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                                  Exhibit 10.2

                                 SLM CORPORATION

                            MANAGEMENT INCENTIVE PLAN

SECTION 1.        PURPOSE OF PLAN

     The purpose of this Management Incentive Plan ("Plan") of SLM Corporation
(formerly USA Education, Inc., renamed on May 17, 2002) a Delaware corporation,
is to enable the Company, as defined in Section 2.2(a)(iii) hereof, to attract,
retain and motivate its officers, management and other key personnel, and to
further align the interests of such persons with those of the stockholders of
the Company, by providing for or increasing their proprietary interest in the
Company.

SECTION 2.        ADMINISTRATION OF THE PLAN

     2.1   Composition of Committee. The Plan shall be administered by the Board
of Directors and/or by a committee of the Board of Directors of SLM Corporation,
as appointed from time to time by the Board of Directors (the "Committee"). The
Board of Directors shall fill vacancies on, and from time to time may remove or
add members to, the Committee. The Committee shall act pursuant to a majority
vote or unanimous written consent. Notwithstanding the foregoing, with respect
to any Award that is not intended to satisfy the conditions of Rule 16b-3 under
the Securities Exchange Act of 1934, as amended (the "Exchange Act") or Section
162(m)(4)(C) of the Internal Revenue Code of 1986, as amended (the "Code"), the
Committee may appoint one or more separate committees (any such committee, a
"Subcommittee") composed of one or more directors of SLM Corporation, (who may
but need not be members of the Committee) and may delegate to any such
Subcommittee(s) the authority to grant Awards, as defined in Section 5.1 hereof,
under the Plan to Employees, to determine all terms of such Awards, and/or to
administer the Plan or any aspect of it. Any action by any such Subcommittee
within the scope of such delegation shall be deemed for all purposes to have
been taken by the Committee. The Committee may designate the Secretary of the
Company or other Company employees to assist the Committee in the administration
of the Plan, and may grant authority to such persons to execute agreements
evidencing Awards made under this Plan or other documents entered into under
this Plan on behalf of the Committee or the Company.

     2.2   Powers of the Committee. Subject to the express provisions of this
Plan, the Committee shall be authorized and empowered to do all things necessary
or desirable in connection with the administration of this Plan with respect to
the Awards over which such Committee has authority, including, without
limitation, the following:

                  (a) to prescribe, amend and rescind rules and regulations
relating to this Plan and to define terms not otherwise defined herein; provided
that, unless the Committee shall specify otherwise, for purposes of this Plan
(i) the term "fair market value" shall mean, as of any date, the closing price
for a Share, as defined in Section 3.1 hereof, reported for that date on the
composite tape for securities listed on the New York Stock Exchange or, if no
Shares traded on the New York Stock Exchange on the date in question, then for
the next preceding date for which Shares traded on the New York Stock Exchange;
and (ii) the term "Company" shall mean SLM Corporation and its subsidiaries and
affiliates, unless the context otherwise requires.

                  (b) to determine which persons are Employees (as defined in
Section 4 hereof), to which of such Employees, if any, Awards shall be granted
hereunder and the timing of any such Awards;

                  (c) to determine the number of Shares subject to Awards and
the exercise or purchase price of such Shares;

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                  (d) to establish and verify the extent of satisfaction of any
performance goals applicable to Awards;

                  (e) to prescribe and amend the terms of the agreements
evidencing Awards made under this Plan (which need not be identical);

                  (f) to determine whether, and the extent to which, adjustments
are required pursuant to Section 11 hereof;

                  (g) to interpret and construe this Plan, any rules and
regulations under the Plan and the terms and conditions of any Award granted
hereunder, and to make exceptions to any such provisions in good faith and for
the benefit of the Company; and

                  (h) to make all other determinations deemed necessary or
advisable for the administration of the Plan.

     2.3 Determinations of the Committee. All decisions, determinations and
interpretations by the Committee or the Board regarding the Plan shall be final
and binding on all Employees and Participants, as defined in Section 3 hereof.
The Committee or the Board, as applicable, shall consider such factors as it
deems relevant, in its sole and absolute discretion, to making such decisions,
determinations and interpretations including, without limitation, the
recommendations or advice of any officer of the Company or Employee and such
attorneys, consultants and accountants as it may select.

SECTION 3.        STOCK SUBJECT TO PLAN

     3.1 Aggregate Limits. Subject to adjustment as provided in Section 11, at
any time, the aggregate number of shares of the Company's common stock, $.20 par
value ("Shares"), issued and issuable pursuant to all Awards (including all ISOs
(as defined in Section 5.1 hereof)) granted under this Plan shall not exceed
13,100,000; provided that no more than 1,500,000 of such Shares may be issued
pursuant to all Incentive Bonuses and Performance Stock Awards thereafter
granted under the Plan. The Shares subject to the Plan may be either Shares
reacquired by the Company, including Shares purchased in the open market, or
authorized but unissued Shares. The number of shares of common stock issued upon
the exercise of "replacement options", i.e. options granted to purchase a number
of shares of common stock equal to the number of shares of common stock used to
exercise an underlying stock option (either shares previously owned or shares
acquired pursuant to the exercise of the underlying option and sold in order to
exercise e.g., such as in a so-called "cashless exercise"), shall not reduce the
aggregate number of shares authorized under the Plan.

     3.2 Code Section 162(m) Limits. The aggregate number of Shares subject to
Options granted under this Plan during any calendar year to any one Employee
shall not exceed 1,000,000. The aggregate number of Shares issued or issuable
under any Incentive Bonus Award granted under this Plan during any calendar year
to any one Employee shall not exceed 50,000. The aggregate number of Shares
issued or issuable under any Performance Stock Award granted under this Plan
during any calendar year to any one Employee shall not exceed 100,000.
Notwithstanding anything to the contrary in the Plan, the foregoing limitations
shall be subject to adjustment under Section 11 only to the extent that such
adjustment will not affect the status of any Award intended to qualify as
"performance based compensation" under Code Section 162(m).

     3.3 Issuance of Shares. For purposes of Section 3.1, the aggregate number
of Shares issued under this Plan at any time shall equal only the number of
Shares actually issued upon exercise or settlement of an Award and not returned
to the Company upon cancellation, expiration or forfeiture of an Award or
delivered (either actually or by attestation) in payment or satisfaction of the
purchase price, exercise price or tax obligation of an Award.

