<SEC-DOCUMENT>0001104659-20-053365.txt : 20200429
<SEC-HEADER>0001104659-20-053365.hdr.sgml : 20200429
<ACCEPTANCE-DATETIME>20200429160932
ACCESSION NUMBER:		0001104659-20-053365
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200429
DATE AS OF CHANGE:		20200429

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:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		20830350

	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>10-K/A
<SEQUENCE>1
<FILENAME>tm2016846d1_10ka.htm
<DESCRIPTION>10-K/A
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Amendment No. 1</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="text-align: center; font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Wingdings"><B>&yacute;
</B></FONT><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>For the Fiscal Year Ended December 31,
2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Wingdings"><B>o
</B></FONT><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>For the transition period from _____
to ______<BR>
Commission File Number 001-13718</B></P>

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<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="text-align: center; font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MDC PARTNERS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

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

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="text-align: center; font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 STYLE="padding: 1.5pt; width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Canada</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>98-0364441</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer<BR>
Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>330 Hudson Street, 10th Floor, New York,
New York 10013<BR>
(646) 429-1800</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</P>

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

<!-- Field: Rule-Page --><DIV STYLE="text-align: center; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="text-align: center; font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered pursuant to Section
12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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 STYLE="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of Each Class</B></FONT></TD>
    <TD STYLE="text-align: center; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading Symbols</B></FONT></TD>
    <TD STYLE="text-align: center; border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name of Each Exchange on Which Registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Class A Subordinate Voting Shares, no par value</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">MDCA</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-top: 1.5pt; padding-right: 1.5pt; padding-left: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered pursuant to Section
12(g) of the Act: <B>None</B>.</P>

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

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes <FONT STYLE="font-family: Wingdings">o</FONT> No <FONT STYLE="font-family: Wingdings">&yacute;</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act. Yes <FONT STYLE="font-family: Wingdings">o</FONT> No <FONT STYLE="font-family: Wingdings">&yacute;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes <FONT STYLE="font-family: Wingdings">&yacute;</FONT> No <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
<FONT STYLE="font-family: Wingdings">&yacute;</FONT> No <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="text-align: justify; 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">Large accelerated filer <FONT STYLE="font-family: Wingdings">o
</FONT>Accelerated filer <FONT STYLE="font-family: Wingdings">&yacute; </FONT>Non-accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT>
Smaller reporting company <FONT STYLE="font-family: Wingdings">&yacute; </FONT>Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></P>

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

<P STYLE="text-align: justify; 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">o</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act). Yes <FONT STYLE="font-family: Wingdings">o</FONT> No <FONT STYLE="font-family: Wingdings">&yacute;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate market value of the shares of all classes of voting
and non-voting common stock of the registrant held by non-affiliates as of June 28, 2019, the last business day of the Registrant&rsquo;s
most recently completed second fiscal quarter, was approximately $140.7 million, computed upon the basis of the closing sales price
$2.52 of the Class A subordinate voting shares on that date.</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 31, 2020, there were 72,479,417 outstanding shares
of Class A subordinate voting shares without par value, and 3,749 outstanding shares of Class B multiple voting shares without
par value, of the registrant.</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; text-align: center"><B>EXPLANATORY NOTE</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"><FONT STYLE="font-size: 10pt">This
Amendment No. 1 on Form 10-K/A (the &ldquo;Form 10-K/A&rdquo;) is being filed by MDC Partners, Inc. (the &ldquo;Company&rdquo;)
in order to disclose information required by Items 10, 11, 12, 13 and 14 of Part III, which was previously omitted in reliance
on Instruction G to Form 10-K from its Annual Report on Form 10-K (the &ldquo;Original Form 10-K&rdquo;) for the year ended December
31, 2019, filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on March 5, 2020. The Company is not filing
its definitive proxy statement for its 2020 annual stockholder meeting within 120 days of the end of its most recent fiscal year
as required under Instruction G to Form 10-K in order to incorporate information contained in the definitive proxy statement into
the Original Form 10-K and list additional exhibits. This Form 10-K/A discloses such information. In connection with the filing
of this Form 10- K/A and pursuant to the rules of the SEC, we are including with this Form 10-K/A certain other exhibits, including
certifications with respect to this filing by our principal executive officer and principal financial officer pursuant to Section
302 of the Sarbanes-Oxley Act of 2002; accordingly, Item 15 of Part IV has also been amended to reflect the filing of these new
exhibits. Because no financial statements have been included in this Form 10-K/A and this Form 10-K/A does not contain or amend
any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4 and 5 of the certifications have been omitted.
We are not including the certifications under Section 906 of the Sarbanes-Oxley Act of 2002 as no financial statements are being
filed with this Form 10-K/A. Further, because we are a &ldquo;smaller reporting company,&rdquo; as defined in Item 10 of Regulation
S-K promulgated under the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), we have elected to provide in this
10-K/A certain scaled disclosures permitted under the Exchange Act for smaller reporting companies. This Form 10-K/A is limited
in scope to the items identified above and should be read in conjunction with the Original Form 10-K and our other filings with
the SEC. Except as otherwise expressly stated herein, this Form 10-K/A does not reflect events occurring after the filing of the
Original Form 10-K or modify or update those disclosures affected by subsequent events. Consequently, all other information is
unchanged and reflects the disclosures made at the time of the filing of the Original Form 10-K.</FONT></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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<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"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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 STYLE="width: 10%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 5%"><FONT STYLE="font-size: 10pt; color: Black"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>PART III</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Item 10.</FONT></A></FONT></TD>
    <TD><FONT STYLE="color: Black"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Directors, Executive Officers and Corporate
    Governance</FONT></A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black"><A HREF="#a_001"><FONT STYLE="font-size: 10pt"><U>1</U></FONT></A></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="color: Black"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Item 11.</FONT></A></FONT></TD>
    <TD><FONT STYLE="color: Black"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Executive Compensation</FONT></A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black"><A HREF="#a_002"><FONT STYLE="font-size: 10pt"><U>7</U></FONT></A></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Item 12.</FONT></A></FONT></TD>
    <TD><FONT STYLE="color: Black"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Security Ownership of Certain Beneficial Owners
    and Management and Related Stockholder Matters</FONT></A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black"><A HREF="#a_003"><FONT STYLE="font-size: 10pt"><U>32</U></FONT></A></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="color: Black"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">Item 13.</FONT></A></FONT></TD>
    <TD><FONT STYLE="color: Black"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">Certain Relationships and Related Transactions
    and Director Independence</FONT></A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black"><A HREF="#a_004"><FONT STYLE="font-size: 10pt"><U>35</U></FONT></A></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Item 14.</FONT></A></FONT></TD>
    <TD><FONT STYLE="color: Black"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Principal Accounting Fees and Services</FONT></A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black"><A HREF="#a_005"><FONT STYLE="font-size: 10pt"><U>37</U></FONT></A></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: Black"><B>PART IV</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="color: Black"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Item 15.</FONT></A></FONT></TD>
    <TD><FONT STYLE="color: Black"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Exhibits and Financial Statement Schedules</FONT></A></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black"><A HREF="#a_006"><FONT STYLE="font-size: 10pt"><U>38</U></FONT></A></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="color: Black"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">Signatures</FONT></A></FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: Black"><A HREF="#a_007"><FONT STYLE="font-size: 10pt"><U>39</U></FONT></A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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


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<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"><B>PART III</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><A NAME="a_001"></A>Item 10. Directors, Executive Officers and Corporate Governance</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; text-align: justify; text-indent: 0.25in">The names of, and
certain information regarding, our current directors are set forth below.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 16%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 51%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal Occupation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 9%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Director Since</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Mark Penn</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">66</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Executive Officer of MDC; President and Managing Partner of the Stagwell Group. </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Charlene Barshefsky</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">69</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Senior International Partner at WilmerHale.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Bradley J. Gross</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Managing Director at Goldman Sachs &amp; Co.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2017</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Anne Marie O&rsquo;Donovan</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Director of Indigo Books &amp; Music, Inc., Aviva Canada, Cadillac Fairview, and Investco.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Kristen M. O&rsquo;Hara </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Business Officer, Hearst Magazines.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Wade Oosterman </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">59</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Vice Chair of Bell Canada and Group Chair of Bell Media.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2020</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Desiree Rogers</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Executive Officer and Co-Owner of Black Opal Beauty.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2018</FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Irwin D. Simon</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">61</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Chairman and CEO of Aphria Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">2013</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Mark Penn</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">Mark Penn has been the Chief Executive
Officer of MDC Partners since March 18, 2019. He has also been the President and Managing Partner of The Stagwell Group, a private
equity fund that invests in digital marketing services companies, since its formation in June 2015. Prior to The Stagwell Group,
Mr. Penn served in various senior executive positions at Microsoft. As Executive Vice President and Chief Strategy Officer of Microsoft,
he was responsible for working on core strategic issues across the company, blending data analytics with creativity. Mr. Penn also
has extensive experience growing and managing agencies. As the co-founder and CEO of Penn Schoen Berland, a market research firm
that he built and later sold to WPP Group, he demonstrated value-creation, serving clients with innovative techniques such as being
the first to offer overnight polling and unique ad testing methods now used by politicians and major corporations. At WPP Group,
he also became CEO of Burson Marsteller, and managed the two companies to substantial profit growth during that period. A globally
recognized strategist, Mr. Penn has advised corporate and political leaders both in the United States and internationally. He served
for six years as White House Pollster to President Bill Clinton and was a senior adviser in his 1996 re-election campaign, receiving
recognition for his highly effective strategies. Mr. Penn later served as chief strategist to Hillary Clinton in her Senate campaigns
and her 2008 Presidential campaign. Internationally, Mr. Penn helped elect more than 25 leaders in Asia, Latin America and Europe,
including Tony Blair and Menachem Begin. Penn has extensive leadership experience as a CEO and an agency operator, and his background
as an agency founder, executive strategist and marketer, and global thought leader were critical qualifications that led to his
appointment as CEO and a member of the Board. Mr. Penn resides in Washington, D.C. Mr. Penn was nominated by Stagwell Agency Holdings
LLC (&ldquo;Stagwell&rdquo;) pursuant to its rights as purchaser of the Class A Subordinate Voting Shares and Series 6 Convertible
Preference Shares. Please see Executive Officers of MDC Partners 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"></P>

