Document:

Exhibit 10.2

 

The
First Marblehead Corporation

 

Restricted
Stock Unit Agreement

Granted
Under 2003 Stock Incentive Plan

 

1.                                       Grant of Award.

 

This Agreement evidences the grant by The First
Marblehead Corporation, a Delaware corporation (the “Company”) on October 26,
2004  (the “Grant Date”) to Andrew
Hawley  (the “Participant”) of 15,000
restricted stock units of the Company (individually, an “RSU” and collectively,
the “RSUs”).  Each RSU represents the
right to receive one share of the common stock, $0.01 par value per share, of
the Company (“Common Stock”) as provided in this Agreement.  The shares of Common Stock that are issuable
upon vesting of the RSUs are referred to in this Agreement as “Shares.”

 

2.                                       Vesting.

 

(a)                                  This
award shall vest as to one-third of the original number of RSUs on the third
anniversary of May 1, 2004 (the “Hire Date”) and as to an additional one-third
of the original number of RSUs on each succeeding anniversary of the Hire Date
until the fifth anniversary of the Hire Date.

 

(b)                                 In
the event that the Participant’s employment with the Company is terminated by
reason of death or disability, this award shall be fully vested.  For this purpose, “disability” shall mean the
inability of the Participant, due to a medical reason, to carry out his duties
as an employee of the Company for a period of six consecutive months.  In addition, if the Participant’s employment
with the Company is terminated by the Company for a reason other than “Cause”
(as defined in the following sentence), then the number of RSUs which shall be
vested shall be determined as though the Participant’s employment had
terminated on the anniversary of the Hire Date that next follows the date of
actual termination.  For purposes of this
Section 2, “Cause” shall mean unsatisfactory job performance (as
determined by the Company), willful misconduct, fraud, gross negligence,
disobedience or dishonesty.

 

(c)                                  For
purposes of this Agreement, employment with the Company shall include
employment with a parent or subsidiary of the Company.

 

3.                                       Distribution of Shares.

 

(a)                                  The
Company will distribute to the Participant (or to the Participant’s estate in
the event that his or her death occurs after a vesting date but before
distribution of the corresponding Shares), as soon as administratively
practicable after each vesting date, the Shares of Common Stock represented by
RSUs that vested on such vesting date. 
No fractional Shares will be issued.

 

 

(b)                                 The
Company shall not be obligated to issue to the Participant the Shares upon the
vesting of any RSU (or otherwise) unless the issuance and delivery of such
Shares shall comply with all relevant provisions of law and other legal
requirements including, without limitation, any applicable federal or state
securities laws and the requirements of any stock exchange upon which shares of
Common Stock may then be listed.

 

4.                                       Restrictions on Transfer.

 

The Participant shall not sell, assign, transfer,
pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any RSUs, or any interest therein, except by will or
the laws of descent and distribution.

 

5.                                       Dividend and Other Shareholder Rights.

 

Except as set forth in the Plan, neither the
Participant nor any person claiming under or through the Participant shall be,
or have any rights or privileges of, a stockholder of the Company in respect of
the Shares issuable pursuant to the RSUs granted hereunder until the Shares
have been delivered to the Participant.

 

6.                                       Provisions of the Plan; Reorganization Event.

 

(a)                                  This
Agreement is subject to the provisions of the Plan, a copy of which is
furnished to the Participant with this Agreement.

 

(b)                                 Upon
the occurrence of a Reorganization Event (as defined in the Plan), an RSU shall
become the right to receive the cash, securities or other property that a Share
was converted into or exchanged for pursuant to such Reorganization Event.  If, in connection with a Reorganization
Event, a portion of the cash, securities and/or other property received upon
the conversion or exchange of the Shares is to be placed into escrow to secure
indemnification or similar obligations, the mix between the vested and unvested
portion of such cash, securities and/or other property that is placed into
escrow shall be the same as the mix between the vested and unvested portion of
such cash, securities and/or other property that is not subject to escrow.  Notwithstanding the foregoing provisions,
this award shall be fully vested if, on or prior to the second anniversary of
the date of the consummation of the Reorganization Event, the Participant’s
employment with the Company or the Company’s successor is terminated for Good
Reason (as defined below) by the Participant or is terminated without Cause (as
defined below) by the Company or the Company’s successor.

