<SEC-DOCUMENT>0001144204-19-027983.txt : 20190523
<SEC-HEADER>0001144204-19-027983.hdr.sgml : 20190523
<ACCEPTANCE-DATETIME>20190523163024
ACCESSION NUMBER:		0001144204-19-027983
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190522
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:		20190523
DATE AS OF CHANGE:		20190523

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:		19850557

	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>tv522338_8-k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date Earliest Event reported)
 &mdash; May 23, 2019 (May 22, 2019)</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MDC PARTNERS INC.</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 34%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; 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="vertical-align: bottom; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">001-13718</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">(Commission File Number)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; 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>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: center">&nbsp;</P>

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




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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: 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></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &sect;240.12b-2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 20%; border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Trading symbol(s)</FONT></TD>
    <TD STYLE="width: 40%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Class A Subordinate Voting Shares, no par value</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">MDCA</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Appointment of Chief Operating Officer</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 16, 2019, the Company entered into an employment agreement with Seth Gardner, pursuant to which Mr. Gardner will serve as the Company&rsquo;s
Chief Operating Officer. Mr. Gardner, age 51, served as Managing Director, Chief Operating Officer and Chief Legal Officer of The
Carlyle Group&rsquo;s credit division from 2014 to 2019. Mr. Gardner&rsquo;s experience combines cross-functional operational,
business and legal expertise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Gardner&rsquo;s term of employment
will commence on June 17, 2019, and will continue for an indefinite period until terminated pursuant to the terms of the employment
agreement. During the term of his employment, Mr. Gardner will receive an annual base salary of $500,000 and will be eligible to
receive an annual discretionary bonus in an amount up to 100% of his base salary, to be determined in accordance with individual
and financial performance criteria. Mr. Gardner will also be paid an initial cash bonus of $100,000 on or about January 15, 2020,
subject to certain conditions. In the event of Mr. Gardner&rsquo;s termination without cause or for &ldquo;good reason&rdquo;,
he will be entitled to severance equal to six months&rsquo; base salary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Gardner will be
awarded an inducement grant of (i) 225,000 restricted Class A Shares and (ii) 225,000 stock appreciation rights in respect of the
Class A Shares with a base price of $5.00. Beginning in 2020, Mr. Gardner will also be eligible to participate in the Company&rsquo;s
long-term incentive plans with an annual target award amount equal to $500,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The description contained
herein of Mr. Gardner&rsquo;s employment agreement is qualified in its entirety by reference to the terms of the employment agreement,
which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 22, 2019, the
Company issued a press release announcing  the appointment of Mr. Gardner. A copy of this press release is attached as Exhibit
99.1 hereto.</P>

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


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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits</B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.75in">(d) Exhibits.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><A HREF="tv522338_ex10-1.htm" STYLE="-sec-extract: exhibit">10.1</A></TD><TD STYLE="text-align: justify"><A HREF="tv522338_ex10-1.htm" STYLE="-sec-extract: exhibit">Employment Agreement, dated as of May 16, 2019, by and between the Company and Seth Gardner</A></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt"><A HREF="tv522338_ex99-1.htm" STYLE="-sec-extract: exhibit">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="tv522338_ex99-1.htm" STYLE="-sec-extract: exhibit">Press release dated May 22, 2019</A></TD></TR></TABLE>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Company 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: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Date: May 23, 2019</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">MDC Partners Inc.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">By: </TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Mitchell Gendel</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mitchell Gendel<BR>
        General Counsel &amp; Corporate Secretary</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tv522338_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0.5in 0 0; text-align: right"><B><I>Execution Copy</I></B></P>

<P STYLE="margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS <B>AGREEMENT,</B>
dated as of May 16, 2019 (this &ldquo;<B>Agreement</B>&rdquo;), by and between <B>MDC PARTNERS INC., </B>a corporation existing
under the laws of Canada (the &ldquo;<B>Company</B>&rdquo;), and <B>SETH GARDNER </B>(the &ldquo;<B>Executive</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>W I T N E S S E T H:</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS, </B>the Company
wishes to employ the Executive on the terms and conditions hereinafter set forth.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE</B>,
in consideration of the premises and other good and valuable consideration, receipt of which is acknowledged, the parties hereto
agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Employment</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company agrees to
employ the Executive during the Term specified in <U>Section&nbsp;2</U>, and the Executive agrees to accept such employment, upon
the terms and conditions hereinafter set forth.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#9;Subject to the
provisions contained in <U>Sections 6</U> and <U>7</U>, the Executive&rsquo;s employment by the Company shall be for a term commencing
on June 17, 2019 or such other date as the parties may mutually agree (the &ldquo;<B>Commencement Date</B>&rdquo;) and continuing
for an indefinite period thereafter unless and until either (i) the Executive gives forty-five (45) days&rsquo; prior written notice
of resignation without &ldquo;Good Reason&rdquo; (as defined herein) to the Company, (ii) the Executive terminates employment with
 &ldquo;Good Reason&rdquo; in accordance with <U>Section 6(b)</U> of this Agreement or (iii) the Company terminates the Executive&rsquo;s
employment with or without &ldquo;Cause&rdquo; (as defined herein). Any notice given by the Executive under <U>Section 2(i)</U>
shall specify the date of termination and the fact that the notice is being delivered pursuant to <U>Section 2(i)</U> of this Agreement.
The Company shall have the right at any time during such forty-five (45) day notice period to relieve the Executive of all or any
portion of his offices, duties and responsibilities and to place him on a paid leave-of-absence status. The date on which the Executive
ceases to be employed by the Company, regardless of the reason therefor is referred to in this Agreement as the &ldquo;<B>Termination
Date</B>&rdquo;. The term during which the Executive&rsquo;s employment shall continue is referred to as the &ldquo;<B>Term</B>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties
and Responsibilities</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title</U>.
