Keith Fox CEO Phaidon 65 Bleecker Street, 8th FL<=13> New York, NY 10012=/u> M /span> < =U> phaidon.com chttps://urldefense.proofpoint.com/v2/url?==http- 3A_phaidon.com&d=CwMGaQ&c=MVcBZOqZGZI.Icau2IIMSkQ&==NWjy9q4KCeeTzyh2RyBXZXlyfaTP85C4REvkszT_EKM &m=V39UzZH2KDKZ2blj3cA=VFofnLmaa4fT_5UsLMbg45Q&s=iFoh2mHMi42bExSRrACUd4P5RYUnENvDsUMPtqRO0n=& 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 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, Feb 16, 2016 at 3:12 PM, Keith > wrote: We have reviewed the documents and are currently getti=g outside guidance on the language. Our meeting with our lawyers is tomorrow a.m. We'll provide edits soon after.</=> I'd also like to incorporate basic language on=the strategic intent of the investment, including what you discussed with me and Leon. Would you like me to take the lead on drafting or =ould you like to take the lead? Thanks. Keith=/u> Keith Fox CEO Phaidon 65 Bleecker Street, 8th FL<=b> New York, NY 10012=/u> M /span> < =u> phaidon.com chttps://urldefense.proofpoint.com/v2/url?==http- 3A__phaidon.com&d=CwMGaQ&c=MVcBZOqZGZIkau2IIMSkQ&==NWjy9q4KCeeTzyh2RyBXZXlyfaTP85C4REvkszT_EKM &m=V39Uz2H2KDKZ2blj3cA=VFofnLmaa4fT_511sLMbg45Q&s=iFohZmHMi42bExSRrACUd4P5RYUnENvDsUMPtqRO0n=& 10 EFTA_R1_01582042 EFTA02470791