 

(c)                                  For
purposes of this Section 6(b), (i) “Good Reason” shall mean any
significant diminution in the Participant’s title, authority, or
responsibilities from and after such Reorganization Event or any reduction in
the annual cash compensation payable to the Participant from and after such
Reorganization Event or the relocation of the place of business at which the
Participant is principally located to a location that is greater than 50 miles
from its location immediately prior to such Reorganization Event and (ii) “Cause”
shall mean any (i) willful failure by the Participant, which failure is not
cured within 30 days of written notice to the Participant from the Company, to
perform his or her material responsibilities to the Company or (ii)  willful misconduct by the Participant which
affects the business reputation of the Company.

 

2

 

7.                                       Withholding Taxes; Section 83(b) Election.

 

(a)                                  No
Shares will be delivered pursuant to the vesting of an RSU unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company
for payment of, any federal, state or local withholding taxes required by law
to be withheld in respect of this option.

 

(b)                                 The
Participant acknowledges that no election under Section 83(b) of the
Internal Revenue Code of 1986 may be filed with respect to this award.

 

8.                                       Miscellaneous.

 

(a)                                  No
Rights to Employment.  The
Participant acknowledges and agrees that the vesting of the RSUs pursuant to Section 2
hereof is earned only by continuing service as an employee at the will of the
Company (not through the act of being hired or purchasing shares
hereunder).  The Participant further
acknowledges and agrees that the transactions contemplated hereunder and the
vesting schedule set forth herein do not constitute an express or implied
promise of continued engagement as an employee or consultant for the vesting
period, for any period, or at all.

 

(b)                                 Severability.  The invalidity or unenforceability of any provision
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, and each other provision of this Agreement shall
be severable and enforceable to the extent permitted by law.

 

(c)                                  Waiver.  Any provision for the benefit of the Company
contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company.

 

(d)                                 Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the Company and the Participant and
their respective heirs, executors, administrators, legal representatives,
successors and assigns, subject to the restrictions on transfer set forth in
Sections 4 of this Agreement.

 

(e)                                  Notice.   All notices required or permitted hereunder
shall be in writing and deemed effectively given upon personal delivery or five
days after deposit in the United States Post Office, by registered or certified
mail, postage prepaid, addressed to the other party hereto at the address shown
beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance
with this Section 9(e).

 

(f)                                    Pronouns.  Whenever the context may require, any
pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural, and vice versa.

 

(g)                                 Entire
Agreement.  This Agreement and the
Plan constitute the entire agreement between the parties, and supersedes all
prior agreements and understandings, relating to the subject matter of this
Agreement.

 

3

 

(h)                                 Amendment.  This Agreement may be amended or modified
only by a written instrument executed by both the Company and the Participant.

 

(i)                                     Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflicts of laws.

 

(j)                                     Participant’s
Acknowledgments.  The Participant
acknowledges that he or she: (i) has read this Agreement; (ii) has been
represented in the preparation, negotiation, and execution of this Agreement by
legal counsel of the Participant’s own choice or has voluntarily declined to
seek such counsel; (iii) understands the terms and consequences of this
Agreement; (iv) is fully aware of the legal and binding effect of this
Agreement; and (v) understands that the law firm of Hale and Dorr LLP, is
acting as counsel to the Company in connection with the transactions
contemplated by the Agreement, and is not acting as counsel for the
Participant.

 

(k)                                  Unfunded
Rights.  The right of the Participant
to receive Common Stock pursuant to this Agreement is an unfunded and unsecured
obligation of the Company.  The
Participant shall have no rights under this Agreement other than those of an
unsecured general creditor of the Company.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.