During the Term, the Executive shall have the position of Chief Operating Officer of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties</U>.
The Executive shall report directly to the Company&rsquo;s Chief Executive Officer (the &ldquo;<B>MDC Executive</B>&rdquo;), at
such times and in such detail as the MDC Executive shall reasonably require. The Executive shall perform such duties consistent
with his position as Chief Operating Officer, or as may be reasonably directed by the MDC Executive.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Scope
of Employment</U>. The Executive&rsquo;s employment by the Company as described herein shall be full-time and exclusive, and during
the Term, the Executive agrees that he will (i) devote the business time and attention, his reasonable best efforts, and all his
skill and ability to promote the interests of the Company; and (ii) carry out his duties in a competent manner and serve the Company
faithfully and diligently under the direction of the MDC Executive. Notwithstanding the foregoing, the Executive shall be permitted
to engage in charitable and civic activities and manage his personal passive investments, provided that such passive investments
are not in a company which transacts business with the Company or its subsidiaries or engages in business competitive with that
conducted by the Company (or, if such company does transact business with the Company, or does engage in a competitive business,
it is a publicly held corporation and the Executive&rsquo;s participation is limited to owning less than 1% of its outstanding
shares) (&ldquo;<B>Passive Investments</B>&rdquo;), and further provided that such activities (individually or collectively) do
not materially interfere with the performance of his duties or responsibilities under this Agreement. In addition, the Executive
is permitted to comply with any cooperation obligations owed to a prior employer provided that such cooperation does not interfere
with the performance of his duties or responsibilities under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Office
Location</U>. During the Term, the Executive&rsquo;s services hereunder shall be performed at the offices of the Company in New
York, NY, subject to necessary travel requirements to the Company&rsquo;s other offices and partner agency locations in order to
carry out his duties in connection with his position hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Base
Salary</U>. As compensation for his services hereunder, during the Term, the Company shall pay the Executive in accordance with
its normal payroll practices, an annualized base salary of $500,000 (&ldquo;<B>Base Salary</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Annual
Discretionary Bonus</U>. During the Term, the Executive shall be eligible to receive an annual discretionary bonus in a target
amount equal to $500,000, based upon criteria determined by the MDC Executive and the Compensation Committee of the Board, which
criteria shall include the Executive&rsquo;s performance, the overall financial performance of the Company and such other factors
as the MDC Executive and the Compensation Committee shall deem reasonable and appropriate (the &ldquo;<B>Annual Discretionary Bonus</B>&rdquo;).
The Annual Discretionary Bonus will be paid in accordance with the Company&rsquo;s normal bonus payment procedures. The Annual
Discretionary Bonus in respect of 2019 may be pro-rated for the Term of Executive&rsquo;s employment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Initial
Cash Bonus Award</U>. The Company shall pay Executive a one-time bonus in an amount equal to $100,000 (the &ldquo;<B>2020 Bonus</B>&rdquo;)
on or about January 15, 2020, subject to applicable withholding for federal, state and local taxes. Notwithstanding the foregoing,
the Company will not be obligated to pay the 2020 Bonus in the event that Executive resigns without Good Reason or is terminated
by the Company for &ldquo;Cause&rdquo; prior to December 31, 2019<FONT STYLE="font-size: 10pt">. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grants
under LTIP Plans</U>. Commencing in January 2020, the Executive shall be eligible to participate in the Company&rsquo;s LTIP Plans
with an annual target award amount equal to $500,000, with each such award to be made on terms and conditions no more or less favorable
than those of awards made to other senior executives of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restricted
Stock Inducement Grant</U>. As soon as practicable following the Commencement Date, the Executive shall receive an award of 225,000
restricted shares of the Company&rsquo;s Class A subordinate voting stock (&ldquo;<B>Class A Shares</B>&rdquo;) in accordance with
and subject to the terms and conditions of a separate restricted stock agreement to be executed and delivered by the Executive
and the Company (the &ldquo;<B>Initial Stock Grant</B>&rdquo;). The restricted shares granted as part of the Initial Stock Grant
will become vested and exercisable in three equal installments on each of the first three (3) anniversaries of the Commencement
Date (each such date, a &ldquo;<B>Vesting Date</B>&rdquo;), subject to the Executive&rsquo;s continued employment with the Company
through the applicable Vesting Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SARS
Inducement Grant</U>. As soon as practicable following the Commencement Date, the Executive shall receive an award of 225,000 stock
appreciation rights (&ldquo;<B>SARs</B>&rdquo;) in respect of the Company&rsquo;s Class A Shares with an exercise price equal to
$5.00, all in accordance with and subject to the terms and conditions of a separate stock appreciation rights agreement, to be
executed and delivered by the Executive and the Company (the &ldquo;<B>SAR Agreement</B>&rdquo;). The SARs granted pursuant to
the SAR Agreement will become vested and exercisable in three equal installments on each of the first three (3) anniversaries of
the Commencement Date (each such date, a &ldquo;<B>SAR Vesting Date</B>&rdquo;), subject to the Executive&rsquo;s continued employment
with the Company through the applicable SAR Vesting Date. To the extent not yet exercised, any SARs issued shall expire on the
fifth anniversary of the Commencement Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
unvested Class A Shares and SARs granted pursuant to this Agreement will automatically accelerate vesting upon (i) the Executive&rsquo;s
death or disability, (ii) termination of the Executive&rsquo;s employment without &ldquo;Cause&rdquo; or with &ldquo;Good Reason,&rdquo;
or (iii) a Change in Control (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>5.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Expenses;
Health Benefits</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>.
