Keith Fox CEO Phaidon 65 Bleecker Street, 8th FL New York, NY 10012 phaidon.com <https://urldefense.proofpoint.com/v2/url?u=http- 3A_phaidon.com&d=CwMGaQ8tc=MVcBZOqZGZIJcau2llMSkQ8e=NWjy9q4KCeeTzyh2RyBXZXlyfaTP85C4REykszT_EKM &m=V39UzZH2KDKZ2blj3cAcVFofrilmaa4fT_SUslMbg45Q&s=iFohZmHMi42bExSRrACUd4P5RYUnENyDsUMPtoRO0n4& 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 time please let me know your offer regarding rent. I would prefer a charge per seat. Initially I will need three seats which will go up to 10 seats until year end. On Wed, Feb 17, 2016 at 10:14 AM, Keith Fox wrote: Please see my edits: It is intended that Phaidon, Artspace and 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, analytics, and search functionality of Artace's' app within Artspace and Phaidon.com chttps://urldefense.proofpoint.com/v2/url?u=http- 3A phaidon.com&d=CwMGag&c=MVc8ZOqZGZI.Icau2IIMSkQ&r=NWjy9q4KCeeTzyh2RyBX2X1yfaTP85C4REvkszT_EKM &m=V39UzZH2KDKZ2blj3cAcVFornimaa4fT_5UsLMbg45Q&s=iFohZmHMi42bExSRrACUd4P5RYUnENvDsUMPtqRO0n4& e=> . Artspace and Phaidon will create and execute promotional and editorial programs to extend Artace's reach and adoption, as guided by Artace, and provide additional services as required. Phaidon will in good faith provide publishing services for Artace art market reports, as required. Additionally, Phaidon will offer Artace favorable rent terms for up to 10 employees, or as needed. Magnus will provide advisory services to Artspace including but not limited to IT efficiencies, global gallery sales strategy and digital marketing initiatives. Keith Keith Fox CEO 8 EFTA_R1_02086289 EFTA02703955