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<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"><B>Charlene Barshefsky</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">Charlene Barshefsky is a Senior International
Partner at WilmerHale, a multinational law firm based in Washington, D.C., a position she has held since 2001. Ambassador Barshefsky
advises multinational corporations on their market access, regulatory, investment and acquisition strategies in major markets across
the globe. Prior to joining WilmerHale, Ambassador Barshefsky was the United States Trade Representative (USTR) and a member of
President Clinton&rsquo;s Cabinet from 1997 to 2001 and Acting and Deputy USTR from 1993 to 1996. As the USTR, she served as chief
trade negotiator and principal trade policymaker for the United States and, in both roles, negotiated complex market access, regulatory
and investment agreements with virtually every major country in the world. She serves on the boards of directors of the American
Express Company and the Estee Lauder Companies and is a member of the board of trustees of the Howard Hughes Medical Institute.
She is also a member of the Council on Foreign Relations. Ambassador Barshefsky&rsquo;s distinguished record as a policymaker and
negotiator, ability to assess regulatory risks, as well as exceptional Board director experience for some of the world&rsquo;s
most respected consumer companies across a range of sectors focused on digital innovation are key qualifications for the Board.
Ambassador Barshefsky resides in Washington, D.C. Ambassador Barshefsky was nominated by Stagwell pursuant to its rights as the
purchaser of the Class A Subordinate Voting Shares and Series 6 Convertible Preference Shares.</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"><B>Bradley Gross </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">Bradley Gross is a Managing Director within
the Merchant Banking Division (&ldquo;MBD&rdquo;) of Goldman, Sachs &amp; Co., a position he has held since 2007. Mr. Gross is
focused on US technology, media and telecom investing and serves as a member of the MBD Corporate Investment Committee and MBD
Risk Committee. Mr. Gross joined Goldman Sachs in 1995 and rejoined the firm after completing business school in 2000. He became
a vice president in 2003 and was named Managing Director in 2007. Mr. Gross serves on the boards of directors of Neovia Logistics
Holdings, a provider of logistics solutions, and Proquest Holdings, a leading information services business serving the higher
education market. Mr. Gross brings to the board an exceptional risk management track record, extensive public company board experience
and technological experience, all of which qualify him for the Board. Mr. Gross resides in New York, New York. Mr. Gross was nominated
by Goldman Sachs pursuant to its rights as the purchaser of the Series 4 Convertible Preference Shares.</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>Anne Marie O&rsquo;Donovan </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">Anne Marie O&rsquo;Donovan is an experienced
senior executive, public company board member, and CPA, with over 30 years of Canadian and global financial services industry expertise.
She is a member of the board of directors of Indigo Books &amp; Music, a Canadian book and lifestyle company, Aviva Canada, a leading
property and casualty insurance company, Cadillac Fairview, an owner/operator/ developer of office, retail and mixed-use properties,
and Investco, an investment subsidiary of the Canadian Medical Association. Most recently she served as Executive Vice President
at Scotiabank, where she was Chief Administrative Officer for Global Banking and Markets division. Prior to that Ms. O&rsquo;Donovan
had a long, distinguished career at Ernst &amp; Young, a professional services and accounting firm, as Partner. She holds an HBA
degree from the Richard Ivey School of Business at the University of Western Ontario and is a Fellow of the Institute of Chartered
Accountants of Ontario. Spencer Stuart, a leadership consulting firm that was engaged by the MDC Partners&rsquo; board of directors
in 2016 to complete an extensive director search, recommended Ms. O&rsquo;Donovan to the board. Among other qualifications, Ms.
O&rsquo;Donovan brings to the Board an in-depth knowledge in the areas of executive leadership, risk management, regulatory, governance,
financial management, technology, operations and internal audit, as well as relevant experience working with international teams
across Europe, Asia and Latin America. Ms. O&rsquo;Donovan resides in Oakville, Ontario.</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"><B>Kristen M. O&rsquo;Hara</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">Kristen M. O&rsquo;Hara is a strategic marketing and media professional
who has worked for several global enterprises. Ms. O&rsquo;Hara has served as the Chief Business Officer of Hearst Magazines since
January 2020. Prior to that she served as VP Business Solutions of Snap Inc. from September 2018 to October 2018, and prior to
that, served as Chief Marketing Officer, Global Media for Time Warner Inc. (now Warner Media, LLC), a position she held since May
2011. Earlier executive roles with Time Warner Inc.&rsquo;s Global Media Group include Senior Vice President and Managing Director,
Senior Vice President of Marketing and Client Partnerships, and from 2002 to 2004, Ms. O&rsquo;Hara was the Vice President of Corporate
Marketing and Sales Strategy for the Time Inc. division of Time Warner Inc. From 1993 to 2002, Ms. O&rsquo;Hara served in several
positions at global marketing communications firm Young &amp; Rubicam Inc., driving business development and brand strategy for
blue chip advertisers. Ms. O&rsquo;Hara has served as member of the board of CIIG Merger Corp., a Nasdaq listed company, since
December 2019 and Ms. O&rsquo;Hara has been a member of the board of trustees of the Signature Theatre Company since 2012. She
was formerly a member of the boards of directors of Iconix Brand Group, Inc., a Nasdaq-listed company, from September 2016 to January
2018, and the Data &amp; Marketing Association. Ms. O&rsquo;Hara&rsquo;s marketing and advertising experience, and high level of
expertise in data, social and digital media, offer critical skills and perspectives to the Board. For all of the foregoing reasons,
Ms. O&rsquo;Hara is qualified to serve on the board of directors of MDC Partners. Ms. O&rsquo;Hara resides in Bronxville, New York.
Ms. O&rsquo;Hara was nominated for election to the MDC Partners board of directors pursuant to a settlement agreement by and between
the Company and FrontFour Capital Group LLC.</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"><B>Wade Oosterman </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; background-color: white"><FONT STYLE="color: #2B2B2B">Wade
Oosterman is Vice Chairman of Bell Canada, Canada&rsquo;s largest telecommunications service provider, a position he has held since
2018. Mr. Oosterman has also been Group President of Bell Media, Canada&rsquo;s largest media company, since 2015, and has been
Chief Brand Officer of Bell Canada and BCE since 2006. Mr. Oosterman served as President of Bell Mobility from 2006 to 2018. Prior
to joining Bell Canada, Mr. Oosterman served as Chief Marketing and Brand Officer for TELUS Corp., and Executive Vice President,
Sales and Marketing for TELUS Mobility. In 1987, Mr. Oosterman co-founded Clearnet Communications Inc. and served on its board
of directors until the successful sale of Clearnet to TELUS Corp. Mr. Oosterman serves on the board of directors of Telephone Data
Systems Inc., a telecom operator participating in the US Midwest markets, and Enstream, a joint venture of the three largest Canadian
telecom providers engaged in the business of mobile payments and identity verification. He has also served on the boards of directors
of Ingram Micro and Virgin Mobile Canada. Among other qualifications, Mr. Oosterman brings to the board financial acumen, risk
assessment and mitigation, and exceptional operations experience. His leadership includes extensive experience in both sell-side
and buy-side transactions, with a substantial footprint extending beyond Canada to China, Japan, </FONT>Korea, Europe and the US.
Since 2008, during Mr. Oosterman&rsquo;s tenure, Bell has delivered the highest shareholder returns in North America in the telecom
sector. He holds a BA in Economics and Financial Studies from the University of Western Ontario and an MBA from the Ivey School
at Western University. Mr. Oosterman resides in Toronto, Ontario.</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"><B>Desir&eacute;e Rogers</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Desir&eacute;e Rogers is the Chief Executive
Officer and Co-Owner of Black Opal Beauty, LLC, a masstige makeup and skincare company sold in Walmart, CVS and Rite Aid as well
as internationally. She served as Chairman of Choose Chicago, the tourism agency for the city of Chicago with over $1 billion in
revenue, from 2013 until 2019. At Choose Chicago, Ms. Rogers&rsquo; digital marketing leadership resulted in record results of
over 57 million visitors in 2018 and 2019. Ms. Rogers was Chief Executive Officer of Johnson Publishing Company, a publishing and
cosmetics firm, from 2010 to 2017. During the period of 2009 to 2010, Ms. Rogers was The White House Special Assistant to the President
and Social Secretary under the Obama administration. Prior to this post, Ms. Rogers served as the President of Allstate Social
Network for Allstate Financial, a personal lines property and casualty insurer. Ms. Rogers is a member of the boards of directors
of World Business Chicago, The Economic Club of Chicago, The Conquer Cancer Foundation, Donors Choose and Inspired Entertainment
Inc., and is formerly a member of the board of directors of Pinnacle Entertainment, Inc. Ms. Rogers is a results-oriented business
leader, and brings to the board strong interpersonal, collaborative and diplomatic skills. For all of the foregoing reasons, Ms.
Rogers is qualified to serve on the board of directors of MDC Partners. She has been a member of the MDC Partners Board of Directors
since her appointment on April 26, 2018, and currently chairs the Human Resources and Compensation Committee and serves on the
Nominating and Corporate Governance Committee. Ms. Rogers resides in Chicago, Illinois.</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"><B>Irwin D. Simon</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Irwin D. Simon is a business executive,
who in 1993 founded The Hain Celestial Group, Inc. (NASDAQ: HAIN) which he built into a leading, global organic and natural products
company with over $3 billion in net sales and served as President, Chief Executive Officer and Chairman through 2018. Mr. Simon
has more than 30 years of business experience spanning many domestic and international leadership and operating roles. Prior to
Hain Celestial, he was employed in various marketing and sales positions at The H&auml;agen-Dazs Company, a frozen dessert company,
then a division of Grand Metropolitan, a multi-national luxury brands company. Mr. Simon currently serves as Chairman of the Board
and Chief Executive Officer of Aphria Inc. (NYSE: APHA), a leading global cannabis company. He also served as a Director of Barnes
 &amp; Noble, Inc., the largest retail bookseller in the United States. Most recently, Mr. Simon was appointed Executive Chairman
of Act II Global Acquisition Corp. (NASDAQ: ACTT), a blank check company he co-founded in the &ldquo;better-for-you&rdquo; sector.
For all of the foregoing reasons, Mr. Simon is qualified to serve on the board of directors of MDC Partners. He also serves on
the board of directors at Tulane University and on the Board of Trustees at Poly Prep Country Day School. Mr. Simon is also the
majority owner of the Cape Breton Screaming Eagles, a Quebec Major Junior Hockey League team and co-owner of St. John&rsquo;s Edge
of the National Basketball League of Canada.</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"><B>Indebtedness of Directors, Executive
Officers and Senior Officers</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">There is currently no indebtedness owed
to MDC by any of MDC&rsquo;s Directors, executive officers or senior officers, and there was no such indebtedness owed to MDC as
