Re: Ross L. Stevens - Stone Ridge Holdings Group LP Wendy S. White Senior Vice President & General Counsel University of Pennsylvania & Penn Medicine: 2929 Walnut Street, Suite 400 Philadelphia, PA 19104-5099 wendy
white@oge.upenn edu
Dear Ms. White
‘We write on behalf of our client, Stone Ridge Holdings Group LP (‘Stone Ridge), regarding Stone Ridge units (Units) (now valued at approximately $100 millon) donated by Ross L. Stevens (W91) to the University of Pennsylvania (the “Universit’) to fund the Stevens Center for Innovation in Finance. As a holder of Stone Ridge Unit, the University is bound by and must comply with the terms of Stone Ridge’s limited partner agreement ‘LP Agreement’). Under that Agreement, Stone Ridge has the abilty, in its sole discretion, o rire the Units of a mited partner that has engaged in conduct constituting “Limited Partner Cause.” (LP Agreement§ 10.12.) The LP Agreementdefines “Limited Partner Cause” broadly to include, as relevant here, violations (by the imited partner) of lawsorrules applicable o Stone Ridge that are ‘material injuriousto [Stone Ridge's] business, reputation, character or standing.” (1d. § 2.1.) Among the rues applicable to Stone Ridge are ts own anti-iscrimination and antrharassment policies and the faws of New York tate that prohibit workplace discrimination and harassment. For example, Stone Ridge strict prohibits all forms of discrimination and harassment based on, among other things, religion. “This prohibition applies to physical conduct, verbal conduct (including taunting. jokes, threats, epithets, derogatory comments or slurs based on an individual's protected status): and visual andor witien conduct {including derogatory posters. photographs, calendars, cartoons, drawings, websites, email, text messages or gestures based on an indvidual's protected status). These policies, among others, were enacted by Stone Ridge to ensure a safe and respectful environment or its employees. Mr. Stevens and Stone Ridge are appalled by the University's stance on antisemitism on campus. Its permissive approach to hate speech caling for violence against Jews and laissez faire attitude toward harassment and discrimination against Jewish students would violate any policies of rules that prohibit harassment and discrimination based on religion, including those of Stone Ridge. President Magil's December6, 2023 post on X admittedas much, when she belatedly acknowledged—only after her Congressional testimony went viral and demands for her termination amplificd—that calls for genocide of the Jewish people constitute harassment and discrimination. In ight of the foregoing, Stone Ridge has reason to believe that the University's actions (or lack thereof) consiitte “Limited Partner Cause” under Section 10.12ofthe LP Agreement, which gives Stone Ridge the ability, in its sole discretion, to retire the University's Units.
Mr. Stevens and Stone Ridge would welcome the opportunity to discuss this matter further and give the University a chance to remedy what Stone Ridge believes are likely violations of the LP Agreement f, and when, there is a new University President in place. Until then, there can be no meaningful discussion about remedying the University's ongoing failure to honor is obligations. Very Truly Yours, ih Neil Barr Dana M. Seshens.
cc: M. Elizabeth Magill, President, University of Pennsylvania Scott L. Bok, Chair of the Board of Trustees
