Document:

Form of Invention, Non-disclosure, Non-competition and Non-solicitation Agreement

 Exhibit 10.9 
 

 
 The following is the form of Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement entered into
by new and existing employees of The First Marblehead Corporation (“FMD”) and its subsidiary, Tuition Management Systems LLC (“TMS”). There are variations in the provisions of this agreement based upon an employee’s position
at FMD or TMS, as applicable; accordingly, those differences have been identified in brackets and referenced in the accompanying footnotes. 
 INVENTION, NON-DISCLOSURE, [NON-COMPETITION]1 AND NON-SOLICITATION AGREEMENT 
 This Agreement is made this
             day of                 , 2011 between The First Marblehead Corporation, a Delaware
corporation (hereinafter referred to collectively with its direct and indirect subsidiaries and affiliates as the “Company”), and
                                        
                                         
        (the “Employee”). [For the avoidance of doubt, references to the Company in this Agreement include FM Systems LLC (d/b/a Tuition Management Systems LLC), except where the context otherwise
requires.]2 

In consideration of the [initial and]3 continued employment of the Employee by the Company, and [consideration to be received by Employee]4, the receipt and sufficiency of which is hereby acknowledged by the
Employee, the Company and the Employee agree as follows: 
  

	1.	Confidential Information 

  

	a)	The Employee agrees that his or her employment with the Company has created a relationship of trust and confidence between the Employee and the Company, and the
protection of the Company’s proprietary and Confidential Information (as defined in Section 1(b) below) and its goodwill is critical to the Company’s survival and success. The Employee further represents and agrees that he/she
(i) has held and will hold all Confidential Information in strict trust and confidence, and (ii) has not disclosed or used, and will not disclose or use at any time, any Confidential Information without the prior written consent of an
authorized officer of the Company, except to the extent necessary in the ordinary course of performing his/her duties as an employee of the Company and solely in furtherance of the interests of the Company. 

 

	b)	For purposes of this Agreement, the term “Confidential Information” means all information, knowledge or data, in any form or media, belonging or relating to
the Company (including securitization trusts) or former or current clients of the Company, which is of value to the Company and the disclosure of which could result in competitive or other disadvantage to the Company. Confidential Information is and
shall be the exclusive property of the Company and includes, but is not limited to: (i) the Company’s documents, records, communications, reports, forecasts, projections, product and service specifications, statistical models, formulae and

  

	1 	Applicable exclusively to agreements entered into by non-staff level employees of FMD and TMS. 

	2 	Applicable exclusively to agreements entered into by new and existing employees of TMS. 

	3 	Applicable exclusively to agreements entered into by new employees of FMD and TMS. 

	4 	Provision reflects consideration specific to each employee’s individual agreement with FMD. 

  
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algorithms, tools, designs, pricing methods and policies, processes, methods of operation, techniques, arrangements, procedures, current and planned distribution methods and processes, strategic
initiatives, business opportunities and strategies, creative plans and strategies, personnel information, policies, trade secrets, ideas, concepts, know-how, intangible rights, inventions, research and development, source code, systems,
architecture, computer programs and database technologies; (ii) information belonging or relating to the Company’s former or current customers, clients, service providers, consultants and other business relations, including the existence
or status of, and any non-public information concerning, discussions between the Company and former, current, or prospective clients; (iii) the Company’s non-public business, operational or financial results, including the performance of
any loan portfolio facilitated by the Company, product development initiatives, expansion plans and revenue and expense information; and (iv) information belonging or relating to any third party. In addition, the term Confidential Information
includes any notes, analyses, compilations, abstracts, studies, interpretations, memoranda or other documents that contain, reflect or are based upon, in whole or in part, any Confidential Information, whether created by the Employee or others.
Confidential Information includes information developed by the Employee in the course of his/her employment with the Company, as well as other information to which the Employee has or will have access during the period of his/her employment with the
Company, including the confidential information of others with whom the Company has a business relationship. The absence of any marking or statement that any particular information is Confidential Information will not affect its status as
Confidential Information. 

