Document:

EX-10.22

 Exhibit 10.22 
  

			
	 

  
 June 7, 2004
	  	First Marblehead Corporation  
 The Prudential Tower

800 Boylston Street - 34* 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

 Mr. William Baumer 
 [address]

 Dear Bill, 
 First Marblehead is pleased to offer you the
position of Senior Vice President- Corporate Compliance reporting to Ralph James, President of FMC with a dotted line reporting relationship to the FMC Audit Committee. This offer supersedes any prior offers made to you by First Marblehead. In this
new rolel for FMC, you will be responsible for assessing the compliance requirements of all FMC activities and building a compliance department to address them. You will be expected to work closely with senior management throughout the firm,
especially with the Internal Audit and Fraud Department, to achieve this objective. We can work out a suitable starting date based on your transition requirements. 

Your compensation will include direct annual cash compensation of $225,000, paid on a semi-monthly basis at a rate of $9,375 per pay period. 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. First Marblehead has an annual employee performance review and bonus consideration cycle consistent with the
business fiscal year ending June 30. Your first review under this plan is June, 2005. You will also participate in the First Marblehead long term incentive program. Under this program you will receive a grant of 12,500 shares of restricted stock
subject to the terms and conditions of the plan and Board of Director approval. Instruments of grant and plan documents will be provided to you shortly. In the event of involuntary termination, for any reason other than 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. 
 You will be eligible to participate in the FMC Benefit Plans including the Group Medical Insurance Plan, the Group
Dental Plan, the Group Life Plan and the Long Term Disability Plan. For each of these benefits, all costs are borne by the firm and you are eligible for coverage on the first day of employment. Other benefits include our non-contributory 401K Plan
and Employee Stock Purchase Plan subject to the eligibility requirements of these plans. 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 with non- compete provisions. 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. 

 

 
  

 This is an exciting and challenging time for First Marblehead and your participation in our Management Team
is most welcome. Please acknowledge this offer by signing one copy of the offer letter and returning it to me. This offer is made today and will expire on June 17, 2004, We look forward to hearing from you. 

Sincerely, 
  /s/ Robin L. Camara 

Robin L. Camara 
 Senior Vice President - Human Resources 

 

					
	 /s/ William P. Baumer
	  		  	 June 17, 2004

	My signature indicates I acknowledge and accept this offer	  		  	Date

 The First 

Marblehead 
 Corporation 

December 18, 2008 
 William Baumer 

c/o The First Marblehead Corporation 
 800 Boylston Street, 34th Floor 
 Boston, MA 02199 

Dear Bill, 
 This letter will supplement your offer letter dated
June 7, 2004, by adding thereto the following provision: 
 If and to the extent any portion of any payment, compensation or other benefit
provided to you in connection with your employment termination is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and
you are a specified, employee as defined in Section 409A(a)(2)(B)(i) of the Code, as determined by First Marblehead in accordance with its procedures, by which determination you agree to be bound, such portion of the payment,
compensation or other benefit shall not be paid before the day that is six months plus one day after the date of “separation from service” (as determined under Code Section 409A) (the “New Payment Date”), except as Code Section
409A may then permit. The aggregate of any payments that otherwise would have been paid to you during the period between the date of separation from service and the New Payment Date shall be paid to you in a lump sum on such New
Payment Date, and any remaining payments will be paid on their original schedule. First Marblehead makes no representations or warranty and shall have no liability to you or any other person if any provisions of or payments, compensation or
other benefits under this agreement are determined to constitute nonqualified deferred compensation subject to Code Section 409A but do not to satisfy the conditions of that section. 

