Document:

biei_ex101.htm

EXHIBIT 10.1
   
    	  San Diego, CA
  Miami, FL
	   
	   

   
  BIEI
  TERM SUMMARY
  CONVERTIBLE PROMISSORY NOTE
   
    
  	  Maturity:
	  2 years

		
	  Financing: 
	  Up to $225,000 with $50,000 net wire amount at closing; up to $175,000 upon mutual consent 

		
	  Interest:
	  Interest free if pre-paid within 90 days; otherwise, a 12% one-time interest charge

		
	  Origination:
	  10% Original Issue Discount (OID) on actual payments made

		
	  Warrants:
	  None

		
	  Conversion Feature:
	  Convertible at a 40% discount

		
	  Collateral/Security:
	  No collateral or security is required

		
	  Personal Guarantee:
	  No personal guarantee is required

		
	  Pre-pay Feature:
	  The Issuer may pre-pay with 0% interest within 90 days, and then a 12% interest 
  charge thereafter. The Issuer may not pre-pay subsequent to 90 days.

		
	  No Shorting:
	  Guarantee no shorting, as per the No Shorting clause in the agreement

		
	  Closing:
	  Immediate – JMJ is available to wire closing funds every Wednesday

   
  ***This Term Summary is not part of the Promissory Note Agreement and is not a contractually binding agreement.
   
  	 
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    	     BIEI
	   
	   CONVERTIBLE PROMISSORY NOTE
	   
	  Interest free if paid in full
  within 3 months

   
    
  
FOR VALUE RECEIVED, Premier Biomedical, Inc., a Nevada corporation (the “Issuer” of this Security) with at least 22,541,753 common shares issued and outstanding, issues this Security and promises to pay to JMJ Financial, a Nevada sole proprietorship, or its Assignees (the “Investor”) the Principal Sum along with the Interest Rate and any other fees according to the terms herein. This Note will become effective only upon execution by both parties and delivery of the first payment of Consideration by t he Investor (the “Effective Date”).
   
  The Principal Sum is up to $250,000 (two hundred fifty thousand) plus accrued and unpaid interest and any other fees. The Consideration is $225,000 (two hundred twenty five thousand) payable by wire (there exists a $25,000 original issue discount (the “OID”)). The Investor shall pay $50,000 of Consideration upon closing of this Note. The Investor may pay additional Consideration to the Issuer in such amounts and at such dates as the Investor may choose, however, the Issuer has the right to reject any of those payments within 24 hours of receipt of rejected payments. THE PRINCIPAL SUM DUE TO THE INVESTOR, AND THE PRINCIPAL SUM UPON WHICH INTEREST SHALL BE CALCULATED, SHALL BE BASED ON THE CONSIDERATION ACTUALLY PAID BY INVESTOR (PLUS AN APPROXIMATE 10% ORIGINAL ISSUE DISCOUNT THAT IS BASED ON THE CONSIDERATION ACTUALLY PAID BY THE INVESTOR AS WELL AS ANY OTHER INTEREST OR FEES) SUCH THAT THE ISSUER IS ONLY REQUIRED TO REPAY THE AMOUNT FUNDED AND THE ISSUER IS NOT REQUIRED TO REPAY ANY UNFUNDED PORTION OF THIS NOTE. The Maturity Date is two years from the Effective Date of each payment (the “Maturity Date”) and is the date upon which the Principal Sum of this Note, as well as any unpaid interest and other fees, shall be due and payable. The Conversion Price is 60% of the lowest trade price in the 25 trading days previous to the conversion (In the case that conversion shares are not deliverable by DWAC an additional 10% discount will apply; and if the shares are ineligible for deposit into the DTC system and only eligible for Xclearing deposit an additional 5% discount shall apply; in the case of bot h an additional cumulative 15% discount shall apply). Unless otherwise agreed in writing by both parties, at no time will the Investor convert any amount of the Note into common stock that would result in the Investor owning more than 4.99% of the common stock outstanding.
   
