From: Heather Gray

From: Heather Gray To: jeffrey E. <[email protected]> Subject: RE: Schwitters - question from Lauder's people Date: Thu, 09 Oct 2014 20:34:07 +0000 Great, thanks. From: jeffrey E. [[email protected]] Sent: Thursday, October 09, 2014 4:22 PM To: Heather Gray Subject: Re: Schwitters - question from Lauder's people ok with me , as long as it was shorter than 6 im ok On Thu, Oct 9, 2014 at 4:21 PM, Heather Gray < > wrote: Jeffrey, Ronald Lauder wants to shorten the survivor's call right period in the Schwitters agreement to 3 months. The agreement currently provides that in the event of the death of a member, the surviving member has 5 months to exercise his call right, and then 90 days after that to pay (which means that the estate potentially would not be paid until 8 months after the date of death, with the estate tax due 9 months after the date of death). Mr. Lauder's CFO is worried that this is too short of a time period, and would like to change the agreement so that the surviving member has 3 months to exercise his call right, and 60 days after that to pay (taking us out 5 months instead of 8). I don't have a problem with this as I think 3 months gives Leon plenty of time to decide if he wants to exercise the right, and he will still have 60 days on top of that to pay. If the situation is reversed and Leon dies first, it would be nice to know more quickly whether Ronald is going to buy out Leon's interest. Do you have any objection to me shortening the survivor's call right to 3 months? I'm in the office at Thanks, Heather Heather Gray Elysium Management LLC 445 Park Avenue Suite toot New York, New York 10022 Direct Dial: Fax: Email: if you would like to discuss this. EFTA00629096 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00629097