  

	c)	Confidential Information will not include information which is or becomes generally known to the public through no fault of any person. In addition, nothing in this
Agreement is intended to or shall preclude the Employee from providing truthful testimony or providing truthful information in response to a valid subpoena, court order or request of any federal, state or local authority, quasi-regulatory or
self-governing authority, provided, to the extent permitted by law, the Employee has provided to the Company as much advance notice as practicable of any such compelled disclosure. The Employee further agrees to cooperate with the Company, at the
Company’s cost, to obtain an appropriate protective order or other reliable assurance that confidential treatment will be accorded the Confidential Information by such governing authority. 

 

	d)	The Employee agrees that all materials, in any form or media, that contain, reflect or are based upon, in whole or in part, Confidential Information, whether created by
the Employee or others, which have or will come into his/her custody or possession, are and will be the exclusive property of the Company to be used by the Employee only in the performance of his/her duties for the Company. All such tangible and
intangible materials, and all copies, abstracts, compilations or reproductions thereof, and all property and equipment of the Company in the custody or possession of the Employee will be left intact by the Employee and delivered to the Company, upon
the earlier of (i) a request by the Company or (ii) termination of his/her employment, whether voluntary or involuntary. After such delivery, the Employee will not retain any such tangible or intangible materials, or copies, abstracts,
compilations or reproductions thereof, or any such property. For the avoidance of doubt, in connection with the voluntary or involuntary termination of his/her employment, the Employee agrees to leave intact all such tangible and intangible
materials, including electronic documents of the Company, except in accordance with the Company’s document retention policies. 

  
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	e)	The Employee agrees that his/her obligations not to disclose or use Confidential Information as set forth in Sections 1(a) and (d) above, and his/her obligations
to return and leave intact tangible and intangible materials as set forth in Section 1(d) above, also extends to such types of information, materials and tangible property of former or current clients or customers of the Company or other third
parties who may have disclosed or entrusted the same to the Company or to the Employee. 

  

	2.	Developments 

  

	a)	All Developments (as defined below) that are made, conceived, reduced to practice, created, written, designed or developed by the Employee or under his/her direction or
jointly with others, whether or not during normal working hours or on the premises of the Company, (i) during the period of the Employee’s employment with the Company if related to the business or research and development conducted or
planned to be conducted by the Company and (ii) after the period of the Employee’s employment with the Company if resulting or directly derived from Confidential Information, will be the sole property of the Company. For purposes of this
Agreement, the term “Developments” means any inventions, discoveries, computer programs, source code, data, technology, designs, statistical models, formulae and algorithms, tools, innovations, improvements, methods, techniques,
developments and works of authorship, whether or not patentable and whether or not copyrightable. 

  

	b)	The Employee will make full and prompt disclosure to the Company of all Developments and will maintain adequate and current written records (in the form of notes,
memoranda and as may otherwise be specified by the Company) to document the conception and/or first actual reduction to practice of any Development. The Employee will not disclose any Development to any third party without the express written
permission of an authorized officer of the Company, and all Developments will be treated by the Employee as Confidential Information. Such written records will be available to and remain the sole property of the Company at all times.

  

	c)	The Employee agrees to assign and does hereby assign to the Company (or any person or entity designated by the Company) all of his/her right, title and interest in and
to all Developments and all related patents, copyrights, trademarks, trade names, and other industrial and intellectual property rights, and all applications therefor, in the United States and elsewhere. However, this Section 2(c) will not
apply to Developments which do not relate to the business or research and development conducted or planned to be conducted by the Company at the time such Development is created, made, conceived or reduced to practice and which are made and
conceived by the Employee not during normal working hours, not on the Company’s premises and not using the Company’s tools, devices, equipment or Confidential Information. The Employee understands that, to the extent this Agreement will be
construed in accordance with the laws of any state which precludes a requirement in an employee agreement to assign certain classes of inventions made by an employee, this Section 2(c) will be interpreted not to apply to any invention which a
court rules and/or the Company agrees falls within such classes. 

