Subject: Follow Up
From: "Eric Schwerin" <[email-masked]>
To: "Godfrey, Andrew" <[email-masked]>
Cc: "Hunter Biden" <[email-masked]>
Date: Mon, 9 Mar 2015 11:55:06 -0400

Andrew-

Hunter and I reviewed the attached and have made the following proposed edits to the LOI.

Deleted Rosemont Seneca Partners from the agreement.  It is just a holding company and solely owns the assets of Rosemont Seneca Advisors and as such has no other real assets to convey.  All of our agreements are signed by RSA.
Had the sale of the assets of RSP Investments (RSPI) take place after a transition period.  Not only will it be easier to transition clients to Burnham if we do it over time, but also because of FINRA regulations, we think this will take awhile anyway.  From a revenue point of view we would agree to assign all the revenue of RSPI to Burnham Securities immediately but would just assume the sale of RSPI to Burnham Securities would take more time.
Made some edits to the salary figures and would ask for the employment agreements to be guaranteed for two years. 
Hunter will agree to backstop the losses beyond $20K a month, but we’d like it to be cumulative over the first six months so that he receives full salary for months 1-6 and so that if any total losses for months 1-6 equal more than $120,000, Hunter will make up the difference for any amount over $120,000 starting in month 7.
Changed the timeline to more accurately reflect where we are.

Also, we were curious what the make-up of the Burnham Operating Committee is that determines the bonuses?  Will Hunter be on that Committee?

If all of the changes are acceptable, I have attached final copy with Hunter’s signature along with the redlined copy.

Otherwise, let us know your thoughts.
Thanks,

Eric

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
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