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<p class="MsoNormal">Dear Bylaws Coordinating Group:<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">We have sent proposed edits corresponding to most of the CCWG Comments of May 13 as well as proposed corrections of typos and conforming changes to Sam Eisner and we have copied you on that email.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">There is one item on which we need guidance from the Bylaws Coordinating Group or the CCWG relating to Section 25.1(e): The CCWG Proposal is internally inconsistent on when Standard Bylaw Amendments take effect. Annex 2, Paragraph 30
provides for a 28 day period, and Annex 4, Paragraph 32 provides for a 30 day period in both instances following the Rejection Action Board Notification Date. We need direction on which time period should be used – 28 days or 30 days.<o:p></o:p></p>
<p class="MsoListParagraph"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:black">We leave it to you whether this email or the email to Sam sent today should be posted to the CCWG list.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:black">Kind regards, <o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:black">Holly and Rosemary<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">HOLLY</span></b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D"> <b>J.
GREGORY</b></span><span style="font-size:12.0pt;font-family:"Times New Roman","serif";color:#1F497D"><br>
</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D">Partner and Co-Chair<br>
Corporate Governance & Executive Compensation Practice Group<o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">Sidley Austin LLP</span></b><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"><br>
787 Seventh Avenue<br>
New York, NY 10019<br>
+1 212 839 5853</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif";color:#1F497D"><br>
</span><span style="font-size:9.0pt;font-family:"Arial","sans-serif";color:#1F497D"><a href="mailto:holly.gregory@sidley.com" title="Click to send email to Gregory, Holly">holly.gregory@sidley.com</a></span><span style="font-size:12.0pt;font-family:"Times New Roman","serif";color:#1F497D"><br>
<a href="http://www.sidley.com/" title="www.sidley.com"><span style="font-size:9.0pt;font-family:"Arial","sans-serif"">www.sidley.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><a href="http://www.sidley.com/"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";text-decoration:none"><img border="0" width="35" height="35" id="_x0000_i1025" src="http://www.sidley.com/files/upload/signatures/SA-autosig.png" alt="http://www.sidley.com/files/upload/signatures/SA-autosig.png"></span></a><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D"> </span><b><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#1F497D">SIDLEY
AUSTIN LLP</span></b><span style="font-size:10.0pt;font-family:"Times New Roman","serif";color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;color:#1F497D"> </span><span style="color:#1F497D"><o:p></o:p></span></p>
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