  
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	d)	The Employee agrees to cooperate fully with the Company, both during and after his/her employment with the Company, with respect to the procurement, maintenance and
enforcement of patents, copyrights, trademarks, trade names and other industrial and intellectual property rights (both in the United States and foreign countries) relating to Developments. The Employee hereby appoints any officer of the Company as
the Employee’s duly authorized attorney to execute, file, prosecute and protect any Development and related patent, copyright, trademark, trade name and other industrial and intellectual property right, and applications therefor, before any
government agency, court or authority. Upon the request of the Company, the Employee will execute such further assignments, documents and other instruments as may be necessary, desirable or appropriate to fully and completely assign all Developments
to the Company and assist the Company in applying for, obtaining and enforcing patents, copyrights or other rights in the United States and in any foreign jurisdiction with respect to any Development. The Employee also hereby waives all claims to
moral rights in any Developments. 

  

	e)	The Employee acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or agencies thereof, which
impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Employee agrees to be bound by all such obligations and restrictions
which are made known to the Employee and to take all action necessary to discharge the obligations of the Company under such agreements. 

  

	3.	Other Agreements 

  

	a)	The Employee agrees to devote his/her best efforts to the services of the Company in such capacity as the Company from time to time shall direct and agrees to comply
with the Company’s rules, policies, and practices at all times. 

  

	b)	The Employee hereby represents that, except as the Employee has disclosed in writing to the Company, the Employee is not bound by the terms of any agreement with any
previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of his/her employment with the Company, to refrain from competing, directly or indirectly, with the
business of such previous employer or any other party or to refrain from soliciting employees, customers or suppliers of such previous employer or other party. The Employee further represents that his/her performance of all the terms of this
Agreement and the performance of his/her duties as an employee of the Company do not and will not breach any agreement with any prior employer or other party to which the Employee is a party (including without limitation any nondisclosure or
non-competition agreement), and that the Employee will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or other third party.

  

	c)	The Employee agrees that for a period of one year after the termination or cessation of his/her employment for any reason, whether voluntary or involuntary, the
Employee will inform his/her potential or actual future employers of his/her obligations under this Agreement, including Sections 1 and 4. 

  

	d)	The Employee specifically authorizes the Company to notify any subsequent employers or prospective employers of the Employee of the restrictions on the Employee
contained in this Agreement and of any concerns the Company may have about actual or possible conduct by the Employee that may be in breach of this Agreement. 

  
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	e)	 [In the event that the Employee believes that employment otherwise in violation of this Agreement would not harm the Company’s legitimate business
interests, the Employee may request the Company to waive certain of the restrictions contained in this Agreement. Any such request shall be made in writing to the Company’s Managing Director, Human Resources and shall identify the business with
which the Employee seeks to associate and describe the duties that the Employee seeks to perform. The Company has the sole discretion whether to grant such a waiver, and no waiver of any restrictions under this Agreement shall be effective unless in
writing and signed by the Managing Director, Human Resources of the Company.]5 

  

	{4.	Non-Competition and Non-Solicitation 

While the Employee is employed by the Company and for a period of one year after the termination or cessation of such employment for any reason, whether
voluntary or involuntary, the Employee will not directly or indirectly: 
  

	a)	 engage or assist others in engaging in any business or enterprise [in the United States]6 [in any state in which the Employee has performed any services for the Company at any time during his or her
employment]7 (whether as owner, partner, joint venturer,
officer, director, employee, consultant, contractor, investor, lender or otherwise, except as the holder of not more than 1% of the outstanding stock of a publicly-held company) that competes or intends to compete in any way with the department,
division or unit of the Company (i) for which the Employee worked, (ii) for which the Employee performed services, or (iii) about which the Employee had access to Confidential Information in the course of his/her employment with the
Company; 

  

	b)	on his/her own behalf or on behalf of any third person or entity, and whether through his/her own efforts or by assisting any other person or entity (including, any
person employed by or associated with any entity with whom the Employee becomes employed or associated) (i) participate in the solicitation for employment, attempt to hire or hiring of any person or entity employed or otherwise retained or
engaged by the Company, (ii) hire, employ or engage any person or entity employed or otherwise retained or engaged by the Company or (iii) encourage or induce any person employed or otherwise retained or engaged by the Company to terminate
his/her employment, consultancy or other relationship with the Company; provided, that this Section 4(b) will not apply to the solicitation, hiring or engagement of any person or entity whose employment or engagement with the Company has been
terminated for a period of six months or longer; and 

  

	c)	on his/her own behalf or on behalf of any third person or entity, and whether through his/her own efforts or by assisting any other person or entity (including, any
person employed by or associated with any entity with whom the Employee becomes employed or associated), induce or attempt to induce (including, without limitation, by soliciting business from or performing services for) any customer, client,
supplier, consultant, licensee or business relation of the Company (i) to cease doing business with the Company, (ii) to reduce the level of business he/she/it performs with the Company, or (iii) to divert marketing or other resources
away from the Company. 