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SECTION 4.           PERSONS ELIGIBLE UNDER PLAN

     Any person, including any director of the Company, who is an employee,
prospective employee, consultant or advisor of the Company (an "Employee") shall
be eligible to be considered for the grant of Awards hereunder. For purposes of
this Plan, the Chairman of the Board's status as an Employee shall be determined
by the Board. For purposes of the administration of Awards, the term "Employee"
shall also include a former Employee or any person (including any estate) who is
a beneficiary of a former Employee. A "Participant" is any Employee to whom an
Award has been made and any person (including any estate) to whom an Award has
been assigned or transferred pursuant to Section 10.1.

SECTION 5.           PLAN AWARDS

     5.1 Award Types. The Committee, on behalf of the Company, is authorized
under this Plan to enter into certain types of arrangements with Employees and
to confer certain benefits on them. The following such arrangements or benefits
are authorized under the Plan if their terms and conditions are not inconsistent
with the provisions of the Plan: Stock Options, Incentive Bonuses and
Performance Stock. Such arrangements and benefits are sometimes referred to
herein as "Awards." The authorized types of arrangements and benefits for which
Awards may be granted are defined as follows:

     Stock Options: A Stock Option is a right granted under Section 6 to
purchase a number of Shares at such exercise price, at such times, and on such
other terms and conditions as are specified in or determined pursuant to the
agreement evidencing the Award (the "Option Agreement"). Options intended to
qualify as Incentive Stock Options ("ISOs") pursuant to Code Section 422 and
Options which are not intended to qualify as ISOs ("Non-qualified Options") may
be granted under Section 6 as the Committee in its sole discretion shall
determine.

     Incentive Bonus: An Incentive Bonus is a bonus opportunity awarded under
Section 7 pursuant to which a Participant may become entitled to receive an
amount based on satisfaction of such performance criteria as are specified in
the document evidencing the Award (the "Incentive Bonus Agreement").

     Performance Stock: Performance Stock is an award of Shares made under
Section 8, the grant, issuance, retention and/or vesting of which is subject to
such performance and other conditions as are expressed in the document
evidencing the Award (the "Performance Stock Agreement").

     5.2 Grants of Awards. An Award may consist of one such arrangement or
benefit or two or more of them in tandem or in the alternative.

SECTION 6.           STOCK OPTION GRANTS

     The Committee may grant an Option or provide for the grant of an Option,
either from time-to-time in the discretion of the Committee or automatically
upon the occurrence of specified events, including, without limitation, the
achievement of performance goals, the satisfaction of an event or condition
within the control of the recipient of the Award, within the control of others
or not within the any person's control.

     6.1 Option Agreement. Each Option Agreement shall contain provisions
regarding (a) the number of Shares which may be issued upon exercise of the
Option, (b) the purchase price of the Shares and the means of payment for the
Shares, (c) the term of the Option, (d) such terms and conditions of
exercisability as may be determined from time to time by the Committee, (e)
restrictions on the transfer of the Option and forfeiture provisions, and (f)
such further terms and conditions, in each case not inconsistent with the Plan
as may be determined from time to time by the Committee. Option Agreements
evidencing ISOs shall contain such terms and conditions as may be necessary to
comply with the applicable provisions of Section 422 of the Code.

     6.2 Option Price. The purchase price per Share of the Shares subject to
each Option granted under the Plan shall equal or exceed 100% of the fair market
value of such Stock on the date the Option is granted, except that (i) the
Committee may specifically provide that the exercise price of an Option may be
higher or lower in the case

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of an Option granted to employees of a company acquired by the Company in
assumption and substitution of options held by such employees at the time such
company is acquired, and (ii) in the event an Employee is required to pay or
forego the receipt of any cash amount in consideration of receipt of an option,
the exercise price, which in no event may be less than 85% of the fair market
value of the Stock on the date the Option is granted, plus such cash amount
shall equal or exceed 100% of the fair market value of such Stock on the date
the Option is granted.

     6.3 Option Term. The "Term" of each Option granted under the Plan,
including any ISOs, shall not exceed ten (10) years from the date of its grant.

     6.4 Option Vesting. Options granted under the Plan shall be exercisable at
such time and in such installments during the period prior to the expiration of
the Option's Term as determined by the Committee in its sole discretion. The
Committee shall have the right to make the timing of the ability to exercise any
Option granted under the Plan subject to such performance requirements as deemed
appropriate by the Committee. At any time after the grant of an Option the
Committee may, in its sole discretion, reduce or eliminate any restrictions
surrounding any Participant's right to exercise all or part of the Option.

     6.5 Termination of Employment. Subject to Section 12, upon a termination of
employment by a Participant prior to the full exercise of an Option, the
following procedures shall apply unless determined otherwise by the Committee in
its sole discretion or, in the case of an ISO, unless other procedures are
necessary to comply with the provisions of Section 422, 424 or 425 of the Code:

                  (a) Death or Disability. If an Employee terminates service on
account of becoming disabled, the Participant may exercise the Option in whole
or in part within one year after the date of the Employee's disability, but in
no event later than the date on which it would have expired if the Employee had
not become disabled. Unless provided otherwise by the Committee, an Employee
shall be deemed to be disabled if he or she is determined to be disabled for
purposes of meeting any insurance requirements under long-term disability
policies ("Disability") provided by the Company. If an Employee dies during a
period in which he or she is entitled to exercise an Option (including the
periods referred to in the first sentence of this paragraph (a) or in paragraph
(c) of this Section), the Participant may exercise the Option in whole or in
part within one year after the date of the Employee's death, but in no event
later than the date on which it would have expired if the Employee had lived, or
one year after the Employee's death, whichever date is earlier.

                  (b) Cause. If a Participant's employment with the Company or a
subsidiary shall be terminated for cause, as determined by the Committee in its
sole discretion, he or she shall forfeit any and all outstanding option rights
and such rights shall be deemed to have lapsed for purposes hereof as of the
date of the Participant's termination of service.

                  (c) Other Forms of Termination. If a Participant ceases to be
employed by the Company or a subsidiary for any reason other than Disability,
death or termination for cause during a period in which he or she is entitled to
exercise an Option, the Participant's Option shall terminate three months after
the date of such cessation of employment, but in no event later than the date on
which it would have expired if such cessation of employment had not occurred.
During such period the Option may be exercised only to the extent that the
Participant was entitled to do so at the date of cessation of employment unless
the Committee, in its sole discretion, permits exercise of the Option to a
greater extent. The employment of a Participant shall not be deemed to have
ceased upon his or her absence from the Company on a leave of absence granted in
accordance with the usual procedures of the Company.

