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                                                                   EXHIBIT 10.45

                                OPTION AGREEMENT

     THIS OPTION AGREEMENT is made effective the 30th day of September, 2003 by
and among The First Marblehead Corporation, a Delaware corporation, with its
principal offices at 30 Little Harbor, Marblehead, Massachusetts 01945 (the
"Company"), Daniel Maxwell Meyers, an individual residing at 25 Summer Street,
Marblehead, Massachusetts 01945 ("Stockholder"), and Ralph M. James, an
individual residing at 19 Mostyn Street, Swampscott, Massachusetts 01907
("James").

     WHEREAS, Stockholder wishes to grant to James an option to purchase shares
of Common Stock of the Company as provided herein.

     NOW THEREFORE, in consideration of the mutual covenants and promises set
forth herein and for good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

     1.   REPRESENTATIONS AND WARRANTIES OF STOCKHOLDER. Stockholder represents
and warrants to James as follows:

          (a)  Stockholder is the record and beneficial owner of at least 46,568
shares of Common Stock, $0.01 par value per share of the Company.

          (b)  Stockholder has full power and authority to execute and deliver
this Agreement (including, without limitation, full power and authority to
transfer the Purchased Shares (defined below)). This Agreement has been executed
and delivered by Stockholder and constitutes the legal, valid and binding
obligation of Stockholder, enforceable against him in accordance with its terms.
Neither the execution and delivery of this Agreement nor the consummation by
Stockholder of the transactions contemplated hereby will result in a violation
of, or a default under, or conflict with, any contract, trust, commitment,
agreement, understanding, arrangement or restriction of any kind to which
Stockholder is a party or bound or to which Option Shares (defined below) are
subject. To the best of Stockholder's knowledge, consummation by Stockholder of
the transactions contemplated by this Agreement will not violate, or require any
consent, approval, or notice under, any provision of any judgment, order,
decree, statute, law, rule or regulation applicable to Stockholder or the Option
Shares (other than any consents required pursuant to the Shareholders Agreement
(the "Shareholders Agreement") dated as of December 21, 1995, among the Company
and the stockholders named thereto, which consents shall be obtained prior to
James' exercise of the Stock Option (defined below) unless the provisions of the
Shareholders Agreement requiring such consents are terminated in which case such
consents will not be obtained).

          (c)  The Option Shares and the certificate representing such Option
Shares are now and at all times during the term hereof will be held by
Stockholder, or by the Company for the benefit of Stockholder, free and clear of
all liens, claims, security interests, proxies, voting

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trusts or agreements, understandings or arrangements or any other encumbrances
whatsoever, except for any such encumbrances or proxies arising hereunder or
under the Shareholders Agreement.

     2.   GRANT OF OPTION. Stockholder hereby grants to James an option (the
"Stock Option") to purchase on or prior to September 30, 2013 (the "Expiration
Date"), 46,568 shares of Common Stock, $.01 par value per share ("Common
Stock"), of the Company (the "Option Shares"), at an option exercise price of
$16.61 per share (the "Option Exercise Price"), subject to the terms and
conditions set forth in this Option Agreement (the "Agreement").

     3.   VESTING AND EXERCISABILITY.

          (a)  The Stock Option is fully vested and immediately exercisable with
respect to all Option Shares, and it shall continue to be exercisable by James
or his successors as contemplated herein at any time or times prior to the
Expiration Date.

          (b)  In the event that James' employment with the Company terminates
for any reason or under any circumstances, including James' resignation,
retirement or termination by the Company, upon death or disability, or for any
other reason, regardless of the circumstances thereof, this Stock Option shall
thereafter continue to be fully vested and fully exercisable by James or his
successors as contemplated herewith at any time or times prior to the Expiration
Date.

     4.   EXERCISE OF STOCK OPTION.

          (a)  Prior to the Expiration Date, James may exercise this Stock
Option by delivering to Stockholder and the Company a Stock Option exercise
notice (an "Exercise Notice") in the form of APPENDIX A attached hereto,
indicating his election to purchase some or all of the Option Shares. Such
notice shall specify the number of Option Shares to be purchased, provided
however, that no partial exercise of this option may be for any fractional share
or for less than fifty whole shares.

          (b)  Payment of the purchase price may be made in cash, by certified
or bank check, or other instrument acceptable to Stockholder in U.S. funds
payable to the order of Daniel Maxwell Meyers in an amount equal to the purchase
price of such Option Shares.