  

	5 	 Applicable exclusively to agreements entered into by non-staff level employees of FMD and TMS. 

	6 	 Applicable exclusively to agreements entered into by non-staff, non-Sales department employees of FMD and TMS. 

	7 	 Applicable exclusively to agreements entered into by non-staff, Sales department employees of FMD and TMS. 

  
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 In addition, for a period of one year after the termination or cessation of the
Employee’s employment with the Company for any reason, whether voluntary or involuntary, the Employee will not directly or indirectly solicit or accept any financial services-related business (other than personal or household financial
services) from (i) any person or entity that was a client or customer of the Company at the date of any cessation or termination of the Employee’s employment, if the Employee was introduced to or interacted with such client or customer
regarding the Company’s business or (ii) any person or entity that was a prospect of the Company at any time during the 12 months immediately prior to the date of any cessation or termination of the Employee’s employment, if the
Employee directly solicited such prospect or if the Employee directly or indirectly, in whole or in part, supervised or participated in solicitation activities related to such prospect.} 8 
  

	[4.	Non-Solicitation 

While the Employee is employed by the Company and for a period of one year after the termination or cessation of such employment for
any reason, whether voluntary or involuntary, the Employee will not directly or indirectly, on his/her own behalf or on behalf of any third person or entity, and whether through his/her own efforts or by assisting any other person or entity
(including any person employed by or associated with any entity with whom the Employee becomes employed or associated): (a) participate in the solicitation for employment, attempt to hire or hiring of any person or entity employed or otherwise
retained or engaged by the Company, (b) hire, employ or engage any person or entity employed or otherwise retained or engaged by the Company or (c) encourage or induce any person employed or otherwise retained or engaged by the Company to
terminate his/her employment, consultancy or other relationship with the Company; provided, that this Section 4 will not apply to the solicitation, hiring or engagement of any person or entity whose employment or engagement with the Company has
been terminated for a period of six months or longer.] 9 
  

	5.	No Employment Contract 

 The Employee
understands that this Agreement does not constitute a contract of employment and does not alter the at-will nature of the Employee’s employment with the Company or otherwise imply that his/her employment will continue for any period of time.
The Employee understands that both the Employee and the Company may end the employment relationship at any time and for any reason. 
  

	6.	Miscellaneous 

  

	a)	The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement.

  

	b)	If the Employee violates the provisions of Section 4, the Employee will continue to be bound by the restrictions set forth in Section 4 until a period of one
year has expired without any violation of such provisions. 

  

	8 	 Applicable exclusively to agreements entered into by non-staff level employees of FMD and TMS. 

	9 	 Applicable exclusively to agreements entered into by staff level employees of FMD and TMS. 

  
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	c)	 If any restriction set forth in Section 4 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a
period of time or over too great a range of activities [or in too broad a geographic area]10, it will be interpreted to extend only over the maximum period of time, range of activities [or geographic area]11 as to which it may be enforceable. 

 

	d)	This Agreement supersedes all prior agreements, written or oral, between the Employee and the Company relating to the subject matter of this Agreement. This Agreement
may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by the Employee and the Company. The Employee agrees that any change or changes in his/her duties, authority, salary or compensation after the
signing of this Agreement will not affect the validity or scope of this Agreement. 

  

	e)	This Agreement will be binding upon the Employee’s heirs, executors and administrators and will inure to the benefit of the Company and its successors and assigns.

  

	f)	No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of that or any other right. A waiver or consent given by the
Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion. 

