<SEC-DOCUMENT>0001144204-15-043333.txt : 20150720
<SEC-HEADER>0001144204-15-043333.hdr.sgml : 20150720
<ACCEPTANCE-DATETIME>20150720172738
ACCESSION NUMBER:		0001144204-15-043333
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150720
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150720
DATE AS OF CHANGE:		20150720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDC PARTNERS INC
		CENTRAL INDEX KEY:			0000876883
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				980364441
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		15996521

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORP INC
		DATE OF NAME CHANGE:	20001204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19961028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v415822_8k.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Current Report Pursuant to Section 13 or 15(d)<BR>
of the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Date of Report (Date Earliest Event reported)
&mdash; July 20, 2015 (July 20, 2015)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>MDC PARTNERS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">Canada</font><br>
<font style="font-size: 10pt">(Jurisdiction of Incorporation)</font></td>
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">001-13718</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">(Commission File Number)</P></td>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center"><font style="font-size: 10pt">98-0364441</font><br>
<font style="font-size: 10pt">(IRS Employer Identification No.)</font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">745 Fifth Avenue, 19<SUP>th</SUP> Floor, New
York, NY 10151<BR>
(Address of principal executive offices and zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(646) 429-1800<BR>
(Registrant&rsquo;s Telephone Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8&minus;K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a&minus;12 under the Exchange
Act (17 CFR 240.14a&minus;12)</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre&minus;commencement communications pursuant to Rule 14d&minus;2(b)
under the Exchange Act (17 CFR 240.14d&minus;2(b))</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre&minus;commencement communications pursuant to Rule 13e&minus;4(c)
under the Exchange Act (17 CFR 240.13e&minus; 4(c))</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><B>Item 2.02. Results of Operations
and Financial Condition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On July 20, 2015, MDC Partners Inc. (the &ldquo;Company&rdquo;)
issued a press release reaffirming its annual guidance. A copy of this press release is furnished as Exhibit 99.1 hereto. The Company
expects to report earnings on August 6, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 5.02. Departures of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 20, 2015, Miles Nadal resigned from his position as Chief Executive Officer of the Company and from his position as a member
and Chairman of the Board of Directors, in each case effective on the same date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">In connection with Mr.
Nadal&rsquo;s resignation, the Company and Mr. Nadal entered into a separation agreement (the &ldquo;Separation
Agreement&rdquo;), dated as of July 20, 2015. Pursuant to the Separation Agreement, Mr. Nadal agreed, among other things, to:
(i) repay to the Company $1,877,000 in connection with certain amounts paid to or  for the benefit of Mr. Nadal and an
affiliate, in four equal repayment installments, with the last to be paid on November 30, 2015; (ii) repay to the Company
$10,581,605 in connection with amounts required to be repaid pursuant to cash bonus awards previously paid to Mr. Nadal, with
such repayments to be made in five installments, with the last to be paid on December 31, 2017; and (iii) customary
non-disparagement and confidentiality obligations, reaffirmation of restrictive covenants, and an intellectual property
rights assignment. Mr. Nadal will not be paid any compensation payments or severance under the Separation Agreement. The
foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the
Separation Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by
reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">On July 20, 2015, Michael Sabatino, the Company&rsquo;s
former Chief Accounting Officer, resigned, effective on the same date. Mr. Sabatino has agreed to repay the Company $208,535 in
cash bonus payments received between 2012 and 2014, pursuant to existing contractual obligations. Mr. Sabatino will not be paid
any compensation payments or severance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 20, 2015, the Company&rsquo;s Board of the Directors appointed Scott Kauffman, who is currently the Presiding Director of
the Board, to become Chairman and Chief Executive Officer of the Company. The Board of Directors also appointed Irwin Simon, a
current member of the Board, to replace Mr. Kauffman as Presiding Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Mr. Kauffman was originally appointed as a
