<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, April 27, 2015 5:58 PM</td></tr><tr><td>To:</td><td>Heather Gray</td></tr><tr><td>Subject:</td><td>Re: (further) revised Picasso agreement</td></tr></table>

needs more, speak later or tomroew

On Mon, Apr 27, 2015 at 1:29 PM= Heather Gray > > wrote:

Jeffrey,

Based on my discussion with Leon this morning, I hav= further revised the Agreement of Sale for the Picasso to provide that Gag=sian will insure the Picasso from the date the agreement is signed until t=tle passes to Leon at the end of the MoMA exhibition (or, if the work is damaged and Leon doesn't g= through with the purchase, until Gagosian refunds to Leon the amounts of =he Purchase Price that Leon had previously paid as a deposit). Attac=ed are the revised agreement and a redline showing the changes made.

Leon also asked me to have John Silberman, our outsi=e art attorney, review the Agreement, so I will be sending it to him short=y for comments.

Best,

Heather

Heather Gray

Elysium Management LLC

445 Park Avenue

Suite 1401

New York, New York 10022

## please =ote

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