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<DIV><BR>
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<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=top align=left
    width="81%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
STATES </STRONG></FONT></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Washington,
D.C. 20549</STRONG></FONT></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
8-K</STRONG></FONT></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
REPORT</STRONG></FONT></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Pursuant
to Section 13 or 15(d) of the </STRONG></FONT></DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Securities
Exchange Act of 1934</STRONG></FONT></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="64%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of Report (Date of earliest event reported)</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="17%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>May
      2, 2005</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="81%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="81%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="81%" colSpan=2>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>MBNA
      Corporation</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="81%" colSpan=2>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its
charter)</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=middle width="35%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Maryland</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="31%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>1-10683</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="15%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>52-1713008</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="35%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      or other jurisdiction of incorporation)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="31%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
      File Number)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="15%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
      Employer</FONT></DIV>
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
      No.)</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="35%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Wilmington,
      Delaware</STRONG></FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="31%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="15%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>19884-0131</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="35%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="31%">&nbsp;</TD>
    <TD vAlign=top align=middle width="15%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
      Code)</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="66%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
      telephone number, including area code</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="15%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>(800)
      362-6255</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=middle width="81%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      <HR align=left width="100%" color=#000000 noShade SIZE=2>
      (Former name or former address, if changed since last
    report)</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="82%" colSpan=2>
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="4%">&nbsp;</TD>
    <TD vAlign=top align=left width="78%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="4%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;
      ]</FONT></DIV></TD>
    <TD vAlign=top align=left width="78%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="4%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;
      ]</FONT></DIV></TD>
    <TD vAlign=top align=left width="78%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="4%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      &nbsp;]</FONT></DIV></TD>
    <TD vAlign=top align=left width="78%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="4%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[
      &nbsp;]</FONT></DIV></TD>
    <TD vAlign=top align=left width="78%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black double" vAlign=top align=middle
    width="81%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left><BR>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV></DIV><BR>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
1.01. Entry into a Material Definitive Agreement.</STRONG></FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>Executive
Officer Retirement</U></FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May 2,
2005, the Compensation Committee and the Stock Option Committee of the Board of
Directors of MBNA Corporation (the "Corporation") waived the age 65 requirement
for certain retirement benefits to General Charles C. Krulak, an executive
officer of the Corporation. General Krulak most recently served as Vice Chairman
of the Corporation responsible for corporate development and acquisitions,
personnel, compensation and benefits, and education and career development. He
previously served as Chief Executive Officer of MBNA Europe Bank Limited, the
Corporation's banking subsidiary in the United Kingdom. Before joining the
Corporation in 1999, General Krulak had a 35 year career in the U.S. Marine
Corps, including serving four years as Commandant.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
Krulak is retiring at the age of 63. Under certain compensation plans, the
executive must remain with the Corporation until age 65 to receive the benefit.
The Compensation Committee and Stock Option Committee waived the age 65
requirement for General Krulak. </FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Compensation Committee waived the age 65 requirement for General Krulak's
retirement benefit under the Corporation's Supplemental Executive Retirement
Plan (SERP). This benefit provides a retirement benefit equal to 80% of his
highest average salary for any 12-month period during the 144-month period
preceding retirement. The benefit is reduced by pension and social security
benefits. The annual retirement benefit under the SERP payable to General Krulak