The Company agrees to pay or to reimburse the Executive for all reasonable, ordinary, necessary and documented business or entertainment
expenses incurred during the Term in the performance of his services hereunder in accordance with the policy of the Company as
from time to time in effect. The Executive, as a condition precedent to obtaining such payment or reimbursement, shall provide
to the Company any and all statements, bills or receipts evidencing the travel or out-of-pocket expenses for which the Executive
seeks payment or reimbursement, and any other information or materials, as the Company may from time to time reasonably require.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Benefit
Plans</U>. During the Term, the Executive and, to the extent eligible, his dependents, shall be eligible to participate in and
receive all benefits under any group health plans, welfare benefit plans and programs (including without limitation, disability,
group life (including accidental death and dismemberment) and business travel insurance plans and programs) provided by the Company
to its senior executives and, without duplication, its employees generally, subject, however, to the generally applicable eligibility
and other provisions of the various plans and programs in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vacation</U>.
The Executive shall be entitled to four weeks of vacation in accordance with the Company&rsquo;s policies, with no right of carry
over, to be taken at such times as shall not materially interfere with the Executive&rsquo;s fulfillment of his duties hereunder,
and shall be entitled to as many holidays, sick days and personal days as are in accordance with the Company&rsquo;s policy then
in effect generally for its employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Termination
of Employment</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
for Cause</U>. The Company, by direction of the Board of Directors or the MDC Executive, shall be entitled to terminate the Term
and to discharge the Executive for &ldquo;<B>Cause</B>&rdquo; effective upon the giving of written notice to the Executive. For
purposes of this Agreement, the term &ldquo;Cause&rdquo; shall mean:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Executive&rsquo;s willful failure or refusal to materially perform his duties and responsibilities as set forth in <U>Section 3</U>
hereof (other than as a result of a Disability pursuant to <U>Section 6(d)</U> hereof), or abide by the reasonable directives of
the MDC Executive, in each case if such failure or refusal is not cured (if curable) within 20 days after written notice thereof
to the Executive by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
willful fraud or material dishonesty of the Executive in connection with his position or the performance of duties to the Company
(including any misappropriation of the funds or property of the Company), or the willful misconduct of the Executive in connection
with his position or the performance of his duties to the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
conviction of Executive in a court of law of, or entering by the Executive of a plea of guilty or no contest to, any felony or
any crime involving material dishonesty or theft;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv) willful
failure by the Executive to cooperate as directed by the MDC Executive with a bona fide Company internal investigation or an investigation
of the Company by governmental, regulatory or law enforcement authorities, if such breach is not cured (if curable) within 20 days
after written notice thereof to the Executive by the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
material breach by the Executive of <U>Section 8(a)</U> or <U>(b)</U> hereof, if such breach is not cured (if curable) within 20
days after written notice thereof to the Executive by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any notice required to be given by the
Company pursuant to this section shall specify the nature of the claimed breach and the manner in which the Company requires such
breach to be cured (if curable). In the event that the Executive is purportedly terminated for Cause and a court determines that
Cause as defined herein was not present, then such purported termination for Cause shall be deemed a termination without Cause
pursuant to <U>Section 6(c)</U> and the Executive&rsquo;s rights and remedies will be governed by <U>Section 7(b)</U>, in full
satisfaction and in lieu of any and all other or further remedies the Executive may have under this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by the Executive for Good Reason</U>. Provided that a Cause event has not occurred, the Executive shall be entitled to terminate
this Agreement and the Term hereunder for Good Reason (as defined below) at any time during the Term by written notice to the Company
not more than 20 days after the occurrence of the event constituting such Good Reason. For purposes of this Agreement, &ldquo;<B>Good
Reason</B>&rdquo; shall be limited to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
material diminution of the Executive&rsquo;s position or authority as set forth in <U>Section 3</U> hereof or a change in the reporting
structure so that the Executive reports to someone other than the MDC Executive, which breach remains uncured (if curable) for
a period of 15 days after written notice of such breach to the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company&rsquo;s material breach of the compensation and benefits provisions of <U>Section 4</U> or <U>Section 5</U> hereof, which
breach remains uncured (if curable) for a period of 15 days after written notice of such breach to the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;following
a Change in Control (as defined below), the Executive not holding the position of Chief Operating Officer of the ultimate parent
entity or other controlling entity resulting from the Change in Control transaction; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;relocation
of the Executive&rsquo;s principal office to a location outside of New York, New York metropolitan area.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any notice required to
be given by the Executive pursuant to this <U>Section 6(b)</U> shall specify the nature of the circumstance alleged to constitute
Good Reason and the provisions of this Agreement relied upon, and shall specify the date of termination, which shall not be less
than 30 days or more than 60 days following the date of such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">For the purposes of this
Agreement, a &ldquo;<B>Change in Control</B>&rdquo; shall be have the meaning provided in Section 2(b) of the Company&rsquo;s 2016
Stock Incentive Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
without Cause</U>. The Company, by direction of the Board or the MDC Executive, shall have the right at any time during the Term
to terminate the employment of the Executive without Cause by giving written notice to the Executive setting forth a Termination
Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
for Death or Disability</U>. In the event of the Executive&rsquo;s death, the Termination Date shall be the date of the Executive&rsquo;s
death. In the event the Executive shall be unable to perform his duties hereunder by virtue of illness or physical or mental incapacity
or disability (from any cause or causes whatsoever) in substantially the manner and to the extent required hereunder prior to the
commencement of such disability and the Executive shall fail to perform such duties for periods aggregating 120 days, whether or
