From: Jeffrey Epstein <jeevacationggmail.com>

From: Jeffrey Epstein <jeevacationggmail.com> To: Steven Sinofsky <=l Subject: Re: grant vesting Date: Mon, 10 Jun 2013 07:50:46 +0000 Good try re vesting schedule , you get an A for effort . I'll talk to you re hedging On Monday, June 10, 2013, Steven Sinofsky wrote: NOTE: The payment date is 15 days after the vest date, not at agreement -- it means I do need to hedge the whole thing because the earnings call for this quarter happens before Sept 15. Can you tell me what to buy in order to hedge this? I think that will be important, certainly in the immediate term. There is one grant that I only get 50% of -- does it vest over the same length of time as the original grant (that is 50% each vesting period through the original 8/31/16) or does it vest until 50% of the shares are vested (meaning it completes vesting in 2014). The original schedule: Date Shares Grant ft 8/31/2013 55'1591299375 8/31/2014 55'1591299375 8/31/2015 55'1591299375 8/31/2016 55'1591299375 220,636 This is the grant called out specifically as #0( Otherwise the full amount is as follows assuming vesting at 50% for a long time (pretax at $35). est Date Shares Pretax Grant * 8/31/2013 7,696 $269,360 811105 8/31/2013 56,681 $1,983,835 1087120 8/31/2013 47,368 $1,657,880 1180497 8/31/2013 49,643 $1,737,505 1299366 8/31/2013 27,580 $965,283 1299375 8/31/2014 47,369 $1,657,915 1180497 8/31/2014 49,643 $1,737,505 1299366 8/31/2014 27,580 $965,283 1299375 8/31/2015 49,644 $1,737,540 1299366 8/31/2015 27,580 $965,283 1299375 8/31/2016 27,580 $965,283 1299375 418,362 $14,642,670 EFTA00962093 First payment (9/15) is $6.6 pretax at $35 a share. Even at $30 the after tax number is $8.2 (before you and Jay). The original offer was $5M cash and we got to about 9M cash, pretax. Sent from Windows Mail on Surface RT http://blog.learningbyshipping.com 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 Jeffrey Epstein 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 EFTA00962094