Please acknowledge your acceptance of the foregoing additional provision by signing in the space provided below and returning the signed letter to me no later
than December 31, 2008. 
 Very truly yours, 
  /s/
Jo-Ann Burnham                                     

Jo-Ann Burnham 
 Managing Director - Human Resources 

ACKNOWLEDGED AND AGREED 

 /s/ William
Baumer                                 

William Baumer 
 The First
Marblehead Corporation 
 800 Boylston Street, 34th Floor 

Boston, MA 02199 
 Phone 800.895.4283 

www.firstmarblehead.com 
 Creating Solutions for Education
FinanceEX-10.23

 Exhibit 10.23 
  

 
 January 11, 2011 
 Barry
Heneghan 
 [address] 
 Dear Barry: 

On behalf of The First Marblehead Corporation (the “Company”), I am very pleased to offer you employment with the Company. The
purpose of this offer letter is to summarize the terms of your employment with the Company, should you accept our offer. 
 1.
Employment. You will be employed, effective January 1, 2011, to serve on a full-time basis in the position of Managing Director, reporting to the Chief Executive Officer of the Company, Daniel Meyers. As a Managing Director, you
will be responsible for such business development, product development and other duties as may from time to time be assigned to you by the Company. 

2. Exclusivity.  

a) In return for the compensation payments set forth in this offer letter, you agree to devote your full business time, best efforts, skill,
knowledge, attention, and energies to the advancement of the Company’s business and interests and to the performance of your duties and responsibilities as an employee of the Company and not to engage in any other business activities without
prior approval from the Company. 
 b) The Company acknowledges and agrees that Think NY, LLC (d/b/a Think Financial) (“Think
Financial”) may continue its corporate existence, and this offer letter constitutes the prior approval of the Company of any business activities relating directly or indirectly to the wind-down of the operations of Think Financial (the
“Permitted Activities”). The Company further acknowledges and agrees that the Permitted Activities will not constitute a breach of Section 4(a) of the Non-competition Agreement (as defined below). 

c) You agree that Think Financial will not, directly or indirectly, conduct any business activities other than the Permitted Activities. You
further agree that (i) Think Financial will not conduct any business activities after the date hereof that are competitive with any business activities of the Company or any subsidiary or parent of the Company and (ii) any such business
activities will constitute a “Competitive Action” as defined in, and for purposes of, any restricted stock unit agreement between the Company and you (each, an “RSU Agreement”). 

 
 

 

 3. Compensation. Your annualized base rate of compensation will be $360,000 less
all applicable federal, state and local taxes and withholdings, to be paid in semi-monthly installments in accordance with the Company’s standard payroll practices. Such base salary may be adjusted from time to time in accordance with normal
business practices and in the sole discretion of the Company. 
 4. Bonus. In addition to your base compensation, you may be
eligible for an annual discretionary bonus award. The bonus award, if any, will be based on both individual and the Company’s performance, and shall be determined by the Company in its sole discretion. You must be an active employee of the
Company on the date that the discretionary bonus is distributed in order to be eligible for such bonus because it also serves as an incentive to remain employed by the Company. Any discretionary cash bonus will be paid to you no later than
March 15th of the calendar year following the calendar year in which such cash bonus was earned. 

5. Benefits. You shall be eligible to participate in any and all benefit programs that the Company establishes and makes
available to its employees from time to time, provided that you are eligible under (and subject to all provisions of) the plan documents governing those programs. Such benefits may include participation in group medical and dental insurance
programs, term life insurance, long-term disability insurance, paid time off and participation in a 401(k) plan. The benefits made available by the Company, and the rules, terms, and conditions for participation in such benefit plans, may be changed
by the Company at any time and from time to time without advance notice. Enclosed is a benefits summary. 
 6. At-Will
Employment. If you accept the Company’s offer of employment, your employment with the Company will be on an “at-will” basis, meaning that either you or the Company may terminate the employment relationship at any time, for any
reason or no reason, with or without cause and with or without notice. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at-will”
nature of your employment may only be changed by a written agreement signed by you and the Managing Director of Human Resources which expressly states the intention to modify the at-will nature of your employment. 

