Blackley Richard Scott 4

What Happened

• Blackley Richard Scott, a director of SLM Corporation (ticker: SLM), was granted 1,402 shares of common stock on 2026-03-18. The Form 4 reports the acquisition as an award (code A) and records $0 cash paid in the transaction column, consistent with shares issued in lieu of the director's quarterly cash retainer and committee fees.

Key Details

• Transaction date: 2026-03-18
• Transaction type/code: Award/Grant (A)
• Shares granted: 1,402; per-share cash amount reported on Form 4: $0.00 (the filing treats this as a non-cash issuance)
• Footnote F1: Shares were issued in lieu of the reporting person's quarterly cash retainer and committee fees; the per-share value equals the closing sales price on the grant date (economic value exists even though cash paid is $0 on the form)
• Footnote F2: Includes Dividend Equivalent Units issued in connection with restricted common stock held by the reporting person
• Shares owned after transaction: not specified in the provided filing excerpt
• Filing timeliness: no late-filing flag indicated in the provided record

Context

• This is a routine compensation-related grant to a director rather than an open-market purchase or a sale. Grants issued in lieu of cash retainers are common and reflect compensation practices; they do not necessarily signal the insider’s short-term view of the stock.
• Although the Form 4 shows $0 cash consideration, the grant has a market value based on SLM’s closing price on the grant date (as noted in the footnote).