Document:

Exhibit 10.28

THE
FIRST MARBLEHEAD CORPORATION

Performance-Based
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                       ,
20     (the “Grant Date”) to                         (the “Participant”) of                
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;
Forfeiture.

(a)                                  This
award shall vest on June 30, 20     (the “Vesting Date”) as
to: (i)      % of the original number of RSUs if each
of the Revenue Target (described below) and the Earnings Target (described
below) is achieved in full; (ii)      % of the
original number of RSUs if each of the Revenue Target and the Earnings Target is
     % achieved; and (iii)      %
of the original number of RSUs if each of the Revenue Target and the Earnings
Target is      % achieved.  If the Revenue Target, but not the Earnings
Target, is achieved in full, then only      % of the
RSUs shall vest and      % of the RSUs shall be
forfeited.  If the Earnings Target, but
not the Revenue Target, is achieved in full, then only       %
of the RSUs shall vest and       % of the RSUs
shall be forfeited.  If neither of the
Revenue Target or the Earnings Target is      % achieved,
then 100% of the RSUs shall be forfeited. 
In addition, 100% of the RSUs shall be forfeited if the Participant’s
employment terminates before the Vesting Date, except as otherwise provided in
this agreement.

The Earnings
Target and the Revenue Target are based on the performance of the Company for
its fiscal year ending June 30, 20     , as previously
established by the Board of Directors. 
The Board of Directors of the Company shall determine whether either of
the Earnings Target or the Revenue Target is achieved and that determination
shall be final and binding on all parties.

(b)                                 In
the event that the Participant’s employment with the Company is terminated
after June 30, 20     by reason of death or disability,
this award shall be fully vested as to the number of RSUs that would have
become vested if the Participant had continued to be employed until the Vesting
Date.  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 below), then the number of RSUs which shall be vested
shall be determined as though the Participant’s employment had terminated on
the day that follows the June 30 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.

(d)                                 The
Participant agrees not to engage in a Competitive Action (as defined below)
from the date hereof through the first anniversary of the date of termination
of the Participant’s employment with the Company.  If on or prior to the Vesting Date, the
Participant engages in a Competitive Action or enters into, or has entered
into, an agreement (written, oral or otherwise) to engage in a Competitive
Action, all of the RSUs and all Shares issuable upon vesting of all RSU’s
subject to this Agreement shall be immediately forfeited, and the Participant
shall have no further rights with respect to such RSUs or Shares.  In the event that the Participant engages in
a Competitive Action or enters into, or has entered into, an agreement
(written, oral or otherwise) to engage in a Competitive Action after the Vesting
Date but on or prior to the first anniversary of the Participant’s termination
of employment with the Company, the Participant shall pay to the Company, upon
demand by the Company, an amount equal to (i) the value, as of the Vesting
Date, of the number of Shares delivered to the Participant on the Vesting Date
and (ii) the value of all dividends, if any, paid to the Participant in respect
of the Shares delivered to the Participant on the Vesting Date.  The Participant may satisfy the payment
obligation to the Company of the portion due under (i) above by returning the
Shares delivered to the Participant on the Vesting Date, provided that any amounts
due under (ii) above must be remitted to the Company in addition to the return
of the Shares.  The Participant
acknowledges that the restriction on engaging in a Competitive Action, in view
of the nature of the business in which the Company is engaged, is reasonable in
scope (as to both the temporal and geographical limits) and necessary in order
to protect the legitimate business interests of the Company, and that any
violation thereof would result in irreparable injuries to the Company.  The Participant acknowledges further that the
amounts required to be paid to the Company pursuant to this provision are
reasonable and are not liquidated damages nor shall they be characterized as
such and that the payment of such amounts shall not preclude the Company from
seeking any further remedies at law or in equity.

(e)                                  For
purposes of this Agreement, the Participant will be deemed to engage in a “Competitive
Action” if, either directly or indirectly, and whether as an employee,
consultant, independent contractor, partner, joint venturer or otherwise, the
Participant (i) engages in or directs any business activities, in any
geographical area where the Company or any subsidiary or parent of the Company
is engaged in business or outside of any such geographical area, in either
case, which are competitive with any business activities conducted by the
Company or any subsidiary or parent of the Company in such geographical area,
(ii) on behalf of any person or entity engaged in business activities
competitive with the business activities of the Company or any subsidiary or
parent of the Company, solicits or induces, or in any manner attempts to
solicit or induce, any person employed by, or as an agent of, the Company or
any subsidiary or parent of the Company to terminate such person’s employment
or agency relationship, as the case may be, with the Company or any subsidiary
or parent of the Company, (iii) diverts, or attempts to divert, any person,
concern or entity from doing business with the Company or any subsidiary or
parent of the Company or attempts to induce any such person, concern or entity
to cease being a customer of the Company or any subsidiary or parent of the
Company or (iv) makes use of, or attempts to make