not continuous, in any continuous period of 360 days (such causes being herein referred to as &ldquo;<B>Disability</B>&rdquo;),
the Company shall have the right to terminate the Executive&rsquo;s employment hereunder as at the end of any calendar month during
the continuance of such Disability upon at least 30 days&rsquo; prior written notice to him.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect
of Termination of Employment</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by the Company for Cause; by Death or Disability; without Good Reason</U>. In the event of the termination of the employment of
the Executive (1) by the Company for Cause; (2) by reason of death or Disability pursuant to <U>Section 6(d)</U>; or (3) pursuant
to a notice of resignation without Good Reason, the Executive shall be entitled to the following payments and benefits (the &ldquo;<B>Accrued
Rights</B>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;unpaid
Base Salary through, and any unpaid reimbursable expenses outstanding as of, the Termination Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
outstanding equity incentive awards (including the Initial Stock Grant and SARs) shall be treated in accordance with the governing
equity plan and underlying award agreement, except as otherwise provided in <U>Section 4(g)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event of termination
of the employment of Executive in the circumstances described in this <U>Section 7(a)</U>, except as expressly provided in this
section or any other accrued benefits or indemnification rights under the Company&rsquo;s by-laws, the Company&rsquo;s other organizational
documents, or this Agreement, the Company shall have no further liability to the Executive or the Executive&rsquo;s heirs, beneficiaries
or estate for damages, compensation, benefits, severance or other amounts of whatever nature, directly or indirectly, arising out
of or otherwise related to this Agreement and the Executive&rsquo;s employment or cessation of employment with the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by the Company without Cause or by the Executive for Good Reason</U>. In the event of termination by the Company without Cause
or resignation by the Executive for Good Reason, the Executive shall be entitled to the following payments and benefits:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Accrued Rights as provided in <U>Section 7(a)</U> hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">his Annual Discretionary Bonus with respect to the calendar year prior to the date of termination,
when otherwise payable, but only to the extent earned and approved by the MDC Executive and/or the Compensation Committee of the
Board but not already paid;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">eligibility for a pro-rata portion of his Annual Discretionary Bonus with respect to the calendar
year in which the date of termination occurs, when otherwise payable (such pro-rata amount to be equal to the product of (A) the
amount of the Annual Discretionary Bonus that would have been earned for such calendar year based on actual performance for such
year, times (B) a fraction, (x) the numerator of which shall be the number of calendar days commencing January 1 of such year and
ending on the Termination Date, and (y) the denominator of which shall equal 365; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">an amount equal to Executive&rsquo;s Base Salary for a period of six (6) months (the &ldquo;<B>Severance
Amount</B>&rdquo;). The Severance Amount described in this <U>Section 7(b)(iv)</U>, less applicable withholding of any tax amounts,
shall be paid by the Company to the Executive in a cash lump-sum not later than 60 days following the Termination Date.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of termination of this Agreement
in the circumstances described in this <U>Section 7(b)</U>, except as expressly provided in this section or any other accrued benefits
or indemnification rights, the Company shall have no further liability to the Executive or the Executive&rsquo;s heirs, beneficiaries
or estate for damages, compensation, benefits, severance or other amounts of whatever nature, directly or indirectly, arising out
of or otherwise related to this Agreement and the Executive&rsquo;s employment or cessation of employment with the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Executive shall
be under no duty to mitigate damages hereunder. The making of any severance payments and providing the other benefits as provided
in this <U>Section 7(b)</U> is conditioned upon the Executive signing and not revoking a customary separation agreement in a form
reasonably satisfactory to the Company and Executive (the &ldquo;<B>Separation Agreement</B>&rdquo;). In the event the Executive
breaches any material provisions of the Separation Agreement or the provisions of <U>Section 8(a)</U> or <U>(b)</U> of this Agreement,
in addition to any other remedies at law or in equity available to it, the Company may cease making any further payments and providing
the other benefits provided for in this <U>Section 7(b)</U>, without affecting its rights under this Agreement or the Separation
Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
by the Company without Cause following a Change in Control</U>. If within one (1) year after the closing date of any &ldquo;Change
in Control&rdquo; transaction, the Executive&rsquo;s employment is terminated by the Company without Cause or he resigns for Good
Reason, the Severance Amount shall be increased to an amount equal to Executive&rsquo;s Base Salary for a period of nine (9) months.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Compete;
Employee Non-Solicitation; Protection of Confidential Information</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Compete;
Employee Non-Solicitation</U>. The parties hereto agree that the covenants given in this <U>Section 8</U> are being given incident
to the agreements and transactions described herein, and that such covenants are being given for the benefit of the Company. Accordingly,
the Executive acknowledges (i) that the business and the industry in which the Company competes is highly competitive; (ii) that
as a key executive of the Company he will participate in the servicing of current clients and/or the solicitation of prospective
clients, through which, among other things, the Executive will obtain knowledge of the &ldquo;know-how&rdquo; and business practices
of the Company, in which matters the Company has a substantial proprietary interest; (iii) that his employment hereunder will require
the performance of services which are special, unique, extraordinary and intellectual in character, and his position with the Company
will place him in a position of confidence and trust with the clients and employees of the Company; and (iv) that his rendering
of services to the clients of the Company necessarily will require the disclosure to the Executive of confidential information
(as defined in <U>Section 8(b)</U> hereof) of the Company. In the course of the Executive&rsquo;s employment with the Company,
the Executive will develop a personal relationship with the clients of the Company and a knowledge of those clients&rsquo; affairs
and requirements, and the relationship of the Company with its established clientele will therefore be placed in the Executive&rsquo;s
hands in confidence and trust. The Executive consequently agrees that it is a legitimate interest of the Company, and reasonable