of December 31, 2019. The Company&rsquo;s Corporate Governance Guidelines prohibit the Company from making any new personal loans
or extensions of credit to Directors or executive officers 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"><B>Insurance</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">MDC holds directors&rsquo; and officers&rsquo;
liability insurance policies that are designed to protect MDC Partners and its directors and officers against any legal action
which may arise due to wrongful acts on the part of directors and/or officers of MDC. The policies are written for a current limit
of&thinsp;$70 million, subject to a corporate deductible up to $2,500,000 per indemnifiable claims. In respect of the fiscal year
ended December 31, 2019, the cost to MDC of maintaining the policies was $1,013,623. The twelve-month premium cost of the current
policy, effective from July 31, 2019 &ndash; July 31, 2020, is equal to $1,070,386.</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"><B>Executive Officers of MDC Partners</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: 0.25in">The executive officers
of MDC Partners as of April 27, 2020 are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 STYLE="border-bottom: black 1pt solid; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 67%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Office</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Penn</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank Lanuto</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan Mirsky</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Counsel&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David C. Ross</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President, Strategy and Corporate Development</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vincenzo DiMaggio</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Chief Accounting Officer</FONT></TD></TR>
</TABLE>
<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; text-align: justify; text-indent: 0.25in">There is no family
relationship among any of the executive officers or directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Penn joined MDC Partners in March 2019
and currently serves as Chairman and Chief Executive Officer. Mr. Penn has been acting as the Managing Partner and President at
the Stagwell Group since 2015. Prior thereto, Mr. Penn served as Microsoft&rsquo;s Executive Vice President and Chief Strategy
Officer and held Chief Executive Officer position in multiple strategic public relation firms.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Lanuto joined MDC Partners in June
2019 as Chief Financial Officer. Prior to joining MDC Partners, Mr. Lanuto served as Vice President, Corporate Controller&nbsp;at
Movado Group, Inc. since August 2015. Before Movado Group, he spent over 17 years overseeing global financial functions and operations
activities in the advertising, marketing and media services industries.</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: 0.25in"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Mirsky joined MDC Partners in June
2019 as General Counsel. Prior to joining MDC Partners, from January 2001 through June 2019, Mr. Mirsky was a partner at the Washington
law firm Harris, Wiltshire &amp; Grannis LLP, where his practice focused on mergers and acquisitions and preparing and negotiating
complex commercial agreements.&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">Mr. Ross&nbsp;joined MDC Partners in 2010
and currently serves as Executive Vice President, Strategy and Corporate Development.&nbsp; Prior to joining MDC Partners, Mr.
Ross was an attorney at Skadden Arps LLP where he represented global clients in a wide range of capital markets offerings, M&amp;A
transactions, and general corporate matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. DiMaggio joined MDC Partners in 2018
as Chief Accounting Officer. Prior to joining MDC Partners, he served as the Senior Vice President, Global Controller &amp; Chief
Accounting Officer at Endeavor, from 2017 to 2018. Prior thereto, he worked at Viacom Inc. from 2012 to 2017 as Senior Vice President,
Deputy Controller and at the New York Times Company from 1999 to 2012 ultimately serving as its Vice President, Assistant Corporate
Controller.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has established guidelines for
determining director independence, and all current directors, with the exception of Mr. Penn, have been determined by the Board
to be independent under applicable Nasdaq rules and the Board&rsquo;s governance principles, and applicable Canadian securities
laws within the meaning of National Instrument 58-101 &mdash; Disclosure of Corporate Governance Practices. Mr. Gross was nominated
to the Board in 2017 by Broad Street Principal Investments, L.L.C., an affiliate of The Goldman Sachs Group Inc. (&ldquo;Goldman
Sachs&rdquo;), pursuant to its rights as the purchaser of the Series 4 Convertible Preference Shares. At that time, the Company
and the purchaser determined to treat Mr. Gross as ineligible to sit on the Board&rsquo;s committees, without the Board making
an affirmative determination as to his independence. In light of the changes in Board composition during 2019, the Board first
evaluated Mr. Gross&rsquo;s independence in June 2019 and determined him to be independent under applicable Nasdaq rules and the
Board&rsquo;s governance principles.</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>Procedures for Recommending Nominees to our Board</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">The Company&rsquo;s Corporate Governance
Guidelines contain a majority voting policy, which requires a director nominee who receives, in an uncontested election, a number
of votes &ldquo;withheld&rdquo; that is greater than the number of votes cast &ldquo;for&rdquo; his or her election to promptly
offer to resign from the Board. The Board shall accept the resignation absent exceptional circumstances. Unless the Board decides
to reject the offer, the resignation shall become effective 60 days after the date of the election. In making a determination whether
to reject the offer or postpone the effective date, the Board of Directors shall consider all factors it considers relevant to
the best interests of the Company. A director who tenders a resignation pursuant to the Corporate Governance Guidelines will not
participate in any meeting of the Board at which the resignation is considered. The Company will promptly issue a news release
with the Board&rsquo;s decision.</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>Committees of the Board of Directors </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">The Board oversees the management of the
business and affairs of MDC Partners as required by Canadian law. The Board conducts its business through meetings of the Board
and three standing committees: the Audit Committee, the Human Resources &amp; Compensation Committee and the Nominating and Corporate
Governance Committee.</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">Copies of the charters of the Audit Committee,
the Human Resources &amp; Compensation Committee and the Nominating and Corporate Governance Committee, as well the Code of Conduct
and Corporate Governance Guidelines, are available free of charge at MDC Partners&rsquo; website located at <I><U>http://www.mdc-partners.com/investors/corporate-governance</U></I>.
Copies are also available to any shareholder upon written request to 330 Hudson, 10th Floor, New York, NY 10013, Attn: Investor
Relations.</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Audit Committee</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">The purpose of the Audit Committee is to
provide assistance to the Board in fulfilling its fiduciary obligations and oversight responsibilities with respect to (1) the
integrity of the Corporation&rsquo;s financial statements, (2) the Corporation&rsquo;s compliance with legal and regulatory requirements,
(3) the independent auditor&rsquo;s qualifications and independence, and (4) the performance of the Corporation&rsquo;s internal
audit function and independent auditors. The Committee will also provide risk oversight, including cybersecurity risks, and prepare
the report that SEC rules require to be included in the Corporation's annual proxy statement.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current members of the Audit Committee
are Anne Marie O&rsquo;Donovan (Chairperson), Charlene Barshefsky and Wade Oosterman. Each of the members of the Audit Committee
is &ldquo;financially literate&rdquo; as required by applicable Canadian securities laws. The Board has determined that Ms. O&rsquo;Donovan
and Mr. Oosterman each qualify as an &ldquo;audit committee financial expert&rdquo; under the Sarbanes-Oxley Act of 2002 and applicable
Nasdaq and Securities and Exchange Commission regulations, and each member of the Audit Committee has been determined by the Board
to be independent pursuant to Item 407 of Regulation S-K.</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>Nominating and Corporate Governance Committee</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; text-align: justify">The purpose of the Nominating and Corporate
Governance Committee is to (1) identify and to select and recommend to the Board individuals qualified to serve as directors of
the Company and on committees of the Board, (2) to advise the Board with respect to the Board composition, procedures and committees,
(3) to develop and recommend to the Board a set of corporate governance principles applicable to the Company, (4) and to oversee
the evaluation of the Board ensure the committees fulfill their mandates.</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">The current members of the Nominating &amp;
Corporate Governance Committee are Irwin Simon (Chairman), Charlene Barshefsky, Kristen O&rsquo;Hara, and Desir&eacute;e Rogers.</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>Human Resources and Compensation Committee</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; text-align: justify">The purpose of the Human Resources &amp;
Compensation Committee is to oversee the Corporation's executive compensation and benefit plans and practices, including its incentive-compensation
and equity-based plans, and to review and approve the Corporation&rsquo;s management succession plans. The Committee also produces
a Committee report on executive compensation as required by the Securities and Exchange Commission to be included in the Corporation's
annual proxy statement or annual report on Form 10-K filed with the SEC.</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">The current members are Desir&eacute;e Rogers (Chairperson),
Bradley J. Gross, Kristen O&rsquo;Hara and Irwin Simon. All members are independent, non-employee directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted a Code of Conduct,
which applies to all directors, officers (including the Company&rsquo;s Chief Executive Officer and Chief Financial Officer) and
employees of the Company and its subsidiaries. The Code of Conduct also satisfies the requirements for a code of ethics, as defined
by Item 406 of Regulation S-K promulgated by the SEC. The Company&rsquo;s policy is to not permit any waiver of the Code of Conduct
for any director or executive officer, except in extremely limited circumstances. Any waiver of this Code of Conduct for directors
or officers of the Company must be approved by the Company&rsquo;s Board of Directors. Amendments to and waivers of the Code of
Conduct will be publicly disclosed as required by applicable laws, rules and regulations. The Code of Conduct is available free
of charge on the Company&rsquo;s website at&nbsp;<I>https://www.mdc-partners.com/investors/corporate-governance</I>, or by writing
to MDC Partners Inc., 330 Hudson Street, 10th Floor, New York, New York 10013, Attention: Investor Relations. The Company intends
to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to, or waivers from, certain provisions
of the Code of Conduct that apply to its principal executive officer, principal financial officer and principal accounting officer
