Form 4: SLM Corp CEO Jonathan W. Witter Reports Stock Transactions Following RSU Vesting
SEC Form 4
CEO Jonathan W. Witter reports disposition of SLM Corp shares to cover tax obligations following the vesting of restricted stock units.
Summary
- On February 16, 2025, SLM Corp CEO Jonathan W. Witter reported the disposition of 19,733 shares of common stock at a price of $31.43 to cover tax obligations related to the vesting of restricted stock units (RSUs).
- These RSUs were initially granted on February 16, 2024, and vested in one-third increments on February 16 of 2025, 2026, and 2027.
- The vesting of these RSUs resulted in 48,896 shares becoming available, with a portion withheld for tax purposes.
- Additionally, on February 17, 2025, Witter reported the disposition of 34,869 shares at $31.43 to cover tax obligations related to RSUs granted on February 17, 2023.
- These RSUs vested in one-third increments on February 17 of 2024, 2025, and 2026, with 69,597 shares vesting on February 17, 2025.
- Following these transactions, Witter beneficially owns 1,200,473.5494 shares of SLM Corp common stock, which includes dividend equivalent units.
Sentiment
Score: 5
Explanation: The document is a standard SEC filing detailing stock transactions related to RSU vesting, which is a neutral event.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The sale of shares to cover tax obligations upon vesting of RSUs is a common practice.
Stakeholder Impact
- The transactions have a minimal impact on stakeholders as they are related to tax obligations of the CEO and do not represent a fundamental change in the company's financial position.
Key Dates
| Date | Description |
|---|---|
| 02/17/2023 | 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 February 17, 2024, 2025, and 2026. |
| 02/16/2024 | 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 16, 2025, 2026, and 2027. |
| 02/16/2025 | 48,896 shares vested in connection with RSUs granted on February 16, 2024, of which 19,733 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations. |
| 02/17/2025 | 69,597 shares vested in connection with RSUs granted on February 17, 2023, of which 34,869 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations. |
| 02/19/2025 | Date of signature for the Form 4 filing. |
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