and necessary for the protection of the confidential information, goodwill and business of the Company, which is valuable to the
Company, that the Executive make the covenants contained herein and that the Company would not have entered into this Agreement
unless the covenants set forth in this <U>Section 8</U> were contained in this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, the Executive agrees
during the Term that he is employed by the Company and for a period of six (6) months thereafter (such period being referred
to as the &ldquo;<B>Non-Compete Period</B>&rdquo;), he shall not, as an individual, employee, consultant, independent
contractor, partner, shareholder, or in association with any other person, business or enterprise, except on behalf of the
Company, solicit business on behalf of, render any services to, engage in, guaranty any obligations of, extend credit to, or
have any ownership interest in (other than Passive Investments) or other affiliation with, any business or other endeavor,
which is engaged in the same business as the Company or its subsidiaries. Notwithstanding the foregoing or anything herein to
the contrary, from and after the Termination Date, the Executive may seek and obtain employment with any person, business or
entity that is engaged in the same business as the Company or its subsidiaries so long as during the Non-Compete Period the
Executive&rsquo;s employment function with any such person, business or entity is (i) as an attorney and/or (ii) of a
business operations (<U>i.e.</U>, non-client facing or non-client servicing) role.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Executive further
agrees that during the Term that he is employed by the Company and for a period of two (2) years thereafter (such period being
referred to as the &ldquo;<B>Restricted Period</B>&rdquo;), he shall not, as an individual, employee, consultant, independent contractor,
partner, shareholder, or in association with any other person, business or enterprise, except on behalf of the Company, and regardless
of the reason for his ceasing to be employed by the Company:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solicit
or accept from any Restricted Client business of the type performed by the Company or persuade any Restricted Client to cease to
do business or to reduce the amount of business which any such Restricted Client has customarily done or is reasonably expected
to do with the Company, whether or not the relationship between the Company and such Restricted Client was originally established
in whole or in part through the Executive&rsquo;s efforts; or</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employ
as an employee or retain as a consultant any person, firm or entity who is then or at any time during the preceding twelve months
was an employee of or exclusive consultant to the Company, or persuade or attempt to persuade any employee of or exclusive consultant
to the Company to leave the employ of the Company or to become employed as an employee or retained as a consultant by any person,
firm or entity other than the Company.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this <U>Section
8</U>, the term &ldquo;<B>Company</B>&rdquo; shall include any subsidiaries of the Company and the term &ldquo;<B>Restricted Client</B>&rdquo;
shall mean, except as set forth below, (1) anyone who is a client of the Company on the Termination Date, or if the Executive&rsquo;s
employment shall not have terminated, at the time of the alleged prohibited conduct (any such applicable date being called the
 &ldquo;<B>Determination Date</B>&rdquo;); (2) anyone who was a client of the Company at any time during the one-year period immediately
preceding the Determination Date; and (3) any prospective client to whom the Company had made a new business presentation (or similar
offering of services) at any time during the six-month period immediately preceding the date of termination. In addition, if the
Restricted Client is part of a group of companies which conducts business through more than one entity, division or operating unit,
whether or not separately incorporated (a &ldquo;<B>Client Group</B>&rdquo;), the term &ldquo;Restricted Client&rdquo; as used
herein shall only include each entity, division and operating unit of the Client Group where the same management group of the Client
Group has the decision making authority or significant influence with respect to contracting for services of the type rendered
by the Company. For purposes of this <U>Section 8</U>, it is further agreed that a &ldquo;Restricted Client&rdquo; shall be limited
solely and exclusively to those clients which the Executive played a significant and substantial role in soliciting or winning
or in rendering or providing services to on behalf of the Company or its subsidiaries. Notwithstanding anything else set forth
herein, the term &ldquo;Restricted Client&rdquo; shall not include any client for whom the Executive rendered any services, on
behalf of himself or any other person or entity, at any time preceding the Commencement Date, and which client of the Executive
has been disclosed in writing by the Executive to the Company prior to the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidential
Information</U>. In the course of the Executive&rsquo;s employment with the Company (and its predecessor), he will acquire and
have access to confidential or proprietary information about the Company and/or its clients, including but not limited to, trade
secrets, methods, models, passwords, access to computer files, financial information and records, computer software programs, agreements
and/or contracts between the Company and its clients, client contacts, client preferences, creative policies and ideas, advertising
campaigns, creative and media materials, graphic design materials, sales promotions and campaigns, sales presentation materials,
budgets, practices, concepts, strategies, methods of operation, financial or business projections of the Company and information
about or received from clients and other companies with which the Company does business. The foregoing shall be collectively referred
to as &ldquo;<B>confidential information</B>&rdquo;. The Executive is aware that the confidential information is not readily available
to the public and accordingly, the Executive also agrees that he will not at any time (whether during the Term or after termination
of this Agreement), disclose to anyone (other than his counsel in the course of a dispute arising from the alleged disclosure of
confidential information or as required by law) any confidential information, or utilize such confidential information for his
own benefit, or for the benefit of third parties. The Executive agrees that the foregoing restrictions shall apply whether or not
any such information is marked &ldquo;confidential&rdquo; and regardless of the form of the information. The term &ldquo;confidential
information&rdquo; does not include information which (i) is or becomes generally available to the public other than by breach
of this provision or (ii) the Executive learns from a third party who is not under an obligation of confidence to the Company or
a client of the Company. In the event that the Executive becomes legally required to disclose any confidential information, he
will provide the Company with prompt notice thereof so that the Company may seek a protective order or other appropriate remedy
and/or waive compliance with the provisions of this <U>Section 8(b)</U> to permit a particular disclosure. In the event that such
protective order or other remedy is not obtained, or that the Company waives compliance with the provisions of this <U>Section
