SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BOEHL KENNETH F

(Last)

(First)

(Middle)

C/O MBNA CORP

1100 N KING ST

(Street)

WILMINGTON

19884

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MBNA CORP [ KRB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SVC of MBNA America Bank, N.A.

3. Date of Earliest Transaction (Month/Day/Year)
10/27/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/27/2003		M		29,590	A	$4.8889	751,978	D
Common Stock	10/27/2003		S		21,580	D	$25	730,398	D
Common Stock	10/27/2003		F		8,010	D	$25	722,388	D
Common Stock	10/28/2003		M		160,253	A	$4.8889	882,641	D
Common Stock	10/28/2003		M		164,530	A	$5.4321	1,047,171	D
Common Stock	10/28/2003		M		75,937	A	$5.4321	1,123,108	D
Common Stock	10/28/2003		S		267,900	D	$25	855,208	D
Common Stock	10/28/2003		F		97,181	D	$25	758,027	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy)	$5.4321	10/28/2003		M			164,530	02/01/1999⁽¹⁾	07/30/2006	Common Stock	164,530	$0	0	D
Emplpoyee Stock Option (right to buy)	$4.8889	10/27/2003		M			29,590	12/01/1996⁽²⁾	11/06/2005	Common Stock	29,590	$0	160,253	D
Employee Stock Option (right to buy)	$4.8889	10/28/2003		M			160,253	12/01/1996⁽²⁾	11/06/2005	Common Stock	160,253	$0	0	D
Employee Stock Option (right to buy)	$5.4321	10/28/2003		M			75,937	12/01/1997⁽³⁾	07/29/2006	Common Stock	75,937	$0	0	D

Explanation of Responses:

1. 20% exercisable when Company achieved $700 MM net income and price per common share of $8.49 (February 1, 1999), additional 30% when Company achieved $850 MM net income and price per common share $10.27 (January 31, 2000), balance when the Company achieved $1 Billion net income and price per common share $11.85 (January 31, 2000).

2. Exercisable in five equal annual installments beginning December 1, 1996.

3. Exercisable in five equal annual installments beginning December 1, 1997.

	Kenneth F. Boehl	10/28/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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