     6.6 Option Exercise.

                  (a) Partial Exercise.  An exercisable Option may be exercised
in whole or in part. However, an Option shall not be exercisable with respect to
fractional Shares and the Committee may require, by the terms of the Option
Agreement, a partial exercise to include a minimum number of Shares.

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                  (b) Manner of Exercise. All or a portion of an exercisable
Option shall be deemed exercised upon delivery to the representative of the
Company designated for such purpose by the Committee all of the following: (i)
notice of exercise in such form as the Committee authorizes specifying the
number of Shares to be purchased by the Participant, (ii) payment or provision
for payment of the exercise price for such number of Shares, (iii) such
representations and documents as the Committee, in its sole discretion, deems
necessary or advisable to effect compliance with all applicable provisions of
the Securities Act of 1933, as amended, and any other federal, state or foreign
securities laws or regulations, (iv) in the event that the Option shall be
exercised pursuant to Section 10.1 by any person or persons other than the
Employee, appropriate proof of the right of such person or persons to exercise
the Option, and (v) such representations and documents as the Committee, in its
sole discretion, deems necessary or advisable to provide for the tax withholding
pursuant to Section 13. Unless provided otherwise by the Committee, no
Participant shall have any right as a stockholder with respect to any Shares
purchased pursuant to any Option until the registration of Shares in the name of
such person, and no adjustment shall be made for dividends (ordinary or
extraordinary, whether in cash, securities or other property) or distributions
or other rights for which the record date is prior to the date such Shares are
so registered.

                  (c) Payment of Exercise Price. To the extent authorized by the
Committee, the exercise price of an Option may be paid in the form of one of
more of the following, either through the terms of the Option Agreement or at
the time of exercise of an Option: (i) cash or certified or cashiers' check,
(ii) shares of capital stock of the Company that have been held by the
Participant for such period of time as the Committee may specify, (iii) other
property deemed acceptable by the Committee, (iv) a reduction in the number of
Shares or other property otherwise issuable pursuant to such Option, (v) a
promissory note of or other commitment to pay by the Participant or of a third
party, the terms and conditions of which shall be determined by the Committee,
or (vi) any combination of (i) through (v).

SECTION 7.        INCENTIVE BONUS

     Each Incentive Bonus Award will confer upon the Employee the opportunity to
earn a future payment tied to the level of achievement with respect to one or
more performance criteria established for a performance period of not less than
one year.

     7.1 Incentive Bonus Award. Each Incentive Bonus Award shall contain
provisions regarding (a) the target and maximum amount payable to the
Participant as an Incentive Bonus, (b) the performance criteria and level of
achievement versus these criteria which shall determine the amount of such
payment, (c) the period as to which performance shall be measured for
determining the amount of any payment, (d) the timing of any payment earned by
virtue of performance, (e) restrictions on the alienation or transfer of the
Incentive Bonus prior to actual payment, (f) forfeiture provisions, and (g) such
further terms and conditions, in each case not inconsistent with the Plan as may
be determined from time to time by the Committee. The maximum amount payable as
an Incentive Bonus may be a multiple of the target amount payable, but the
maximum amount payable pursuant to that portion of an Incentive Bonus Award
granted under this Plan for any fiscal year to any Participant that is intended
to satisfy the requirements for "performance based compensation" under Code
Section 162(m) shall not exceed five million dollars ($5,000,000).

     7.2 Performance Criteria. The Committee shall establish the performance
criteria and level of achievement versus these criteria which shall determine
the target and maximum amount payable under an Incentive Bonus Award, which
criteria may be based on financial performance and/or personal performance
evaluations. The Committee may specify the percentage of the target Incentive
Bonus that is intended to satisfy the requirements for "performance-based
compensation" under Code Section 162(m). Notwithstanding anything to the
contrary herein, the performance criteria for any portion of an Incentive Bonus
that is intended by the Committee to satisfy the requirements for
"performance-based compensation" under Code Section 162(m) shall be a measure
based on one or more Qualifying Performance Criteria (as defined in Section 10.2
hereof) selected by the Committee and specified at the time the Incentive Bonus
Award is granted. The Committee shall certify the extent to which any Qualifying
Performance Criteria has been satisfied, and the amount payable as a result
thereof, prior to payment of any Incentive Bonus that is intended by the
Committee to satisfy the requirements for "performance-based compensation" under
Code Section 162(m).

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         7.3    Timing and Form of Payment. The Committee shall determine the
timing of payment of any Incentive Bonus. The Committee may provide for or,
subject to such terms and conditions as the Committee may specify, may permit a
Participant to elect for the payment of any Incentive Bonus to be deferred to a
specified date or event. The Committee may provide for a Participant to have the
option for his or her Incentive Bonus, or such portion thereof as the Committee
may specify, to be paid in whole or in part in Shares or Stock Units.

         7.4    Discretionary Adjustments. Notwithstanding satisfaction of any
performance goals, the amount paid under an Incentive Bonus Award on account of
either financial performance or personal performance evaluations may be reduced
by the Committee on the basis of such further considerations as the Committee in
its sole discretion shall determine.

SECTION 8.               PERFORMANCE STOCK

         Performance Stock consists of an award of Shares, the grant, issuance,
retention and/or vesting of which shall be subject to such performance
conditions and to such further terms and conditions as the Committee deems
appropriate.

         8.1    Performance Stock Award. Each Performance Stock Award shall
contain provisions regarding (a) the number of Shares subject to such Award or a
formula for determining such, (b) the performance criteria and level of
achievement versus these criteria which shall determine the number of Shares
granted, issued, retainable and/or vested, (c) the period as to which
performance shall be measured for determining achievement of performance,
provided that such period shall be no shorter than a 12-month period, (d)
forfeiture provisions, and (e) such further terms and conditions, in each case
not inconsistent with the Plan as may be determined from time to time by the
Committee.