Director of the Company on April 28, 2006. Prior to his appointment as Chairman and Chief Executive Officer, Mr. Kauffman served
as a member of the Human Resources &amp; Compensation Committee and Chairman of the Nominating &amp; Corporate Governance Committee,
in addition to his role as the Board&rsquo;s Presiding Director. From April 2013 until May 2014, Mr. Kauffman served as the President
and Chief Executive Officer, and a member of the Board of Directors, of New Engineering University, a new university system designed
to educate the next generation of world-class engineers. From April 2011 until January 2013, Mr. Kauffman was a Board member and
then Chairman of LookSmart, Ltd, a publicly-traded, syndicated pay-per-click search network. From January 2009 to August 2010,
Mr. Kauffman was President and Chief Executive Officer, and a member of the board, of GeekNet, Inc., a publicly-traded open source
software application developer and e-commerce website operator. From September 2006 until its acquisition by Yahoo! in October
2007, Mr. Kauffman was President and Chief Operating Officer, and a member of the board, of BlueLithium, Inc., an Internet advertising
network and performance marketing company. Prior to joining BlueLithium, Mr. Kauffman was President and CEO, and a member of the
board, of several early stage companies, including Zinio Systems, Inc., MusicNow LLC and Coremetrics Inc., where he continued to
serve as a member of the board until the company was acquired by IBM in July 2010. Mr. Kauffman has served in senior and executive
management capacities with other digital entertainment, consumer marketing, media and technology companies, including CompuServe
and Time Warner. Mr. Kauffman holds a BA in English from Vassar College and an MBA in marketing from New York University. In 1996,
Advertising Age named him one of twenty digital media masters, and in 1992, Advertising Age named him one of the top 100 marketers
in the country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Mr. Kauffman also serves as Chairman of a charitable
organization for which certain of the Company&rsquo;s affiliates provide advertising and public relations services on a pro bono
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company does not yet have an employment
agreement with Mr. Kauffman, but plans to enter into an employment agreement promptly with Mr. Kauffman in his capacity as the
Company&rsquo;s new Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 8.01. Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Following the completion by the Special Committee
of the Board of Directors of its review of perquisites and payments made by the Company to or for the benefit of Miles Nadal and Nadal
Management Limited, and in connection with the Company&rsquo;s ongoing SEC investigation, the Special Committee and its counsel
recently identified additional expenses that were improperly paid to an affiliate of Mr. Nadal. Mr. Nadal has agreed to repay $1,877,000
to the Company in connection with these expenses, in four equal installments, with the last to be paid on November 30, 2015. This
amount is in addition to $8,600,000 of perquisites and payments previously identified by the Special Committee and fully repaid
by Mr. Nadal in April and May 2015. The SEC investigation of these expenses and related matters remains ongoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Company expects to record a one-time charge
in the third quarter for the balance of prior cash bonus award amounts that will not be recovered by the repayment terms of the
Separation Agreement. The Company also expects to record income in the third quarter related to the $1,877,000 to be repaid by
Mr. Nadal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The foregoing information in this Form 8-K
contain forward-looking statements within the meaning of the federal securities laws. These statements are based on present expectations,
and are subject to the limitations listed therein and in the Company's other SEC reports, including that actual events or results
may differ materially from those in the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01. Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">10.1</TD><TD>Separation Agreement dated as of July 20, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">99.1</TD><TD>Press Release dated as of July 20, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-indent: -27pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;July 20, 2015</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">MDC Partners Inc.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"></TD>
    <TD STYLE="text-decoration: none; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Mitchell Gendel </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Mitchell Gendel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">General Counsel &amp; Corporate Secretary</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>



<P STYLE="margin: 0"></P>

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<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><I>Execution Copy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>SEPARATION AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>SEPARATION AGREEMENT</B>
