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et. 8th FL New York. NY 10012 phaidon.com From: Magnus Resch [mato: Sent: Tuesday, February 16, 2016 3:20 PM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement It is intended that Phaidon Digital, Artspace and Artace form a strategic partnership in regards to thei

rtspace and Artace form a strategic partnership in regards to their activities in e-commerce, lead generation and data analysis. Phaidon Digital and Artspace Inc. are Artace's preferred partners for these activities and Artace grants them a right of first refusal. EFTA00715441 On Tue, Feb 16, 2016 at 3:12 P

saC3s&s=fQf-G0nteOllE33pUT7U97Lv65awj=trpXeH9zRh-RM&e=> From: Magnus Resc Sent: Wednesday, Fe ruary 1 , 1 1 : To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement Thank you for the update, Keith! Looking forward to =our revision tomorrow at around noon. 5 EFTA_R1_0

Artace for= a strategic partnership in regards to their activities in e-commerce, lea= generation, editorial content and data analysis. Phaidon and Artspace Inc. are Artace's exclusive partners for these ac=ivities and Artace grants them a right of first refusal on data integratio=, gallery listings, analyti

=iFohZmHMi42bExSRrACUd4P5RYUnENvOsUMPtgROOn=& e=> From: Magnus Resch Sent: Tuesday, February 16, 2016 3:20 PM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement It is intended that Phaidon Digital, Artspace and Ar=ace form a strategic partnership in regards to the

rtspace and Ar=ace form a strategic partnership in regards to their activities in e-comme=ce, lead generation and data analysis. Phaidon Digital and Artspace Inc. are Artace's preferred partners for these activities=and Artace grants them a right of first refusal. 9 EFTA_R1_01581336 EFTA02470386 On Tue, F

cvmr,=#39 Cc: Anastasiya Siro <javascript:_e(%78%7D/c-vml <javascript:_e(%78%7D, summary: Subject: RE: Term Sheet and Loan Agreement );» ');»; Maximilian Straub );»; Chan, Yvonne < Yvonne is traveling back to her office and will send=term sheet and loan revisions shortly. I spoke with several IP lawyers an

Artace for= a strategic partnership in regards to their activities in e-commerce, lea= generation, editorial content and data analysis. Phaidon and Artspace Inc. are Artace's exclusive partners for these ac=ivities and Artace grants them a right of first refusal on data integratio=, gallery listings, analyti

Mi42bExSRrACUd4P5RYUnENvDsUMPtqRO0n=& e=> From: Magnus Resch (mailto Sent: Tuesday, February 16, 2016 3:20 PM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement It is intended that Phaidon Digital, Artspace and Ar=ace form a strategic partnership in regards to the

rtspace and Ar=ace form a strategic partnership in regards to their activities in e-comme=ce, lead generation and data analysis. Phaidon Digital and Artspace Inc. are Artace's preferred partners for these activities=and Artace grants them a right of first refusal. 9 EFTA_R1_01582041 EFTA02470790 On Tue, F

n4& e=> From: Magnus Resch (mailto <javascript:_e(%7B%7D/cvmr, > Sent: Wednesday, February 17, 2016 10:20AM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement Thank you. That's ok. Any comments on the TS? And if you find the time please let me know your offer r

Artace form a strategic partnership in regards to their activities in e-commerce, lead generation, editorial content and data analysis. Phaidon and Artspace Inc. are Artace's exclusive partners for these activities and Artace grants them a right of first refusal on data integration, gallery listings, analyti

From: Ma nus Resch [mailto <javascript:_e(%7B%7D,'cvml' Sent: Tuesday, February 16, 2016 3:20 PM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement It is intended that Phaidon Digital, Artspace and Artace form a strategic partnership in regards to the

rtspace and Artace form a strategic partnership in regards to their activities in e-commerce, lead generation and data analysis. Phaidon Digital and Artspace Inc. are Artace's preferred partners for these activities and Artace grants them a right of first refusal. On Tue, Feb 16, 2016 at 3:12 PM, Keith Fox •=

mHMi42bExSRrACUd4P5RYUnENyDsUMPtoRO0n4& From: Magnus Resch (manta: Sent: Wednesday, February 17, 2016 10:20 AM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement Thank you. That's ok. Any comments on the TS? 7 EFTA_R1_02086288 EFTA02703954 And if you find the

Artace form a strategic partnership in regards to their activities in e-commerce, lead generation, editorial content and data analysis. Phaidon and Artspace Inc. are Artace's exclusive partners for these activities and Artace grants them a right of first refusal on data integration, gallery listings, analytic

5Q&s=iFohZmHMi42bExSRrACUd4PSRYUnENvDsU MPtqRO0n4& From: Magnus Resch Sent: Tuesday, February 16, 2016 3:20 PM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement It is intended that Phaidon Digital, Artspace and Artace form a strategic partnership in regards to thei

rtspace and Artace form a strategic partnership in regards to their activities in e-commerce, lead generation and data analysis. Phaidon Digital and Artspace Inc. are Artace's preferred partners for these activities and Artace grants them a right of first refusal. On Tue, Feb 16, 2016 at 3:12 PM, Keith Fox >