Form 4: SLM Corp Director Gary Millerchip Receives Restricted Stock as Annual Compensation

SLM Corp Director Gary Millerchip was granted 5,281 shares of restricted common stock as part of his annual director retainer.

Summary

• Gary Millerchip, a Director of SLM Corp (SLM), acquired 5,281 shares of Common Stock.
• The transaction occurred on June 17, 2025.
• The shares were acquired at a price of $0 per share.
• These shares are Restricted Common Stock, issued pursuant to the terms of the SLM Corporation 2021 Omnibus Incentive Plan 2025 Independent Director Restricted Stock Agreement.
• The award represents partial payment of the annual retainer for independent directors.
• The Restricted Common Stock award is subject to vesting upon the terms set forth in the 2025 Agreement.
• Following this transaction, Gary Millerchip beneficially owns 5,281 shares of Common Stock.

Sentiment

Score: 7

Explanation: The acquisition of restricted stock by a director as part of their compensation is a standard and generally positive event, aligning management interests with shareholders, though it does not indicate significant new operational or financial performance.

Positives

• Director Gary Millerchip received 5,281 shares of Restricted Common Stock, aligning his interests with shareholders.
• The issuance is part of the company's 2021 Omnibus Incentive Plan, indicating a structured compensation approach for independent directors.

Future Outlook

The acquired Restricted Common Stock award is subject to vesting upon the terms set forth in the 2025 Agreement.

Industry Context

The practice of compensating independent directors with equity, such as restricted stock, is a common corporate governance practice across various industries, including financial services, to align director interests with long-term shareholder value.

Related Party Transactions

• The acquisition of restricted common stock by Director Gary Millerchip as part of his annual retainer is a related party transaction, specifically compensation for services rendered.

Stakeholder Impact

• Shareholders may benefit from increased alignment of director interests with long-term company performance due to equity compensation.

Next Steps

• The Restricted Common Stock award is subject to vesting upon the terms set forth in the 2025 Agreement.

Key Dates

Keywords

SLM Corp, Gary Millerchip, Form 4, Insider Trading, Restricted Stock, Director Compensation, Equity Grant, SLM