         8.2    Performance Criteria. The grant, issuance, retention and/or
vesting of each Performance Share shall be subject to such performance criteria
and level of achievement versus these criteria as the Committee shall determine,
which criteria may be based on financial performance and/or personal performance
evaluations. Notwithstanding anything to the contrary herein, the performance
criteria for any Performance Stock that is intended by the Committee to satisfy
the requirements for "performance-based compensation" under Code Section 162(m)
shall be a measure based on one or more Qualifying Performance Criteria selected
by the Committee and specified at the time the Performance Stock Award is
granted.

         8.3    Timing and Form of Payment. The Committee shall determine the
timing of payment of any Incentive Bonus. The Committee may provide for or,
subject to such terms and conditions as the Committee may specify, may permit a
Participant to elect for the payment of any Performance Stock to be deferred to
a specified date or event. The Committee may provide for a Participant to have
the option for his or her Performance Stock, or such portion thereof as the
Committee may specify, to be granted in whole or in part in Shares or Stock
Units.

         8.4    Discretionary Adjustments. Notwithstanding satisfaction of any
performance goals, the number of Shares granted, issued, retainable and/or
vested under a Performance Stock Award on account of either financial
performance or personal performance evaluations may be reduced by the Committee
on the basis of such further considerations as the Committee in its sole
discretion shall determine.

SECTION 9.               STOCK UNITS

         9.1    Stock Units. A "Stock Unit" is a bookkeeping entry representing
an amount equivalent to the fair market value of one share of Common Stock.
Stock Units represent an unfunded and unsecured obligation of the Company,
except as otherwise provided for by the Committee.

         9.2    Grant of Stock Units. Stock Units may be issued upon exercise of
Options, may be granted in payment and satisfaction of Incentive Bonus Awards
and may be issued in lieu of, Performance Stock or any other Award that the
Committee elects to be paid in the form of Stock Units.

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         9.3    Settlement of Stock Units. Unless provided otherwise by the
Committee, settlement of Stock Units shall be made by issuance of Shares and
shall occur within 60 days after an Employee's termination of employment for any
reason. The Committee may provide for Stock Units to be settled in cash (at the
election of the Company or the Participant, as specified by the Committee) and
to be made at such other times as it determines appropriate or as it permits a
Participant to choose. The amount of Shares, or other settlement medium, to be
so distributed may be increased by an interest factor or by dividend
equivalents, which may be valued as if reinvested in Shares. Until a Stock Unit
is settled, the number of shares of Shares represented by a Stock Unit shall be
subject to adjustment pursuant to Section 11.

SECTION 10.              OTHER PROVISIONS APPLICABLE TO AWARDS

         10.1   Transferability. Unless the agreement evidencing an Award (or an
amendment thereto authorized by the Committee) expressly states that the Award
is transferable as provided hereunder, no Award granted under the Plan, nor any
interest in such Award, may be sold, assigned, conveyed, gifted, pledged,
hypothecated or otherwise transferred in any manner prior to the vesting or
lapse of any and all restrictions applicable thereto, other than by will or the
laws of descent and distribution. The Committee may in its sole discretion grant
an Award or amend an outstanding Award to provide that the Award is transferable
or assignable to a member or members of the Employee's "immediate family," as
such term is defined under Exchange Act Rule 16a-1(e), or to a trust for the
benefit solely of a member or members of the Employee's immediate family, or to
a partnership or other entity whose only owners are members of the Employee's
family, provided that (i) no consideration is given in connection with the
transfer of such Award, and (2) following any such transfer or assignment the
Award will remain subject to substantially the same terms applicable to the
Award while held by the Employee, as modified as the Committee in its sole
discretion shall determine appropriate, and the Participant shall execute an
agreement agreeing to be bound by such terms.

         10.2   Qualifying Performance Criteria. For purposes of this Plan, the
term "Qualifying Performance Criteria" shall mean any one or more of the
following performance criteria, either individually, alternatively or in any
combination, applied to either the Company as a whole or to a business unit or
subsidiary, either individually, alternatively or in any combination, and
measured either annually or cumulatively over a period of years, on an absolute
basis or relative to a pre-established target, to previous years' results or to
a designated comparison group, in each case as specified by the Committee in the
Award: (a) cash flow, (b) earnings per share (including earnings before
interest, taxes, depreciation and amortization), (c) return on equity, (d) total
stockholder return, (e) return on capital, (f) return on assets or net assets,
(g) revenue, (h) income or net income, (i) operating income or net operating
income, (j) operating profit or net operating profit, (k) operating margin, (l)
return on operating revenue, (m) market share, (n) loan volume and (o) overhead
or other expense reduction. The Committee may appropriately adjust any
evaluation of performance under a Qualifying Performance Criteria to exclude any
of the following events that occurs during a performance period: (i) asset
write-downs, (ii) litigation or claim judgments or settlements, (iii) the effect
of changes in tax law, accounting principles or other laws or provisions
affecting reported results, (iv) accruals for reorganization and restructuring
programs, and (v) any extraordinary non-recurring items as described in
Accounting Principles Board Opinion No. 30 and/or in management's discussion and
analysis of financial condition and results of operations appearing in the
Company's annual report to stockholders for the applicable year.

         10.3   Dividends. Unless otherwise provided by the Committee, no
adjustment shall be made in Shares issuable under Awards on account of cash
dividends which may be paid or other rights which may be issued to the holders
of Shares prior to their issuance under any Award. The Committee shall specify
whether dividends or dividend equivalent amounts shall be paid to any
Participant with respect to the Shares subject to any Award that have not vested
or been issued or that are subject to any restrictions or conditions on the
record date for dividends.

         10.4   Agreements Evidencing Awards. The Committee shall, subject to
applicable law, determine the date an Award is deemed to be granted, which for
purposes of this Plan shall not be affected by the fact that an Award is
contingent on subsequent stockholder approval of the Plan. The Committee or,
except to the extent prohibited under applicable law, its delegate(s) may
establish the terms of agreements evidencing Awards under this Plan and may, but
need not, require as a condition to any such agreement's effectiveness that such
agreement be executed by the Participant and that such Participant agree to such
further terms and conditions as specified in such

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agreement. The grant of an Award under this Plan shall not confer any rights
upon the Participant holding such Award other than such terms, and subject to
such conditions, as are specified in this Plan as being applicable to such type
of Award (or to all Awards) or as are expressly set forth in the Agreement
evidencing such Award.

         10.5   Tandem Stock or Cash Rights. Either at the time an Award is
granted or by subsequent action, the Committee may, but need not, provide that
an Award shall contain as a term thereof, a right, either in tandem with the
other rights under the Award or as an alternative thereto, of the Participant to
receive, without payment to the Company, a number of Shares, cash or a
combination thereof, the amount of which is determined by reference to the value
of the Award.

