Document:

EX-10.2

 Exhibit 10.2 

March 31, 2014 
 Suzanne Murray 

[address] 
 [address] 

Dear Suzanne, 
 I’d like to personally thank you for your
valuable contributions to date with The First Marblehead Corporation (“FMC”). You have been identified as a key employee whom FMC would like to reward and retain to help the business move forward with its strategic initiatives. Toward that
end, this letter (the “Retention Bonus Letter”) is to inform you that you have been deemed eligible to receive a one-time incentive Retention Bonus (as set forth below), subject to the terms herein. 

In particular, you are potentially eligible for a Retention Bonus in a gross amount equal to 20% of your current base salary (i.e., your base salary in effect
as of the date of this Retention Bonus Letter), up to a maximum bonus amount of $50,000, less lawful deductions (the “Retention Bonus Eligibility Amount”). The Retention Bonus will be paid in installments (each an “Installment
Payment”) on three separate dates (each an “Installment Payment Date”), provided that you remain employed in “good standing” with FMC through each Installment Payment Date and satisfactorily perform your job duties through
each Installment Payment Date. The Installment Payment Dates and percentage of the Retention Bonus Eligibility Amount to be paid are as follows – Total: $50,000.00: 

Installment Payment 1: 20% of Retention Bonus Eligibility Amount if actively employed in “good standing” on July 1, 2014 - $10,000.00;

 Installment Payment 2: 40% of Retention Bonus Eligibility Amount if actively employed in “good standing” on January 1, 2015 -
$20,000.00; and 
 Installment Payment 3: 40% of Retention Bonus Eligibility Amount if actively employed in “good standing” on July 1,
2015 - $20,000.00. 
 If eligible, each installment of the Retention Bonus will be paid in the first payroll cycle after the particular Installment Payment
Date. 
 If your employment is involuntarily terminated without “cause” prior to any Installment Payment Date, you will still be eligible for the
next unpaid Installment Payment as if you remained employed through that next Installment Payment Date, payable when such Installment Payment would have been paid had you remained employed through the next Installment Payment Date. For example, if
your employment is involuntarily terminated without “cause” on October 1, 2014 while in “good standing,” you would receive Installment Payment 2 when such Installment Payment would otherwise have been paid had you remained
employed until January 1, 2015, but you would not be eligible for Installment Payment 3. You will be ineligible for any Installment Payment if you resign your employment or your employment is terminated for “cause” prior to the
payment of any Installment Payment. Likewise, you must be an employee in “good standing” (i.e., not subject to any written disciplinary action or written performance improvement plan) at the time of any Installment Payment to be
eligible for any Installment Payment. 
 For purposes of this Retention Bonus Letter, “cause” and/or “good standing” shall be determined
in good faith by FMC in its sole discretion. A determination of “cause” and/or “good standing” by FMC shall be binding and conclusive upon all parties. You should understand that your employment remains at-will and nothing in
this Retention Bonus Letter is a guarantee of employment for any defined period of time. 

 Only those employees, like you, who receive an individual Retention Bonus Letter addressed to them are eligible
for the Retention Bonus. Since not every employee is receiving a Retention Bonus Letter, we ask that you keep the terms of this Retention Bonus Letter strictly confidential. 

In order to participate in this Retention Bonus opportunity, you must sign where indicated below and return this Retention Bonus Letter by April 7, 2014
acknowledging your agreement to the terms set forth herein. Any questions should be directed to Jo-Ann Burnham. 
 I would like to extend our appreciation
to you for your past service and support and look forward to your continued involvement with us during this time and hopefully beyond. 
  

					
	Very truly,
	
	THE FIRST MARBLEHEAD CORPORATION
		
	By:	 	 /s/ Jo-Ann Burnham

		 	Name:	 	Jo-Ann Burnham
		 	Title:	 	Managing Director, Human Resources

  

					
	EMPLOYEE SIGNATURE:
	
	 /s/ Suzanne Murray

	Employee
		
	Dated:	 	 April 7, 2014Exhibit

Exhibit 10.10
ACTION OF THE
ADMINISTRATIVE COMMITTEE OF THE FARMER BROS. CO.
QUALIFIED EMPLOYEE RETIREMENT PLANS

Farmer Bros. Co. Amended and Restated Employee Stock Ownership Plan

The undersigned members of the Administrative Committee, having the authority to act on the matter set forth below, hereby approve the following:

WHEREAS, Section 12.01 of the Farmer Bros. Co. Amended and Restated Employee Stock Ownership Plan (the “Plan”) permits amendments to the Plan from time to time. 

WHEREAS, this Committee deems it appropriate to amend the Plan to provide for full vesting of the Accounts of certain Plan Members due to the closure of the Company’s corporate headquarters and manufacturing/distribution facilities located in Torrance, California. 

