From: Ada Clapp < Sent: Tuesday, October 21, 2014 6:28 PM To: jeffrey E.; Eileen Alexanderson; Lawrence Delson ( ); Richard Joslin; Heather Gray; Richard D'Agostino Subject: FW: Licensing Agreement Hi team, Can you please let me =now how you think we should respond to Chris's questions about the i=tended use of the Phaidon name by the new art entity? Shall I =ell him that the agreement should assume that any type of use is possible? Will the new art entity be paying Phaidon f=r the license? How do we determine the licensing fee? Thanks for your input.=o:p> -Ada From: Hurtado, Christopher L [mailto Sent: Tuesday, October 21, 2014 1:02 PM To: Ada Clapp; Heather Gray Cc: Halperin, Alan S Subject: Licensing Agreement Ada and Heather,<=o:p> We are working o= a licensing agreement for use of the Phaidon name by Narrows Holdings LLC= We have the following questions: -&nb=p; To what extent=will the Phaidon name be used by Narrows as a brand to market art online, =n galleries or otherwise? -&nb=p; Will the Phaid=n name be used on displays, etc. for lending art to institutions? EFTA_R1_01776201 EFTA02593035