  1. ZERO Percent Interest for the First Three Months. The Issuer may repay this Note at any time on or before 90 days from the Effective Date, after which the Issuer may not make further payments on this Note prior to the Maturity Date without written approval from the Investor. If the Issuer repays a payment of Consideration on or before 90 days from the Effective Date of that payment, the Interest Rate on that payment of Consideration shall be ZERO PERCENT (0%). If the Issuer does not repay a payment of Consideration on or before 90 days from its Effective Date, a one-time Interest charge of 12% shall be applied to the then-outstanding Principal Sum. Any interest payable is in addition to the OID, and that OID remains payable regardless of time and manner of payment by the Issuer.
   
  2. Conversion. The Investor has the right, at any time after the Effective Date, at its election, to convert all or part of the outstanding and unpaid Principal Sum and accrued interest (and any other fees) into shares of fully paid and non-assessable shares of common stock of the Issuer as per this conversion formula: Number of shares receivable upon conversion equals the dollar conversion amount divided by the Conversion Price. Conversions may be delivered to the Issuer by method of the Investor’s choice (including but not limited to email, facsimile, mail, overnight courier, or personal delivery), and all conversions shall be cashless and not require furth er payment from the Investor. If no objection is delivered from the Issuer to the Investor regarding any variable or calculation of the conversion notice within one (1) business day of delivery of the conversion notice, the Issuer shall have been thereafter deemed to have irrevocably confirmed and irrevocably ratified such notice of conversion and waived any objection thereto. The Issuer shall deliver the shares from any conversion to the Investor (in any name directed by the Investor) within 3 (three) business days of conversion notice delivery.
   
  3. Conversion Delays. If the Issuer fails to deliver shares in accordance with the timeframe stated in Section 2, the Investor, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Principal Sum with the rescinded conversion shares returned to the Issuer (under the Investor’s and the Issuer’s expectations that any returned conversion amounts will tack back to the original date of the Note). In addition, for each conversion, in the event that shares are not delivered by the fourth business day (inclusive of the day of conversion), a penalty of $2,000 per day will be assessed for each day after the third business day (inclusive of the day of the conversion) until share delivery is made; and such penalty will be added to the Principal Sum of the Note (under the Investor’s and the Issuer’s expectations that any penalty amounts will tack back to the original date of the Note).
   
  4. Reservation of Shares. At all times during which this Note is convertible, the Issuer will reserve from its authorized and unissued Common Stock to provide for the issuance of Common Stock upon the full conversion of this Note. The Issuer will at all times reserve at least 24,000,000 shares of Common Stock for conversion.
   
  5. Piggyback Registration Rights. None.
   
  6. Terms of Future Financings. So long as this Note is outstanding, upon any issuance by the Issuer or any of its subsidiaries of any security with any term more favorable to the holder of such security, then the Issuer shall notify the Investor of such more favorable term and such term, at the Investor’s option, shall become a part of the transaction documents with the Investor. The types of terms contained in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing conversion discounts, conversion lookback periods, original issue discounts and stock sale price.
   
  	 
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  7. Default. The following are events of default under this Note: (i) the Issuer shall fail to pay any principal under the Note when due and payable (or payable by conversion) thereunder; or (ii) the Issuer shall fail to pay any interest or any other amount under the Note when due and payable (or payable by conversion) thereunder; or (iii) a receiver, trustee or other similar official shall be appointed over the Issuer or a material part of its assets and such appointment shall remain uncontested for twenty (20) days or shall not be dismissed or discharged within sixty (60) days; or (iv) the Issuer shall become insolvent or generally fails to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; or (v) the Issuer shall make a general assignment for the benefit of creditors; or (vi) the Issuer shall file a petition for relief under any bankruptcy, insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding shall be commenced or filed against the Issuer; or (viii) the Issuer shall lose its status as “DTC Eligible” or the Issuer’s shareholders shall lose the ability to deposit (either electronically or by physical certificates, or otherwise) shares into the DTC System; or (ix) the Issuer shall become delinquent in its filing requirements as a fully-reporting issuer registered with the SEC; or (x) the Issuer shall fail to meet all requirements to satisfy the availability of Rule 144 to the Investor or its assigns including but not limited to timely fulfillment of its filing requirements as a fully-reporting issuer registered with the SEC, requirements for XBRL filings, and requirements for disclosure of financial statements on its website.
   
