EMAIL DETAILS

Just to make sure everyone has it and we are all on the same page, attached is the draft MOU circulated by UD.

When Alan and Jeff called yesterday, I made it clear to them that our group had not had a chance to discuss the details of the MOU yet and that I had no reactions. However, I did ask questions about a few of the points in the MOU that were different from what we had discussed previously to make sure we hadn’t missed something.

1) Fundraising: I mentioned that there was no talk prior to this that the VP would be required to fundraise and certainly not to the level of specificity detailed in the MOU. In fact, we specifically said the VP would not fundraise. Alan and Jeff agreed that that was what was discussed but said Assanis felt it was important to put that in there to appease constituencies at UD that might be opposed to building a $50m building without asking for anything in return.

2) Titles and Roles for VP at UD: The MOU mentions the VP being “Executive Director” of the Biden Center and a “Visiting Professor”. It also talks about paying the VP a salary for his role as ED of the Biden Center. Alan and Jeff said that Assanis wanted to put in the ED role because he wanted to give the VP an opportunity to have a specific role and draw a salary if he needed it. They included the Visiting Professorship in there because they said understood that Penn wouldn’t allow him to be a Professor at UD but thought this might be a work around. I reiterated that Penn’s sole demand was no other Professorships at any other Universities.

3) While on the phone with Alan and Jeff, they also indicated that Assanis would like to make sure the announcement re: UD would be made either prior to or at the same time as Penn. He does not want it to be made afterwards. I said I would make sure everyone knew that.

In general, I asked Alan and Jeff if we were missing something during our conversations and they said we weren’t - the MOU reflects Assanis recent involvement and they are fully expecting that we will come back to them with comments/change/non-starters.

I told them we would need some time to discuss amongst our internal group and would get back to them.

Let me know if anyone has any questions.

Thanks,

Eric


Eric D. Schwerin
Rosemont Seneca Advisors, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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