will be approximately $1.0 million. </FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Stock
Option Committee waived the age 65 requirement for the vesting of 45,000 shares
of restricted common stock awarded to General Krulak in 1999 and 94,345 shares
of restricted common stock awarded in lieu of a portion of cash bonuses for 2002
through 2004. The Committee also waived the age 65 requirement for the vesting
of stock options for 150,000 shares of common stock with an exercise price of
$20.58. 115,211 shares of restricted common stock were forfeited upon his
retirement according to the terms of the awards.</FONT></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV align=justify><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV align=left><BR>&nbsp;</DIV>
<DIV align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURE</STRONG></FONT></DIV>
<DIV align=left><BR></DIV>
<DIV align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</FONT></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="63%" colSpan=3>&nbsp;</TD>
    <TD vAlign=top align=middle width="21%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">MBNA
      Corporation</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="55%">&nbsp;</TD>
    <TD vAlign=top align=left width="29%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="55%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
      May 6, 2005</FONT></DIV></TD>
    <TD vAlign=top align=left width="4%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
width="4%">
      <DIV align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="21%"><FONT size=2><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kenneth
      A. Vecchione</FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top align=left width="55%">&nbsp;</TD>
    <TD vAlign=top align=left width="8%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top align=middle width="21%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Kenneth
      A. Vecchione</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="55%">&nbsp;</TD>
    <TD vAlign=top align=left width="8%" colSpan=2>&nbsp;</TD>
    <TD vAlign=top align=middle width="21%">
      <DIV align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
      Financial Officer</FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=left><BR></DIV>
<DIV></DIV></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
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style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
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{"company-data": {"conformed-name": "MBNA CORP", "cik": "0000870517", "assigned-sic": "6021", "irs-number": "521713008", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10683", "film-number": "05808026"}, "business-address": {"street1": "1100 N KING ST", "street2": "C/O MBNA AMERICA BANK NA", "city": "WILMINGTON", "state": "DE", "zip": "19884", "phone": "8003626255"}, "mail-address": {"street1": "1100 NORTH KING STREET", "city": "WILMINGTON", "state": "DE", "zip": "19884"}}
may101
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
      of Report (Date of earliest event reported)
May
      2, 2005
MBNA
      Corporation
(Exact
      name of registrant as specified in its
charter)
Maryland
1-10683
52-1713008
(State
      or other jurisdiction of incorporation)
(Commission
      File Number)
(I.R.S.
      Employer
Identification
      No.)
Wilmington,
      Delaware
19884-0131
(Address
      of principal executive offices)
(Zip
      Code)
Registrant's
      telephone number, including area code
(800)
      362-6255
(Former name or former address, if changed since last
    report)
Check
      the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:
[ 
      ]
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[ 
      ]
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[
       ]
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
[
       ]
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Item
1.01. Entry into a Material Definitive Agreement.
Executive
Officer Retirement
On May 2,
2005, the Compensation Committee and the Stock Option Committee of the Board of
Directors of MBNA Corporation (the "Corporation") waived the age 65 requirement
for certain retirement benefits to General Charles C. Krulak, an executive
officer of the Corporation. General Krulak most recently served as Vice Chairman
of the Corporation responsible for corporate development and acquisitions,
personnel, compensation and benefits, and education and career development. He
previously served as Chief Executive Officer of MBNA Europe Bank Limited, the
Corporation's banking subsidiary in the United Kingdom. Before joining the
Corporation in 1999, General Krulak had a 35 year career in the U.S. Marine
Corps, including serving four years as Commandant.
General
Krulak is retiring at the age of 63. Under certain compensation plans, the
executive must remain with the Corporation until age 65 to receive the benefit.
The Compensation Committee and Stock Option Committee waived the age 65
requirement for General Krulak.
The
Compensation Committee waived the age 65 requirement for General Krulak's
retirement benefit under the Corporation's Supplemental Executive Retirement
Plan (SERP). This benefit provides a retirement benefit equal to 80% of his
highest average salary for any 12-month period during the 144-month period
preceding retirement. The benefit is reduced by pension and social security
benefits. The annual retirement benefit under the SERP payable to General Krulak
will be approximately $1.0 million.
The Stock
Option Committee waived the age 65 requirement for the vesting of 45,000 shares
of restricted common stock awarded to General Krulak in 1999 and 94,345 shares
of restricted common stock awarded in lieu of a portion of cash bonuses for 2002
through 2004. The Committee also waived the age 65 requirement for the vesting
of stock options for 150,000 shares of common stock with an exercise price of
$20.58. 115,211 shares of restricted common stock were forfeited upon his
retirement according to the terms of the awards.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
MBNA
      Corporation
Date:
      May 6, 2005
By:
/s/
Kenneth
      A. Vecchione
Kenneth
      A. Vecchione
Chief
      Financial Officer