Document:

Exhibit 10.43.1

 

	
  FirstMarblehead

  	
   

  	
  First Marblehead
  Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Prudential
  Tower

  
	
   

  	
   

  	
  800 Boylston
  Street – 34th Floor

  
	
   

  	
   

  	
  Boston, MA
  02199-8157

  
	
   

  	
   

  	
  Tel 617-638-2000
  or 800-895-4283

  
	
   

  	
   

  	
  Fax 617-638-2100
  or 866-255-4583

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  230 Park Avenue,
  10th Floor

  
	
   

  	
   

  	
  New York, NY
  10169

  
	
   

  	
   

  	
  Tel 212-808-7225

  
	
   

  	
   

  	
  Fax 212-808-7226

  

 

June 10, 2005

 

Mr. Peter B. Tarr

3 Brooks Circle

Beverly, MA 01915

 

Dear Peter:

 

The First
Marblehead Corporation is pleased to offer you the position of Vice Chairman
and General Counsel.  Your primary
responsibilities will be to manage the day-to-day activities of FMC’s legal and
administrative functions and to contribute to the overall strategic direction
of FMC through active participation as a member of the Executive Committee and
our Board of Directors.  You will report
to the Chief Executive Officer.  I
understand that you plan to start with FMC on July 12, 2005, and you will be
nominated to serve on the Board of Directors at the first meeting of the Board
after you commence employment.

 

Your compensation
will include direct annual cash compensation of $800,000, paid on a
semi-monthly basis at a rate of $33,333.33 (gross) per pay period.  We anticipate you will also receive annual
cash incentive compensation in the amount of 50% to 100% of salary (the “Target
Bonus”).  Cash incentive compensation
will be paid in accordance with FMC’s policies. 
Upon the date you commence employment with FMC, we will issue you at no
cost restricted shares of common stock pursuant to our 2003 Stock Incentive
Plan (the “Plan”) having a fair market value of $5,000,000 on the date of
issuance.  The vesting schedule, which
will be detailed in the formal grant document, is over five years, with 20%
vesting at each of the 1st, 2nd, 3rd, 4th
and 5th anniversary dates of issuance.

 

In the event you
are terminated without cause, as defined below, all of your shares of
restricted stock will vest immediately, and you will be entitled to a lump sum
payment on your termination date equal to your annual salary plus maximum
Target Bonus for that year and continuation of benefits for one year.  “Cause” shall mean (i) the failure to perform
your duties to FMC which failure is not cured within
30 days of receipt of notice from FMC describing in reasonable detail such
failure, (ii) a breach of your fiduciary duties to FMC or (iii) the conviction
of a crime that constitutes a felony. 
The Compensation Committee of the Board of Directors shall determine
whether or not “cause” exists for your termination.  In the event of a reorganization event, as
defined in the Plan, all of your shares of restricted stock will vest
immediately upon the closing of the reorganization event and, in the event you
resign or are terminated without cause, as defined above, following a
reorganization event, you will be entitled to a lump sum payment on your
termination date equal to your annual salary plus maximum Target Bonus for that
year and continuation of benefits for one year.

 

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.  As with all FMC

 

 

employees,
your performance and contributions to the firm will be reviewed at regular
annual intervals.

 

Members of our HR
Department are available to discuss the details of our benefits program with
you.  In summary, you will be eligible
for our Group Medical and Group Dental Insurance on the first of the month
following your date of hire.  Our Group
Life Plan, and our Long Term Disability Plan are
effective immediately.  We can also fill
you in on other benefits such as our 401(k) Plan.  The plan matches your pre-tax contributions
at 100% of the amount you contribute to the plan up to 6% of pay.

 

As a condition of
hire, The First Marblehead Corporation requires that all employees sign a
Non-Disclosure and Non-Competition Agreement. 
Due to the nature of our business, this offer is contingent on
satisfactory results of a background check which a third party agency,
Hireright, runs on prospective employees. 
The type of information which is collected by this agency includes that
pertaining to an individual’s past employment, education, criminal
record and credit history.  Also, as
required by the Immigration Reform and Control Act of 1976, you will be
expected to provide proof of eligibility to work in the United States.

 

This is an
exciting and challenging time for First Marblehead and your addition to our
Executive Team is most welcome.  Please
acknowledge this offer by signing one copy of this offer letter as well as the
Non-Disclosure and Non-Competition Agreement and returning them to me.

 

	
  Sincerely,

  
	
   

  
	
  /s/ Daniel
  Maxwell Meyers

  	
   

  
	
   

  
	
  Daniel Maxwell
  Meyers

  
	
  Chairman and
  Chief Executive Officer

  

 

 

Accepted:

 

 

	
  /s/ Peter B.
  Tarr

  	
  6/10/05

  	
   

  
	
  Peter B. Tarr

  	
  DateExhibit 10.43.2

 

	
  FirstMarblehead

  	
   

  	
  First Marblehead Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Prudential Tower

  
	
   

  	
   

  	
  800 Boylston Street – 34th Floor

  
	
   

  	
   

  	
  Boston, MA 02199-8157

  
	
   

  	
   

  	
  Tel 617-638-2000 or 800-895-4283

  
	
   

  	
   

  	
  Fax 617-638-2100 or 866-255-4583

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  230 Park Avenue, 10th Floor

  
	
   

  	
   

  	
  New York, NY 10169

  
	
   

  	
   

  	
  Tel 212-808-7225

  
	
   

  	
   

  	
  Fax 212-808-7226

  

 

August 16, 2005

 

Mr. Jack L. Kopnisky 

156 Brandywine Drive 

Hudson, Ohio 44236

 

Dear Jack:

 

The First Marblehead Corporation is pleased to confirm
our offer of employment to you as President and Chief Operating Officer.  You will report to Dan Meyers, Chairman and
Chief Executive Officer.