          (c)  Certificates for the Option Shares so purchased will be issued
and delivered to James. Until James shall have complied with the requirements
hereof, including without limitation Section 8 hereof, Stockholder shall be
under no obligation to transfer the Option Shares subject to this Stock Option.
James shall not be deemed to be the holder of, or to have any of the rights of a
holder with respect to, any shares of stock subject to this Stock Option unless
and until this Stock Option shall have been exercised pursuant to the terms
hereof, and James' name shall have been entered as a stockholder of record of
such Option Shares on the

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books of the Company. Thereupon, James shall have full dividend and other
ownership rights with respect to such Purchased Shares, subject to the terms of
this Agreement.

          (d)  Notwithstanding any other provision hereof, no portion of this
Stock Option shall be exercisable after the Expiration Date.

     5.   COVENANTS. Stockholder agrees with, and covenants to, James that
Stockholder shall not, except as contemplated by the terms of this Agreement and
the Shareholders Agreement, (a) transfer (which term shall include, without
limitation, for the purposes of this Agreement any sale, gift, pledge or other
disposition), or consent to any transfer of, any or all of such Option Shares or
any interest therein, (b) enter into any contract, option or other agreement or
understanding with respect to any transfer of any or all of such Option Shares
or any interest therein, (c) grant any proxy, power-of-attorney or other
authorization or consent in or with respect to such Option Shares, (d) deposit
such Option Shares into a voting trust or enter into a voting agreement or
arrangement with respect to such Option Shares, or (e) take any other action
that would in any way restrict, limit or interfere with the performance of his
obligations hereunder or the transactions contemplated hereby. The obligations
of this Section 5 shall terminate upon the earlier of the exercise in full of
the Option Shares or the Expiration Date.

     6.   TRANSFERABILITY.

          (a)  This Agreement is personal to James and is not transferable by
James in any manner other than by will or by the laws of descent and
distribution. James may elect to designate a beneficiary by providing written
notice of the name of such beneficiary to the Company, and may revoke or change
such designation at any time by filing written notice of revocation or change
with the Company; such beneficiary may exercise James' Stock Option in the event
of James' death, to the extent provided herein. If James does not designate a
beneficiary, or if the designated beneficiary predeceases James, the executor of
James' estate may exercise this Stock Option to the extent provided herein in
the event of James' death.

          (b)  Stockholder agrees that this Agreement and the obligations
hereunder shall attach to such Option Shares and shall be binding upon any
person or entity to which legal or beneficial ownership of such Option Shares
shall pass, whether by operation of law or otherwise, including without
limitation Stockholder's heirs, guardians, administrators or successors.

     7.   ADJUSTMENT UPON CHANGES IN CAPITALIZATION. The shares of stock covered
by this Stock Option are shares of Common Stock of the Company. If the shares of
Common Stock as a whole are increased, decreased, changed or converted into or
exchanged for a different number or kind of shares or securities of the Company
or any successor entity (or a parent or subsidiary thereof), whether through
merger or consolidation, sale of all or substantially all of the assets of the
Company, reorganization, recapitalization, reclassification, stock dividend,
stock split, combination of shares, exchange of shares, change in corporate
structure or the like, an appropriate and proportionate adjustment shall be made
in the number and kind of shares and in

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the per share exercise price of shares subject to any unexercised portion of
this Stock Option. In the event of any such adjustment in this Stock Option,
James thereafter shall have the right, to purchase the number of shares under
this Stock Option at the per share price, as so adjusted, which James could
purchase at the total purchase price applicable to this Stock Option immediately
prior to such adjustment, all references herein to Common Stock shall be deemed
to refer to the security that is subject to acquisition upon exercise of this
Stock Option and all references to the Company shall be deemed to refer to the
issuer of such security.

     8.   WITHHOLDING TAXES. James shall, not later than the date of exercise,
pay to the Company or make arrangements satisfactory to the Company for payment
of any federal, state and local taxes required by law to be withheld on account
of such exercise. James acknowledges and agrees that the Company or any
subsidiary of the Company ("Subsidiary") has the right to deduct from payments
of any kind otherwise due to James, or from the Option Shares to be issued in
respect of an exercise of this Stock Option, any federal, state or local taxes
of any kind required by law to be withheld with respect to the issuance of
Option Shares to James. The Company shall not be required to register in the
stock records any exercise of this Stock Option or issue, or register the
issuance of, any Option Shares until complies with the requirements of this to
the reasonable satisfaction of the Company.