  

	g)	The Employee agrees that the obligations and restrictions contained in this Agreement, including the covenants contained in Sections 1, 2 and 4, are necessary for the
protection of the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose. The Employee agrees that any breach or threatened breach of this Agreement by the Employee is likely to cause the Company
not only financial harm, but substantial and irrevocable damage which is difficult to measure and for which money damages alone will not provide an adequate remedy. Therefore, in the event of any such breach or threatened breach, the Employee agrees
that the Company, in addition to such other remedies which may be available, will be entitled to enforce the specific performance of the provisions of this Agreement by the Employee and will have the right to both temporary and permanent injunctive
relief (to the extent permitted by law), without the necessity of proving actual damages or posting any surety or bond, from a court restraining such a breach or threatened breach, and the Employee hereby waives the adequacy of a remedy at law as a
defense to such relief. If the Employee breaches any of the covenants set forth in this Agreement, he/she agrees to pay all reasonable costs (including attorneys’ fees) incurred by the Company in establishing that breach and in otherwise
enforcing any of the covenants or provisions of this Agreement. 

  

	h)	This Agreement is governed by and will be construed as a sealed instrument under and in accordance with the laws of the Commonwealth of Massachusetts (without reference
to the conflicts of laws provisions thereof). Any action, suit, or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement will be commenced only in a court of the Commonwealth of
Massachusetts (or, if appropriate, a federal court located within Massachusetts), and the Company and the Employee each consents to the exclusive jurisdiction of such a court. Both the Employee and the Company waive the right to a trial by jury with
respect to any matter arising under or relating to any provision of this Agreement or otherwise related to the Employee’s employment with the Company or the termination of the Employee’s employment with the Company.

  

	10 	 Applicable exclusively to agreements entered into by non-staff level employees of FMD and TMS. 

	11 	 Applicable exclusively to agreements entered into by non-staff level employees of FMD and TMS. 

  
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 THE EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND
AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT. 
  

			
	THE FIRST MARBLEHEAD CORPORATION
		
	By:	 	 
		 	 Jo-Ann Burnham
 Managing
Director, Human Resources

  

	
	EMPLOYEE
	
	  
	Name:
	Date:

  
 - 8 -Letter Agreement (Ryan R. Brenneman)

 Exhibit 10.22 
 [On First Marblehead letterhead] 
 January 28, 2011 

Ryan Brenneman 
 [address] 

Dear Ryan: 
 On behalf of The
First Marblehead Corporation (the “Company”), I am very pleased to offer you employment with the Company. The purpose of this letter is to summarize the terms of your employment with the Company, should you accept our offer. 

1. Employment. You will be employed, effective March 1, 2011, to serve on a full-time basis in the
position of Managing Director, reporting to Kenneth Klipper, the Chief Financial Officer and Chief Accounting Officer of the Company. As a Managing Director, you will be responsible for managing the preparation of the Company’s consolidated
financial statements. In addition, you will be responsible for other duties as may from time to time be assigned to you by the Company. 
 2. Exclusivity. In return for the compensation payments set forth in this 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. 

3. Compensation. Your annualized base salary will be $260,000.00, 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 of up to 50% of your base salary earned during the bonus year, subject to the terms of the applicable bonus plan. 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 the bonus is distributed in order to be eligible for a bonus award because it also serves as an incentive to remain employed by
the Company. 

 5. Benefits. You shall be eligible to participate in any and
all benefit programs that the Company establishes and makes generally 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 comprehensive benefits summary. 