by and among <B>MDC PARTNERS INC.</B> <B>(&ldquo;MDC&rdquo; </B>or the<B> &ldquo;Company&rdquo;)</B> and<B> MILES NADAL </B>(&ldquo;<B>Nadal</B>&rdquo;),
dated as of July 20, 2015 (this <B>&ldquo;Agreement&rdquo;</B>).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, <B>NADAL
MANAGEMENT LIMITED </B>(formerly Stallion Investments Limited), a corporation in which Miles Nadal is the sole indirect shareholder
<B>(</B>&ldquo;<B>NML</B>&rdquo;<B>)</B>, <B>NADAL FINANCIAL CORPORATION</B>,<B> </B>a corporation in which Miles Nadal is the
sole shareholder (&ldquo;<B>NFC</B>&rdquo;), and Nadal provide services to the Company pursuant to the terms and conditions of
that certain Amended and Restated Management Services Agreement, dated as of May 6, 2013 as amended on April 30, 2015 (the &ldquo;<B>Services
Agreement</B>&rdquo;), pursuant to which Nadal served as the Chief Executive Officer and President of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, NML, Nadal
and the Company are parties to nine (9) Incentive Retention Agreements, dated as of November 5, 2012, February 14, 2012, February
14, 2013, March 11, 2013, April 10, 2013, October 30, 2013, February 20, 2014, November 3, 2014 and April 27, 2015, respectively
(collectively, the &ldquo;<B>Incentive/Retention Agreements</B>&rdquo;), in each case, which provided for the payment of incentive
compensation previously made by the Company to NML and Nadal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, Nadal has
agreed to repay the Company certain amounts paid to the him during the Term of the Services Agreement, as described below, which
when paid will represent, together with other amounts previously paid by Nadal to the Company, repayment by Nadal of all amounts
that the Company has requested be repaid to it; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, capitalized
terms used in this Agreement and not otherwise defined shall have the meaning given to such terms in the Services Agreement.<B>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration,
the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Resignation
and Termination of Term under Services Agreement</U>.</B> Nadal hereby resigns from his position as Chief Executive Officer of
the Company. Each of NML, NFC and Nadal agree that Nadal&rsquo;s resignation shall be treated as a voluntary separation from service
without Good Reason under the Services Agreement and shall be treated as a voluntary resignation (that does not qualify for &ldquo;retirement&rdquo;
treatment) for purposes of any outstanding incentive compensation agreements, and give irrevocable notice to the Company that the
Term of the Services Agreement shall terminate, effective July 20, 2015 at 9 a.m. (EDT) (the &ldquo;<B>Termination Date</B>&rdquo;).
In addition, Nadal hereby resigns as Chairman and as a member of the Board of Directors of the Company and any of its subsidiaries
and affiliates (together, the &ldquo;<B>Company Group</B>&rdquo;) and from all other officer and other positions with the Company
Group, effective as of the Termination Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2<B>.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No
Severance Payment</U>.</B> In accordance with the terms and conditions of Section 8(a) of the Services Agreement, NML shall be
entitled to payment of the unpaid amount of the Annual Retainer Fee through the Termination Date in full satisfaction of any and
all severance compensation and benefits or any other claims for compensation and benefits (including, but not limited to, under
the 2014 and 2015 LTIP Cash Incentive Agreements) which NML, NFC and/or Nadal may have or allege against the Company Group, other
than (x) reimbursement for unreimbursed business expenses incurred prior to the date hereof for which NML, NFC or Nadal are entitled
to reimbursement under applicable policies of the Company, (y) any benefits to which Nadal may be entitled by operation of law
and (z) any indemnification, advancement of expense, contribution or similar rights to which NML, NFC or Nadal may be or become
entitled, including without limitation pursuant and subject to the Company&rsquo;s By-Laws and Nadal&rsquo;s undertaking letter
agreement with the Company dated January 6, 2015 (the &ldquo;<B>Undertaking Agreement</B>&rdquo;). The Company will continue to
provide to the Executive indemnification and director and officer insurance coverage substantially identical to that which the
Company provides to its directors and officers, subject to the terms of the Company&rsquo;s By-Laws and the relevant insurance
policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Repayment
under Incentive/Retention Agreements</U></B>. NML, NFC and Nadal hereby covenant and agree to repay an amount equal to $10,581,605
in respect of the Incentive/Retention Agreements (the &ldquo;<B>Retention Repayment Amount</B>&rdquo;) to the Company, representing
the amounts NML and Nadal are required to repay to the Company as a result of his resignation, as described in Section 1 above.