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use of, the property or proprietary information
of the Company or any subsidiary or parent of the Company, other than in the
course of the performance of services to the Company or any subsidiary or
parent of the Company or at the direction thereof.  The determination as to whether the
Participant has engaged in a Competitive Action (as defined herein) shall be
made by the Compensation Committee of the Board of Directors of the Company
(the “Committee”) in its sole and absolute discretion.  The Committee’s exercise or nonexercise of
such discretion with respect to any particular event or occurrence by or with
respect to the Participant or any other recipient of stock options, RSUs or
other derivative securities of the Company shall not in any way reduce or
eliminate the authority of the Committee to (i) determine that any event or
occurrence by or with respect to the Participant constitutes engaging in a
Competitive Action or (ii) determine the related Competitive Action date.

3.                                       Distribution
of Shares; Deferral of Delivery

(a)                                  The
Company will distribute the Shares (i) to the Participant as soon as
administratively practicable after the Vesting Date, or (ii) in the event that
the Participant’s employment with the Company is terminated after June 30, 20     
by reason of disability (as defined in Section 2(b) hereof), to the Participant
as soon as administratively practicable or (iii) in the event that the
Participant’s employment with the Company is terminated after June 30, 20     
by reason of death, to the Participant’s estate as soon as administratively
practicable.

(b)                                 The
Company shall not be obligated to issue the Shares to the Participant 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.

(c)                                  The
Participant may defer the delivery of the Shares by delivering a written
election of deferral to the Company no later than 30 days after the Grant Date.

(d)                                 If
the Participant is a “specified employee” within the meaning of Section 409A of
the Internal Revenue Code of 1986 (the “Code”), and if any issuance of Shares
hereunder is subject to the rule under Section 409A(a)(2)(B)(i) of the Code,
then such issuance of Shares shall be delayed until the date that is six months
and one day after the Participant has a “separation from service” as defined in
Section 409A of the Code.

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.

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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), each RSU
(whether vested or unvested) 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, (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.

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

(a)                                  No
Shares will be delivered to the Participant 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 is subject to
the conditions set forth in Section 2 hereof, including 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

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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
Section 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 8(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.

(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 Wilmer Cutler Pickering
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.

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(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.

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

	
  

  	
  THE FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Name of Participant]

  
	
   

  	
   

  
	
   

  	
  Address:

  

 

 7Exhibit 10.35

[The First Marblehead Corporation Letterhead]

April
9, 2004

Mr. Andrew Hawley

[Address
intentionally omitted]

Dear
Andy:

First
Marblehead is pleased to offer you the position of President of First Marblehead
Education Resources.  This position
reports to the President of FMC.  You
will be responsible for managing the operational activities of FMER
substantially as described in the attached document produced by Egon Zehnder
International.  We can work out a suitable
starting date based on your transition requirements.

Your
compensation will include direct annual cash compensation of $400,000, paid on
a semi-monthly basis.  In addition, you
will be eligible for a bonus of up to 30% of your base salary.  The amount of bonus is based on individual
and corporate performance.  Your
performance will be reviewed at the end of a three-month probationary period
and then at regular annual intervals. 
You will receive a grant of 15,000 shares of restricted stock.  Details of this grant will be provided as
soon as they are available.  In the event
of termination without cause, you will be entitled to continuation of salary
and benefits for the six (6) months immediately following your termination
date.  Please note that this letter does
not constitute an employment contract or a contract for a specific term of
employment and that the employment relationship is at will.

Jo-Ann
Burnham, our VP of Administration, is available to discuss the details of our
benefits program.  In a nutshell, you
will be immediately eligible to enroll in our Group Medical Insurance, our
Group Dental Plan, our Group Life Plan (two times salary), and our Long Term
Disability Plan.  For each of these, all
costs are born by the firm and you are eligible for coverage on the first day
of employment.  Ms. Burnham can also fill
you in on other benefits, such as our non-contributory 401K Plan, which has
proven to be an outstanding method of saving for the future.  We offer accrual of vacation up to fifteen days
and eight paid holidays per year.

As
a condition of hire, First Marblehead requires that all employees sign a
Non-Disclosure letter.  Due to the nature
of our business, this offer is contingent on satisfactory results of a credit
check the company runs on prospective employees to make sure they are not in
default on any student loans.

On
behalf of everyone at First Marblehead, I want you to know how pleased we are
at the prospect of having you join us to help build First Marblehead into a
national powerhouse.  Welcome aboard.

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
  /s/ Ralph M.
  James

  	
   

  	
   

  
	
   

  	
   

  
	
  Ralph M. James

  	
   

  
	
  President

  	
   

  
	
   

  	
   

  
	
  Accepted:

  	
  /s/ Andrew
  Hawley

  	
   

  	
  Date: April 9, 2004

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