6. Equity. You will also be eligible to receive awards under the Company’s long-term incentive plans.
It is our intention to initially award you 25,000 restricted stock units, subject to board approval and to the terms and conditions of the Company’s 2003 stock incentive plan, as amended, and a restricted stock unit agreement between the
Company and you. Each restricted stock unit will represent the right to receive one share of common stock of the Company upon vesting. Your initial grant of restricted stock units is expected to vest ratably over four years, beginning on the first
anniversary of the grant date. Your restricted stock unit agreement and plan documents will be provided to you following your start date. 
 7. Relocation Assistance. To assist you with your relocation to the Boston area, the Company will provide you with the following relocation assistance (which may constitute taxable income to
you): 
 a. The Company will reimburse you up to $20,000.00 for third-party moving expenses actually and
reasonably incurred by you, provided that you furnish receipts satisfactory to the Company for any such expenses. In addition, the Company will reimburse you up to $5,000.00 in travel and other expenses related to your search for permanent housing,
provided that you furnish receipts satisfactory to the Company for any such expenses. To the extent the reimbursement of any expenses pursuant to this Section 7(a) qualifies for tax-free status, the Company will treat such reimbursement as
tax-free. 
 b. The Company will reimburse you up to $60,000.00 for third-party broker’s fees actually and
reasonably incurred by you and due upon the sale of your current house, provided that you furnish receipts or other documentation satisfactory to the Company for any such broker’s fees. To the extent the reimbursement of any broker’s fees
qualifies for tax-free status, the Company will treat such reimbursement as tax-free. 

 c. The Company will reimburse you for rental expenses actually and
reasonably incurred by you for temporary housing as you search for permanent housing. The Company will provide such reimbursement for up to six months immediately following your start date. The amount of such reimbursement must be pre-approved by
the Company. You will be required to provide documentation acceptable to the Company in connection with reimbursement for the temporary housing you select. 
 d. The Company will reimburse you for expenses actually and reasonably incurred by you for weekly travel between the Washington, D.C. area and the Boston area until the earlier of: (i) six months
immediately following your start date or (ii) your permanent relocation to the Boston area. You will be required to provide documentation acceptable to the Company in connection with reimbursement for such travel expenses. 

e. You agree to repay the Company in full for any moving, travel and other expenses incurred pursuant to subpart
(a) above, and any broker’s fees incurred pursuant to subpart (b) above, reimbursed to you by the Company, if you leave your employment voluntarily or are involuntarily terminated for “cause”, prior to the first anniversary
of your start date. A determination of whether “cause” exists will be made by the Company in its good faith discretion and any such finding will be binding and conclusive. In the event that you fail to timely repay any portion of the
moving expenses and broker’s fee you agree that (i) the Company will have all the rights of a creditor in seeking to obtain repayment of any unpaid amount; (ii) the Company will have the right to deduct or set-off the amount of such
unpaid amount from any cash compensation otherwise payable to you (to the extent permitted by law); and (iii) you will reimburse the Company for any and all damages, losses, costs, and expenses (including, but not limited to, attorneys’
fees, court costs, and collection costs) incurred or sustained by the Company as a result of your failure to timely repay such amounts. 
 f. All reimbursements and in-kind benefits provided under this offer letter shall be made or provided in accordance with the requirements of Section 409A of the Internal Revenue Code and the guidance
issued thereunder (“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 this 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. 

 8. 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. 

9. Severance Benefits. 

a. In the event that your employment is involuntarily terminated by the Company without Cause (as defined below) the
Company will pay you severance in the form of continuation of your annual base salary, less all lawful deductions, for a period of six months commencing on the Payment Date (as defined below) (the “Severance Pay Period”). Payments will be
made consistent with the Company’s usual payroll practices. 
 b. In the event that your employment is
involuntarily terminated by the Company without Cause, the Company will provide you with the continuations of medical and dental benefits (at then active rates) during the Severance Pay Period, provided that you properly elect to continue your
health and dental coverage under COBRA. 
 c. Except as otherwise set forth in this Section 9, the Release
or any restricted stock unit or stock option agreement between the Company and you, you shall not be eligible to participate in any other severance program, plan or policy of the Company, and you waive any right to receive any severance monies or
benefits other than those set forth in this Section 9. 
 d. The term “Cause” shall mean, as
determined by the Company in its good faith discretion, (i) the willful failure by you to perform your employment duties that has continued more than thirty days following written notice from the Company of such non-performance, (ii) any
act of dishonesty, fraud, willful misconduct, gross negligence or disobedience on your part in the performance of your employment duties, or (iii) your conviction of a felony involving moral turpitude. 