by posting such information on its website, at the address and location specified above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delinquent Section 16(a) Reports</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"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under Section 16(a) of the Exchange Act, each person serving
as a director or executive officer during the last fiscal year and any persons holding 10% or more of the common stock are required
to report their ownership of common stock and any changes in that ownership to the SEC within a prescribed period of time and
to furnish the Company with copies of such reports. To the Company&rsquo;s knowledge, based solely upon a review of copies of
such reports received by the Company which were filed with the SEC for the fiscal year ended December 31, 2019, and upon written
representations from such persons that no other reports were required, the Company has been advised that all reports required
to be filed under Section 16(a) have been timely filed with the SEC except for the Form 4 for Clare Copeland filed on February
22, 2019, Form 4&rsquo;s for David Doft, Mitchell Gendel, Scott Kauffman, and David Ross filed on March 20, 2019, Form 4 for Daniel Goldberg
filed on August 2, 2019, Form 3 and Form 4 for Vincenzo DiMaggio filed on April 3, 2020 and the Form 3 for Charlene Barshefsky
filed on March 12, 2020.</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><A NAME="a_002"></A>Item 11. Executive Compensation</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">This Compensation Discussion and Analysis
(or &ldquo;<B>CD&amp;A</B>&rdquo;) section outlines our compensation philosophy and describes the material components of our executive
compensation practices for our named executive officers or &ldquo;<B>NEOs</B>&rdquo; in 2019:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="background-color: Transparent">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>MARK PENN</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 66%"><FONT STYLE="font-size: 10pt">Chairman &amp; Chief Executive Officer</FONT></TD></TR>
<TR STYLE="background-color: Transparent">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>FRANK LANUTO</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="background-color: Transparent">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>JONATHAN MIRSKY</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">General Counsel and Corporate Secretary</FONT></TD></TR>
<TR STYLE="background-color: Transparent">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>DAVID ROSS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Executive Vice President, Strategy and Corporate Development</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, two of our former executive
officers, David Doft, our Former Executive Vice President and Chief Financial Officer, and Mitchell Gendel, our Former Executive
Vice President and General Counsel, are also considered in our NEO group for 2019, although each departed the Company in 2019.
We are currently eligible to provide disclosure pursuant to the rules applicable to smaller reporting companies. As a smaller reporting
company, we are not required to treat Frank Lanuto, our CFO, as a Named Executive Officer. Nonetheless, we have elected to include
the same disclosure for Mr. Lanuto as we have provided for our other Named Executive Officers.</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; color: #F79646"><B>EXECUTIVE SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Engagement of New Senior Leadership Team</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; text-align: justify">2019 was a transformative year for the
Company&rsquo;s senior management team. Mark Penn became Chief Executive Officer of the Company and built out the Company&rsquo;s
senior leadership with a new Chief Financial Officer and new General Counsel. Specifically, during the course of 2019, the Company
made the following significant changes to its senior management team:</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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effective March&nbsp;18, 2019, following
an extensive search process, and in connection with the investment of Stagwell in the Company, the Company&rsquo;s Board of Directors
appointed Mark Penn as the Chairman &amp; Chief Executive Officer (&ldquo;<B>CEO</B>&rdquo;);</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Frank Lanuto, a financial leader with
significant advertising holding company experience, joined the Company as Chief Financial Officer (&ldquo;<B>CFO</B>&rdquo;) on
June 10, 2019; and</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On June 17, 2019, Jonathan Mirsky, an
experienced corporate attorney, joined the Company as General Counsel and Corporate Secretary.</FONT></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"></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">In connection with the changes to our senior
management team, we entered into employment agreements with each of Messrs. Penn, Lanuto and Mirsky, each of which reflect our
compensation philosophy and are described more fully below. The Company also entered into agreements with two of its departing
executive officers, outgoing CFO David Doft and outgoing General Counsel Mitch Gendel, to retain their services for a transitional
period and ensure a smooth transition for the new senior management team.</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>Aligning Pay with Performance</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; text-align: justify">While approving significant changes to
our senior management team during 2019, the Human Resources &amp; Compensation Committee (the &ldquo;Compensation Committee&rdquo;)
remained committed to its compensation strategy of appropriately linking compensation levels with shareholder value creation by:</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>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Aligning pay with financial performance
as a meaningful component of total compensation;</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Providing total compensation capable of
attracting, motivating and retaining executives of outstanding talent;</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Focusing our executives on achieving key
objectives critical to implementing the Company&rsquo;s business strategy and achieving financial performance goals; and</FONT></TD></TR></TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Safeguarding the Company&rsquo;s business
interests, including protection from adverse activities by executives.</FONT></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; background-color: white">In 2019, approximately
83% of the target total compensation (excluding benefits) for our CEO was variable/performance-based pay, while performance-based
pay for all other NEOs (other than Messrs. Doft and Gendel) averaged 70% of target total compensation (excluding benefits and
one-time signing bonuses). For all of our NEOs, 100% of the annual incentives could be earned only if individual and other pre-established
financial performance goals were met, while&nbsp;100%&nbsp;of long-term incentive awards could be earned only if financial performance
goals (except in limited circumstances described herein) were met. In addition, the newly hired NEOs received inducement long-term
incentive awards, which took the form of cash- or stock-settled stock appreciation rights (&ldquo;SARs&rdquo;) and restricted
stock, which are aligned with stockholder interests because they increase in value only with improved stock price performance.</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-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><IMG SRC="image_007.jpg" ALT="">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>What We Do and What We Do Not Do</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our compensation program is constructed
in conformity with prevailing governance standards. The following are some of the key compensation practices we follow to drive
performance, as well as some practices we avoid because we do not believe they promote our long-term goal of aligning pay with
performance.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 0%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 0%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="background-color: #222944">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #222944">
    <TD STYLE="border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: white"><B>What We Do</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt; color: white"><B>What We Do Not Do</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Mitigate undue risk in compensation programs</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10007;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">No repricing of underwater stock options</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Maintain equity ownership guidelines for executives</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10007;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">No tax&nbsp;gross-ups&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Provide reasonable post-employment and change in control
    protection to executives</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10007;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">No significant perquisites</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="border-left: #222944 1pt solid">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Use an independent compensation consultant that does not provide other services to the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&#10007;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">No &ldquo;single-trigger&rdquo; change in control cash
    severance to executives</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Maintain a compensation committee comprised only of independent,&nbsp;non-employee&nbsp;directors</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&#10007;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">No hedging or pledging of Company securities by directors and executive officers</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-left: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-left: #222944 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #002060"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholder Approval of our NEO Compensation</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; text-align: justify; background-color: white">At the Company&rsquo;s
most recent Annual Meeting held on June&nbsp;4, 2019, the Company submitted its executive compensation program to an advisory vote
of its shareholders (also known as the &ldquo;say-on-pay&rdquo; vote). This advisory vote received support from approximately 91%
of the total votes cast at the annual meeting. Therefore, in considering compensation and long-term incentives in 2019, the Company
continued its practice of focusing on pay for performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company pays
careful attention to shareholder feedback, including the say-on-pay vote, and management and the Board have undertaken a concerted
effort to focus on shareholder outreach and solicitation of feedback in recent years.</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"><FONT STYLE="color: #F79646"><B>OVERVIEW
OF OUR 2019 COMPENSATION PROCESS</B></FONT><B><BR>
<BR></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Primary Compensation Elements</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; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As summarized
in the following table, the Company traditionally uses a mix of short- and long-term and fixed and variable elements in compensating
the NEOs: base salary, annual cash bonus incentives and long-term incentive awards. As described in more detail below, the Compensation
Committee administers the long-term incentive program for our NEOs with the goal that all long-term equity awards granted to NEOs
will either be subject to performance-based vesting requirements or will have value only to the extent that our stock price increases
following the grant date, in addition to continued employment conditions. In limited situations only, such as inducement grants,
long-term incentive awards may include equity-based awards that vest based solely on continued employment.</P>