     9.   LOCKUP PROVISION. James agrees, if requested by the Company and any
underwriter engaged by the Company, not to sell or otherwise transfer or dispose
of any securities of the Company (including, without limitation pursuant to Rule
144 under the Act) held by him for such period following the effective date of
any registration statement of the Company filed under the Act as the Company or
such underwriter shall specify reasonably and in good faith, not to exceed 180
days in the case of the Company's Initial Public Offering or 90 days in the case
of any other public offering.

     10.  MISCELLANEOUS PROVISIONS.

          (a)  EQUITABLE RELIEF. The parties hereto agree and declare that legal
remedies may be inadequate to enforce the provisions of this Agreement and that
equitable relief, including specific performance and injunctive relief, may be
used to enforce the provisions of this Agreement.

          (b)  CHANGE AND MODIFICATIONS. This Agreement may not be orally
changed, modified or terminated, nor shall any oral waiver of any of its terms
be effective. This Agreement may be changed, modified or terminated only by an
agreement in writing signed by Stockholder, the Company and James.

          (c)  NO EMPLOYMENT RIGHTS. Unless expressly provided in a written
agreement between James and the Company or any Subsidiary, James' employment is
at will. Nothing contained in this Agreement shall confer upon James any right
to continued employment with the Company or any Subsidiary.

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          (d)  GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of The Commonwealth of Massachusetts without regard
to conflict of law principles.

          (e)  HEADINGS. The headings are intended only for convenience in
finding the subject matter and do not constitute part of the text of this
Agreement and shall not be considered in the interpretation of this Agreement.

          (f)  SAVING CLAUSE. If any provision(s) of this Agreement shall be
determined to be illegal or unenforceable, such determination shall in no manner
affect the legality or enforceability of any other provision hereof.

          (g)  NOTICES. All notices, requests, consents and other communications
shall be in writing and be deemed given when delivered personally, by telex or
facsimile transmission or when received if mailed by first class registered or
certified mail, postage prepaid. Notices to the Company shall be to the
Company's principal corporate offices, and notices to James or Stockholder shall
be addressed as set forth in the preamble of this Agreement, or to such other
address or addresses as may have been furnished by such party in writing to the
other.

          (h)  BENEFIT AND BINDING EFFECT. This Agreement shall be binding upon
and shall inure to the benefit of the parties hereto, their respective
successors, permitted assigns, and legal representatives. The Company has the
right to assign this Agreement, and such assignee shall become entitled to all
the rights of the Company hereunder to the extent of such assignment.

          (i)  COUNTERPARTS. For the convenience of the parties and to
facilitate execution, this Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same document.

          (j)  PRIOR AGREEMENT. The Company, Stockholder and James acknowledge
and agree that upon execution of this Agreement by all parties hereto,
Stockholder shall have no further obligations to James pursuant to the letter
attached hereto as EXHIBIT A, and James shall have no rights thereunder.

          (k)  ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
among the Company, James and Stockholder and supersedes all prior understandings
and agreements, both written and oral, with respect to the subject matter
hereof.

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     The foregoing Agreement is hereby accepted and the terms and conditions
thereof hereby agreed to by the undersigned as of the date first above written.

THE FIRST MARBLEHEAD CORPORATION.

By: /s/ Donald R. Peck                       /s/ Daniel Maxwell Meyers
   --------------------------------         ----------------------------------
   Donald R. Peck                           Daniel Maxwell Meyers
   Chief Financial Officer

                                             /s/ Ralph M. James
                                            ----------------------------------
                                            Ralph M. James

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                                   APPENDIX A

                          STOCK OPTION EXERCISE NOTICE

Daniel Maxwell Meyers                       The First Marblehead Corporation
25 Summer Street                             Attention: Chief Financial Officer
Marblehead, MA  01945                       30 Little Harbor
                                            Marblehead, Massachusetts  01945

     Pursuant to the terms of that certain Option Agreement by and among The
First Marblehead Corporation, Daniel Maxwell Meyers, and Ralph M. James, dated
September __, 2003 (the "Agreement"), the undersigned hereby exercises such
option by including herein payment in the amount of $_______ representing the
purchase price for ______________ [Fill in number of Option Shares] Option
Shares. I have chosen the following form(s) of payment:

