Form 4: SLM Director Richard Blackley Receives Equity Grant

SLM Corp. Director Richard Scott Blackley received 1,023 shares of common stock as compensation in lieu of cash retainers and fees.

Summary

• Richard Scott Blackley, a Director of SLM Corp. (SLM), acquired 1,023 shares of the company's Common Stock.
• The transaction occurred on December 17, 2025, and the shares were granted at a price of $0 per share.
• These shares were received in lieu of the reporting person's quarterly cash retainer and respective committee fees.
• The per share value of the granted shares was equal to the closing sales price per share as of the grant date.
• Following this transaction, Richard Scott Blackley's total beneficial ownership of SLM Corp. Common Stock is 43,306.6073 shares.
• The reported beneficial ownership includes Dividend Equivalent Units issued in connection with Restricted Common Stock held by the reporting person.

Sentiment

Score: 6

Explanation: Slightly positive, as the director's increased equity ownership aligns their interests with shareholders, which is generally viewed favorably.

Positives

• Director Richard Scott Blackley increased his beneficial ownership by 1,023 shares of SLM Corp. Common Stock.
• The acquisition of shares in lieu of cash compensation demonstrates alignment of the director's interests with those of shareholders.
• Total beneficial ownership by Director Blackley now stands at 43,306.6073 shares, including Dividend Equivalent Units.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

The practice of compensating directors with equity, such as common stock, in lieu of cash is a common corporate governance strategy across various industries. It is often used to align the interests of directors with those of long-term shareholders, encouraging a focus on sustainable company performance and value creation.

Comparison to Industry Standards

• Compensating directors with equity is a standard practice among publicly traded companies, including those in the financial services sector like SLM Corp. This aligns director incentives with shareholder value.
• Many companies, such as JPMorgan Chase & Co. or Bank of America Corp., also utilize stock-based compensation for their non-employee directors to foster long-term commitment and ownership.

Corporate Governance

Related Party Transactions

• The acquisition of 1,023 shares of Common Stock by Director Richard Scott Blackley from SLM Corp. as compensation constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The increased equity ownership by a director can be seen as a positive signal, indicating stronger alignment of management interests with shareholder value creation.
• Employees: No direct impact on employees is indicated by this filing.

Key Dates

Keywords

SLM Corp, Richard Scott Blackley, Director Compensation, Equity Grant, Insider Transaction, Form 4, Common Stock, Share Ownership