Form 4: SLM Corp Director Richard Blackley Increases Stake Through Compensation Awards

SLM Corp Director Richard Scott Blackley has increased his beneficial ownership in the company by acquiring 6,148 shares of common stock through restricted stock grants and in lieu of cash compensation.

Summary

• Richard Scott Blackley, a Director of SLM Corp, acquired a total of 6,148 shares of SLM Common Stock through two separate transactions.
• On June 17, 2025, Mr. Blackley received 5,281 shares of Restricted Common Stock as partial payment of his annual retainer, issued under the SLM Corporation 2021 Omnibus Incentive Plan and the 2025 Independent Director Restricted Stock Agreement. These shares are subject to vesting.
• On June 18, 2025, he received an additional 867 shares of Common Stock in lieu of his quarterly cash retainer and respective committee fees. The value of these shares was equal to the closing sales price on the grant date.
• Following these transactions, Mr. Blackley's total beneficial ownership in SLM Corp increased to 41,255.9277 shares, which includes Dividend Equivalent Units.

Sentiment

Score: 6

Explanation: Slightly positive as it indicates increased insider ownership, even if compensation-driven, aligning director interests with shareholders. It's a routine transaction, so not highly impactful on sentiment.

Positives

• Increased insider ownership, even if compensation-related, aligns the director's interests with shareholders.
• The use of equity for director compensation is a common practice that conserves cash.

Future Outlook

NA

Industry Context

This filing reflects a standard practice in corporate governance where public companies compensate their independent directors with a mix of cash and equity, aligning their interests with long-term shareholder value. This is a common method across various industries to incentivize directors.

Comparison to Industry Standards

• The practice of compensating independent directors with restricted stock and shares in lieu of cash is a widely accepted corporate governance standard across publicly traded companies, including those in the financial services sector like SLM Corp. This method is comparable to compensation structures seen at other financial institutions and large corporations, aiming to align director incentives with shareholder interests. Specific comparable companies or projects are not detailed in this filing, as it focuses solely on the individual director's compensation.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Director Richard Scott Blackley as part of his compensation package (annual retainer and quarterly fees) constitutes a related party transaction, as it involves a transaction between the company and a member of its board of directors.

Stakeholder Impact

• **Shareholders**: Increased alignment of director's interests with shareholders due to increased equity ownership. The use of equity for compensation can reduce cash outflow for director fees.
• **Employees**: No direct impact mentioned.
• **Customers**: No direct impact mentioned.
• **Suppliers**: No direct impact mentioned.
• **Creditors**: No direct impact mentioned.

Key Dates

Keywords

SLM Corp, SLM, Richard Scott Blackley, Director, Insider Transaction, Form 4, Restricted Stock, Equity Compensation, Share Acquisition, Corporate Governance, Sallie Mae