  8. Remedies. In the event of any default, the outstanding principal amount of this Note, plus accrued but unpaid interest, liquidated damages, fees and other amounts owing in respect thereof through the date of acceleration, shall become, at the Investor’s election, immediately due and payable in cash at the Mandatory Default Amount. The Mandatory Default Amount mea ns the greater of (i) the outstanding principal amount of this Note, plus all accrued and unpaid interest, liquidated damages, fees and other amounts h ereon, divided by the Conversion Price on the date the Mandatory Default Amount is either demanded or paid in full, whichever has a lower Conversion Price, multiplied by the VWAP on the date the Mandatory Default Amount is either demanded or paid in full, whichever has a higher VWAP, or (ii) 150% of the outstanding principal amount of this Note, plus 100% of accrued and unpaid interest, liquidated damages, fees and other amounts hereon. Commencing five (5) days after the occurrence of any event of default that results i n the eventual acceleration of this Note, the interest rate on this Note shall accrue at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law. In connection with such acceleration described herein, the Investor need not provide, and the Issuer hereby waives, any presentment, demand, protest or other notice of any kind, and the Investor may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies availa ble to it under applicable law. Such acceleration may be rescinded and annulled by the Investor at any time prior to payment hereunder and the Investor shall have all rights as a holder of the note until such time, if any, as the Investor receives full payment pursuant to this Section 8. No such rescission or annulment shall affect any subsequent event of default or impair any right consequent thereon. Nothing herein shall limit the Investor’s right to pursue any other remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Issuer’s failure to timely deliver certificates representing shares of Common Stock upon conversion of the Note as required pursuant to the terms hereof.
   
  9. No Shorting. The Investor agrees that so long as this Note from the Issuer to the Investor remains outstanding, the Investor will not enter into or effect “short sales” of the Common Stock or hedging transaction which establishes a net short position with respect to the Common Stock of the Issuer. The Issuer acknowledges and agrees that upon delivery of a conversion notice by the Investor, the Investor immediately owns the shares of Common Stock described in the conversion notice and any sale of those shares issuable under such conversion notice would not be considered short sales.
   
  10. Assignability. The Issuer may not assign this Note. This Note will be binding upon the Issuer and its successors and will inure to the benefit of the Investor and its successors and assigns and may be assigned by the Investor to anyone without the Issuer’s approval.
   
  11. Governing Law. This Note will be governed by, and construed and enforced in accordance with, the laws of the State of Nevada, without regard to the conflict of laws principles thereof. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of Florida or in the federal courts located in Miami -Dade County, in the State of Florida. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction of su ch courts.
   
  12. Delivery of Process by the Investor to the Issuer. In the event of any action or proceeding by the Investor against the Issuer, and only by the Investor against the Issuer, service of copies of summons and/or complaint and/or any other process which may be served in any such action or proceeding may be made by the Investor via U.S. Mail, overnight delivery service such as FedEx or UPS, email, fax, or process server, or by mailing or otherwise delivering a copy of such process to the Issuer at its last known attorney as set forth in its most recent SEC filing.
   
  13. Attorney Fees. If any attorney is employed by either party with regard to any legal or equitable action, arbitration or other proceeding brought by such party for enforcement of this Note or because of an alleged dispute, breach, default or misrepresentation in connection with any of the provisions of this Note, the prevailing party will be entitled to recover from the other party reasonable attorneys' fees and other costs and expenses incurred, in addition to any other relief to which the prevailing party may be entitled.
   
  14. Opinion of Counsel. In the event that an opinion of counsel is needed for any matter related to this Note, the Investor has the right to have any such opinion provided by its counsel. Investor also has the right to have any such opinion provided by Issuer’s counsel.
   
  15. Notices. Any notice required or permitted hereunder (including Conversion Notices) must be in writing and either personally served, sent by facsimile or email transmission, or sent by overnight courier. Notices will be deemed effectively delivered at the time of transmission if by facsimile or email, and if by overnight courier the business day after such notice is deposited with the courier service for delivery.
   
  [Signature Page Follows]   
  
 
    	 
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    	  Issuer: 
	   
	  Investor:
	   
	   

	   
	   
	   
	   
	   
	   

	  /s/ William Hartman 
	   
	  /s/ Unknown 
	   

	  William Hartman
	   
	  JMJ Financial    
	   

	  Premier Biomedical, Inc.  
	   