         10.6   Financing. The Committee may in its discretion provide financing
to a Participant in a principal amount sufficient to pay the purchase price of
any Award and/or to pay the amount of taxes required by law to be withheld with
respect to any Award. Any such loan shall be subject to all applicable legal
requirements and restrictions pertinent thereto, including Regulation G
promulgated by the Federal Reserve Board. The grant of an Award shall in no way
obligate the Company or the Committee to provide any financing whatsoever in
connection therewith.

SECTION 11.              CHANGES IN CAPITAL STRUCTURE

         11.1   If the outstanding securities of the class then subject to this
Plan are increased, decreased or exchanged for or converted into cash, property
or a different number or kind of shares or securities, or if cash, property or
shares or securities are distributed in respect of such outstanding securities,
in either case as a result of a reorganization, merger, consolidation,
recapitalization, restructuring, reclassification, dividend (other than a
regular, quarterly cash dividend) or other distribution, stock split, reverse
stock split, spin-off or the like, or if substantially all of the property and
assets of the Company are sold, then, unless the terms of such transaction shall
provide otherwise, the Committee shall make appropriate and proportionate
adjustments in (i) the number and type of shares or other securities or cash or
other property that may be acquired pursuant to Awards theretofore granted under
this Plan and the exercise or settlement price of such Awards, provided,
however, that such adjustment shall be made in such a manner that will not
affect the status of any Award intended to qualify as an ISO under Code Section
422 or as "performance based compensation" under Code Section 162(m), and (ii)
the maximum number and type of shares or other securities that may be issued
pursuant to such Awards thereafter granted under this Plan.

SECTION 12.              CHANGE OF CONTROL

         12.1   Effect of Change of Control. The Committee may through the terms
of the Award or otherwise provide that any or all of the following shall occur,
either immediately upon the Change of Control or a Change of Control
Transaction, or upon termination of the Employee's employment within twenty-four
(24) months following a Change of Control or a Change of Control Transaction:
(a) in the case of an Option, the Participant's ability to exercise any portion
of the Option not previously exercisable, (b) in the case of an Incentive Bonus,
the right to receive a payment equal to the target amount payable or, if
greater, a payment based on performance through a date determined by the
Committee prior to the Change of Control, and (c) in the case of Shares issued
in payment of any Incentive Bonus, and/or in the case of Performance Stock or
Stock Units, the lapse and expiration on any conditions to the grant, issuance,
retention, vesting or transferability of, or any other restrictions applicable
to, such Award. The Committee also may, through the terms of the Award or
otherwise, provide for an absolute or conditional exercise, payment or lapse of
conditions or restrictions on an Award which shall only be effective if, upon
the announcement of a Change of Control Transaction, no provision is made in
such Change of Control Transaction for the exercise, payment or lapse of
conditions or restrictions on the Award, or other procedure whereby the
Participant may realize the full benefit of the Award.

         12.2   Definitions. Unless the Committee or the Board shall provide
otherwise, "Change of Control" shall mean an occurrence of any of the following
events: (a) an acquisition (other than directly from the Company) of any voting
securities of the Company (the "Voting Securities") by any "person or group"
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) other
than an employee benefit plan of the Company, immediately after which such
Person has "Beneficial Ownership" (within the meaning of Rule 13d-3 under the
Exchange Act) of more

                                                                              25

<PAGE>

than fifty percent (50%) of the combined voting power of the Company's then
outstanding Voting Securities; (b) approval by the stockholders of (i) a merger,
consolidation or reorganization involving the Company, unless the company
resulting from such merger, consolidation or reorganization (the "Surviving
Corporation") shall adopt or assume this Plan and a Participant's Awards under
the Plan and either (A) the stockholders of the Company immediately before such
merger, consolidation or reorganization own, directly or indirectly immediately
following such merger, consolidation or reorganization, at least seventy-five
percent (75%) of the combined voting power of the Surviving Corporation in
substantially the same proportion as their ownership immediately before such
merger, consolidation or reorganization, or (B) at least a majority of the
members of the Board of Directors of the Surviving Corporation were directors of
the Company immediately prior to the execution of the agreement providing for
such merger, consolidation or reorganization, or (ii) a complete liquidation or
dissolution of the Company; or (c) such other events as the Committee or the
Board from time to time may specify. "Change of Control Transaction" shall
include any tender offer, offer, exchange offer, solicitation, merger,
consolidation, reorganization or other transaction which is intended to or
reasonably expected to result in a change of control.

SECTION 13.              TAXES

         13.1   Withholding Requirements. The Committee may make such provisions
or impose such conditions as it may deem appropriate for the withholding or
payment by the Employee or Participant, as appropriate, of any taxes which it
determines are required in connection with any Awards granted under this Plan,
and a Participant's rights in any Award are subject to satisfaction of such
conditions.

         13.2   Payment of Withholding Taxes. Notwithstanding the terms of
Section 13.1 hereof, the Committee may provide in the agreement evidencing an
Award or otherwise that all or any portion of the taxes required to be withheld
by the Company or, if permitted by the Committee, desired to be paid by the
Participant, in connection with the exercise of a Non-qualified Option or the
exercise, vesting, settlement or transfer of any other Award shall be paid or,
at the election of the Participant, may be paid by the Company withholding
shares of the Company's capital stock otherwise issuable or subject to such
Award, or by the Participant delivering previously owned shares of the Company's
capital stock, in each case having a fair market value equal to the amount
required or elected to be withheld or paid. Any such elections are subject to
such conditions or procedures as may be established by the Committee and may be
subject to disapproval by the Committee.

SECTION 14.              AMENDMENTS OR TERMINATION

         The Board may amend, alter or discontinue the Plan or any agreement
evidencing an Award made under the Plan, but no such amendment shall, without
the approval of the shareholders of the Company:

                         (a)   materially increase the maximum number of shares
of Common Stock for which Awards may be granted under the Plan;

                         (b)   reduce the price at which Options may be granted
below the price provided for in Section 6.2;

                         (c)   reduce or adjust downward the exercise price of
outstanding Options, whether through amendment, cancellation or replacement
grants, or any other means;

                         (d)   impair the rights of any Award holder, without
such holder's consent, under any Award granted prior to the date of any Change
of Control;

                         (e)   extend the term of the Plan; or

                         (f)   change the class of persons eligible to be
Participants.