e. The payment of any severance amounts pursuant to this offer letter shall be subject to the terms and conditions set
forth in Exhibit A. In addition, any distribution, acceleration, vesting or payment of benefits to you pursuant to this offer letter or otherwise, is and shall be subject to and conditioned upon prior compliance with all applicable regulatory
provisions 

 
and requirements, including without limitation any applicable approval requirements of the U.S. Office of Thrift Supervision (or any successor thereof) and the Federal Deposit Insurance
Corporation. Should any provision of this offer letter be declared or be determined by the U.S. Office of Thrift Supervision (or any successor thereof), the Federal Deposit Insurance Corporation or any court of competent jurisdiction to be illegal,
invalid, impermissible, void or contrary to public policy or safe and sound banking practices, the validity of the remaining parts, terms or provisions shall not be affected thereby and said part, term or provision declared or determined to be
illegal, invalid, impermissible, void or contrary to public policy or safe and sound banking practices shall be deemed not to be a part of this offer letter. 

f. Notwithstanding anything herein to the contrary, no severance or benefits shall be paid or provided
under this offer letter unless you first execute and do not revoke a waiver and release of claims in a form satisfactory to the Company (the “Release”) within 60 days following the date of termination, which provides for a release of any
and all claims that you have or might have against the Company. The severance payments shall be paid or commence on the first payroll period following the date the Release becomes effective (the “Payment Date”). Notwithstanding
the foregoing, if the 60th day following the date of
termination occurs in the calendar year following the termination, then the Payment Date shall be no earlier than January 1 of such subsequent calendar year. 

10. Invention, Non-Disclosure, Non-Solicitation and Non-Compete Agreement. As a condition of your
employment, you will be required to execute the Company’s Invention, Non-Disclosure, Non-Solicitation and Non-Compete Agreement, a copy of which is enclosed with this offer letter. 

11. 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. 
 12. 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 determined by the Company in its
discretion to be necessary, appropriate or desirable. 

 13. 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. 
 14. 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 letter. Please note that this offer letter is your formal offer of employment and supersedes any and all prior or
simultaneous contemporaneous agreements, discussions and 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. Any claims or causes of action which arise out of this offer letter or your employment shall be instituted and litigated before a judge in a court of competent jurisdiction located within the Commonwealth of Massachusetts. You
expressly agree to waive your right to a jury trial in any claim initiated by you, on your behalf, or brought against you, based upon this offer letter or otherwise based upon your employment with the Company or termination thereof 

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 along with the attached forms, and return them to me in the attached envelope. 
  

	
	Sincerely,
	
	/s/ Jo-Ann Burnham
	Jo-Ann Burnham
	Managing Director, Human Resources
	
	Enclosures

 My signature below indicates my acceptance of this offer of at-will employment from The First Marblehead
Corporation and that I understand the terms of our employment relationship. I further acknowledge that this letter sets forth the Company’s entire offer of employment, and that I have not relied upon any other written or verbal discussions
concerning employment with the Company. 
  

					
	/s/ Ryan Brenneman	 		 	02/01/2011
	Ryan Brenneman	 		 	Date

 Exhibit A 

Compliance with Section 409A 
 Subject to the provisions in this Exhibit 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 severance 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 shall be payable on the dates and
terms set forth in your offer letter; 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). 
 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. 

 [On First Marblehead letterhead] 
 August 29, 2011 
 Ryan R. Brenneman 
 c/o The First Marblehead Corporation 
 800 Boylston Street, 34th Floor 

Boston, MA 02199 
 Dear Ryan: 

Reference is made to that certain letter agreement dated January 28, 2011 (the “Offer Letter”) between The First Marblehead Corporation
(the “Company”) and you. This letter sets forth amendments to certain of the provisions of the Offer Letter, which amended provisions supersede the terms of the Offer Letter. 
 In consideration for your continued service to the Company, and affirmation of your obligations under that certain Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement that you
executed on March 7, 2011, Section 7 of the Offer Letter is amended by deleting Section 7 in its entirety and substituting therefor the following: 
 “Relocation Assistance. To assist you with your relocation to the Boston area, the Company will provide you with the following relocation assistance (which may constitute taxable income to you):