            / /   1.   Cash; or
            / /   2.   Certified or bank check payable to Daniel Maxwell Meyers
            / /   3.   Other (as contemplated in Section 4(b) of the Agreement)
                       (please describe)

                                            Sincerely yours,

                                            ----------------------------------
                                            Ralph M. James
                                            19 Mostyn Street
                                            Swampscott, MA  01907<Page>

                                                                   Exhibit 10.46

                        THE FIRST MARBLEHEAD CORPORATION
                             AUDIT COMMITTEE CHARTER

                               September 15, 2003

A.   PURPOSE

     The purpose of the Audit Committee is to assist the Board of Directors'
     oversight of:

          -    the integrity of the Company's financial statements;

          -    the Company's compliance with legal and regulatory requirements;

          -    the independent auditor's qualifications and independence; and

          -    the performance of the Company's independent auditors;

     and to prepare the report that SEC rules require be included in the
     Company's annual proxy statement.

B.   STRUCTURE AND MEMBERSHIP

     1.   NUMBER. The Audit Committee shall consist of at least three members of
          the Board of Directors.

     2.   INDEPENDENCE. Except as otherwise permitted by the applicable rules of
          the New York Stock Exchange and Section 301 of the Sarbanes-Oxley Act
          of 2002 (and the applicable rules thereunder), each member of the
          Audit Committee shall be "independent" as defined by such rules and
          Act.

     3.   FINANCIAL LITERACY. Each member of the Audit Committee shall be
          financially literate, as such qualification is interpreted by the
          Company's Board of Directors in its business judgment, or must become
          financially literate within a reasonable period of time after his or
          her appointment to the Audit Committee. At least one member of the
          Audit Committee must have accounting or related financial management
          expertise, as the Board of Directors interprets such qualification in
          its business judgment. Unless otherwise determined by the Board of
          Directors (in which case disclosure of such determination shall be
          made in the Company's SEC periodic reports), at least one member of
          the Audit Committee shall be an "audit committee financial expert" (as
          defined by applicable SEC rules).

     4.   CHAIR. Unless the Board of Directors elects a Chair of the Audit
          Committee, the Audit Committee shall elect a Chair by majority vote.

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     5.   COMPENSATION. The compensation of Audit Committee members shall be as
          determined by the Board of Directors. No member of the Audit Committee
          may receive any consulting, advisory or other compensatory fee from
          the Company other than fees paid in his or her capacity as a member of
          the Board of Directors or a committee of the Board.

     6.   SELECTION AND REMOVAL. Members of the Audit Committee shall be
          appointed by the Board of Directors, upon the recommendation of the
          Nominating and Corporate Governance Committee. The Board of Directors
          may remove members of the Audit Committee from such committee, with or
          without cause.

C.   AUTHORITY AND RESPONSIBILITIES

     GENERAL

     The Audit Committee shall discharge its responsibilities, and shall assess
     the information provided by the Company's management and the independent
     auditor, in accordance with its business judgment. Management is
     responsible for the preparation, presentation, and integrity of the
     Company's financial statements and for the appropriateness of the
     accounting principles and reporting policies that are used by the Company.
     The independent auditors are responsible for auditing the Company's
     financial statements and for reviewing the Company's unaudited interim
     financial statements. The authority and responsibilities set forth in this
     Charter do not reflect or create any duty or obligation of the Audit
     Committee to plan or conduct any audit, to determine or certify that the
     Company's financial statements are complete, accurate, fairly presented, or
     in accordance with generally accepted accounting principles or applicable
     law, or to guarantee the independent auditor's report.

     OVERSIGHT OF INDEPENDENT AUDITORS

     1.   SELECTION. The Audit Committee shall be directly responsible for
          appointing, evaluating and, when necessary, terminating the engagement
          of the independent auditor. The Audit Committee may, in its
          discretion, seek stockholder ratification of the independent auditor
          it appoints.

     2.   INDEPENDENCE. At least annually, the Audit Committee shall assess the
          independent auditor's independence. In connection with this
          assessment, the Audit Committee shall obtain and review a report by
          the independent auditor describing all relationships between the
          independent auditor and the Company, including the disclosures
          required by Independence Standards Board Standard No. 1. The Audit
          Committee shall engage in an active dialogue with the independent
          auditor concerning any disclosed relationships or services that might
          impact the objectivity and independence of the auditor.