                                                                              26

<PAGE>

SECTION 15.              COMPLIANCE WITH OTHER LAWS AND REGULATIONS.

         The Plan, the grant and exercise of Awards thereunder, and the
obligation of the Company to sell, issue or deliver Shares under such Awards,
shall be subject to all applicable federal, state and foreign laws, rules and
regulations and to such approvals by any governmental or regulatory agency as
may be required. The Company shall not be required to register in a
Participant's name or deliver any Shares prior to the completion of any
registration or qualification of such Shares under any federal, state or foreign
law or any ruling or regulation of any government body which the Committee
shall, in its sole discretion, determine to be necessary or advisable. This Plan
is intended to constitute an unfunded arrangement for a select group of
management or other key employees.

         No Option shall be exercisable unless a registration statement with
respect to the Option is effective or the Company has determined that such
registration is unnecessary. Unless the Awards and Shares covered by this Plan
have been registered under the Securities Act of 1933, as amended, or the
Company has determined that such registration is unnecessary, each person
receiving an Award and/or Shares pursuant to any Award may be required by the
Company to give a representation in writing that such person is acquiring such
Shares for his or her own account for investment and not with a view to, or for
sale in connection with, the distribution of any part thereof.

SECTION 16.              OPTION GRANTS BY SUBSIDIARIES

         In the case of a grant of an option to any eligible Employee employed
by a Subsidiary, such grant may, if the Committee so directs, be implemented by
the Company issuing any subject shares to the Subsidiary, for such lawful
consideration as the Committee may determine, upon the condition or
understanding that the Subsidiary will transfer the shares to the optionholder
in accordance with the terms of the option specified by the Committee pursuant
to the provisions of the Plan. Notwithstanding any other provision hereof, such
option may be issued by and in the name of the Subsidiary and shall be deemed
granted on such date as the Committee shall determine.

SECTION 17.              NO RIGHT TO COMPANY EMPLOYMENT

         Nothing in this Plan or as a result of any Award granted pursuant to
this Plan shall confer on any individual any right to continue in the employ of
the Company or interfere in any way with the right of the Company to terminate
an individual's employment at any time. The Award agreements may contain such
provisions as the Committee may approve with reference to the effect of approved
leaves of absence.

SECTION 18.              EFFECTIVENESS AND EXPIRATION OF PLAN

         The Plan shall be effective on the date the Board adopts the Plan. All
Awards granted under this Plan are subject to, and may not be exercised before,
the approval of this Plan by the stockholders prior to the first anniversary
date of the effective date of the Plan, by the affirmative vote of the holders
of a majority of the outstanding shares of the Company present, or represented
by proxy, and entitled to vote, at a meeting of the Company's stockholders or by
written consent in accordance with the laws of the State of Delaware; provided
that if such approval by the stockholders of the Company is not forthcoming, all
Awards previously granted under this Plan shall be void. No Awards shall be
granted pursuant to the Plan more than ten (10) years after the effective date
of the Plan.

SECTION 19.              NON-EXCLUSIVITY OF THE PLAN

         Neither the adoption of the Plan by the Board nor the submission of the
Plan to the stockholders of the Company for approval shall be construed as
creating any limitations on the power of the Board or the Committee to adopt
such other incentive arrangements as it or they may deem desirable, including
without limitation, the granting of restricted stock or stock options otherwise
than under the Plan, and such arrangements may be either generally applicable or
applicable only in specific cases.

                                                                              27

<PAGE>

SECTION 20.              GOVERNING LAW

         This Plan and any agreements hereunder shall be interpreted and
construed in accordance with the laws of the State of Delaware and applicable
federal law. The Committee may provide that any dispute as to any Award shall be
presented and determined in such forum as the Committee may specify, including
through binding arbitration. Any reference in this Plan or in the agreement
evidencing any Award to a provision of law or to a rule or regulation shall be
deemed to include any successor law, rule or regulation of similar effect or
applicability.

                                                                              28<PAGE>

                                  Exhibit 10.3

                                 SLM Corporation
                              DIRECTORS STOCK PLAN

                  1.       PURPOSE

                  The purpose of the SLM Corporation Directors Stock Plan (the
"Plan") is to advance the interests of SLM Corporation, a Delaware corporation
(hereinafter the "Company"), by enabling the Company to attract, retain and
motivate qualified individuals to serve on the Company's Board of Directors and
to align the financial interests of such individuals with those of the Company's
stockholders by providing for or increasing their proprietary interest in the
Company. The stock options granted pursuant to this Plan are not qualified under
Section 422 of the Internal Revenue Code of 1986, as amended (the "Code").

                  2.       DEFINITIONS

                  "Board" means the Board of Directors of the Company.

                  "Committee" means the Board and/or a committee of the Board
acting pursuant to its authorization to administer this Plan under Section 7.

                  "Common Stock" means the Company's Common Stock, par value
$.20, as presently constituted, subject to adjustment as provided in Section 9.

                  "Fair Market Value" means, as of any date, and unless the
Committee shall specify otherwise, the closing market price for the Common Stock
reported for that date on the composite tape for securities listed on the New
York Stock Exchange or, if the Common Stock did not trade on the New York Stock
Exchange on the date in question, then for the next preceding date for which the
Common Stock traded on the New York Stock Exchange.

                  "Non-Employee Director" means a member of the Board or a
member of the Board of Directions of a subsidiary of the Company who is not at
the time also an employee of the Company or any of its direct or indirect
majority-owned subsidiaries (regardless of whether such subsidiary is organized
as a corporation, partnership or other entity). For purposes of this Plan, the
Chairman of the Board's status as an employee shall be determined by the
Committee.

                  3.       SHARES SUBJECT TO THE PLAN

                  Subject to adjustment as provided in Section 9, the maximum
number of shares of Common Stock which may be issued pursuant to this Plan shall
not exceed 3,500,000; provided that no more than 1,500,000 of such shares may be
issued in the form of stock grants under the Plan. Shares issued under this Plan
may be authorized and unissued shares of Common Stock or shares of Common Stock
reacquired by the Company. All or any shares of Common Stock subject to a stock
option or stock grant which for any reason are not issued or are reacquired
under the stock option or stock grant may be made subject to a stock option or
stock grant under the Plan. The number of shares of Common Stock issued upon the
exercise of "replacement options", i.e. options granted to purchase a number of
shares of Common Stock equal to the number of shares of Common Stock used to
exercise an underlying stock option (either shares previously owned or shares
acquired pursuant to the exercise of the underlying option and sold in order to
exercise e.g., such as in a so-called "cashless exercise"), shall not reduce the
aggregate number of shares authorized under the Plan.