7. Severance Benefits.  

a) In the event that your employment is terminated by the Company for a reason other than “Cause” (as defined in paragraph 7(c)
below), subject to the execution and non-revocation (if applicable) by you of a separation agreement, including a waiver and release, in a form prepared by and acceptable to the Company 

 
(the “Separation Agreement”) within 60 days following your termination, the Company will provide you severance benefits (the “Severance Benefits”) in the form of
(i) continuation of your base salary at the then-current annualized rate, in accordance with the Company’s normal payroll procedures, less all applicable federal and state taxes, during the six-month period commencing on the Payment Start
Date (as defined below) (the “Severance Period”) and (ii) payment on your behalf during the Severance Period of the share of premiums then paid by the Company for group medical insurance for active and similarly situated employees who
receive the same type of coverage, provided that you are eligible for, and you make a valid election to continue, group medical insurance pursuant to the federal “COBRA” law, 29 U.S.C. §1161 et seq. and pay any remaining premium
amount required for such COBRA coverage. 
 b) The Severance Benefits will begin on the first payroll period after the Separation Agreement
becomes binding; provided that if the 60th day following your termination date occurs in the calendar year following your termination, then the Severance Benefits will commence no earlier than the
first payroll period that is after January 1 of such subsequent calendar year (the “Payment Start Date”). 
 c) For purposes
of this paragraph 7, “Cause” shall mean, as determined by the Company in its sole discretion, (i) breach by you of this offer letter, the Consulting Agreement (as defined below), the Non-competition Agreement or the confidentiality
agreement, effective as of August 18, 2008, between the Company and you, or (ii) unsatisfactory job performance, willful misconduct, fraud, gross negligence, disobedience or dishonesty. 

d) The payment of any Severance Benefits shall be subject to the terms and conditions set forth in Appendix A attached hereto. 

e) You acknowledge that (i) the Company’s obligations under this paragraph 7 may be subject to regulatory review and approval and
(ii) the provisions of this paragraph 7 shall not be binding on the Company unless and until all required regulatory approvals have been received. 

8. Invention, Non-Disclosure, Non-Solicitation and Non-Compete Agreement. As a condition of your employment, you will be
required to execute an Invention, Non-Disclosure, Non-Solicitation and Non-Compete Agreement, a copy of which is enclosed with this offer letter (the “Non-competition Agreement”). 

9. Proof of Legal Right to Work. For purposes of federal immigration law, you will be required to provide the Company with
documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to the Company within three (3) business days of your date of hire, or our

 
employment relationship with you may be terminated. You may need to obtain a work visa in order to be eligible to work in the United States. If that is the case, your employment with the Company
will be conditioned upon your obtaining a work visa in a timely manner as determined by the Company. 
 10. Background and Reference
Checks. The Company’s offer of at-will employment is contingent upon your authorization and successful completion of background and reference checks. You will be required to execute authorizations for the Company to obtain consumer
reports and/or investigative consumer reports and use them in conducting background checks as a condition to your employment. The Company may obtain background reports both pre-employment and from time to time during your employment with the
Company, as necessary. 
 11. Company Policies and Procedures. As an employee of the Company, you will be required to comply
with all Company policies and procedures. Violations of the Company’s policies may lead to immediate termination of your employment. Further, the Company’s premises, including all workspaces, furniture, documents, and other tangible
materials, and all information technology resources of the Company (including computers, data and other electronic files, and all internet and email) are subject to oversight and inspection by the Company at any time. Company employees should have
no expectation of privacy with regard to any Company premises, materials, resources, or information. 
 12. Consulting
Agreement; Restricted Stock Units.  
 a) The Consulting Agreement dated as of October 29, 2008 between the Company and
you (as amended through the date hereof, the “Consulting Agreement”) shall be terminated effective as of December 31, 2010. You acknowledge and agree that such termination does not (i) constitute an “Early Termination”
pursuant to Section 1.1(b) of the Consulting Agreement; (ii) entitle you to receive now or in the future any monies or benefits under the Consulting Agreement; or (iii) constitute a waiver, or otherwise affect the survival, of any of
the Company’s rights under the Consulting Agreement, which rights are reserved hereby. 
 b) You acknowledge and agree that the
termination of the Consulting Agreement does not entitle you to any acceleration of vesting of any restricted stock units of the Company (“RSUs”) held by you. The Company acknowledges and agrees that any unvested RSUs held by you shall
continue to vest in accordance with the terms of any RSU Agreement. 
 13. Other Agreements and Governing Law. 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 offer letter. Please note that this offer letter is your formal offer of employment and, except as otherwise set forth herein, supersedes any and all prior or simultaneous contemporaneous
agreements, discussions and understandings, whether written or oral, relating to the subject matter of this offer letter or your employment with the Company. The invalidity or unenforceability of any provision of this offer letter shall not affect
the validity or enforceability of any other provision of this offer letter, and each other provision of this offer letter shall be severable and enforceable to the extent permitted by law. The resolution of any dispute(s) under this offer letter
will be governed by Massachusetts law. Any such dispute(s) shall be litigated exclusively in a court of competent jurisdiction in the Commonwealth of Massachusetts. Both you and the Company expressly waive the right to a trial by jury. 