 

Your base salary will be paid on a semi-monthly basis
at a rate of $20,834 (gross) per pay period, for an annualized base salary of
$500,000.  You will also be eligible to
participate in the First Marblehead Annual Incentive Plan, which the Company
intends to formalize in a written document shortly.  Your target bonus will be 100% of base
salary, and shall be awarded in the Company’s discretion subject to the terms
and conditions set forth in the plan, including the requirement that you be
employed at the time of payout in order to receive the bonus.  Upon the date you commence employment with
FMC, pursuant and subject to the terms of the Company’s Restricted Stock Unit
Agreement (which must be executed to effect the grant), we will issue you at no
cost 75,000 restricted stock units pursuant to our 2003 Stock Incentive Plan
(the “Plan”).  Each Restricted Stock Unit
represents the right to receive one share of common stock upon vesting.  The vesting schedule, which will be detailed
in, and shall be governed by, the Restricted Stock Purchase Agreement, shall be
as follows: one third of the original number of restricted stock units shall
vest on the second anniversary of the grant date and one third shall vest on
each succeeding anniversary of the grant date until the fourth anniversary of
the grant date.

 

In the event you are terminated without Cause (as
defined below), and provided that you execute a binding severance agreement and
release of claims drafted by and satisfactory to counsel for the Company, First
Marblehead will provide you with severance benefits in the form of (i) continuation
of your base salary, (ii) reimbursement for your continuation of health
and dental coverage pursuant to the federal COBRA law for one year and (iii) payment
at the time of payout of bonuses under the First Marblehead Annual Incentive
Plan of an amount equal to the bonus you would have been eligible to receive,
pro-rated based upon the number of months during which you were actively
employed during the applicable fiscal year. 
For purposes of this offer letter, “Cause” shall mean (i) the
failure to perform your duties to FMC which failure is not cured within 30 days
of receipt of notice from FMC reasonably summarizing such failure, (ii) failure
to relocate to the Boston area within one year of commencing employment with
the Company, (iii) a breach of your fiduciary duties to FMC, (iv) your
dishonesty, willful misconduct or gross negligence that the Compensation
Committee of the Board of Directors determines in good faith is, or is
reasonably likely to be, materially injurious to the Company’s

 

 

business or reputation, or (v) the conviction of
a crime that constitutes a felony.  The
Compensation Committee of the Board of Directors shall determine in its sole
discretion whether or not “Cause” exists for your termination.

 

You may participate in any and all benefit programs
that the Company may establish and make available to its executives from time
to time, provided you are eligible under (and subject to all provisions of) the
plan documents governing those programs. 
Information regarding the current FMC benefit plans is enclosed.  In summary, you will be eligible for our
Group Medical, Group Dental, Group Life and Long Term Disability Insurance on
the first of the month following your date of hire.  The First Marblehead 401(k) Plan matches your
pre-tax contributions at 100% of the amount you contribute to the plan up to 6%
of pay.  You may join this plan after
three months of service.

 

In order to facilitate your move from Ohio to the
Boston area, First Marblehead will provide you with a relocation package,
details of which are included in the summary attached.  In addition, First Marblehead will provide
you with temporary housing in Boston for up to one year at which time we expect
you will have made a permanent move to the Boston area.

 

Please note that this letter does not constitute an
employment contract nor a contract for a specific term of employment.  This letter shall in no way alter the Company’s
policy of employment at will, under which both you and the Company remain free
to end the employment relationship, for any reason, at any time, with or
without cause or notice.  As with all FMC
employees, your performance and contributions to the firm will be reviewed
annually, generally following the close of the fiscal year.

 

As a condition of hire, The First Marblehead
Corporation requires that all employees sign a Non-Disclosure and
Non-Competition Agreement.  Due to the
nature of our business, this offer is contingent on satisfactory results of a
background check which a third party agency, Hireright, runs on prospective
employees.  The type of information which
is collected by this agency includes that pertaining to an individual’s past
employment, education, criminal record and credit history.  Also, as required by the Immigration Reform
and Control Act of 1976, you will be expected to provide proof of eligibility
to work in the United States.

 

If this letter correctly sets forth the initial terms
under which you will be employed by the Company, please sign the enclosed
duplicate of this letter in the space provided below, as well as the
Non-Disclosure and Non-Competition Agreement and return them to me.  By signing this letter, you represent that
you are not bound by any employment contract, restrictive covenant or other
restriction preventing you from entering into employment with or carrying out
your responsibilities for the Company, or which is in any way inconsistent with
the terms of this letter.  Please note
that this offer letter is your formal offer of employment and supersedes any
and all prior or contemporaneous agreements, discussions and/or understandings,
whether written or oral, relating to the subject matter of this letter or your
employment with the Company.  The
resolution of any disputes under this letter will be governed by Massachusetts
law.

 

 

This is an exciting and challenging time for First
Marblehead and your addition to our Executive Team is most welcome. It is our
understanding that you plan to start with us on September 6 and we look
forward to seeing you.

 

Sincerely,

 

	
  /s/ Robin Camara

  	
   

  
	
   

  
	
   

  
	
  Robin Camara

  
	
  Senior Vice President - Human Resources

  

 

 

The foregoing correctly sets forth the terms of my
at-will employment with First Marblehead. 
I am not relying on any representations other than as set forth above.

 

 

	
  /s/ Jack L.
  Kopnisky

  	
   

  	
  Date:

  	
    8/18/05

  	
   

  
	
  Name: Jack L.
  Kopnisky

  	
   

  	
  Confirmed
  8/19/05 /s/ Robin Camara

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