Description of Material Terms of Consulting Agreement With Phillips Sales, Inc.
Sales, Inc. was paid a consulting fee by SouthPeak Interactive, L.L.C. for
consulting services including the provision of office space for SouthPeak
Interactive, L.L.C. and other related staffing and back-office services. There
was no written consulting agreement. For the period July 1, 2005 through
December 31, 2006, the consulting fee was equal to 10% of net revenues of
SouthPeak Interactive, L.L.C. For the period January 1, 2007 through December
31, 2007, the consulting fee was based on Phillips Sales’ actual cost incurred
in providing these services.