	  Its Principal
	   

	  President  
	   
	   
	   
	   

	   
	   
	   
	   
	   
	   

	  Date: 
	  September 2, 2015
	   
	  Date:
	  September 2, 2015
	   

	   
	   
	   
	   
	   
	   

   
   
  [Signature Page to Convertible Promissory Note]
   
   
  4EX-10.46

 Exhibit 10.46 

Execution Copy 

 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

FIRST AMENDMENT TO LOAN ORIGINATION SERVICES AGREEMENT 

This First Amendment to Loan Origination Services Agreement (the “First Amendment”) is entered into and is effective as of
May 14, 2015 (the “First Amendment Effective Date”) by and among First Marblehead Education Resources, Inc., a Delaware corporation having its principal offices at One Cabot Road, Suite 200, Medford, Massachusetts 02155
(“FMER”), and Nelnet Servicing, LLC d/b/a Firstmark Services, a Nebraska limited liability company having its principal offices at 121 S. 13th Street, Suite 100, Lincoln, Nebraska
68508 (“Firstmark Services”). Capitalized terms used in this First Amendment without definition have the meanings assigned to them in the Agreement (as defined below). 

WHEREAS, FMER and Firstmark Services executed that certain Loan Origination Services Agreement by and among the Parties dated as of
November 10, 2014 (the “Agreement”); and 
 WHEREAS, the Parties desire to amend the Agreement. 

NOW THEREFORE, in consideration of the promises and the mutual covenants and agreements contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, as of the First Amendment Effective Date, the Parties agree as follows: 

1. Definitions. The Parties hereby amend Section 1.1 of the Agreement as follows: 

 

	 	(a)	The definition of “Business Requirements” is hereby added to the Agreement as follows: 

““Business Requirements” means (a) the requirements set forth in the business requirements spreadsheet titled
“FMD Requirements-201500511” delivered by FMER to Firstmark Services on May 12, 2015 and approved in writing by the Parties on May 12, 2015, (b) the caveats to such business requirements spreadsheet set forth in writing and
provided by FMER to Firstmark Services on May 7, 2015, and mutually agreed to by the Parties on May 12, 2015, each as may be amended from time to time upon mutual written agreement of the Parties.” 

 

	 	(b)	The definition of “First Bucket” is hereby amended by deleting it in its entirety. 

  

	 	(c)	The definition of “Implementation Deadline” is hereby amended by deleting it in its entirety and inserting the following in replacement thereof: 

““Implementation Deadline” means the date by which the Phase I Programs must be Implemented. The Implementation Deadline
is set as October 20, 2015; provided, however, that the date of the Implementation Deadline may be modified pursuant to Section 17.2.6 of this Agreement.” 

 

	 	(d)	The definition of “Lender” is hereby amended by deleting it in its entirety and inserting the following in replacement thereof: 

““Lender” means a bank or other financial institution that promotes, originates, and funds Loans under the applicable
Program Guidelines, and which has been designated as a “Lender” in writing by FMER to Firstmark Services at any point during the Term, subject to Section 3.4.5 or Section 7.10 of this Agreement, as applicable, in the case
of any bank or other financial institution that is not designated as a “Lender” as of the Effective Date. As of the Effective Date, the term “Lender” includes: Higher Education Servicing Corporation, Kinecta Federal
Credit Union, and SunTrust Bank.” 

  
 1 

	 	(e)	The definition of “Phase I Deliverables” is hereby amended by deleting it in its entirety and inserting the following in replacement thereof: 

““Phase I Deliverables” means the capabilities necessary to migrate the Phase I Programs onto Firstmark Services’
systems such that Firstmark Services is able to accept Applications via the Online Application System, and perform all of its obligations with respect to such Applications as set forth in this Agreement and the applicable Program Guidelines. Phase I
Deliverables includes all of the functionalities set forth on Exhibit D to this Agreement.” 
  

	 	(f)	The definition of “Phase II Deliverables” is hereby amended by deleting each and every reference therein to “Exhibit D” and inserting “Exhibit I” in replacement
thereof. 

  

	 	(g)	The definition of “Phase I Termination Fee” is hereby added to the Agreement as follows: 

““Phase I Termination Fee” has the meaning set forth in Section 6.6 herein.” 

