
- Following the transaction, Witter directly owns 1,177,992.5494 shares of SLM Corp common stock, which includes dividend equivalent units.
- The transaction was reported on a Form 4 filing with the SEC.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation and does not inherently indicate positive or negative sentiment.
Industry Context
Form 4 filings are standard practice for corporate insiders to report changes in their ownership of company stock, providing transparency to investors.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units (RSUs) that vest over time, aligning executive interests with long-term shareholder value.
- Tax withholding on RSU vesting is a common practice, and the number of shares withheld depends on the executive's tax bracket and the company's policies.
Stakeholder Impact
- The transaction has a minor impact on shareholders as it reflects changes in insider ownership due to compensation.
Key Dates
| Date | Description |
|---|---|
| 02/18/2022 | Reporting person was granted restricted stock units (RSUs) representing rights to receive shares of Common Stock of SLM Corporation (the 'Company'), subject to vesting conditions, to vest in one-third increments on February 18, 2023, 2024, and 2025. |
| 02/18/2023 | First vesting date of the restricted stock units. |
| 02/18/2024 | Second vesting date of the restricted stock units. |
| 02/18/2025 | RSUs vested; 22,481 shares withheld for tax obligations. |
| 02/20/2025 | Date of Form 4 filing. |
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