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 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 •=1 1 cjavascript:_erh7B%7D,'cvmlil );» wrote: We have reviewed the documents and are currently getting 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 would you like to take the lead? Thanks. Keith Keith Fox CEO Phaidon 65 Bleecker Street, 8th FL New York, NY 10012 10 EFTA_R1_01390794 EFTA02378630