The Retention Repayment Amount shall be paid by NML and Nadal in accordance with the following payment schedule:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(i)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">an amount equal to $1 million shall be paid to the Company on or prior to September 30,
2015;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(ii)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">an amount equal to $1.5 million shall be paid to the Company on or prior to December
31, 2015;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(iii)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">an amount equal to $2 million shall be paid to the Company on or prior to December 31,
2016; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">an amount equal to $4 million shall be paid to the Company
on or prior to June 30, 2017; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">(v)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.15pt">the remaining balance of $2,081,605 shall be paid to the Company on or prior to December
31, 2017.</FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">Notwithstanding the foregoing,
in the event of a &ldquo;Change in Control&rdquo; of the Company (as such term is defined in Section 2(b)(i) or 2(b)(iii)(A) or
(C) of the Company&rsquo;s 2011 Stock Incentive Plan, a &ldquo;<B>Change in Control</B>&rdquo;), the remaining unpaid balance of
the Retention Repayment Amount shall become immediately due and payable to the Company and such amounts shall be paid to the Company
no later than ten (10) days after the consummation of the Change in Control,</FONT> <FONT STYLE="letter-spacing: -0.15pt">and the
parties shall exchange mutual general releases, the terms of which shall be negotiated by the parties in good faith. The Company
agrees that payment of the Retention Repayment Amount as provided in this Section 3 shall fully satisfy any and all obligations
that Nadal, NFC or NML may have to repay any amounts paid to them under the Incentive/Retention Agreements. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">4.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><B><U>Repayment
of Specified Expenses</U></B>. NML, NFC and Nadal acknowledge and confirm their agreement to repay an amount equal to $1,877,000
(the &ldquo;<B>Expense Repayment Amount</B>&rdquo;) to the Company, representing the return by them of certain amounts paid by
the Company to or on behalf of Nadal and NML during the Term of the Services Agreement, in four (4) equal installments on or prior
to each of August 31, 2015, September 30, 2015, October 31, 2015 and November 30, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Intellectual
Property Rights</U>.</B> <FONT STYLE="letter-spacing: -0.15pt">Nadal</FONT> acknowledges and agrees that all concepts, writings
and proposals submitted to and accepted by MDC (<FONT STYLE="letter-spacing: -0.15pt">&ldquo;</FONT><B>Intellectual Property</B>&rdquo;)
which relate to the business of MDC and which have been conceived or made by him during the period of his engagement under the
Services Agreement, either alone or with others, are the sole and exclusive property of MDC. As of the date hereof, Nadal hereby
assigns in favor of MDC all the Intellectual Property covered hereby. On or subsequent to the date hereof, Nadal shall execute
any and all other papers and lawful documents required or necessary to vest sole rights, title and interest in the MDC or its
nominee of the Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Disparagement
and Communications with Company Employees, Business Partners and Clients</U>.</B>&nbsp; Nadal agrees to refrain from any disparagement,
defamation, libel, or slander of the Company Group or any of the directors, officers or agents of the Company Group, and agrees
to refrain from any tortious interference with the contracts and relationships of the Company Group.&nbsp;Executive further agrees
that he will refrain from discussing Company Group confidential business or financial information with third parties, including
the Company Group&rsquo;s actual and potential clients&nbsp;or business partners.&nbsp;Executive further agrees that he will not
discuss the Company Group&rsquo;s business with Company Group employees, clients, or business partners without the written consent
of the Company&rsquo;s Chief Executive Officer or his designee.&nbsp;The Company agrees to take commercially reasonable efforts
to cause its directors and executive officers</FONT> <FONT STYLE="background-color: white">to refrain from any disparagement, defamation,
libel, or slander regarding Nadal, NML or NFC or any of their affiliates</FONT>. <FONT STYLE="background-color: white">Notwithstanding
the foregoing, nothing in this Section&nbsp;6 shall limit (and none of the following shall be deemed a breach of this Section&nbsp;6)
(x) Nadal or any director or executive officer of the Company from making any truthful statement, or having any communication of
any type with any other person, to the extent Nadal, or any such director or executive officer, respectively, determines in good
faith that such statement or communication is (i)&nbsp;necessary with respect to any litigation, arbitration or mediation involving
this Agreement, including, but not limited to, the enforcement of this Agreement, or (ii)&nbsp;or reasonably necessary in the view
of counsel in the defense or prosecution of any actual or reasonably anticipated administrative or court action or claim or (y)
Nadal or any director or executive officer of the Company from communicating truthful information to any governmental, regulatory
or quasi-regulatory authority. Nothing contained in this Agreement shall be construed as a waiver by any of the parties hereto
of their attorney-client or joint defense privilege or work product protection or any other privilege or protection belonging to
such party, and the parties acknowledge their continuing obligations to maintain each such privilege.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><B><I>&nbsp;&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No
Third Party Cooperation</U></B>. Executive agrees that he will not knowingly encourage, counsel, or assist any attorneys or their
clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third
party against the Company Group, other than pursuant to facially valid legal process. Executive agrees both to immediately notify
the Company upon receipt of any such process, and to promptly furnish to the Company a copy of any written documentation evidencing
such process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">8.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><B><U>Press
Release</U></B>. </FONT><FONT STYLE="background-color: white">The Company agrees that it will share an advance draft of the press
release (or portion thereof) it intends to issue on July 20, 2015, regarding Executive&rsquo;s resignation from the Company. The
Company shall be under no obligation to revise or modify any press release it intends to issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">9.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Confidentiality;
Return of Company Property</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nadal
acknowledges that he has had access to confidential, proprietary business information of MDC as a result of employment, and Nadal
hereby agrees not to use such information personally or for the benefit of others. Nadal also agrees not to disclose to anyone
any confidential information at any time in the future so long as it remains confidential.<FONT STYLE="letter-spacing: -0.15pt">
Nothing in this Section 9 is intended or shall be construed to limit Nadal from using or disclosing any information to the extent
that he </FONT><FONT STYLE="background-color: white">determines in good faith to be (i)&nbsp;necessary with respect to any litigation,
arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement, or (ii)&nbsp;or
reasonably necessary in the view of counsel in the defense or prosecution of any actual or reasonably anticipated administrative
or court action or claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nadal
<FONT STYLE="letter-spacing: -0.15pt">covenants that he will promptly return all Company Group property in his possession to MDC.