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

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

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<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; background-color: white"><IMG SRC="chart01.jpg" ALT=""></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-size: 1px; color: White">Annual&nbsp;Long-term
                                         Incentives &nbsp; Pay&nbsp;Element &nbsp; &nbsp; Salary &nbsp; Annual&nbsp;Incentive
                                         &nbsp; Performance-Based Cash Awards &nbsp; Performance-Based Equity Awards &nbsp; &nbsp;
                                         &nbsp; &nbsp; &nbsp; &nbsp; RECIPIENT &nbsp; &nbsp; All&nbsp;Named&nbsp;Executive&nbsp;Officers&nbsp;&nbsp;&nbsp;&nbsp;
                                         &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;FIXED&nbsp;OR&nbsp;VARI-ABLE COMPENSATION&nbsp;
                                         &nbsp; &nbsp; Fixed &nbsp; Variable&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
                                         &nbsp; &nbsp;DURATION&nbsp;OF PERFORMANCE&nbsp; &nbsp; &nbsp; Short-term Emphasis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
                                         &nbsp; &nbsp;Long-term&nbsp;Emphasis&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;PERFORMANCE
                                         PERIOD&nbsp; &nbsp; &nbsp; Ongoing &nbsp; 1&nbsp;year &nbsp; 3 years 1-3 years &nbsp;
                                         &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; FORM OF DELIVERY &nbsp; &nbsp; Cash&nbsp;&nbsp;&nbsp;Cash
                                         &nbsp; Equity &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</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"><B>Process for Determining the Compensation of Our Named Executive
Officers</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; text-align: justify; background-color: white">The Company&rsquo;s
executive compensation program is administered and overseen by the Compensation Committee. During 2019, our Compensation Committee
was composed of four independent, non-employee directors. The Compensation Committee oversees the Company&rsquo;s executive compensation
and benefit plans and practices, including its incentive compensation and equity-based plans, and reviews and approves the Company&rsquo;s
management succession plans. Specifically, the Compensation Committee determines the salaries or potential salary increases, as
applicable, and the performance measures and awards under the annual bonus incentive program for our CEO and other executive officers.
The Compensation Committee also determines the amount and form of long-term incentive awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Role of Compensation Consultant&nbsp;&nbsp;&nbsp;</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; text-align: justify; background-color: white">In 2017, 2018
and 2019, the Compensation Committee retained Mercer, a compensation consulting firm, to provide objective analysis, advice and
information to the Compensation Committee, including competitive market data and recommendations related to our CEO and other executive
officer compensation, including recommendations regarding annual and long-term incentive awards. Additionally, in 2019, Mercer
provided feedback to the Compensation Committee related to the compensation terms for our employment agreements with the new executives.
Mercer reports to the Compensation Committee Chairman and has direct access to Compensation Committee members. In accordance with
Nasdaq listing standards and SEC regulations, the Compensation Committee assessed the independence of Mercer and determined that
it was independent from management and that Mercer&rsquo;s work has not raised any conflict of interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Mercer has attended
Compensation Committee meetings at the Compensation Committee&rsquo;s request and has also met with the Compensation Committee
in executive session without management present. In particular, the Compensation Committee worked with Mercer to structure performance-based
annual and long-term incentive programs designed to retain the Company&rsquo;s senior management team and to motivate them to achieve
goals that increase shareholder value. The Compensation Committee sought to ensure that its incentive plans properly align management
incentive compensation targets with the performance targets most relevant to shareholders. The Compensation Committee also considered
recent trends in executive compensation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Use of Comparator Companies</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; text-align: justify; background-color: white">In determining
compensation opportunities and payments to executives, the Compensation Committee may, from time to time, review competitive opportunities,
payments, practices and performance among a comparator group of companies. We engage in formal benchmarking of NEO compensation.
We intend that, if our named executive officers achieve individual and financial corporate objectives in a given year, they will
earn total direct compensation that compares favorably with the total direct compensation earned by executives performing similar
functions at comparator companies. Our Human Resources &amp; Compensation Committee aims to set total target compensation at a
level between the 25<SUP>th</SUP> and 50<SUP>th</SUP> percentiles as compared to our comparator companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The comparator
group of peer marketing service companies used in 2019 was identified by Mercer and approved by the Chair of the Compensation Committee.
The group is comprised of the following publicly-traded companies ranging in size from ~$800 million to $4.5 billion in revenue
(or approximately one-half to three-times that of the Company): IAC/InterActiveCorp; Sinclair Broadcast Group; Clear Channel; John
Wiley &amp; Sons; Scholastic Corporation; The New York Times Company; Meredith Corporation; Criteo S.A.; TEGNA Inc.; Tribune Media
Company; Gray Television, Inc.; Entercom Communications Corp.; The E.W. Scripps Company; and The McClatchy Company. We also consider
data regarding Omnicom and The Interpublic Group of Companies for reference purposes, but do not formally include them for benchmarking
purposes given their size compared to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Role of Named Executive Officers in Compensation Decisions</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; text-align: justify; background-color: white">The Compensation
Committee considers input from senior management in making determinations regarding the overall executive compensation program
and the individual compensation of the NEOs and other executive officers. As part of the Company&rsquo;s annual planning process,
the CEO and EVP, Strategy and Corporate Development develop targets for the Company&rsquo;s incentive compensation programs and
present them to the Compensation Committee. These targets are reviewed by the Compensation Committee to ensure alignment with the
Company&rsquo;s strategic and annual operating plans, taking into account the targeted year-over-year improvement as well as identified
opportunities and risks. Based on performance appraisals, including an assessment of the achievement of pre-established financial
and individual &ldquo;key performance indicators,&rdquo; the CEO recommends to the Compensation Committee cash and long-term incentive
award levels for the Company&rsquo;s other executive officers. Each year, the CEO presents to the Compensation Committee his evaluation
of each executive officer&rsquo;s contribution and performance over the past year, and strengths and development needs and actions
for each of the executive officers. The Compensation Committee exercises its discretionary authority and makes the final decisions
regarding the form of awards, targets, award opportunities and payout value of awards. No executive officer participates in discussions
relating to his or her own compensation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following
table identifies the roles and responsibilities of the Compensation Committee and management in the oversight of the Company&rsquo;s
executive compensation program:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #222944">
    <TD STYLE="width: 51%; border-top: #222944 1pt solid">
        <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; color: white"><B>Compensation Committee</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 49%; border-top: #222944 1pt solid">
        <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; color: white"><B>Management</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -14.5pt">&bull;&emsp;&#8202;Sets policies
        and gives direction to management on all aspects of the executive compensation program</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 24pt; text-indent: -14.5pt">&bull;&emsp;&#8202;Engages and
        oversees the independent compensation consultant, including determining its fees and scope of work</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 24pt; text-indent: -14.5pt">&bull;&emsp;Based upon performance,
        peer group and general industry market data, evaluates, determines and approves compensation (salary, bonus and equity awards)
        for each executive officer</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 24pt; text-indent: -14.5pt">&bull;&emsp;&#8202;Determines
        the terms and conditions of equity incentive awards for all award recipients</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 23pt; text-indent: -13.5pt">&bull;&emsp;&#8202;Reviews succession
        planning to mitigate the risk of executive departure and to help ensure individual development and bench-strength through different
        tiers of Company leadership</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 24pt; text-indent: -14.5pt">&bull;&emsp;&#8202;Evaluates
        and considers regulatory and legal perspectives on compensation matters, rating agency opinions on executive pay, published investor
        compensation policies and position parameters, and recommendations of major proxy voting advisory firms</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 24pt; text-indent: -14.5pt">&bull;&emsp;&#8202;Coordinates
        with the other committees of the Board to identify, evaluate and address potential compensation risks, where they may exist</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -14pt">&bull;&emsp;&#8202;Analyzes competitive
        information supplied by the independent compensation consultant and others in light of the Company&rsquo;s financial and operational
        circumstances</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 24pt; text-indent: -14pt">&bull;&emsp;Considers how other
        factors may affect pay decision-making, such as the Company&rsquo;s targeted earnings, internal pay equity, overall financial performance
        and the Company&rsquo;s ability to absorb increases in compensation costs</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 24pt; text-indent: -14pt">&bull;&emsp;&#8202;Uses the data
        and analysis referenced above to formulate recommendations for the Committee&rsquo;s review and consideration</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>
        <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">&nbsp;</P></TD></TR>
</TABLE>


