EFTA02705184.pdf

LEON D. BLACK LEON BLACK FAMILY FOUNDATION, INC. 445 Park Avenue Suite 1401 New York, New York 10022 December 17, 2014 Martin Nowak, Director Program for Evolutionary Dynamics Harvard University One Brattle Square, Suite 6 Cambridge, Massachusetts 02138-3758 Re: $5,000,000 Irrevocable Pledge for the Use and Benefit of the Program For Evolutionary Dynamics, Harvard Fund Number 347150 (this "Pledge") Dear Dr. Nowak: In consideration of the multi-disciplinary and highly innovative work in mathematical biology and evolutionary dynamics by Professor Martin Nowak and his team of the world's leading researchers now and hereafter conducted in the Program for Evolutionary Dynamics at Harvard University ("PED"), and with the understanding that PED will be relying hereon in projecting its fiscal needs, seeking other support and allocating its limited resources for continuing such work in the future, I, on behalf of myself individually and as President of Leon Black Family Foundation, Inc. (the "Donor"), intending to be legally bound, hereby irrevocably pledge and promise that I and/or Leon Black Family Foundation, Inc. will pay to PED the aggregate sum of Five Million Dollars ($5,000,000) as hereinafter provided. The Donor will fulfill this Pledge with an outright gift in the amount of Four Million Dollars ($4,000,000), which the Donor shall pay on the date hereof, and with an outright gift of the remaining balance of One Million Dollars ($1,000,000), which the Donor shall pay by not later than September 30, 2015 (the "Final Payment Date"). The Donor may accelerate the payment of any or all of the unpaid funds required under this Pledge at any time in the Donor's discretion so long as the cumulative total of all such payments hereunder equals Five Million Dollars ($5,000,000) and is paid in full by the Final Payment Date. All payments under this Pledge shall be made by wire transfer of immediately available funds for the sole benefit of PED, Harvard Fund Number 347150, to an account of Harvard University maintained at Bank of America in accordance with the following wire transfer instructions: Name of Bank: Bank of America Bank Address: 100 Federal Street Boston, MA 02110 ABA No.: EFTA_R1_02094840 EFTA02705184  DDA Acct. No.: (President and Fellows of Harvard College RSO Acct) Wire Details: For Sole Use and Benefit of the Program for Evolutionary Dynamics, Harvard Fund Number 347150 PED shall use the funds from this Pledge to pay for the maintenance of space and occupancy, equipment, supplies and administrative staff, and to contribute towards expenses associated with PED's research staff, summer salaries, students, visitors and events and for any other purpose consistent with PED's mission and purposes. PED's acceptance of any of the funds pledged hereunder shall constitute its agreement to use all amounts received under this Pledge in accordance with this paragraph. The Donor understands and acknowledges that the payment of all amounts required under this Pledge shall constitute the Donors binding obligation and shall be enforceable at law and equity, including, without limitation, against Leon Black Family Foundation, Inc., me and my estate, heirs, executors, administrators and personal representatives, and all of their successors and assigns (the "Bound Parties"). Should full payment of all amounts required to be paid under this Pledge not be completed during my lifetime, it is understood that this Pledge is binding on the Bound Parties; and that my failure to include a specific bequest in my Will for such full payment shall not release the Bound Parties from complying with my payment obligations under this Pledge. This Pledge shall be interpreted under the laws of the State of New York With best wishes for your conlnued„success, ft •c: 7 Leon. b. Black Individually and as President of Leon Black Family Foundation, Inc. The foregoing irrevocable pledge is gratefully acknowledged and accepted, and its terms are hereby agreed to on December 17, 2014. Program for Evolutionary Dynamics at Harvard University By: Martin Nowak, Director cc: Denise A. Gorayeb, Recording Secretary Harvard University Recording Secretary's Office 124 Mt Auburn St Cambridge MA 02138 2 EFTA_R1_02094841 EFTA02705185