8(b)</U> to permit a particular disclosure, the Executive will furnish only that portion of the confidential information which
he is legally required to disclose and, at the Company&rsquo;s expense, will cooperate with the efforts of the Company to obtain
a protective order or other reliable assurance that confidential treatment will be accorded the confidential information. The Executive
further agrees that all memoranda, disks, files, notes, records or other documents, whether in electronic form or hard copy (collectively,
the &ldquo;<B>material</B>&rdquo;) compiled by him or made available to him during his employment with the Company (whether or
not the material constitutes or contains confidential information), and in connection with the performance of his duties hereunder,
shall be the property of the Company and shall be delivered to the Company on the termination of the Executive&rsquo;s employment
with the Company or at any other time upon request. Except in connection with the Executive&rsquo;s employment with the Company,
the Executive agrees that he will not make or retain copies or excerpts of the material; provided that the Executive shall be entitled
to retain his personal files.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement
shall prohibit or impede the Executive from communicating, cooperating or filing a complaint with any U.S. federal, state or local
governmental or law enforcement branch, agency or entity (collectively, a &ldquo;<B>Governmental Entity</B>&rdquo;) with respect
to possible violations of any U..S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental
Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each
case such communications and disclosures are consistent with applicable law. The Executive understands and acknowledges that an
individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade
secret that is made (x) in confidence to a federal, state, or local government official or to an attorney solely for the purpose
of reporting or investigating a suspected violation of law, or (y) in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. The Executive understands and acknowledges further that an individual who files
a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney
of the individual and use the trade secret information in the court proceeding, if the individual files any document containing
the trade secret under seal and does not disclose the trade secret, except pursuant to court order. For purposes of this Agreement,
each of the foregoing communications or disclosures is a &ldquo;<B>Protected Disclosure</B>.&rdquo; The Executive does not need
to give prior notice to (or get authorization from) the Company regarding any Protected Disclosure. Except as otherwise provided
in this section or under applicable law, notwithstanding the foregoing, under no circumstance will the Executive be authorized
to disclose any information covered by attorney-client privilege or attorney work product of the Company, or the Company&rsquo;s
trade secrets, without prior written consent of the Company&rsquo;s General Counsel or other officer designated by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
If the Executive commits or threatens to commit a breach of any of the provisions of <U>Sections 8(a)</U> or <U>(b)</U>, the Company
shall have the right to have the provisions of this Agreement specifically enforced by any court having jurisdiction without being
required to post bond or other security and without having to prove the inadequacy of the available remedies at law, it being acknowledged
and agreed that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not
provide an adequate remedy to the Company. In addition, the Company may take all such other actions and remedies available to it
under law or in equity and shall be entitled to such damages as it can show it has sustained by reason of such breach.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgements</U>.
The parties acknowledge that (i) the type and periods of restriction imposed in the provisions of Sections 8(a) and (b) are fair
and reasonable and are reasonably required in order to protect and maintain the proprietary interests of the Company described
above, other legitimate business interests and the goodwill associated with the business of the Company; (ii) the time, scope and
other provisions of this Section 8 have been specifically negotiated by sophisticated commercial parties, represented by legal
counsel, and are given as an integral part of the transactions contemplated by this Agreement; and (iii) because of the nature
of the business engaged in by the Company and the fact that clients can be and are serviced by the Company wherever they are located,
it is impractical and unreasonable to place a geographic limitation on the agreements made by the Executive herein. The Executive
specifically acknowledges that his being restricted from soliciting and servicing Restricted Clients as contemplated by this Agreement
will not prevent him from being employed or earning a livelihood in the type of business conducted by the Company. If any of the
covenants contained in <U>Sections 8(a)</U> or <U>(b)</U>, or any part thereof, is held to be unenforceable by reason of it extending
for too great a period of time or over too great a geographic area or by reason of it being too extensive in any other respect,
the parties agree (x) such covenant shall be interpreted to extend only over the maximum period of time for which it may be enforceable
and/or over the maximum geographic areas as to which it may be enforceable and/or over the maximum extent in all other respects
as to which it may be enforceable, all as determined by the court making such determination and (y) in its reduced form, such covenant
shall then be enforceable, but such reduced form of covenant shall only apply with respect to the operation of such covenant in
the particular jurisdiction in or for which such adjudication is made. Each of the covenants and agreements contained in this <U>Section&nbsp;8</U>
(collectively, the &ldquo;<B>Protective Covenants</B>&rdquo;) is separate, distinct and severable. All rights, remedies and benefits
expressly provided for in this Agreement are cumulative and are not exclusive of any rights, remedies or benefits provided for
by law or in this Agreement, and the exercise of any remedy by a party hereto shall not be deemed an election to the exclusion
of any other remedy (any such claim by the other party being hereby waived). The existence of any claim, demand, action or cause
of action of the Executive against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement by the Company of each Protective Covenant. The unenforceability of any Protective Covenant shall not affect
the validity or enforceability of any other Protective Covenant or any other provision or provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notification
of Restrictive Covenants</U>. Prior to accepting employment with any person, firm or entity during the Non-Compete Period and/or
the Restricted Period, as the case may be, the Executive shall notify the prospective employer in writing of his obligations pursuant
to this <U>Section 8</U> and may provide a copy of the provisions of this <U>Section&nbsp;8</U> to any such prospective employer
(it being agreed by the Company that such notification and/or disclosure under this <U>Section 8(e)</U> shall not be deemed a breach
of the confidentiality provisions of this Agreement).</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tolling</U>.