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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risk Assessment</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; text-align: justify; background-color: white">The Compensation
Committee reviews with management the design and operation of the Company&rsquo;s compensation practices and policies, including
performance goals and metrics used in connection with incentive awards and determined that these policies do not provide the Company&rsquo;s
executive officers or other employees with incentives to engage in behavior that is reasonably likely to have a material adverse
effect on the Company. As discussed below in greater detail, the principal measures of our business performance to which NEO compensation
is tied are EBITDA (as defined below) and individual key performance criteria.</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: center; color: #F79646"><B>2019 Principal Pay Element
Determinations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2019 Principal Pay Element Determinations and Link to Company
Strategy</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The following table provides an overview
of the principal pay elements provided to our NEOs and material decisions made with respect to these elements in 2019, and explains
how each element is linked to our overall business strategy:</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; background-color: white"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #222944">
    <TD><FONT STYLE="font-size: 10pt; color: white"><B>Pay&nbsp;Element</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>Description</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt; color: white"><B>2019 Determinations</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>Link&nbsp;To&nbsp;Business&nbsp;&amp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><B>Strategy</B></P></TD></TR>
<TR STYLE="background-color: #EAF1FA">
    <TD STYLE="vertical-align: top; padding-bottom: 12pt"><FONT STYLE="font-size: 10pt"><B>BASE SALARY</B></FONT></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 0pt 12pt; text-indent: -11pt">&bull;&ensp;&thinsp;Fixed cash
        compensation recognizing individual performance, role and responsibilities, leadership skills, future potential and internal pay
        equity considerations</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 12pt; text-indent: -11pt">&bull;&ensp;&thinsp;Set upon hiring
        or promotion, reviewed as necessary based on the facts and circumstances and adjusted when appropriate</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&nbsp;</P></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 0pt 12pt; text-indent: -12pt">&bull;&ensp;&thinsp;In connection
        with their hiring, the Compensation Committee set the base salaries of Messrs. Penn, Lanuto and Mirsky taking into account feedback
        from Mercer. Base salaries were benchmarked against appropriate comparator companies</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&nbsp;</P></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 0pt 12pt; text-indent: -12pt">&bull;&ensp;&thinsp;Competitive
        base salaries help attract and retain key executive talent</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 12pt; text-indent: -12pt">&bull;&ensp;&thinsp;Any material
        adjustments are based on competitive market considerations, changes in responsibilities and individual performance</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&nbsp;</P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>ANNUAL INCENTIVES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -11pt"><FONT STYLE="font-size: 10pt">&bull;&ensp;&thinsp;Performance-based cash compensation dependent on performance against annually established financial targets and personal performance</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">&bull;&ensp;&thinsp;The Compensation Committee awarded performance-based cash bonuses to Messrs. Penn, Lanuto, Mirsky and Ross based on the Company&rsquo;s achievement of its 2019 EBITDA target as well as individual performance and contributions&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp; Our annual incentives motivate and reward achievement of annual corporate and personal objectives that build shareholder value</FONT></TD></TR>
<TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="background-color: #EAF1FA">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>LONG-TERM INCENTIVES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -11pt"><FONT STYLE="font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;Opportunity to earn cash and equity long-term incentive awards, subject to continued employment, if the Company achieves financial performance goals (EBITDA) over a one&nbsp;&nbsp;(1) to three (3) year measurement period following the date of grant</FONT></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 0pt 12pt; text-indent: -12pt">&bull;&ensp;&thinsp;The Compensation
        Committee granted cash and equity long-term incentive awards to Messrs. Penn, Lanuto, Mirsky, and Ross to encourage them to focus
        on delivering key financial metrics over the next three years</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></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 0pt 12pt; text-indent: -12pt">&bull;&ensp;&thinsp;Like our annual
        incentives, our long-term incentives encourage&nbsp;senior leaders to focus on delivering on our key financial metrics, but do
        not encourage or allow for excessive or unnecessary risk-taking in achieving this aim</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&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 0pt 12pt; text-indent: -12pt">&bull;&ensp;&thinsp;The long-term
        incentives also ensure&nbsp;that executives have compensation that is at risk for longer periods of time and is subject to forfeiture
        in the event&nbsp;that they terminate their 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 0pt 12pt; text-indent: -12pt">&bull;&ensp;&thinsp;The long-term
        incentives also motivate executives to remain with the company for long and productive careers built on expertise</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>INDUCEMENT AWARDS/CASH SIGNING BONUSES</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">&bull;&ensp;&thinsp;One-time awards granted to new executives in the form of SARs, restricted stock and/or cash signing bonuses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">&bull;&ensp;&thinsp;The Compensation Committee granted inducement awards to Messrs. Penn, Lanuto and Mirsky in connection with each joining the Company</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;Attract talented, experienced executives to join and remain with the Company</FONT></TD></TR>
</TABLE>


