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Exhibit 20

To: Smith,Kathleen McDaniel[k @louisville.edu]


From: Saffer, David
Sent: Wed 9/18/2013 7:49:46 PM
Subject: RE: confidential and advisory and preliminary

I will thlnk about this and back to you. One I know now i'; is in 2008 from CRE to
UHi. Back to you soon. Thanks.

From: Smith,Kathleen McDaniel [mailto:k @louisville.edu]


Sent: Wednesday, September 18, 2013 1:54 PM
To: Saffer, David
Subject: confidential and advisory and preliminary

Larry Owsley is being forced into retirement, and we offered him 6 additional months if he would sign a non-disparaging clause
with damages if discovered that he was damaging the University's or the Foundation's reputation. Shirley is ready to fire him.
With this context, I do not feel that we are protected from Larry trying to inundate us with ORRs through an Andy Wolfson or some
other reporter. We need to protect UHi and Minerva. Can we use CRE instead of UHi now or did CRE morph into UHi? I would
like to make the paper trail to our holdings as obscure as possible to Larry and his staff. I do think he may be out for revenge. He
does not think the University can get along without him, and we have already replaced him. We are moving to a separate staff for
the UofL Foundation accounting etc. and moving them to Cardinal Station. But, I don't see us moving this along fast enough. So,
organizationally, please think about how we can move our LLCs into something more obscure that would be difficult to find
through ORRs. Case in point is the Cardinal Club and the LLC it becomes. I don't know if Larry knows about UHi, but I'm betting
he does. I also think the recent ORR from Andy Wolfson was just the start of the type of inquiries we will get when Larry is gone.
And Andy Wolfson is not known for his objective reporting.

Please think about it and help me move quickly to protect all that we have done. We are so close to receiving benefit for the risk
that we have taken over the years, I really do not want to see the newspaper slam us.

Kathleen
Exhibit 23
I (2/18/2008) Kathleen M Smith - FW: Personal and.confidential-Advisory Page 1 j

From: "Helm Ill, Kennedy" <K @stites.com>


To: "Kathleen M Smith" <k @gwise.louisville.edu>
Date: 2/18/2008 1 :20 PM
Subject: FW: Personal and confidential--Advisory

-Original Message-
From: Kathleen M Smith [mailto:k @louisville.edu)
Sent: Friday, February 15, 2008 3:55 PM
To: Helm Ill, Kennedy
Subject: Personal and confidential-Advisory

Kennedy, here are the elements of my Participation Agreement with the


Foundation as described to me by Chester and Jim.

1. As of August 31, 2007, $450,000 would be deposited in a Deferred


Compensation Plan participation account for me to reflect my 36 years of
service as a key employee and each subsequent year, on July 1, $12,500
would be deposited into this account to retain my service until July 1,
2012. The deposits would be made on 7/1/08, 711/09, 7/1110, 7/1/11.

2. The amount in the account would appreciate annually by an equivalent


amount as the endowment's portfolio, e.g., if the endowment appreciated
18%, the amount in my account would appreciate by 18%, if in subsequent
year it was 11% then the appreciation of my account would be 11%.

3. The amount in the account would be indemnified for tax liabilities,


i.e., the amount in my account as of 6/30/2012 would be the amount I
would

Redacted

follow up with you directly about this


several times. He said that if you have any questions. please give him
a call. I just had so much on my plate that I did not have time to send
you this note.

I have looked at the other participation agreements that Ben Sanders


sent over and have a few changes. I'll send him some e-mails to correct
these and I think we can call this action completed.

Last item, how can we keep these participation agreements from being
subject to ORR. I am certain that Dr. Ramsey does not want any of these
to end up in the hands of the C-J. Is there any belt and suspenders
approach we can use.

Thanks for all your help.

Kathleen
Exhibit 24
Exhibit 30

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