If this offer letter correctly sets forth the initial terms under which you will be employed by the Company, please sign the enclosed
duplicate of this offer letter in the space provided below along with the enclosed forms, and return them to me in the enclosed envelope. If you do not accept this offer by January 7, 2011, this offer will be deemed automatically revoked. 

Very truly yours, 

  /s/ Jo-Ann Burnham 

Jo-Ann Burnham 
 Managing
Director, Human Resources 
 The foregoing correctly sets forth the terms of my at-will employment by The First Marblehead Corporation 

 

					
	   /s/ Barry Heneghan
	  		  	 Date:
  

  January 1, 2011

	Barry Heneghan	  		  	

 Appendix A 

Compliance with Section 409A 

Subject to the provisions in this Appendix A, any severance payments or benefits under your offer letter shall begin only upon the date of
your “separation from service” (determined as set forth below) which occurs on or after the date of termination of your employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be
provided to you under your offer letter. 
 1. It is intended that each installment of the severance payments and benefits provided under
your offer letter shall be treated as a separate “payment” for purposes of Section 409A of the Internal Revenue Code and the guidance issued thereunder (“Section 409A”). Neither you nor the Company shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. 

2. If, as of the date of your “separation from service” from the Company, you are not a “specified employee” (within the
meaning of Section 409A), then each installment of the severance payments and benefits shall be made on the dates and terms set forth in your offer letter. 

3. If, as of the date of your “separation from service” from the Company, you are a “specified employee” (within the
meaning of Section 409A), then: 
 a. Each installment of the severance payments and benefits due under your offer letter that, in
accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the short-term deferral period (as defined in Section 409A) shall be treated as a short-term
deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A; and 

b. Each installment of the severance payments and benefits due under your offer letter that is not described in paragraph 3(a) above and that
would, absent this subsection, be paid within the six-month period following your “separation from service” from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if
earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your separation from service and any
subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of severance payments and
benefits if and to the maximum extent that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating
to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of the second taxable year following
the taxable year in which the separation from service occurs. 
 4. The determination of whether and when your separation from service from
the Company has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this paragraph 4, “Company” shall include all persons with
whom the Company would be considered a single employer as determined under Treasury Regulation Section 1.409A-1(h)(3). 

 Appendix A 
  

 5. All reimbursements and in-kind benefits provided under your offer letter shall be made or
provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for
expenses incurred during your lifetime (or during a shorter period of time specified in your offer letter), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in
any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to
set off or liquidation or exchange for any other benefit. 
 6. Notwithstanding anything herein to the contrary, the Company shall have no
liability to you or to any other person if the payments and benefits provided in your offer letter that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00221-of-00352.parquet"}]]