<table><tr><th>From:</th><th>Paul Barrett &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, May 23, 2017 10:56 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Follow up</td></tr></table>

Ok

I will connect with Darren. Just let me know a number that works for you. If you decide on 1.5mm then I will gladly reduce that down to 1mm as I get other clients. Up to you.

Thanks

Paul

## Sent from my iPhone

On May 23, 2017, at 5:40 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com> > wrote:

ok i agree

On Tue, May 23, 2017 at 5:35 PM, Paul Barrett <██████████████████ <mailto:p██████████████████> > wrote:

## Jeffrey

I spent time with Darren and Rich yesterday. We went back and forth on a number of issues including the 10% down and out clause (I would like 15%), what event voids this threshold (terror, war etc), high water mark (which makes little sense as I don't have a performance fee). It feels like we are over complicating things. If you are worried about the 3 yr lock then let's change it to a 2 yr guarantee with no down and out clause. I am fully confident after 2 years we will renew the agreement. We will make real money by going against the grain when opportunities present themselves. That's how we made good money when I was covering you and I want to maintain that mindset going forward. You have known me for long enough that you can trust me with this.

I tried calling you. Am around later tonight if you would like to discuss.

Paul

## Jeffrey (cont.)

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