Form 4: SLM Corp: Director Manvitz Acquires Shares

Ted Manvitz, a Director at SLM Corp, acquired shares of common stock through restricted stock awards and in lieu of cash retainers.

Summary

• Ted Manvitz, a Director of SLM Corp, reported transactions involving the acquisition of common stock.
• On June 16, 2026, 7,349 shares of Restricted Common Stock were received as partial payment for the annual retainer to independent directors, subject to vesting.
• On June 17, 2026, an additional 1,062 shares were granted in lieu of the quarterly cash retainer and committee fees, valued at the closing price on the grant date.
• The reporting person's beneficial ownership of common stock increased to 76,041.435 shares following these transactions.
• Dividend Equivalent Units and shares acquired through a dividend reinvestment plan are also included in the beneficial ownership calculation.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily reports routine director compensation transactions rather than significant strategic or financial performance updates.

Positives

• Director compensation is being paid, in part, through equity awards, aligning director interests with shareholders.
• The company is utilizing its stock to compensate directors, potentially conserving cash.
• The transactions indicate continued engagement and compensation for a key board member.

Risks

• The Restricted Common Stock award is subject to vesting, meaning the director may not retain the shares if certain conditions are not met.
• The value of the shares received is tied to the market price of SLM Corp's common stock, which is subject to market volatility.

Future Outlook

The filing does not contain forward-looking statements or guidance. The future outlook for the company is not addressed.

Industry Context

StockSavvy.ai notes that the use of equity for director compensation is a common practice in the financial services industry, aiming to align executive and director interests with those of shareholders and to attract and retain talent. This aligns with broader trends of performance-based compensation.

Related Party Transactions

• The acquisition of shares by Director Ted Manvitz is a related party transaction, as it involves compensation to a director.

Stakeholder Impact

• Shareholders: The use of equity for director compensation can dilute existing shareholdings but also aligns director interests with long-term shareholder value.
• Employees: No direct impact mentioned.
• Creditors: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.

Next Steps

• The Restricted Common Stock award is subject to vesting terms as outlined in the 2026 Agreement.

Key Dates

Keywords

SLM Corp, Form 4, Insider Trading, Director Compensation, Restricted Stock, Equity Awards, Beneficial Ownership, Ted Manvitz