phaidon.com <https://urldefense.proofpoint.com/v2/url?u=http- 3A_phaidon.com&d=CwM FaQ&c=MVcBZOqZGZIJcau 2IIMSke&r= NWjy9q4KCeeTzyh2RyBXZX lyfaTP85C4REykszT_E KM &m=u4LsjAnlm u JfKiMsjIvVjprpxwfD75T_wmyBBsaC3s&s=fQf-G0nteOllE33pUT7U97Lv65awjHtrpXeH9zRh-RM&e=> From: Magnus Resch <javascript:_e(%7B%7D;cvml Sent: Wednesday, February 17, 2016 10:53 PM To: Keith Fox Cc: Anastasiya Siro; Maximilian Straub Subject: Re: Term Sheet and Loan Agreement Thank you for the update, Keith! Looking forward to your revision tomorrow at around noon. Btw: This is my lawyer (here <https://urldefense.proofpoint.com/v2/url?u=http- 3A www.goodwinprocter.com_People_D_Davis- 2DStephen.aspx&d=CwMGaQ&c=MVcBZOqZGZIJcau2IIMSkQ&r=NWjy9q4KCeeTzyh2RyBXZXlyfaTP85C4REvkszT_EKM& m=V39UzZH2KDKZ2blj3cAcVFofnLmaa4fT_StisLMbg45Q&s=Xea7-obpBP3tIW7JO.bWjZcZJBVviMnvopdiGEqT7u8Y&e=> ). Goodwin Procter is considered as the top lawyer for the tech industry. On Wed, Feb • Keith Fox <javascript:_e(%7B%7D/cvml );» wrote: We are reviewing the updated term sheet in the am with Leon. I plan to send you the revised documents tomorrow, hopefully by 12:00. (My meeting is at 11:00.) I appreciate your quick responses. Keith Keith Fox CEO Phaidon 65 Bleecker Street, 8th FL New York, NY 10012 On Feb 17, 2016, at 7:01 PM, Magnus Resch <javascript:_e(%7B%7D;cvml > wrote: Dear Keith, 6 EFTA_R1_01390790 EFTA02378626

Today we have provided with • all legal documents you asked for - extensive answers to your technical question regarding the IT stack. We replied within the shortest possible time. I pushed my team to act really fast because we are running against the deadline this Friday. Can you please give us an update on your next steps. Thank you, Magnus On Wed, Feb 17, 2016 at 10:26 AM, Keith Fox <javascript:_e(%7B%7D,icvmr, ;> wrote: Ok. Reviewing with lawyers today at 12:30. Ok on rent. Four isn't an issue. I can call you later today to walk you through how I am thinking about it. We are space constrained, but I would like to have you and your team here! Keith Fox CEO Phaidon 65 Bleecker Street, 8th FL New York, NY 10012 7 EFTA_R1_01390791 EFTA02378627