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

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<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"><B>New CEO Compensation and Inducement
Award</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">On March&nbsp;18, 2019, following an extensive
search process and concurrent with the investment by Stagwell in the Company, Mr. Penn became CEO and began implementing a turnaround
plan to significantly improve the Company&rsquo;s financial and operational performance. The Compensation Committee consulted with
Mercer and utilized benchmarks in negotiating the terms of Mr. Penn&rsquo;s employment contract, including as to his base salary,
incentive compensation targets, and an inducement award in the form of SARs. Specifically, the Compensation Committee established
Mr. Penn&rsquo;s base salary at $750,000, benchmarked in the lower range (&lt;25<SUP>th</SUP> percentile) of peer group CEOs and
approximately 40% lower than that of the Company&rsquo;s prior CEO. Mr. Penn&rsquo;s total direct compensation target, which is
more heavily weighted to &ldquo;at-risk&rdquo; performance-based awards, was benchmarked at the 50<SUP>th</SUP> percentile of peer
group CEOs. The Compensation Committee also granted a one-time inducement award of 1,500,000 SARs to Mr. Penn, which vest over
three years subject to continued employment. The terms of this inducement award, and other key terms of Mr. Penn&rsquo;s employment
contract, are discussed in detail under the heading &ldquo;Narrative Disclosure to Summary Compensation Table&rdquo; 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"><B>Inducement Awards and Signing Bonuses
to Other New NEOs in 2019</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></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">In June 2019, the Compensation Committee
granted inducement awards, including signing bonuses, to each of Messrs. Lanuto and Mirsky. The amounts and terms of these awards
are discussed in detail under the heading &ldquo;Narrative Disclosure to Summary Compensation Table&rdquo; 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"><B>2019 Incentive Awards: Financial and Individual Performance
Metrics </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; text-align: justify"><B><I>Pay-for-Performance Analysis; Achievement
of 2019 Financial Targets</I></B>. The Company&rsquo;s compensation program is designed to reward performance relative to corporate
financial performance criteria and individual incentive criteria. The Company&rsquo;s overall financial performance for 2019 exceeded
the financial targets established by the Compensation Committee. Specifically, the Company&rsquo;s 2019 EBITDA performance exceeded
the Company&rsquo;s baseline EBITDA target ($179.7 million). In 2019, EBITDA performance was measured based on the definition of
EBITDA contained in the Company&rsquo;s Credit Agreement. The Compensation Committee also determined that the Company achieved
certain other financial and strategic goals in 2019, including reduction of the consolidated compensation-to-revenue ratio, increases
in net new business through the year, a significantly improved balance sheet position at year end, portfolio realignment into agency
networks, real estate consolidation in New York City and the successful sublet of the Company&rsquo;s prior headquarters. The Compensation
Committee&rsquo;s executive compensation decisions in 2019 aligned with this exceptional financial and operational performance.</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"><B><I>Calculation of 2019 Annual Incentive
Awards; Individual Performance Metrics</I></B>. In 2019, each NEO was eligible to earn an annual bonus in an amount equal to his
base salary plus a potential discretionary adjustment for exceptional performance. In determining the 2019 annual incentive awards
to be paid to each of the named executive officers, following the conclusion of fiscal 2019, the Compensation Committee reviewed
actual financial performance and individual performance relative to individual incentive criteria. The Company does not apply a
formula or use a pre-determined weighting when comparing overall performance against the various individual objectives, and no
single objective is material in determining individual awards. Rather, the Compensation Committee assessed each executive&rsquo;s
individual performance to determine the actual bonus incentive award payable to each NEO. For NEOs other than the Chief Executive
Officer, the Compensation Committee&rsquo;s assessment was partially based on a performance review by the Chief Executive Officer.
On January 23, 2020, the Compensation Committee approved annual incentive awards to the NEOs in the following amounts: Mr. Penn
 &mdash; $750,000; Mr. Ross &mdash; $625,000; Mr. Lanuto &mdash; $350,000; and Mr. Mirsky &mdash; $200,000.</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"><B><I>2020 LTIP Awards Issued in 2019</I></B>.
In November 2019, the Compensation Committee granted awards under the Company&rsquo;s 2014 Long-Term Cash Incentive Plan (the &ldquo;2014
LTIP Plan&rdquo;) and 2011 and 2016 Stock Incentive Plans to each of our NEOs as described below, in each case with a performance
period commencing January 1, 2020. The Compensation Committee chose EBITDA, as defined in the Company&rsquo;s Credit Agreement,
as the financial performance measure under each of these awards. The Compensation Committee evaluated using additional or alternative
performance metrics with respect to these awards, but ultimately determined to use only EBITDA because it is a key measure of the
Company&rsquo;s profitability, as well as availability under existing lines of credit, that generally correlates to our stock price
performance. Specifically, the Compensation Committee set the 2020 EBITDA target at $205 million under each award.</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"><B><I>2020 Cash LTIP Awards</I></B>. In
November 2019, the Compensation Committee granted awards under the Company&rsquo;s 2014 LTIP Plan to each of our NEOs in the following
target amounts: Mr. Penn &mdash; $1,155,000; Mr. Ross &mdash; $400,000; Mr. Mirsky &mdash; $242,000; and Mr. Lanuto &mdash; $198,000.
These grants vest at the end of the applicable three-year measurement period (January 1, 2020 &ndash; December 31, 2022), subject
to achievement of financial performance criteria and continued employment (the &ldquo;2020 Cash LTIP Awards&rdquo;). The financial
performance criteria are based on three-year cumulative EBITDA as measured against the approved annual EBITDA targets for such
period.</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">A payout of between 75% and 100% of the
target opportunity will be made if the Company achieves a three-year cumulative EBITDA amount equal to or greater than 90% but
less than 100% of the three-year cumulative EBITDA target, based on a straight-line interpolation for actual cumulative EBITDA
between 90% and 100% of the cumulative EBITDA target; a payout at the target opportunity will be made if the Company achieves the
three-year cumulative EBITDA target; and a payout of the target opportunity plus an additional amount between 0% and 100% of the
target opportunity will be made if the Company exceeds the three-year cumulative EBITDA target based on a straight-line interpolation
for actual cumulative EBITDA between 100% and 105% of the cumulative EBITDA target, subject to a cap of two times the target opportunity.
No payout would be earned in the event the Company fails to achieve three-year cumulative EBITDA at least equal to or greater than
90% of the cumulative EBITDA target.</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">These awards vest automatically upon a
change in control of the Company (&ldquo;single-trigger&rdquo;). Subject to achievement of financial performance targets, these
awards vest on a pro rata basis upon termination of the NEO&rsquo;s employment without cause or by the NEO for good reason.</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"><B><I>2020 LTIP Equity Incentive Awards</I></B>.
In November 2019, the Compensation Committee also determined to award each NEO restricted stock grants under the Company&rsquo;s
2011 and 2016 Stock Incentive Plans. Vesting for these awards is conditioned upon achievement of one (1) year financial performance
targets and continued employment pursuant to the terms of an award agreement made under the Plans (the &ldquo;2020 LTIP Equity
Incentive Awards&rdquo;). Pursuant to the terms of the 2020 LTIP Equity Incentive Awards, the shares of restricted stock granted
to our NEOs will vest based upon the Company&rsquo;s level of achievement of EBITDA over the performance period commencing on January
1, 2020 and ending on December 31, 2020 and the NEO&rsquo;s continued employment until December 31, 2022.</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">On November 4, 2019, the Company issued
2020 LTIP Equity Incentive Awards to each of the NEOs in the following amounts: Mr. Penn &mdash; 577,500 shares; Mr. Ross &mdash;
200,000 shares; Mr. Mirsky &mdash; 121,000 shares; and Mr. Lanuto &mdash; 99,000 shares. Each of the foregoing 2020 LTIP Equity
Incentive Awards will vest on December 31, 2022, based on the Company&rsquo;s EBITDA as described above. For achievement of an
EBITDA amount equal to or greater than 90% of the EBITDA target (the &ldquo;Minimum EBITDA Amount&rdquo;) but less than 100% of
the EBITDA target, a prorated amount between 75% and 100% of the 2020 LTIP Equity Incentive Award will vest, determined based on
straight-line interpolation for EBITDA between the Minimum EBITDA Amount and EBITDA target. For achievement of an EBITDA amount
equal to or greater than 100% of the EBITDA target, 100% of each 2020 LTIP Equity Incentive Award will vest. No shares would vest
in the event the Company fails to achieve at least 90% of the Minimum EBITDA Amount.</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">These awards generally do not vest automatically
upon a change in control of the Company, except in connection with a termination of the NEO&rsquo;s employment without cause or
by the NEO for good reason (&ldquo;double-trigger&rdquo;). Subject to achievement of financial performance targets, these awards
vest on a pro rata basis upon termination of the NEO&rsquo;s employment without cause or by the NEO for good reason.</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"><B><I>2018 EVP Awards &ndash; Payment and
Amendment</I></B>. In December 2018, the Compensation Committee approved a series of one-time retention/transaction awards (the
 &ldquo;2018 EVP Retention Awards&rdquo;) for five (5) senior executives of the Company, including each of Messrs. Doft, Gendel,
and Ross. The amount of each 2018 EVP Retention Award was equal to the applicable NEOs respective base salary or target annual
bonus award. Payment of each 2018 EVP Retention Award by the Company was conditioned on continued employment through the successful
closing of a &ldquo;significant transaction&rdquo; during 2019 as defined in such awards.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with their Separation Agreements,
which are summarized in more detail below, in 2019, Messrs. Doft and Gendel each received a 2018 EVP Retention Award payout in
the amount of $650,000 pursuant to the terms of such award. Additionally, in June 2019, the Compensation Committee approved an
amendment to the 2018 EVP Retention Award of Mr. Ross. The amended terms included a cash payment of $375,000 subject to continued
employment until December 31, 2019 and a grant of 137,500 shares of restricted stock, subject to performance vesting upon the Company&rsquo;s
achievement of certain EBITDA targets during calendar years 2019 and 2020.</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>Other Elements of Compensation </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; text-align: justify; background-color: white">We provide our
NEOs with basic health and welfare benefits that are generally the same as those made available to other salaried employees located
in the same jurisdiction. The table below highlights certain other compensation components we offer and as a general matter, certain
components we have decided not to offer.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #222944">
    <TD STYLE="border-top: #222944 1pt solid; border-left: #222944 1pt solid; padding-left: 8pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid; width: 44%">
        <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; color: white"><B>WHAT WE OFFER</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">&nbsp;</P></TD>
    <TD STYLE="border-top: #222944 1pt solid; width: 0%">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid; width: 2%">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid; width: 42%">
        <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; color: white"><B>WHAT WE DO NOT OFFER</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">&nbsp;</P></TD>
    <TD STYLE="border-top: #222944 1pt solid; width: 0%">&nbsp;</TD>
    <TD STYLE="border-top: #222944 1pt solid; border-right: #222944 1pt solid; padding-right: 2pt; width: 2%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: #222944 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: #222944 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Medical and dental insurance</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #222944 1pt solid; padding-left: 24pt; text-indent: -24pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10007;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Supplemental or other&nbsp;non-qualified&nbsp;pension plans</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #222944 1pt solid; padding-right: 2pt; padding-left: 24pt; text-indent: -24pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: #222944 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: #222944 1pt solid; padding-left: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10003;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">401(k) Savings Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10007;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Post-retirement medical benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #222944 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: #222944 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: #222944 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#10007;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Post-retirement life insurance benefits</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: #222944 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-left: #222944 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: #222944 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-left: #222944 1pt solid; border-bottom: #222944 1pt solid; padding-left: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #222944 1pt solid; border-right: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #222944 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#10007;</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">&#10007;</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #222944 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax reimbursement or &ldquo;gross-up&rdquo; payments</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">Excessive perquisites</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #222944 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: #222944 1pt solid; border-right: #222944 1pt solid; padding-right: 2pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Separation and Release Agreements</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; text-align: justify">In connection with their departures, we