 

	 	(h)	The definition of “[**]” is hereby added to the Agreement as follows: 

““[**].” 
  

	 	(i)	The definition of “[**]” is hereby added to the Agreement as follows: 

““[**].” 
  

	 	(j)	The definition of “Second Bucket” is hereby amended by deleting it in its entirety. 

  

	 	(k)	The definition of “[**]” is hereby added to the Agreement as follows: 

 [**].”

  

	 	(l)	The definition of “[**]” is hereby added to the Agreement as follows: 

 [**].”

  

	 	(m)	The definition of “Testing Criteria” is hereby added to the Agreement as follows: 

““Testing Criteria” means those milestones set forth on Exhibit J to this Agreement; provided,
however, that the term “Testing Criteria” does not include any dates set forth in Exhibit J to this Agreement.” 
  

	 	(n)	The definition of “Testing Deadline” is hereby added to the Agreement as follows: 

““Testing Deadline” means the date by which the Testing Criteria must be met. The Testing Deadline is set as
August 31, 2015; provided, however, that the date of the Testing Deadline may be modified upon mutual written agreement of the Parties.” 

2. Credit Bureau Agreements. The Parties hereby amend Section 3.5.2(c) of the Agreement by deleting it in its entirety and inserting the following
in replacement thereof: 

  
 2 

 “(c) limit re-disclosure of Consumer Report Information to those of its employees with a
need to know such information, except as otherwise permitted in writing by FMER, and it shall not disclose such information to any third party other than the applicable Lender, FMER, or the applicable Applicant(s); provided, however,
that Customer Service Representatives shall not communicate Consumer Report Information to Applicants via telephone. Firstmark Services shall not share Consumer Report Information with a Subcontractor unless and until (i) FMER has provided
prior written approval for Firstmark Services to share Consumer Report Information with such Subcontractor, and (ii) Firstmark Services has entered into a written agreement with such Subcontractor limiting such Subcontractor’s use and
reuse of the Consumer Report Information it receives from Firstmark Services to those uses permitted to Firstmark Services in this Agreement;” 
 3.
Interactions with Servicer. The Parties hereby amend Section 3.9 of the Agreement by adding the following sentence to the end of the paragraph: 

“Firstmark Services represents, warrants, and covenants that it shall communicate with and provide information to each applicable
Servicer only to the extent permitted under this Agreement. Firstmark Services shall cooperate in good faith with FMER and/or the applicable Servicer to execute any agreement, or any addendum or amendment to any agreement, that reflects terms which
have been mutually agreed upon by the parties thereto, to the extent such agreement, addendum, or amendment is reasonably required by the applicable Servicer for Firstmark Services to perform its obligations under this Agreement.” 

4. Services Fees. The Parties hereby amend Section 6.3.1 of the Agreement by deleting the second sentence in its entirety and inserting the
following in replacement thereof: 
 “The Services Fees shall begin to accrue as of the Phase I Effective Date; provided,
however, that beginning on [**] and ending on [**], the total amount of Services Fees due to Firstmark Services each month, including any partial calendar month, during such period shall be [**]. For each month during the [**], invoices sent
by Firstmark Services to FMER relating to the Services Fees shall display the itemized Services Fees prior to [**], as well as the total amount due after the [**] has been applied.” 

5. Approved Applications. The Parties hereby amend the table in Section 6.3.2 of the Agreement by deleting “[**]” in its entirety and
inserting “[**]” in replacement thereof. 
 6. Annual Minimum Origination Fees. The Parties hereby amend Section 6.4 of the Agreement
by deleting it in its entirety and inserting the following in replacement thereof: 
 “6.4 Annual Minimum Origination Fees.
Beginning on the first anniversary of the Phase I SunTrust Programs Effective Date, and on each anniversary of the Phase I SunTrust Programs Effective Date during the Term, to the extent that the aggregate annual Services Fees for Services performed
during the immediately preceding year total less than $[**] (the “Minimum Services Fee”), in addition to the Services Fees owed, FMER shall pay to Firstmark Services the difference between the Minimum Services Fee and Services Fees
incurred for such immediately preceding annual period; provided, however, that solely for the purpose of determining whether the aggregate annual Services Fees for Services performed during the immediately preceding year total less the
Minimum Services Fee, with respect to all Services Fees accrued during the Services Fees Discount Period, the Parties shall use the Services Fees accrued prior to the application of the Services Fees Discount.” 