 

	
   

  	
  THE
  FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Don Peck

  	
   

  
	
   

  	
   

  	
  Don
  Peck

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Andrew Hawley

  	
   

  
	
   

  	
  Andrew
  Hawley

  
	
   

  	
   

  
	
   

  	
  69
  Central Street

  
	
   

  	
  Byfield,
  MA 01922

  

 

4Exhibit 10.3

 

The
First Marblehead Corporation

 

Restricted
Stock Unit Agreement

Granted Under 2003 Stock Incentive Plan

 

1.                                       Grant of Award.

 

This Agreement evidences the grant by The First
Marblehead Corporation, a Delaware corporation (the “Company”) on October 26,
2004  (the “Grant Date”) to Anne
Bowen  (the “Participant”) of 15,000
restricted stock units of the Company (individually, an “RSU” and collectively,
the “RSUs”).  Each RSU represents the
right to receive one share of the common stock, $0.01 par value per share, of
the Company (“Common Stock”) as provided in this Agreement.  The shares of Common Stock that are issuable
upon vesting of the RSUs are referred to in this Agreement as “Shares.”

 

2.                                       Vesting.

 

(a)                                  This
award shall vest as to one-third of the original number of RSUs on the third
anniversary of May 10, 2004 (the “Hire Date”) and as to an additional one-third
of the original number of RSUs on each succeeding anniversary of the Hire Date
until the fifth anniversary of the Hire Date.

 

(b)                                 In
the event that the Participant’s employment with the Company is terminated by
reason of death or disability, this award shall be fully vested.  For this purpose, “disability” shall mean the
inability of the Participant, due to a medical reason, to carry out his duties
as an employee of the Company for a period of six consecutive months.  In addition, if the Participant’s employment
with the Company is terminated by the Company for a reason other than “Cause”
(as defined in the following sentence), then the number of RSUs which shall be
vested shall be determined as though the Participant’s employment had
terminated on the anniversary of the Hire Date that next follows the date of
actual termination.  For purposes of this
Section 2, “Cause” shall mean unsatisfactory job performance (as
determined by the Company), willful misconduct, fraud, gross negligence,
disobedience or dishonesty.

 

(c)                                  For
purposes of this Agreement, employment with the Company shall include
employment with a parent or subsidiary of the Company.

 

3.                                       Distribution of Shares.

 

(a)                                  The
Company will distribute to the Participant (or to the Participant’s estate in
the event that his or her death occurs after a vesting date but before
distribution of the corresponding Shares), as soon as administratively
practicable after each vesting date, the Shares of Common Stock represented by
RSUs that vested on such vesting date. 
No fractional Shares will be issued.

 

 

(b)                                 The
Company shall not be obligated to issue to the Participant the Shares upon the
vesting of any RSU (or otherwise) unless the issuance and delivery of such
Shares shall comply with all relevant provisions of law and other legal
requirements including, without limitation, any applicable federal or state
securities laws and the requirements of any stock exchange upon which shares of
Common Stock may then be listed.

 

4.                                       Restrictions on Transfer.

 

The Participant shall not sell, assign, transfer,
pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any RSUs, or any interest therein, except by will or
the laws of descent and distribution.

 

5.                                       Dividend and Other Shareholder Rights.

 

Except as set forth in the Plan, neither the
Participant nor any person claiming under or through the Participant shall be,
or have any rights or privileges of, a stockholder of the Company in respect of
the Shares issuable pursuant to the RSUs granted hereunder until the Shares
have been delivered to the Participant.

 

6.                                       Provisions of the Plan; Reorganization Event.

 

(a)                                  This
Agreement is subject to the provisions of the Plan, a copy of which is
furnished to the Participant with this Agreement.

 

(b)                                 Upon
the occurrence of a Reorganization Event (as defined in the Plan), an RSU shall
become the right to receive the cash, securities or other property that a Share
was converted into or exchanged for pursuant to such Reorganization Event.  If, in connection with a Reorganization
Event, a portion of the cash, securities and/or other property received upon
the conversion or exchange of the Shares is to be placed into escrow to secure
indemnification or similar obligations, the mix between the vested and unvested
portion of such cash, securities and/or other property that is placed into
escrow shall be the same as the mix between the vested and unvested portion of
such cash, securities and/or other property that is not subject to escrow.  Notwithstanding the foregoing provisions,
this award shall be fully vested if, on or prior to the second anniversary of
the date of the consummation of the Reorganization Event, the Participant’s
employment with the Company or the Company’s successor is terminated for Good
Reason (as defined below) by the Participant or is terminated without Cause (as
defined below) by the Company or the Company’s successor.