 a. If you enter into a binding purchase and sale agreement for the purchase of a primary residence in the greater Boston area
(the “Purchase Transaction”) on or prior to December 31, 2011, you will receive a special one-time bonus award in an amount equal to $70,153 (the “Relocation Bonus”), provided that (i) you furnish the Company with a
fully executed copy of the binding purchase and sale agreement relating to the Purchase Transaction (the “P&S”) and (ii) the P&S specifies a closing date on or prior to January 31, 2012. You will receive the Relocation
Bonus in the first payroll cycle after you furnish the P&S to the Managing Director, Human Resources of the Company and in no event later than January 15, 2012. 
 b. The Company will reimburse you for rental expenses actually and reasonably incurred by you for temporary housing as you search for permanent housing (the “Temporary Housing Expenses”). The
Company will provide reimbursement for Temporary Housing Expenses through October 31, 2011. The amount of such reimbursement must be pre-approved by the Company. You will be required to provide documentation acceptable to the Company in
connection with reimbursement for the Temporary Housing Expenses. 
 c. The Company will reimburse you for expenses actually and
reasonably incurred by you for weekly travel between the Washington, D.C. area and the Boston area until the earlier of: (i) six months immediately following your start date or (ii) your permanent relocation to the Boston area (the
“Travel Expenses”). You will be required to provide documentation acceptable to the Company in connection with reimbursement for the Travel Expenses. 

 [On First Marblehead letterhead] 

 

 d. Other than permissible Temporary Housing Expenses incurred by you pursuant to subpart
(b) above and permissible Travel Expenses incurred by you pursuant to subpart (c) above, you will not be entitled to reimbursement for any expenses incurred by you, nor will the Company pay any expenses on your behalf, in connection with
your relocation to the Boston area after August 25, 2011. 
 e. If you leave your employment voluntarily or are
involuntarily terminated for “cause” on or prior to the anniversary of the date of payment by the Company of the Relocation Bonus, you agree to repay to the Company in full the amount of $85,000, representing (i) amounts previously
reimbursed to you or paid on your behalf by the Company (the “Reimbursements”) for moving expenses and travel and other expenses related to your search for permanent housing, and (ii) the amount of the Relocation Bonus paid to you by
the Company pursuant to subpart (a) above. A determination of whether “cause” exists will be made by the Company in its good faith discretion and any such finding will be binding and conclusive. 

f. You agree to repay to the Company in full the amount of $70,153, representing the amount of the Relocation Bonus, if the Purchase
Transaction fails for any reason to close on or prior to the closing date set forth in the P&S. You agree to repay such amount in full no later than the third business day after the scheduled closing date set forth in the P&S and in no event
later than February 3, 2012. 
 g. In the event that you fail to timely repay any portion of the Reimbursements or the
Relocation Bonus pursuant to subparts (e) or (f) above, you agree that (i) the Company will have all the rights of a creditor in seeking to obtain repayment of any unpaid amount; (ii) the Company will have the right to deduct or
set-off the amount of such unpaid amount from any cash or equity compensation otherwise due to you (to the extent permitted by law); and (iii) you will reimburse the Company for any and all damages, losses, costs, and expenses (including, but
not limited to, attorneys’ fees, court costs, and collection costs) incurred or sustained by the Company as a result of your failure to timely repay such amounts. 
 h. All bonuses, reimbursements and in-kind benefits provided under this offer letter shall be made or provided in accordance with the requirements of Section 409A of the Internal Revenue Code and the
guidance issued thereunder (“Section 409A”) to the extent that such bonuses, 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 this 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.” 

  

 [On First Marblehead letterhead] 

 

 Except as modified by this letter, all other terms and conditions of your Offer Letter shall remain in
full force and effect. In particular, your employment with the Company remains at-will, 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. 
 You acknowledge that the Offer Letter, as amended by this letter, may become subject to regulatory review and approval and
shall be binding on the Company only to the extent that all required regulatory approvals have been received and remain in effect. 
 Please
acknowledge your acceptance of the foregoing by signing in the space provided below and returning the signed letter to me. 
  

	
	Very truly yours,
	
	/s/ Jo-Ann Burnham
	Jo-Ann Burnham
	Managing Director, Human Resources

  

	
	AKNOWLEDGED AND AGREED
	
	/s/ Ryan R. Brenneman
	Ryan R. Brenneman

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