NOW, THEREFORE, BE IT RESOLVED, that Section 6.01 of the Plan is hereby amended effective as of January 1, 2015, as follows:

“6.01    Vesting Schedule

		
	(a)
	A Member shall be fully vested in, and have a nonforfeitable right to, his/her Account upon completion of five years of Vesting Service. Notwithstanding the foregoing, a Member who is actively employed by the Employer or an Affiliate on or after January 1, 2016, shall be fully vested in, and have a nonforfeitable right to, his/her Account upon completion of three years of Vesting Service; 

		
	(b)
	Notwithstanding the foregoing, a Member shall be fully vested in, and have a nonforfeitable right to, his/her Account upon death, Disability, or the later of the attainment of his/her 55th birthday or the tenth anniversary of the date he/she becomes a Member; and

		
	(c)
	Notwithstanding the foregoing, any Member (1) whose Severance Date occurs on or after January 1, 2015, in connection with the Company’s closure of its corporate headquarters and manufacturing/distribution facilities located in Torrance, California, and (2) who works with the Company at the Torrance location until his/her expected termination date, shall be fully vested in, and have a nonforfeitable right to, his/her Account as of his/her Severance Date.”

BE IT FURTHER RESOLVED, that the appropriate officers of the Company, and the individuals who have been properly delegated authority for the administration of the Plan, are hereby authorized to do such other things as may be necessary or advisable to give effect to the foregoing resolution.

Dated: June 30, 2015
	
		
	

____/s/ Mark J. Nelson______________
Title: _Treasurer and CFO____________
	

/s/ Thomas J. Mattei, Jr.
Title: _General Counsel ____

	

____/s/ Rene E. Peth_______________
Title: V.P., Corporate Controller________
	

________________________________
Title: ____________________________

	 
	 

-1-Exhibit

Exhibit 10.11
ACTION OF THE
ADMINISTRATIVE COMMITTEE OF THE FARMER BROS. CO.
QUALIFIED EMPLOYEE RETIREMENT PLANS

Farmer Bros. Co. Amended and Restated Employee Stock Ownership Plan

The undersigned members of the Administrative Committee, having the authority to act on the matter set forth below, hereby approve the following:

WHEREAS, Section 12.01 of the Farmer Bros. Co. Amended and Restated Employee Stock Ownership Plan (the “Plan”) permits amendments to the Plan from time to time; 

WHEREAS, this Committee previously amended Section 6.01 of the Plan to add a subsection (c) that provides for full vesting of the Accounts of certain Plan Members who are terminated from employment in connection with the Company’s closure of its corporate headquarters and nearby manufacturing/distribution facilities, and the Committee now desires clarify the language of subsection (c); and

WHEREAS, this Committee now deems it appropriate to amend Section 6.01 of the Plan to add a subsection (d) that provides for full vesting of the Accounts of Plan Members who are terminated from employment in connection with a reduction-in-force at a Company facility. 

NOW, THEREFORE, BE IT RESOLVED, that Section 6.01 of the Plan is hereby amended effective as of January 1, 2015, to read as follows:

“6.01    Vesting

		
	(a)
	A Member shall be fully vested in, and have a nonforfeitable right to, his/her Account upon completion of five years of Vesting Service; 

		
	(b)
	A Member shall be fully vested in, and have a nonforfeitable right to, his/her Account upon death, Disability, or the later of the attainment of his/her 55th birthday or the tenth anniversary of the date he/she becomes a Member; 

		
	(c)
	A Member (1) whose Severance Date occurs on or after January 1, 2015, in connection with the Company’s closure of its corporate headquarters and manufacturing/distribution facilities located in Torrance, California, and (2) who works with the Company until the termination date for the Member set by the Company, shall be fully vested in, and have a nonforfeitable right to, his/her Account as of his/her Severance Date; and

		
	(d)
	A Member (1) whose Severance Date occurs on or after January 1, 2015, in connection with a reduction-in-force at a Company facility which reduction-in-force has been designated by the Committee as eligible for the accelerated vesting provided under this Section 6.01(d), (2) for whom such reduction-in-force is the sole cause of his/her termination of employment, and (3) who works at such facility until the termination date for the Member set by the Company, shall be fully vested in, and have a nonforfeitable right to, his/her Account as of his/her Severance Date.”

BE IT FURTHER RESOLVED, that the appropriate officers of the Company, and the individuals who have been properly delegated authority for the administration of the Plan, are hereby authorized to do such other things as may be necessary or advisable to give effect to the foregoing resolution.

Dated: August 21, 2015
	
		
	

    /s/ Marti Gonzalez_____     ____
Title: V.P. Human Resources_____
	

   /s/_Rene E. Peth________________
Title: V.P. Corporate Controller_______

	 
	 

	

    /s/ Mark J. Nelson____________
Title: Treasurer & CFO___________
	

   /s/ Thomas J. Mattei, Jr.__________
Title: General Counsel_____________

-1-

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