The Company agrees that it will, and it will cause members of the Company Group to, promptly return to Nadal any property of Nadal,
NFC or NML or their affiliates in its possession. The parties mutually agree to reasonably cooperate in the identification of property
required to be returned to the other party, and in arranging for forwarding of mail, messages, telephone and other communications
to Nadal, NML or NFC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">10.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><B><U>Confirmation
of Restrictive Covenants</U></B>. Nadal hereby acknowledges and reaffirms all of his restrictive covenants set forth in Section
9 of the Services Agreement, which covenants shall remain in full force and effect in accordance with their express terms and conditions
following the Termination Date. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">11.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><B><U>Entire
Agreement; No Other Promises</U>.</B> Each of the parties hereto acknowledges and represents that this Agreement contains the
entire agreement between Nadal, NML, NFC and MDC, and it supersedes any and all previous agreements concerning the subject matter
hereof. For the avoidance of doubt, (x) the restrictive covenants set forth in Section 9 of the Services Agreement shall remain
in force along with any other terms in the Services Agreement that are necessary to enforce such covenants and (y) nothing herein
is intended or should be construed to affect any rights in the nature of </FONT>indemnification, contribution or similar rights
to which the Company, NML, NFC or Nadal may be or become entitled including without limitation pursuant and subject to the Company&rsquo;s
By-Laws and the Undertaking Agreement<FONT STYLE="letter-spacing: -0.15pt">. Each of the parties hereto further acknowledges and
represents that the none of the other parties hereto, nor any of their agents, representatives or employees have made any promise,
representation or warranty whatsoever, express, implied or statutory, not contained herein, concerning the subject matter hereof,
to induce them to execute this Agreement, and acknowledge that they have not executed this Agreement in reliance on any such promise,
representation or warranty. Nadal and the Company expressly acknowledge and agree that Section 1 above accurately represents and
describes the circumstances under which his services to the Company are ending. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">12.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-style: normal"><B><U>Equitable
Relief.</U></B> The parties acknowledge that a remedy at law for any breach or attempted breach of this Agreement will be inadequate,
and agree that each of them shall be entitled to specific performance and injunctive and other equitable relief in the case of
any such breach or attempted breach. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">13.</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-style: normal"><B><U>Severability</U></B>.
If any term or condition of this Agreement shall be held to be invalid, illegal or unenforceable in any respect by a court of competent
jurisdiction, this Agreement shall be construed without such term or condition. If at the time of enforcement of any provision
of this Agreement, a court shall hold that the duration, scope or area restriction of any provision hereof is unreasonable under
circumstances now or then existing, the parties hereto agree that the maximum duration, scope or area reasonable under the circumstances
shall be substituted by the court for the stated duration, scope or area. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">14.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-style: normal"><B><U>Choice of Law and Forum.</U></B> This
Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York, without
regard to its choice of law provisions. Any dispute under this Agreement shall be adjudicated by a court of competent
jurisdiction in the city of New York.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-style: normal">15.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-style: normal"><B><U>Agreement of Nadal Affiliates.</U></B> Nadal covenants
and agrees to cause NML and NFC to promptly execute counterparty signature pages to this Agreement with the purpose and effect
of such parties having entered into this Agreement as of the date hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">16.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.15pt"><B><U>Amendment</U></B>. This Agreement may not
be amended or modified in any way, except pursuant to a written instrument signed by all parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">17.<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>&nbsp;&nbsp;<U>Waiver</U></B>.