The temporal duration of the Non-Compete Period and/or the Restricted Period, as the case may be, shall not expire, and shall be
tolled, during any period in which the Executive is in violation of any of the non-compete and/or employee non-solicitation covenants
set forth herein, as the case may be, and all then applicable restrictions shall automatically be extended by the period of the
Executive&rsquo;s violation of any such restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Intellectual
Property</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">During the Term, the
Executive will disclose to the Company all ideas, inventions and business plans developed by him during such period which relate
directly or indirectly to the business of the Company, including without limitation, any design, logo, slogan, advertising campaign
or any process, operation, product or improvement which may be patentable or copyrightable. The Executive agrees that all patents,
licenses, copyrights, tradenames, trademarks, service marks, planning, marketing and/or creative policies and ideas, advertising
campaigns, promotional campaigns, media campaigns, budgets, practices, concepts, strategies, methods of operation, financial or
business projections, designs, logos, slogans and business plans developed or created by the Executive in the course of his employment
hereunder, either individually or in collaboration with others, will be deemed works for hire and the sole and absolute property
of the Company. The Executive agrees, that at the Company&rsquo;s request and expense, he will take all steps necessary to secure
the rights thereto to the Company by patent, copyright or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to Section 124
of the Canada Business Corporations Act <I>(</I>as amended or re-enacted from time to time and including the regulations made pursuant
thereto, the &ldquo;<B>Act</B>&rdquo;), the Company shall indemnify and hold harmless, the Executive and his heirs, executors,
administrators and other legal personal representatives (each, an &ldquo;<U>Indemnitee</U>&rdquo;), to the maximum extent permitted
by the Act, from and against (a) any liability and all costs, charges and expenses that an Indemnitee sustains or incurs in respect
of any action, suit or proceeding that is proposed, threatened or commenced against an Indemnitee for or in respect of anything
done or permitted by the Executive in respect of the execution of the duties of his office; and (b) all other costs, charges and
expenses that the Executive sustains or incurs in respect of the affairs of the Company. The Company shall also indemnify the Executive
in such other circumstances to the maximum extent as the Act permits or requires. To the extent permitted by the Act, the Company
will advance or reimburse any expenses, including reasonable attorneys&rsquo; fees, incurred by an Indemnitee in investigating
and defending any actual or threatened action, suit or proceeding for which an Indemnitee may be entitled to indemnification under
this <U>Section 10</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforceability</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The failure of any party
at any time to require performance by the other party of any provision hereunder shall in no way affect the right of that party
thereafter to enforce the same, or to enforce any of the other provisions in this Agreement; nor shall the waiver by any party
of the breach of any provision hereof be taken or held to be a waiver of any subsequent breach of such provision or as a waiver
of the provision itself.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company and the Executive
agree that the Company shall have the right to assign this Agreement in connection with any asset assignment of all or substantially
all of the Company&rsquo;s assets, stock sale, merger, consolidation or other corporate reorganization involving the Company and,
accordingly, this Agreement shall inure to the benefit of, be binding upon and may be enforced by, any and all successors and such
assigns of the Company. The Company and Executive agree that Executive&rsquo;s rights and obligations under this Agreement are
personal to the Executive, and the Executive shall not have the right to assign or otherwise transfer his rights or obligations
under this Agreement, and any purported assignment or transfer shall be void and ineffective, provided that the rights of the Executive
to receive certain benefits upon death as expressly set forth under <U>Section 7</U> of this Agreement shall inure to the Executive&rsquo;s
estate and heirs. The rights and obligations of the Company hereunder shall be binding upon and run in favor of the successors
and assigns of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement may not
be orally canceled, changed, modified or amended, and no cancellation, change, modification or amendment shall be effective or
binding, unless in writing and signed by the parties to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability;
Survival; Notice</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event any provision
or portion of this Agreement is determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions
of this Agreement shall nevertheless be binding upon the parties with the same effect as though the invalid or unenforceable part
had been severed and deleted or reformed to be enforceable. The respective rights and obligations of the parties hereunder shall
survive the termination of the Executive&rsquo;s employment to the extent necessary to the intended preservation of such rights
and obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any notice, request,
instruction or other document to be given hereunder by any party hereto to another party shall be in writing and shall be deemed
effective (a) upon personal delivery, if delivered by hand, or (b) three days after the date of deposit in the mails, postage prepaid
if mailed by certified or registered mail, or (c) on the next business day, if sent by prepaid overnight courier service or facsimile
transmission (if electronically confirmed), and in each case, addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 1in">&nbsp;</TD>
    <TD><U>If to the Executive:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Seth Gardner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>254 E. 68th St., Apt. 6A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>New York, NY 10065</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 1in; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><U>If to the Company:</U></TD></TR>
<TR STYLE="vertical-align: top">
    <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">c/o MDC Partners Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">745 Fifth Avenue, 19th Floor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">New York, NY 10151</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Attention: General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Fax: (212) 937-4365</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any party may change
the address to which notices are to be sent by giving notice of such change of address to the other party in the manner herein
provided for giving notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Applicable
Law</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement shall
be governed by, enforced under, and construed in accordance with the laws of the State of New York, without regard to the conflict
of law rules thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflict</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Except as previously
disclosed in writing to the Company, the Executive represents and warrants that he is not subject to any agreement, instrument,
order, judgment or decree of any kind, or any other restrictive agreement of any character, which would prevent him from entering
into this Agreement or which would be breached by the Executive upon his performance of his duties pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Counterparts</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement and the
documents referenced herein represent the entire agreement between the Company and the Executive with respect to the employment
of the Executive by the Company, and all prior term sheets, agreements, plans and arrangements relating to the employment of the
