SLM Director Gary Millerchip Receives 7,349-Share Award

What Happened

• Gary Millerchip, a director of SLM Corporation (SLM), was granted 7,349 shares of Restricted Common Stock on June 16, 2026. The Form 4 reports an acquisition price of $0.00 (award/grant), issued as partial payment of his annual independent director retainer.

Key Details

• Transaction date: 2026-06-16; Form 4 filed: 2026-06-18 (appears timely).
• Transaction type/code: Award/Grant (A).
• Shares granted: 7,349; reported acquisition price: $0.00.
• Vesting: Award is subject to vesting per the "2026 Independent Director Restricted Stock Agreement" (see footnote F1).
• Dividend treatment: Includes Dividend Equivalent Units issued in connection with the restricted shares (footnote F2).
• Shares owned after transaction: Not specified in this filing.

Context

• This was a compensation award to a non-employee director, not an open-market purchase or sale; such grants are routine and tied to service/retainer arrangements. Dividend equivalent units accrue dividend-like credits while the restricted shares remain unvested.