Failure of any party hereto at any time to enforce any provision of this Agreement or to require performance by any other party
of any provisions hereof shall in no way affect the validity of this Agreement or any part hereof or the right of such party thereafter
to enforce its rights hereunder; nor shall it be taken to constitute a condonation or waiver by such party of that default or
any other or subsequent default or breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal; letter-spacing: -0.15pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-style: normal; letter-spacing: -0.15pt"><U>Notices</U>.<FONT STYLE="font-weight: normal">
All notices or other communications hereunder shall not be binding on either party hereto unless in writing, and delivered to the
other party thereto at the following address:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:</TD>
    <TD STYLE="width: 55%; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">MDC Partners Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">745 Fifth Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">New York, NY 10151</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Attention: General Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line; width: 45%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a copy to:</TD>
    <TD STYLE="text-align: justify; width: 55%"><FONT STYLE="letter-spacing: -0.15pt">Paul C. Curnin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">Simpson Thacher &amp; Bartlett LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">425 Lexington Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">New York, NY&nbsp;&nbsp;10017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Nadal, NFC or NML:</TD>
    <TD><FONT STYLE="letter-spacing: -0.15pt">Miles S. Nadal</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD><FONT STYLE="letter-spacing: -0.15pt">PO Box N-1991, Paradise Island</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD><FONT STYLE="letter-spacing: -0.15pt">Nassau, Bahamas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a copy to:</TD>
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">Arthur Kohn</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">Cleary Gottlieb Steen &amp; Hamilton LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">One Liberty Plaza</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">New York, NY 10006</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 1in; text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; letter-spacing: -0.15pt; layout-grid-mode: line">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">Notices
shall be deemed duly delivered upon hand delivery thereof at the above addresses, one day after deposit with a nationally recognized
overnight delivery company, or three days after deposit thereof in the United States mails, postage prepaid, certified or registered
mail. Any party may change its address for notice by delivery of written notice thereof in the manner provided.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Headings.</U></B>
The headings in this Agreement are intended solely for convenience of reference and shall be given no effect in the construction
or interpretation of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>***</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"><B>HAVING READ AND
UNDERSTOOD THIS AGREEMENT, CONSULTED COUNSEL OR VOLUNTARILY ELECTED NOT TO CONSULT COUNSEL, AND HAVING HAD SUFFICIENT TIME TO CONSIDER
WHETHER TO ENTER INTO THIS AGREEMENT, THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT AS OF THE DAY AND YEAR FIRST WRITTEN ABOVE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; letter-spacing: -0.15pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>MDC Partners Inc.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;&nbsp;/s/ Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>Nadal Management Limited</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>Miles Nadal</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;&nbsp;/s/ Miles Nadal</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">Miles Nadal</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>Nadal Financial Corporation</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>v415822_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; background-color: white">Exhibit 99.1</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt"><B>FOR:</B></FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 10pt">MDC Partners Inc</FONT>.</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt"><B>CONTACT:</B></FONT></TD>
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt"><I>Investors: </I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">745 Fifth Avenue, 19<SUP>th</SUP> Floor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Matt Chesler, CFA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York, NY 10151</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VP, Investor Relations</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">646-412-6877</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>mchesler@mdc-partners.com</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Press:</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alexandra Delanghe</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SVP, Corporate Communications</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">646-429-1845</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-decoration: underline"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>adelanghe@mdc-partners.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Scott Kauffman Appointed Chairman and CEO
of MDC Partners</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Miles Nadal Retires</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Company Reaffirms Annual Guidance</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">New York, NY, July 20, 2015 (NASDAQ: MDCA;
