Blackley Richard Scott 4

What Happened
Richard Scott Blackley, a director of SLM Corporation (SLM), was granted restricted common stock as director compensation: 7,349 shares on 2026-06-16 and 1,198 shares on 2026-06-17 (total 8,547 shares). The Form 4 lists a per-share acquisition price of $0.00 (awarded), and the filing records $0 total consideration; a footnote states one grant’s per-share value was equal to the closing sales price on the grant date. These were awards (not open-market purchases or sales) and are subject to vesting under the 2026 Independent Director Restricted Stock Agreement.

Key Details

• Transaction types/dates: Awards (code A) — 7,349 shares on 2026-06-16; 1,198 shares on 2026-06-17.
• Price reported: $0.00 per share on the Form 4 (award); one grant’s per-share value equals closing price on grant date per footnote.
• Total shares granted: 8,547. Form 4 reports $0 consideration because shares were granted, not purchased.
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes:
  • F1: Shares are Restricted Common Stock under the 2021 Omnibus Incentive Plan and vest per the 2026 Agreement.
  • F2: Includes Dividend Equivalent Units issued with the restricted stock.
  • F3: One grant was issued in lieu of quarterly cash retainer/committee fees; per-share value tied to market close on grant date.
• Filing timeliness: Report filed 2026-06-18 for transactions on 2026-06-16 and 06-17 — appears to be within required reporting window.

Context
Restricted stock awards to independent directors are routine compensation and generally reflect service pay rather than a direct signal about management’s near-term view of the stock. Dividend equivalent units mean the award tracks dividend value while restricted. This was an award (not a purchase or sale), so interpret it as compensation-related rather than an insider market-buy signal.