7. Phase I Deliverables. The Parties hereby amend Section 6.6 of the Agreement by deleting it in its entirety and inserting the following in
replacement thereof: 

  
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 “6.6 Phase I Deliverables. The Parties acknowledge and agree that (a) FMER has
paid to Firstmark Services, and Firstmark Services has received, (i) [**] dollars ($[**]) in consideration of the Parties’ completion of and signoff on business requirements for the Phase I Programs and Phase I Deliverables, and
(ii) fees in the aggregate amount of [**]dollars ($[**]) related to certain statements of work entered into pursuant to this Agreement, and (b) FMER shall owe no further fees to Firstmark Services in consideration of development or
Implementation of the Phase I Programs and/or Phase I Deliverables; provided, however, that if (i) FMER either (A) terminates this Agreement pursuant to Section 17.2.6 of this Agreement, or (B) does not sign off on
end-to-end user acceptance testing within sixty (60) calendar days after the Implementation Deadline, and (ii) each Party reasonably believe in good faith that Firstmark Services has developed the Phase I Deliverables, and all
functionalities necessary to Implement the Phase I Deliverables, in accordance with (A) the Business Requirements, (B) to the extent applicable, [**], and, (C) as advised by the applicable Party’s counsel, all applicable
Requirements of Law, then FMER shall pay to Firstmark Services a one-time fee of [**] dollars ($[**]) in consideration of Firstmark Services’ development of the Phase I Deliverables (the “Phase I Termination Fee”). If the
Parties cannot reach agreement as to whether Firstmark Services has developed the Phase I Deliverables, and all functionalities necessary to Implement the Phase I Deliverables, in accordance with the Business Requirements and/or all Requirements of
Law, then the Parties shall proceed in accordance with the dispute resolution procedures set forth in Article 16 of this Agreement. The Parties acknowledge and agree that Firstmark Services shall no longer be entitled to the Phase I Termination Fee
as of the Phase I Effective Date.” 
 8. Representations and Warranties of FMER. The Parties hereby amend Section 7.2.4 of the Agreement by
deleting “(c)” and inserting “(b)” in replacement thereof. 
 9. Implementation of Phase I Programs. The Parties hereby amend
Section 7.7 of the Agreement by deleting it in its entirety and inserting the following in replacement thereof: 
 “7.7
Implementation of Phase I Programs. The Parties shall cooperate in good faith and shall use commercially reasonable efforts to meet the Testing Criteria by the dates set forth in Exhibit J to this Agreement and, in any event, by no
later than the Testing Deadline. FMER shall consult with Firstmark Services to discuss whether Testing Criteria have been met, and, following such consultation, FMER shall, in its commercially reasonable discretion and in good faith, determine
whether the Testing Criteria have been met. If, following its consultation with Firstmark Services, FMER determines in its commercially reasonable discretion and in good faith that any of the Testing Criteria with a date applicable solely to the
Phase I SunTrust Programs has not been met as of the applicable date set forth in Exhibit J to this Agreement, then, as of such date, Firstmark Services shall ensure that FMER has adequate access to all systems necessary for FMER to begin
internal end-to-end quality assurance testing in parallel with Firstmark Services. If, following its consultation with Firstmark Services, FMER determines in its commercially reasonable discretion and in good faith that the Testing Criteria have not
been met as of the Testing Deadline, then FMER may terminate this Agreement in accordance with Section 17.2.11 of this Agreement with no penalty to FMER. 

If, following its consultation with Firstmark Services, FMER determines, in its commercially reasonable discretion and in good faith, that the
Testing Criteria have been met as of the Testing Deadline, then the Parties shall cooperate in good faith and shall use commercially reasonable efforts to Implement the Phase I Deliverables and the Phase I Programs as of the earliest possible date,
but as of no later than the Implementation Deadline. If the Phase I Deliverables and the Phase I Programs have not been Implemented as of the Implementation Deadline, then FMER may terminate this Agreement in accordance with Section 17.2.6 of
this Agreement with no penalty to FMER. 