     3.   QUALITY-CONTROL REPORT. At least annually, the Audit Committee shall
          obtain and review a report by the independent auditor describing:

          -    the firm's internal quality control procedures;

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          -    any material issues raised by the most recent internal
               quality-control review, or peer review, of the firm, or by any
               inquiry or investigation by governmental or professional
               authorities, within the preceding five years, respecting one or
               more independent audits carried out by the firm, and any steps
               taken to deal with any such issues.

     4.   COMPENSATION. The Audit Committee shall be directly responsible for
          setting the compensation of the independent auditor. The Audit
          Committee is empowered, without further action by the Board of
          Directors, to cause the Company to pay the compensation of the
          independent auditor established by the Audit Committee.

     5.   PREAPPROVAL OF SERVICES. The Audit Committee shall preapprove all
          services (audit and non-audit) to be provided to the Company by the
          independent auditor; provided, however, that de minimis non-audit
          services may instead be approved in accordance with applicable SEC
          rules.

     6.   OVERSIGHT. The independent auditor shall report directly to the Audit
          Committee, and the Audit Committee shall be directly responsible for
          oversight of the work of the independent auditor, including resolution
          of disagreements between Company management and the independent
          auditor regarding financial reporting. In connection with its
          oversight role, the Audit Committee shall, from time to time as
          appropriate:

          -    receive and consider the reports required to be made by the
               independent auditor regarding:

                    -    critical accounting policies and practices;

                    -    alternative treatments within generally accepted
                         accounting principles for policies and practices
                         related to material items that have been discussed with
                         Company management, including ramifications of the use
                         of such alternative disclosures and treatments, and the
                         treatment preferred by the independent auditor; and

                    -    other material written communications between the
                         independent auditor and Company management.

          -    review with the independent auditor:

                    -    audit problems or difficulties the independent auditor
                         encountered in the course of the audit work and
                         management's response, including any restrictions on
                         the scope of the independent auditor's activities or on
                         access to requested information and any significant
                         disagreements with management;

                    -    major issues as to the adequacy of the Company's
                         internal controls and any special audit steps adopted
                         in light of material control deficiencies;

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                    -    analyses prepared by management and/or the independent
                         auditor setting forth significant financial reporting
                         issues and judgments made in connection with the
                         preparation of the financial statements, including
                         analyses of the effects of alternative GAAP methods on
                         the financial statements; and

                    -    the effect of regulatory and accounting initiatives, as
                         well as off balance sheet structures, on the financial
                         statements of the Company.

     REVIEW OF AUDITED FINANCIAL STATEMENTS.

     7.   DISCUSSION OF AUDITED FINANCIAL STATEMENTS. The Audit Committee shall
          review and discuss with the Company's management and independent
          auditor the Company's audited financial statements, including the
          Company's disclosures under "Management's Discussion and Analysis of
          Financial Condition and Results of Operations," and the matters about
          which Statement on Auditing Standards No. 61 (Codification of
          Statements on Auditing Standards, AU Section 380) requires discussion.

     8.   RECOMMENDATION TO BOARD REGARDING FINANCIAL STATEMENTS. The Audit
          Committee shall consider whether it will recommend to the Board of
          Directors that the Company's audited financial statements be included
          in the Company's Annual Report on Form 10-K.

     9.   AUDIT COMMITTEE REPORT. The Audit Committee shall prepare an annual
          committee report for inclusion where necessary in the proxy statement
          of the Company relating to its annual meeting of security holders.

     REVIEW OF OTHER FINANCIAL DISCLOSURES

     10.  INDEPENDENT AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS. The Audit
          Committee shall direct the independent auditor to use its best efforts
          to perform all reviews of interim financial information prior to
          disclosure by the Company of such information and to discuss promptly
          with the Audit Committee and the Chief Financial Officer any matters
          identified in connection with the auditor's review of interim
          financial information which are required to be discussed by Statement
          on Auditing Standards Nos. 61, 71 and 90. The Audit Committee shall
          direct management to advise the Audit Committee in the event that the
          Company proposes to disclose interim financial information prior to
          completion of the independent auditor's review of interim financial
          information.