Executive by the Company are nullified and superseded hereby. This Agreement may be executed in two counterparts or by pdf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholdings</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company may withhold
from any amounts payable under this Agreement such federal, state or local taxes as shall be required to be withheld pursuant to
any applicable law or regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Strict Construction</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The language used in
this Agreement will be deemed to be the language chosen by the Company and the Executive to express their mutual intent, and no
rule of law or contract interpretation that provides that in the case of ambiguity or uncertainty a provision should be construed
against the draftsman will be applied against any party hereto.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>20.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>409A
Compliance</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Agreement is intended
to comply, to the extent applicable, with Section 409A of the Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;)
and will be so interpreted. For purposes of this Agreement, a termination of Executive&rsquo;s services on the date of termination
shall be determined in a manner consistent with the rules relating to &ldquo;separation from service&rdquo; within the meaning
of Section 409A of the Code and the regulations thereunder. Notwithstanding anything herein to the contrary, (i) if on the date
of termination Executive is a &ldquo;specified employee&rdquo; as defined in Section 409A of the Code, and the deferral of the
commencement of any payments or benefits otherwise payable hereunder as a result of such termination the Agreement is necessary
in order to prevent the imposition of any accelerated or additional tax under Section 409A of the Code, then the Company will (A)
defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits
ultimately paid or provided to Executive) until the date that is six months following the date of termination (or the earliest
date as is permitted under Section 409A of the Code), and (B) add to such payment or benefit an interest payment for the six-month
period calculated using the short-term Applicable Federal Rate (monthly compounded) as in effect on the date of termination under
Section 1274(d) of the Internal Revenue Code and (ii) if any other payments of money or other benefits due to the Executive hereunder
could cause the application of an accelerated or additional tax under Section 409A of the Code, the parties agree to restructure
the payments or benefits to comply with Section 409A of the Code in a manner which does not diminish the value of such payments
and benefits to the Executive. To the extent any reimbursements or in-kind benefits due to the Executive under this Agreement constitute
 &ldquo;deferred compensation&rdquo; under Section 409A of the Code, any such reimbursements or in-kind benefits shall be paid in
a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). If under this Agreement, an amount is paid in two or more installments,
each installment shall be treated as a &ldquo;separate payment&rdquo; within the meaning of 409A of the Code.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF,</B>
the parties have executed this Employment Agreement as of the day and year first above written.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in"><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="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><B>MDC PARTNERS INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>By:</B> ______/s/___________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">Mitchell Gendel,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.375in">General Counsel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>________________/s/_____________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Seth Gardner</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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



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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tv522338_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;<IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR:</B></FONT></TD>
    <TD STYLE="width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDC Partners Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">745 Fifth Avenue, Floor 19</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10151</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONTACT:</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandra Delanghe Ewing</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Communications Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">646-429-1845</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Blue"><U>adelanghe@mdc-partners.com</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>MDC Partners
Boosts Leadership Team, Appoints Seth Gardner as Chief Operating Officer </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>New York, May 22, 2019 (NASDAQ: MDCA)&nbsp;&ndash;&nbsp;</B>MDC
Partners Inc. today announced the appointment of Seth Gardner to the newly created role of Chief Operating Officer, effective June&nbsp;17,
2019. In this role, Mr. Gardner will oversee the network&rsquo;s operations, real estate portfolio, IT, human resources and benefits,
as well as centralized resources, creating deeper collaborative support for the MDC Partners agencies. Mr. Gardner joins the company&rsquo;s
newly appointed Chief Financial Officer Frank Lanuto and General Counsel Jonathan Mirsky, announced earlier this month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;As we work to successfully operationalize MDC&rsquo;s
central resources and build out best-in-class shared services, Seth&rsquo;s <FONT STYLE="background-color: white">cross-functional
skills and expertise </FONT>will be invaluable,&rdquo; said Mark Penn, Chairman and CEO of MDC Partners. &ldquo;At the same time,
he brings a unique background in education, professional experience and leadership development, offering tremendous insights into
the single most valuable asset in our network: our talent.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Gardner joins MDC Partners from The Carlyle Group, where
he served as Managing Director, Chief Operating Officer &amp; Chief Legal Officer of the firm&rsquo;s credit division. In this
role, he managed an array of operational, IT, accounting, and legal functions, driving the segment&rsquo;s strategic direction
and execution of business objectives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Previously, Mr. Gardner was a Managing Director at Cerberus
Capital Management, where he was responsible for sourcing, structuring and managing private equity investments. Mr. Gardner also
previously served as the <FONT STYLE="color: windowtext">founding Executive Director of the Center for Financial Excellence at
the Fuqua School of Business at Duke University. Mr. Gardner started his career as </FONT>an attorney at Wachtell, Lipton, Rosen
 &amp; Katz.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;MDC Partners is an exceptional, talent-rich organization,&rdquo;
said Mr. Gardner. &ldquo;I am excited to be working with Mark, the MDC management team and MDC Partner agencies.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About MDC Partners Inc.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MDC Partners is one of the most influential marketing and communications
networks in the world. As &quot;The Place Where Great Talent Lives,&quot; MDC Partners is celebrated for its innovative advertising,
public relations, branding, digital, social and event marketing agency partners, which are responsible for some of the most memorable
and effective campaigns for the world's most respected brands. By leveraging technology, data analytics, insights and strategic
consulting solutions, MDC Partners drives creative excellence, business growth and measurable return on marketing investment for
over 1,700 clients worldwide. For more information about MDC Partners and its partner firms, visit our website at&nbsp;<FONT STYLE="color: Blue"><U>www.mdc-partners.com</U></FONT>&nbsp;and
follow us on Twitter at&nbsp;<FONT STYLE="color: Blue"><U>http://www.twitter.com/mdcpartners</U></FONT>.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; color: #222222">&nbsp;</P>

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