 

(c)                                  For
purposes of this Section 6(b), (i) “Good Reason” shall mean any
significant diminution in the Participant’s title, authority, or
responsibilities from and after such Reorganization Event or any reduction in
the annual cash compensation payable to the Participant from and after such
Reorganization Event or the relocation of the place of business at which the
Participant is principally located to a location that is greater than 50 miles
from its location immediately prior to such Reorganization Event and (ii) “Cause”
shall mean any (i) willful failure by the Participant, which failure is not
cured within 30 days of written notice to the Participant from the Company, to
perform his or her material responsibilities to the Company or (ii)  willful misconduct by the Participant which
affects the business reputation of the Company.

 

2

 

7.                                       Withholding Taxes; Section 83(b) Election.

 

(a)                                  No
Shares will be delivered pursuant to the vesting of an RSU unless and until the
Participant pays to the Company, or makes provision satisfactory to the Company
for payment of, any federal, state or local withholding taxes required by law
to be withheld in respect of this option.

 

(b)                                 The
Participant acknowledges that no election under Section 83(b) of the
Internal Revenue Code of 1986 may be filed with respect to this award.

 

8.                                       Miscellaneous.

 

(a)                                  No
Rights to Employment.  The
Participant acknowledges and agrees that the vesting of the RSUs pursuant to Section 2
hereof is earned only by continuing service as an employee at the will of the
Company (not through the act of being hired or purchasing shares
hereunder).  The Participant further
acknowledges and agrees that the transactions contemplated hereunder and the
vesting schedule set forth herein do not constitute an express or implied
promise of continued engagement as an employee or consultant for the vesting
period, for any period, or at all.

 

(b)                                 Severability.  The invalidity or unenforceability of any provision
of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, and each other provision of this Agreement shall
be severable and enforceable to the extent permitted by law.

 

(c)                                  Waiver.  Any provision for the benefit of the Company
contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company.

 

(d)                                 Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the Company and the Participant and
their respective heirs, executors, administrators, legal representatives,
successors and assigns, subject to the restrictions on transfer set forth in
Sections 4 of this Agreement.

 

(e)                                  Notice.   All notices required or permitted hereunder
shall be in writing and deemed effectively given upon personal delivery or five
days after deposit in the United States Post Office, by registered or certified
mail, postage prepaid, addressed to the other party hereto at the address shown
beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance
with this Section 9(e).

 

(f)                                    Pronouns.  Whenever the context may require, any
pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural, and vice versa.

 

(g)                                 Entire
Agreement.  This Agreement and the
Plan constitute the entire agreement between the parties, and supersedes all
prior agreements and understandings, relating to the subject matter of this
Agreement.

 

3

 

(h)                                 Amendment.  This Agreement may be amended or modified
only by a written instrument executed by both the Company and the Participant.

 

(i)                                     Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflicts of laws.

 

(j)                                     Participant’s
Acknowledgments.  The Participant
acknowledges that he or she: (i) has read this Agreement; (ii) has been
represented in the preparation, negotiation, and execution of this Agreement by
legal counsel of the Participant’s own choice or has voluntarily declined to
seek such counsel; (iii) understands the terms and consequences of this
Agreement; (iv) is fully aware of the legal and binding effect of this
Agreement; and (v) understands that the law firm of Hale and Dorr LLP, is
acting as counsel to the Company in connection with the transactions
contemplated by the Agreement, and is not acting as counsel for the
Participant.

 

(k)                                  Unfunded
Rights.  The right of the Participant
to receive Common Stock pursuant to this Agreement is an unfunded and unsecured
obligation of the Company.  The
Participant shall have no rights under this Agreement other than those of an
unsecured general creditor of the Company.

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.

 

	
   

  	
  THE
  FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Don Peck

  	
   

  
	
   

  	
   

  	
  Don
  Peck

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  Anne Bowen

  	
   

  
	
   

  	
  Anne
  Bowen

  
	
   

  	
   

  
	
   

  	
  137
  Marlborough Street

  
	
   

  	
  Boston,
  MA 02116

  

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]