TSX: MDZ.A) <FONT STYLE="font-weight: normal">&ndash; MDC Partners Inc. (&quot;MDC Partners&quot; or the &quot;Company&quot;) announced
today that Miles S. Nadal has retired as the Company&rsquo;s Chief Executive Officer. Mr. Nadal is also stepping down from his
position on the Board of Directors as Chairman. Scott L. Kauffman, who has served as Presiding Director on the Company&rsquo;s
Board of Directors, has been named the Company&rsquo;s new Chairman and Chief Executive Officer. Irwin Simon, a current member
of the Board, has been appointed as MDC&rsquo;s Presiding Director.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&ldquo;Scott
is an experienced chief executive who for years has led complex entrepreneurial companies at the crossroads of advertising, technology,
and data,&rdquo; said Simon. &ldquo;He has intimate knowledge of MDC Partners and, importantly, a passion for the unique model,
culture, philosophy and initiatives that have driven MDC&rsquo;s success as a network. In partnership with the MDC management team,
Scott is ideally positioned to continue to drive the Company&rsquo;s industry-leading performance, client results, and support
for agency partners.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">The Board believes
that its selection of Mr. Kauffman, working together with the Company&rsquo;s existing management team, will ensure a seamless
transition as the Company successfully moves forward with its growth strategy. Mr. Kauffman has been a Board member of MDC Partners
for nine years and has served as Presiding Director since March 2012. Mr. Kauffman has a long history of operating at the intersection
of media and technology. He started his career in advertising as a media planner for Benton &amp; Bowles. Later in his career,
he migrated to Silicon Valley and has served in leadership roles at a number of emerging technology companies &ndash; in many cases
recruited by the board to replace the founding CEO. Active in advertising technology since its inception, Mr. Kauffman has served
as Chairman or CEO of AdKnowledge, Coremetrics and Lotame. He was also the COO of Blue Lithium at the time of its sale to Yahoo!</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Kauffman stated, &ldquo;Miles Nadal founded MDC Partners and
for more than three decades guided the Company&rsquo;s strong growth. Without his vision and leadership, MDC Partners would not
have achieved the exceptional success we enjoy today. The Company is strategically well placed to remain on a path of profitable
growth and is in a very strong financial and operational position. I look forward to leading the Company through its next phase
of growth.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In connection with the ongoing SEC investigation, Mr. Nadal has
agreed to repay to MDC Partners all expenses that were requested to be repaid by the Special Committee of the Board of Directors,
including an additional $1.88 million that was recently identified.&nbsp; In connection with his retirement, Mr. Nadal is required
under the Company&rsquo;s Incentive/Retention agreements to repay $10.58 million in retention amounts received between 2012 and
2015.&nbsp; In addition, Mr. Nadal is not eligible for any compensation payments or severance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company also announced that Michael Sabatino, formerly Chief
Accounting Officer of MDC Partners, has resigned. Mr. Sabatino has agreed to repay the Company $208,535 in cash bonus payments
received between 2012 and 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company does not expect there will be any material impact to
its previously issued financial statements as a result of these additional repayments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company today is also reaffirming its annual financial guidance
and, based on a preliminary review, believes its second quarter 2015 results are tracking consistent with internal expectations.
The Company will announce its results for the period ending June 30, 2015, on August 6, 2015.</P>

<P STYLE="color: #666666; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Nadal stated, &quot;MDC Partners is an exceptional organization.
I&rsquo;m gratified knowing that after 35 years, I am leaving the Company in a strong position, with brilliant partners, exceptional
talent, dedicated employees, wonderful clients, a strong shareholder base, and an incredible culture and reputation as &lsquo;The
Place Where Great Talent Lives&rsquo;. I have every confidence that the Company&rsquo;s deep leadership team will build on this
strong foundation in the years ahead.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><B>About MDC Partners
Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">MDC Partners is one of the fastest-growing
and most influential marketing and communications networks in the world. Its 50+ advertising, public relations, branding, digital,
social and event marketing agencies are responsible for some of the most memorable and engaging campaigns for the world&rsquo;s
most respected brands. By leveraging technology, data analytics, insights, and strategic consulting solutions, MDC Partners drives
measurable results and optimizes return on marketing investment for over 1,500 clients worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">As &quot;The Place Where Great Talent Lives,&quot;
MDC Partners is known for its unique partnership model, empowering the most entrepreneurial and innovative talent to drive competitive
advantage and business growth for clients. For more information about MDC Partners and its partner firms, visit www.mdc-partners.com
and follow us on Twitter: <U>http://www.twitter.com/mdcpartners</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white">&nbsp;</P>



<P STYLE="margin: 0"></P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
