SEC Form 4 · accession 0001127602-17-008967
SLM Corp · SLM
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Steven McGarry
Officer — EVP & Chief Financial Officer
Period of report
Feb 26, 2017
Accepted (ET)
Feb 28, 2017 · 5:48 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001032033
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Feb 26, 2017 | F | 10,880 | $11.96 | D | 336,539 | D | |
| Common StockF3 | Feb 26, 2017 | F | 8,404 | $11.96 | D | 328,135 | D | |
| Common StockF4 | holding | — | — | — | 2,142 | I | 401(k) Savings Plan |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On February 26, 2016, Mr. McGarry was granted restricted stock units ("RSUs") representing rights to receive shares of common stock of SLM Corporation (the "Company"), subject to vesting conditions, to vest in one-third increments on February 26, 2017, 2018 and 2019. On February 26, 2017, 22,408 shares vested in connection with these RSUs, of which 10,880 shares were withheld by the Company to satisfy the reporting person's tax withholding obligations.
- F2The total number of shares of Common Stock is adjusted to correct for a prior administrative error with respect to the number of shares of Common Stock reported to be held by the Reporting Person.
- F3On February 26, 2016, a portion of Mr. McGarry's 2015 Management Incentive Plan was granted in the form of RSUs that carry transfer restrictions that lapse in one-third increments on February 26, 2017, 2018 and 2019, regardless of continued employment. On February 26, 2017, the restrictions lapsed on 18,190 RSUs, and 8,404 shares of the Company common stock were withheld to satisfy Mr. McGarry's tax withholding obligations.
- F4Represents the number of units held in a unitized stock fund in the Sallie Mae 401(k) Savings Plan as of February 24, 2017