                                                                              29

<PAGE>

                  4.   PARTICIPANTS

                  Any person who is a Non-Employee Director shall be eligible
for the award of stock options and/or stock grants hereunder.

                  5.   NON-EMPLOYEE DIRECTOR AWARDS

                  The Committee may provide for stock options and/or stock
grants to be awarded to Non-Employee Directors in consideration for their
service to the Company. The Committee shall determine to which Non-Employee
Directors any such stock options and/or stock grants shall be awarded hereunder
(any such person, a "Participant"). The Committee shall specify the number of
shares subject to each stock option or stock grant provided for under this
Section 5, or the formula pursuant to which such number shall be determined, the
Participants to receive any such award, the date of award and the vesting and
expiration terms applicable to such stock option or stock grant. The Committee
may provide that the exercisability of a stock option or the vesting of a stock
award or of shares issued or issuable upon exercise of a stock option is subject
to the satisfaction of such conditions or the occurrence of such other events as
the Committee specifies, including, without limitation, the passage of time,
continued service, the price of the Common Stock meeting or exceeding a
specified level, the achievement of other performance goals or the satisfaction
of an event or condition within the control of the Participant or within the
control of others. The award of stock options or stock grants hereunder may, but
need not, be conditioned on the Non-Employee Director electing to forego his or
her right to all or any part of his or her cash retainer or other fees. Subject
to adjustment pursuant to Section 9, the maximum number of shares of Common
Stock subject to stock options and stock grants awarded under this Plan during
any calendar year to any person on account of his or her service as a
Non-Employee Director, other than stock options or stock grants that a
Non-Employee Director has elected to receive in lieu of cash retainer or other
fees, shall not exceed 262,500 shares.

                  6.   TERMS AND CONDITIONS OF STOCK OPTIONS AND STOCK GRANTS

                  (a)  General Terms and Conditions: Stock options and stock
grants awarded pursuant to the Plan need not be identical but each stock option
and stock grant shall be subject to the following general terms and conditions:

                       (1) Terms and Restrictions Upon Shares: The Committee may
provide that the shares of Common Stock issued upon exercise of a stock option
or receipt of a stock grant shall be subject to such further conditions,
restrictions or agreements as the Committee in its discretion may specify prior
to the exercise of such stock option or receipt of such stock grant, including
without limitation, deferrals on issuance, conditions on vesting or
transferability, and forfeiture or repurchase provisions. The Committee may
establish rules for the deferred delivery of Common Stock upon exercise of a
stock option or receipt of a stock grant with the deferral evidenced by use of
"Stock Units" equal in number to the number of shares of Common Stock whose
delivery is so deferred. A "Stock Unit" is a bookkeeping entry representing an
amount equivalent to the Fair Market Value of one share of Common Stock. Stock
Units represent an unfunded and unsecured obligation of the Corporation except
as otherwise provided by the Committee. Settlement of Stock Units upon
expiration of the deferral period shall be made in Common Stock or otherwise as
determined by the Committee. The amount of Common Stock, or other settlement
medium, to be so distributed may be increased by an interest factor or by
dividend equivalents. Until a Stock Unit is settled, the number of shares of
Common Stock represented by a Stock Unit shall be subject to adjustment pursuant
to Section 9.

                       (2) Transferability of Option: Unless otherwise provided
by the Committee, each stock option shall be transferable only by will or the
laws of descent and distribution.

                       (3) Other Terms and Conditions: No holder of a stock
option or stock grant shall have any rights as a stockholder with respect to any
shares of Common Stock subject to a stock option or stock grant hereunder until
said shares have been issued. Stock options and stock grants may also contain
such other provisions, which shall not be inconsistent with any of the foregoing
terms, as the Board or the Committee shall deem appropriate. The Committee may
waive conditions to and/or accelerate exercisability of a stock option or stock
grant, either automatically upon the occurrence of specified events (including
in connection with a change of control of the

                                                                              30

<PAGE>

Company) or otherwise in its discretion. No stock option or stock grant,
however, nor anything contained in the Plan, shall confer upon any Participant
any right to serve as a director of the Company.

              (b)  Stock Option Price: The exercise price for each stock option
shall be established by the Committee or under a formula established by the
Committee. The exercise price shall not be less than the Fair Market Value of
the stock on the date of grant. The exercise price shall be payable in cash, by
payment under an arrangement with a broker where payment is made pursuant to an
irrevocable direction to the broker to deliver all or part of the proceeds from
the sale of the option shares to the Company, by the surrender of shares of
Common Stock owned by the option holder exercising the option and having a fair
market value on the date of exercise equal to the exercise price but only if
such will not result in an accounting charge to the Company, or by any
combination of the foregoing. In addition, the exercise price shall be payable
in such other form(s) of consideration as the Committee in its discretion shall
specify, including without limitation by loan (as described in Section 8) or by
techniques that may result in an accounting charge to the Company.

              (c)  Stock Grant Terms: Stock grants under the Plan may, in the
sole discretion of the Committee, but need not, be conditioned upon the
Participant paying cash or cash-equivalent consideration or agreeing to forego
other compensation for the Shares covered by the stock grant. Stock grants under
the Plan may be subject to such conditions, restrictions or other vesting terms
as are established in the sole discretion of the Committee, including, without
limitation, the passage of time, continued service, the price of the Common
Stock meeting or exceeding a specified level, the achievement of other
performance goals or the satisfaction of an event or condition within the
control of the Participant or within the control of others.

              7.   ADMINISTRATION OF THE PLAN

              The Plan shall be administered by the Board, except that as
provided herein the Plan may be administered by a Committee of the Board, as
appointed from time to time by the Board. The Board shall fill vacancies on and
from time to time may remove or add members to the Committee. The Committee
shall act pursuant to a majority vote or unanimous written consent.

