The First Marblehead Corporation
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Delaware
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001-31825
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04-3295311
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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The Prudential Tower
800 Boylston Street, 34th Floor
Boston, Massachusetts
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02199-8157
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(Address of principal executive offices)
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(Zip Code)
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Not applicable
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(Former name or former address, if changed since last report)
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·
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No cash bonuses will be paid to any of the Corporation’s executive officers for the fiscal year ended June 30, 2011 (“Fiscal 2011”);
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·
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All executive officers will be eligible for a three percent increase in annual base salary for the fiscal year ending June 30, 2012 (“Fiscal 2012”), effective September 1, 2011;
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·
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Daniel Meyers, the Corporation’s Chief Executive Officer and President, will be entitled each fiscal year to up to 75 hours of non-business use of a private aircraft, as further described in Item 8.01 below;
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·
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Within the next 90 days, the Committee expects to reassess Mr. Meyers’ compensatory arrangements in light of the Corporation’s operating results since July 1, 2011, and will consider making cash and equity awards to Mr. Meyers after reviewing his overall performance; and
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·
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The compensatory arrangements for non-employee directors of the Corporation will remain unchanged at this time.
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THE FIRST MARBLEHEAD CORPORATION
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Date: August 29, 2011
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By:
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/s/ Kenneth Klipper
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Kenneth Klipper
Managing Director and Chief Financial Officer
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