From: Richard Kahn To: "Jeffrey E." <[email protected]> Subject: Fwd: Honeycomb - Spotify Date: Fri, 07 Jul 2017 20:51:04 +0000 i just reviewed with Vick (honeycomb GC) david (honeycomb) is not getting shares direct as they are hard to come by an existing investor on cap table is exercising right to buy from another cap table seller and is setting up vehicle to allow others to invest carry fee for vehicle 1 is 10% and david vehicle 10% (vs 20% we would pay if done inside of honeycomb) no management fees from either vehicle please advise if i should commit for $1,000,000 that will need to be funded Monday or pass thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New 10022 tel fax cell On Jul 7, 2017, at 2:44 PM, Jeffrey E. <[email protected]> wrote: There is a 10% carry payable to the GP and the Fund also will pay another 10% carried interest to a third party fund to which it will be contributing capital so that the third party fund may invest in spottily. Sec 6.02(b) No management fee payable to the GP but I am not sure what management fees are payable to that third party which will invest in spotify for the Honeycomb fund. I am also not sure if there are any special relationships and payments exchanged between that third party and the HoneyComb people. You ought to ask about that. On Fri, Jul 7, 2017 at 8:23 PM, Richard Kahn > wrote: attached are darren's comments please advise if you would like me or darren to review with their counsel and how hard to push today is deadline for capital commitment and monday is funding and subscription agreement deadline thank you Richard Kahn HBRK Associates Inc. EFTA00654713