RESTON, Va., Aug. 3 /PRNewswire-FirstCall/ -- Today, SLM Corporation
(NYSE: SLM), commonly known as Sallie Mae, reported that several members of
the company's Board of Directors must exercise options to acquire the
company's common stock that would otherwise expire on Aug. 13, 2007. On
July 23, Benjamin Lambert, a company director, entered into such a
transaction.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a )
Consistent with the company's current stock trading window policy, the
cost of exercising the options will be paid by tendering to the company
cash and/or shares of common stock of the company with a fair market value
equal to the option cost. Upon the exercise, the director will acquire and
hold all shares of common stock that may be purchased under the option. No
shares will be sold in this transaction.
SLM Corporation (NYSE: SLM), commonly known as Sallie Mae, is the
nation's leading provider of saving- and paying-for-college programs. The
company manages $153 billion in education loans and serves nearly 10
million student and parent customers. Through its Upromise affiliates, the
company also manages $18 billion in 529 college-savings plans, and 8
million members have joined Upromise to help save for college with rewards
on purchases at nearly 70,000 places. Sallie Mae and its subsidiaries offer
debt management services as well as business and technical products to a
range of business clients, including higher education institutions, student
loan guarantors and state and federal agencies. More information is
available at http://www.salliemae.com. SLM Corporation and its subsidiaries
are not sponsored by or agencies of the United States of America.
SOURCE SLM Corporation
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Related links:
http://www.salliemae.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20030617/SLMLOGO-a
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/827187.html /
CONTACT:
Media - Tom Joyce, +1-703-984-5610; or
Investors - Steve McGarry, +1-703-984-6746, both of SLM
Corporation
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