  
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 FMER and Firstmark Services shall cooperate in good faith to ensure that each Party has adequate
access to all systems necessary for each Party to complete its applicable deliverables set forth in the Testing Criteria. If either Party, in good faith, believes it has inadequate access, it shall provide written notification of such inadequate
access to the other Party, and the Parties shall cooperate in good faith to grant or restore adequate access. Firstmark Services agrees to continue to make enhancements to its systems and to correct defects based on testing experiences and feedback
that it receives from FMER and any applicable Lender, as frequently as required to meet the Testing Criteria and to Implement the Phase I Deliverables and Phase I Programs. Firstmark Services shall promptly provide written results of its internal
quality assurance testing to FMER as such results become available.” 
 10. Phase II Deliverables. The Parties hereby amend Section 7.8 of
the Agreement by deleting it in its entirety and inserting the following in replacement thereof: 
 “7.8 Implementation of Phase II
Deliverables. Within a commercially reasonable timeframe, but in any event no later than March 15, 2016, (a) the Parties shall cooperate in good faith to develop and complete written business requirements for each Phase II Deliverable,
which such mutually agreed upon business requirements document shall be executed by both Parties, and (b) Firstmark Services shall (i) develop each Phase II Deliverable in accordance with such executed business requirements document, and
(ii) make each Phase II Deliverable available to FMER and each Lender for end-to-end user acceptance testing. Firstmark Services shall promptly Implement each Phase II Deliverable following sign-off on end-to-end user acceptance testing by FMER
and each Lender. The Parties acknowledge and agree that FMER shall owe no fees to Firstmark Services in consideration for work performed by Firstmark Services related to the Phase II Deliverables. For the purposes of this Section 7.8, a
Lender’s failure to cooperate in good faith to complete Section 7.8(a) of this Agreement shall be considered FMER’s failure to cooperate in good faith to complete Section 7.8(a) of this Agreement.” 

11. [**]. The Parties hereby amend the Agreement by inserting a new Section 7.10 as follows: 

“[**].” 
 12. Termination for
Failure to Implement Phase I Programs. The Parties hereby amend Section 17.2.6 of the Agreement by deleting it in its entirety and inserting the following in replacement thereof: 

“17.2.6 Failure to Implement Phase I Programs. If the Phase I Deliverables and the Phase I Programs have not been Implemented as
of the Implementation Deadline (a) (i) FMER may terminate this Agreement with no penalty to FMER other than any Phase I Termination Fee owed to Firstmark Services by FMER under Section 6.6 of this Agreement, if applicable, and
(ii) Firstmark Services may not use any Custom Work Product following termination under this Section 17.2.6; provided, however, that if (A) the Phase I Deliverables have been built in accordance with the Business
Requirements, and (B) neither FMER nor Lender has, after performing end-to-end user acceptance testing, refused to sign-off on such testing based on a good faith belief that the Phase I Deliverables were not built in accordance with the
Business Requirements, then the restriction set forth in this 17.2.6(a)(ii) shall only be effective for twelve (12) months following termination under this Section 17.2.6, or (b) the Parties may mutually agree in writing to a future
date by which the Phase I Deliverables and the Phase I Programs must be Implemented. If (x) the Phase I Programs and the Phase I Deliverables are Implemented on a date following the Implementation Deadline that was mutually agreed to by the
Parties in writing, and (y) FMER has not provided Firstmark Services with its written notice to terminate this Agreement pursuant to this Section 17.2.6 on or before such date, then FMER shall no longer have the right to terminate this
Agreement due solely to Firstmark Services’ failure to Implement the Phase I Programs and the Phase I Deliverables as of the Implementation Deadline.” 

  
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 13. Termination for Failure to Meet Testing Criteria. The Parties hereby amend the Agreement by inserting
a new Section 17.2.11 as follows: 
 “17.2.11 Failure to Meet Testing Criteria. If, following its consultation with
Firstmark Services, FMER determines in its commercially reasonable discretion and in good faith that the Testing Criteria have not been met as of the Testing Deadline, FMER may terminate this Agreement with no penalty to FMER, and Firstmark Services
may not use any Custom Work Product following termination under this Section 17.2.11; provided, however, that if the Testing Criteria have not been met as of the Testing Deadline but the Phase I Programs and the Phase I
Deliverables are Implemented as of the Implementation Deadline, then FMER shall no longer have the right to terminate this Agreement due solely to Firstmark Services’ failure to meet the Testing Criteria as of the Testing Deadline.” 