              Subject to the express provisions of this Plan, the Committee
shall be authorized and empowered to do all things necessary or desirable in
connection with the administration of this Plan, including, without limitation:
(a) to prescribe, amend and rescind rules relating to this Plan and to define
terms not otherwise defined herein; (b) to prescribe the form of documentation
used to evidence any stock option or stock grant awarded hereunder, including
provision for such terms as it considers necessary or desirable, not
inconsistent with the terms established by the Board; (c) to establish and
verify the extent of satisfaction of any conditions to exercisability applicable
to stock options or to receipt or vesting of stock grants; (d) to determine
whether, and the extent to which, adjustments are required pursuant to Section 9
hereof; and (e) to interpret and construe this Plan, any rules and regulations
under the Plan and the terms and conditions of any stock option or stock grant
awarded hereunder, and to make exceptions to any procedural provisions in good
faith and for the benefit of the Company. Notwithstanding any provision of this
Plan, the Board may at any time limit the authority of the Committee to
administer this Plan.

              All decisions, determinations and interpretations by the Board or,
except as to the Board, the Committee regarding the Plan, any rules and
regulations under the Plan and the terms and conditions of any stock option or
stock grant awarded hereunder, shall be final and binding on all Participants
and holders of stock options and stock grants. The Board and the Committee may
consider such factors as it deems relevant, in its sole and absolute discretion,
in making such decisions, determinations and interpretations including, without
limitation, the recommendations or advice of any officer or other employee of
the Company and such attorneys, consultants and accountants as it may select.

              8.   LOANS

              The Company may, if authorized by the Committee, make loans for
the purpose of enabling a Participant to exercise stock options and, if
applicable, receive stock awarded under the Plan and to pay the tax liability
resulting from a stock option exercise or stock grant under the Plan. The
Committee shall have full authority to determine

                                                                              31

<PAGE>

the terms and conditions of such loans. Such loans may be secured by the shares
of Common Stock received upon exercise of such stock option or receipt of such
stock grant.

              9.    ADJUSTMENT OF AND CHANGES IN THE STOCK

              If the outstanding securities of the class then subject to this
Plan are increased, decreased or exchanged for or converted into cash, property
or a different number or kind of shares or securities, or if cash, property or
shares or securities are distributed in respect of such outstanding securities,
in either case as a result of a reorganization, reclassification, dividend
(other than a regular, quarterly cash dividend) or other distribution, stock
split, reverse stock split, spin-off or the like, or if substantially all of the
property and assets of the Company are sold, then, unless the terms of such
transaction shall provide otherwise, the maximum number and type of shares or
other securities that may be issued under this Plan shall be appropriately
adjusted. The Committee shall determine in its sole discretion the appropriate
adjustment to be effected pursuant to the immediately preceding sentence. In
addition, in connection with any such change in the class of securities then
subject to this Plan, the Committee may make appropriate and proportionate
adjustments in the number and type of shares or other securities or cash or
other property that may be acquired pursuant to stock options and stock grants
theretofore awarded under this Plan and the exercise price of such stock options
or price, if any, of such stock grants.

              No right to purchase or receive fractional shares shall result
from any adjustment in stock options or stock grants pursuant to this Section 9.
In case of any such adjustment, the shares subject to the stock option or stock
grant shall be rounded up to the nearest whole share of Common Stock.

              10.   REGISTRATION, LISTING OR QUALIFICATION OF STOCK

              In the event that the Board or the Committee determines in its
discretion that the registration, listing or qualification of the shares of
Common Stock issuable under the Plan on any securities exchange or under any
applicable law or governmental regulation is necessary as a condition to the
issuance of such shares under the stock option or stock grant, the stock option
or stock grant shall not be exercisable or exercised in whole or in part unless
such registration, listing, qualification, consent or approval has been
unconditionally obtained.

              11.   TAXES

              The Board or Committee may make such provisions or impose such
conditions as it may deem appropriate for the withholding or payment by a
Participant of any taxes which it determines are necessary or appropriate in
connection with any issuance of shares under this Plan, and the rights of a
holder of a stock option or stock grant in any shares are subject to
satisfaction of such conditions. The Company shall not be required to issue
shares of Common Stock or to recognize the disposition of such shares until such
obligations are satisfied. At the Participant's election, any such obligations
may be satisfied by having the Company withhold a portion of the shares of
Common Stock that otherwise would be issued to the holder of the stock option or
stock grant upon exercise of the stock option or vesting or receipt of the stock
grant or by surrendering to the Company shares of Common Stock previously
acquired. The Company and any affiliate of the Company shall not be liable to a
Participant or any other persons as to any tax consequence expected, but not
realized, by any Participant or other person due to the receipt of any stock
options or shares awarded hereunder.

              12.   ARBITRATION AND APPLICABLE LAW

              Any claim, dispute or other matter in question of any kind
relating to this Plan shall be settled by arbitration before a single arbitrator
and otherwise conducted in accordance with the Rules of the American Arbitration
Association, which proceedings shall be held in the city in which the Company's
executive offices are located. Notice of demand for arbitration shall be made in
writing to the opposing party and to the American Arbitration Association within
a reasonable time after the claim, dispute or other matter in question has
arisen. In no event shall a demand for arbitration be made after the date when
the applicable statute of limitations would bar the institution of a legal or
equitable proceeding based on such claim, dispute or other matter in question.
The decision of the arbitrator shall be final and may be enforced in any court
of competent jurisdiction. This Plan and any rights

                                                                              32

<PAGE>

hereunder shall be interpreted and construed in accordance with the laws of the
State of Delaware and applicable federal law.

               13.    EFFECTIVE DATE, AMENDMENT AND TERMINATION OF PLAN

               This Plan shall become effective upon its adoption by the Board,
subject to approval by a majority of the outstanding shares of the Company
present, or represented by proxy, and entitled to vote at a meeting of the
Company's stockholders. Unless earlier suspended or terminated by the Board, no
stock options or stock grants may be awarded after the tenth anniversary of the
date the Plan is approved by the Company's stockholders. The Board may
periodically amend the Plan as determined appropriate, without further action by
the Company's stockholders except to the extent required by applicable law.
Notwithstanding the foregoing, and subject to adjustment pursuant to Section 9,
unless approved by the Company's stockholders, (a) the Plan may not be amended
to materially increase the number of shares of Common Stock authorized for
issuance under the Plan and (b) the exercise price of stock options outstanding
under the Plan may not be reduced or adjusted downward, whether through
amendment, cancellation or replacement grants or any other means.

                                                                              33

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