     11.  EARNINGS RELEASE AND OTHER FINANCIAL INFORMATION. The Audit Committee
          shall review and discuss generally the types of information to be
          disclosed in the Company's earnings press releases (including any use
          of "pro forma" or "adjusted" non-GAAP, information), as well as
          financial information and earnings guidance provided to analysts,
          rating agencies and others.

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     12.  QUARTERLY FINANCIAL STATEMENTS. The Audit Committee shall discuss with
          the Company's management and independent auditor the Company's
          quarterly financial statements, including the Company's disclosures
          under "Management's Discussion and Analysis of Financial Condition and
          Results of Operations."

     CONTROLS AND PROCEDURES

     13.  OVERSIGHT. The Audit Committee shall coordinate the Board of
          Directors' oversight of the Company's internal accounting controls for
          financial reporting, the Company's disclosure controls and procedures
          and the Company's code of business conduct and ethics. The Audit
          Committee shall receive and review the reports of the CEO and CFO
          required by Section 302 of the Sarbanes-Oxley Act and Rule 13a-14 of
          the Exchange Act.

     14.  RISK MANAGEMENT. The Audit Committee shall discuss the Company's
          policies with respect to risk assessment and risk management,
          including guidelines and policies to govern the process by which the
          Company's exposure to risk is handled.

     15.  HIRING POLICIES. The Audit Committee shall establish policies
          regarding the hiring of employees or former employees of the Company's
          independent auditors.

     16.  PROCEDURES FOR COMPLAINTS. The Audit Committee shall establish
          procedures for (i) the receipt, retention and treatment of complaints
          received by the Company regarding accounting, internal accounting
          controls or auditing matters; and (ii) the confidential, anonymous
          submission by employees of the Company of concerns regarding
          questionable accounting or auditing matters.

     17.  EVALUATION OF FINANCIAL MANAGEMENT. The Audit Committee shall
          coordinate with the Compensation Committee the evaluation of the
          Company's financial management personnel.

     18.  ADDITIONAL POWERS. The Audit Committee shall have such other duties as
          may be delegated from time to time by the Board of Directors.

D.   PROCEDURES AND ADMINISTRATION

     1.   MEETINGS. The Audit Committee shall meet as often as it deems
          necessary in order to perform its responsibilities. The Audit
          Committee may also act by unanimous written consent in lieu of a
          meeting. The Audit Committee shall periodically meet separately with:
          (i) the independent auditor and (ii) Company management. The Audit
          Committee shall keep such records of its meetings as it shall deem
          appropriate.

     2.   SUBCOMMITTEES. The Audit Committee may form and delegate authority to
          one or more subcommittees (including a subcommittee consisting of a
          single member), as it deems appropriate from time to time under the
          circumstances. Any decision

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          of a subcommittee to preapprove audit or non-audit services shall be
          presented to the full Audit Committee at its next scheduled meeting.

     3.   REPORTS TO BOARD. The Audit Committee shall report regularly to the
          Board of Directors.

     4.   CHARTER. At least annually, the Audit Committee shall review and
          reassess the adequacy of this Charter and recommend any proposed
          changes to the Board of Directors for approval.

     5.   WRITTEN AFFIRMATION TO NYSE. On an annual basis, no later than one
          month after the Annual Meeting of Stockholders, and after each change
          in the composition of the Audit Committee, the Audit Committee shall
          direct the Company to prepare and provide to the NYSE such written
          confirmations regarding the membership and operation of the Audit
          Committee as the NYSE rules require.

     6.   INDEPENDENT ADVISORS. The Audit Committee shall have the authority,
          without further action by the Board of Directors, to engage such
          independent legal, accounting and other advisors as it deems necessary
          or appropriate to carry out its responsibilities. Such independent
          advisors may be the regular advisors to the Company. The Audit
          Committee is empowered, without further action by the Board of
          Directors, to cause the Company to pay the compensation of such
          advisors as established by the Audit Committee.

     7.   INVESTIGATIONS. The Audit Committee shall have the authority to
          conduct or authorize investigations into any matters within the scope
          of its responsibilities as it shall deem appropriate, including the
          authority to request any officer, employee or advisor of the Company
          to meet with the Audit Committee or any advisors engaged by the Audit
          Committee.

     8.   ANNUAL SELF-EVALUATION. At least annually, the Audit Committee shall
          evaluate its own performance.

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