14. Notices. The Parties hereby amend Section 18.1.1 of the Agreement as follows: 

 

	 	(a)	The Parties hereby amend Section 18.1.1 of the Agreement by deleting “3rd Floor” in its entirety and inserting “Suite 200” in replacement
thereof. 

  

	 	(b)	The Parties hereby amend Section 18.1.1 of the Agreement by deleting “800 Boylston Street, 34th Floor Boston, MA 02199” in its entirety and inserting
“One Cabot Road, Suite 200, Medford, MA 02155” in replacement thereof. 

 15. Phase I Programs. The Parties hereby amend
Exhibit C to the Agreement by deleting it in its entirety and inserting the Exhibit C annexed hereto as Attachment 1, consisting of the Phase I Programs, in replacement thereof. 

16. Phase I Deliverables. The Parties hereby amend Exhibit D to the Agreement by deleting it in its entirety and inserting the Exhibit D
annexed hereto as Attachment 2, consisting of the Phase I Deliverables, in replacement thereof. 
 17. Phase II Deliverables. The Parties
hereby amend the Agreement by adding a new Exhibit I annexed hereto as Attachment 3, consisting of the Phase II Deliverables. 
 18.
Testing Criteria. The Parties hereby amend the Agreement by adding a new Exhibit J annexed hereto as Attachment 4, consisting of the Testing Criteria. 

19. Multiple Counterparts. This First Amendment may be executed in multiple counterparts, including by facsimile and .pdf electronic transmission, each
of which shall be deemed an original for all purposes and all of which shall be deemed, collectively, one agreement. 
 20. GOVERNING LAW. THIS FIRST
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF DELAWARE WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY JURISDICTION OTHER THAN TO THOSE
OF DELAWARE. 
 21. Permitted Filing. Each Party and its respective Affiliates may file this First Amendment (with redactions as permitted by
Requirements of Law) with the appropriate state or federal regulators, including the Securities and Exchange Commission, as required by such regulators. 

22. Full Force and Effect. Except as amended in this First Amendment, the Agreement remains in full force and effect according to its terms. 

[Signature page to follow] 

  
 6 

 Execution Copy 

IN WITNESS WHEREOF, the Parties hereto have caused this First Amendment to be executed by their respective officers, being first duly
authorized, as of the day and year first above written. 
  

			
	FIRST MARBLEHEAD EDUCATION RESOURCES, INC.

			
		
	By:	 	 /s/ Raymond Morel

			
	Name:	 	Raymond Morel
	Title:	 	Vice President

			
	
	 NELNET SERVICING, LLC
 d/b/a/
FIRSTMARK SERVICES

		
	By:	 	      /s/ Joe
Popevis

			
	Name:	 	Joe Popevis
	Title:	 	President

 ATTACHMENT 1 

EXHIBIT C 
 Phase I
Programs 
  

			
	 Lender
	  	 Programs

	 SunTrust Bank
	  	Custom Choice® Program
	SunTrust Bank	  	Graduate Business School Loan Program
	SunTrust Bank	  	Union Federal® Private Student Loan Program
	SunTrust Bank	  	AAA Advantage Program
	Kinecta Federal Credit Union	  	Kinecta Student Loan Program
	Higher Education Servicing Corporation	  	Texas Extra Credit Education Loan Program

  
 C-1 

 ATTACHMENT 2 

EXHIBIT D 
 Phase I
Deliverables 
  

			
	 Functionality
	  	 Description

	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]

  
 D-1 

 ATTACHMENT 3 

EXHIBIT I 
 Phase II
Deliverables 
  

			
	 Functionality/Enhancement
	  	 Description

	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]
	[**]	  	[**]

  
 I-1 

 ATTACHMENT 4 

EXHIBIT J 
 Testing
Criteria 
 Confidential Materials omitted and filed separately with the Securities and Exchange Commission. A total of 2 pages were omitted. [**]

  
 J-1

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