Akella Janaki 4

What Happened
Janaki Akella, a director of SLM Corp (SLM), received an award of 7,349 shares of Restricted Common Stock on June 16, 2026. The transaction is reported as an acquisition (award) at $0.00 per share (total reported value $0) and represents part of her annual retainer paid in stock rather than cash. The restricted shares are subject to vesting under the 2026 Independent Director Restricted Stock Agreement.

Key Details

• Transaction date: 2026-06-16 (Form 4 filed 2026-06-18). Filing appears timely (reported two days after the transaction).
• Transaction type/code: A — grant/award of Restricted Common Stock.
• Shares granted: 7,349; reported price: $0.00 (award). Reported total value on Form 4: $0.
• Shares owned after transaction: Not disclosed on this Form 4.
• Footnotes: (F1) Award issued under the SLM Corporation 2021 Omnibus Incentive Plan and 2026 Independent Director Restricted Stock Agreement; vesting governed by that agreement. (F2) Includes Dividend Equivalent Units issued in connection with the Restricted Common Stock.
• No indication of a 10b5-1 plan, sale, purchase, option exercise, gift, or tax-withholding sale in this filing.

Context
Director grants of restricted stock are a common form of non-cash compensation and are typically subject to vesting schedules; they do not by themselves indicate a buy/sell signal. Because this was an award (not an open-market purchase or sale), it reflects compensation policy rather than an explicit trading decision by the director.