Form 4: SLM Corp Executive Kerri A. Palmer Reports Stock Transactions Following RSU Vesting
SEC Form 4
Kerri A. Palmer, EVP and Chief Operational Officer of SLM Corp, reports the vesting of restricted stock units (RSUs) and subsequent withholding of shares to cover tax obligations.
Summary
- On February 19, 2025, Kerri A. Palmer, EVP and Chief Operational Officer of SLM Corp, filed a Form 4 detailing changes in beneficial ownership of the company's common stock.
- The transactions relate to the vesting of restricted stock units (RSUs) granted to Palmer in February 2023 and February 2024.
- On February 16 and 17, 2025, a total of 52,723 shares vested from these RSUs.
- A portion of the vested shares, totaling 2,695, 3,150, and 13,312 shares respectively, were withheld by SLM Corp to satisfy Palmer's tax withholding obligations.
- Following these transactions, Palmer directly owns 159,317.6959 shares of SLM Corp common stock, which includes dividend equivalent units.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing, and the sentiment is neutral. It simply reports transactions related to executive compensation.
Industry Context
This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It reflects the standard practice of granting stock-based compensation to align executive interests with shareholder value.
Comparison to Industry Standards
- Stock-based compensation is a common practice among publicly traded companies to incentivize executives.
- The vesting schedules and tax withholding practices described in the filing are standard.
- Companies like Nelnet, Navient, and Discover Financial Services also utilize similar compensation strategies for their executives.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they relate to executive compensation and do not significantly alter the company's financial position.
- Employees may be interested in the details of executive compensation as a benchmark.
Key Dates
| Date | Description |
|---|---|
| February 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. |
| February 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. |
| February 16, 2025 | 8,458 shares vested in connection with RSUs granted on February 16, 2024, of which 2,695 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations. |
| February 17, 2025 | 10,215 shares vested in connection with RSUs granted on February 17, 2023, of which 3,150 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations. |
| February 17, 2025 | 34,050 shares vested in connection with RSUs granted on February 17, 2023, of which 13,312 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations. |
| February 19, 2025 | Date of Form 4 filing. |
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