entered into separation and release agreements with each of Messrs. Doft and Gendel, which we refer to as the &ldquo;Separation
Agreements&rdquo;. In consideration of their respective agreements to provide transitional support services for an agreed-upon
period and their release of claims against the Company, and consistent with the terms of their employment agreements, the Separation
Agreements provided for each of Messrs. Doft and Gendel to receive the severance payments and benefits that are set forth in the
Summary Compensation Table and described more fully on pages 29-30.</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: center; color: #F79646"><B>OTHER COMPENSATION-RELATED
POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stock Ownership Guidelines</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; text-align: justify">The Company&rsquo;s stock ownership guidelines
require that each named executive officer own a significant equity stake in the Company during the period of their employment.
The Compensation Committee believes that stock ownership by senior managers strengthens their commitment to the future of the Company
and further aligns their interests with those of our shareholders. The Board has adopted the following stock ownership guidelines:
our CEO and CFO shall own stock with a value of at least four (4)&nbsp;times his base salary, and each other NEO shall own stock
with a value of at least three (3)&nbsp;times their base salary. An executive must reach his target ownership level within four&nbsp;years
after becoming subject to the stock ownership guidelines.</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"><B>Prohibition of Pledging or Hedging of the Company&rsquo;s
Stock</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; text-align: justify">The Board has adopted policies to prohibit
any pledge or hedging of the Company&rsquo;s stock by officers and directors of the Company. Currently, no stock is pledged or
hedged by any of the Company&rsquo;s directors or officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employment Agreements</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; text-align: justify">The Company has employment or services
agreements with the CEO and all of the other NEOs. These agreements, which are summarized on pages 21-22, formalize the terms of
the employment relationship and assure the executive of fair treatment during employment and in the event of termination while
requiring compliance with restrictive covenants. Employment agreements promote complete documentation and understanding of employment
terms, including strong protections for our business.</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>Business Protection Terms&nbsp;&nbsp;</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; text-align: justify">The Company&rsquo;s NEOs are subject to
significant contractual restrictions intended to prevent actions that potentially could harm our business, particularly after termination
of employment. These business protections include obligations not to solicit clients or employees, not to disparage us, not to
reveal confidential information, and to cooperate with us in litigation. Business protection provisions are included in employment
agreements and in connection with compliance with the Company&rsquo;s Code of Conduct.</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>Equity Award Grant Policies</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; text-align: justify">The Board of Directors and the Compensation
Committee have adopted policies and procedures governing the granting of any equity incentive awards, including the following:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Equity incentive awards granted to executive officers must be approved by the Compensation Committee
or the full Board of Directors and must be made at quarterly in-person meetings and not be made via unanimous written consent.
An attorney (who may be an employee of the Company) must be present at each Compensation Committee or Board
meeting.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">If grants are required to be awarded in connection with hiring new employees in between
                                                                                                                                    regularly-scheduled Compensation Committee meetings, such grants may be approved at a special meeting, which may be
                                                                                                                                    telephonic or in-person.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify">Options, SARs and other equity incentive awards must be priced at or above the closing price on
the date immediately prior to the date of the Compensation Committee meeting at which the grant is approved.</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"><B>Severance Policies</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; text-align: justify">We provide severance protection to our
named executive officers in employment agreements, as detailed below under the caption &ldquo;Potential Payments upon Termination
or Change-In-Control.&rdquo; This protection is designed to be fair and competitive to aid in attracting and retaining experienced
executives. We believe that the protection we provide, including the level of severance payments and post-termination benefits,
is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;162(m)</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; text-align: justify">Pursuant to Section&nbsp;162(m) of the
Internal Revenue Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), publicly-held corporations are prohibited from deducting
compensation paid to the named executive officers as of the end of the fiscal year, in excess of $1&nbsp;million. Although the
Compensation Committee considers the impact of Section&nbsp;162(m) when making its compensation determinations, the Compensation
Committee has determined that its need for flexibility in designing an effective compensation plan to meet our objectives and
to respond quickly to marketplace needs has outweighed its need to maximize the deductibility of its annual compensation. The
Compensation Committee reviews this policy from time to time.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EBITDA</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">As used in this Form 10-K/A:</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">&ldquo;EBITDA&rdquo; is calculated pursuant
to the Company&rsquo;s Credit Agreement for the incentive awards granted in 2019, and for awards issued in prior years. &ldquo;EBITDA&rdquo;
is a non-U.S. GAAP measure that represents operating income (loss) plus depreciation and amortization, stock-based compensation,
deferred acquisition consideration adjustments, distributions from non-consolidated affiliates, and other items, adjusted for certain
items at the discretion of the Compensation Committee. A reconciliation of these measures to the U.S. GAAP reported results of
operations for the year ended December 31, 2019 is provided in the Company&rsquo;s Current Report on Form 8-K filed on February
27, 2020.</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: center; color: #F79646"><B>REPORT OF THE HUMAN RESOURCES
 &amp; COMPENSATION COMMITTEE ON EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Human Resources &amp; Compensation Committee has reviewed
and discussed with management the Compensation Discussion and Analysis that appears above. Based on this review and discussion
with management, the Human Resources &amp; Compensation Committee recommended to the Board of Directors that the Compensation Discussion
and Analysis be included in the Company&rsquo;s 2020 Proxy Statement and the Company&rsquo;s Amended 2019 Annual Report on Form
10-K/A for filing with the SEC.</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>The Human Resources &amp; Compensation Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Desir&eacute;e Rogers (Chair)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Irwin Simon</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: center; color: #F79646"><B>Executive Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This section contains information, both narrative and tabular,
regarding the compensation for fiscal years 2019, 2018, and 2017 for our NEOs. As discussed in the CD&amp;A, Messrs. Penn, Lanuto
and Mirsky joined the Company in 2019. In addition, Messrs. Doft and Gendel departed the Company in 2019.</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; color: #F79646"><B>SUMMARY COMPENSATION
TABLE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></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 STYLE="padding-left: 3pt; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and Principal Position</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; vertical-align: bottom; width: 10%; text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 10%; text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Salary ($)</B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 10%; text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bonus ($)<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5pt; white-space: nowrap; width: 15%; text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stock <BR>
Awards ($)<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 10%; text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Option <BR>
Awards ($)<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 10%; text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Non-Equity Incentive Plan Compensation ($)<SUP>(4)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 10%; text-align: center; padding-left: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All Other Compensation ($)<SUP>(5)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5pt; width: 10%; padding-left: 5pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Total </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>($)</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark Penn,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and Chairman</P></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-top: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">591,346</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,899,975&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,600,000&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,084</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,913,405(*)</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frank Lanuto,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">252,404</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">450,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">325,710&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">519,750&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,050 </FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,578,914</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Mirsky,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">General Counsel and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Secretary</P></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">296,154</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">400,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,025,590&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">183,333&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,927</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,926,004</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-left: black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Ross,</FONT></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">625,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,266,725<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,089</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,432,814</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-left: black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice</FONT></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">274,500</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,408</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">795,908</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-bottom: Black 1pt solid; border-left: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Strategy</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">and Corporate Development</FONT></P></TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">495,833</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101,162</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,664</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,785</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,237,444</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-left: black 1pt solid; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Doft, &nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">396,667</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;0&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">394,550<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,735,843</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,527,060</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-left: black 1pt solid; padding-bottom: 1pt">Former <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">650,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">366,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,408</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,067,408</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</FONT></P></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">650,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">650,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,630</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,664</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,785</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,588,079</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-left: black 1pt solid; padding-bottom: 1pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mitchell Gendel,</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">396,667</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">354,443<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,629,008</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,380,118</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-left: black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Former Executive</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">633,333</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">366,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,184</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,047,517</FONT></TD></TR>
<TR>
    <TD STYLE="padding-top: 3pt; white-space: nowrap; padding-left: 3pt; border-bottom: black 1pt solid; border-left: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and<BR>
 General Counsel</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">550,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">550,000</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,630</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,664</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,207</FONT></TD>
    <TD STYLE="padding-top: 3pt; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,385,501</FONT></TD></TR>
</TABLE>
<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>&nbsp;</B></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: 0.25in">(*)</TD><TD STYLE="text-align: justify">Excluding Mr. Penn&rsquo;s inducement award, total compensation would be $3,313,405 (see &ldquo;New CEO Compensation and Inducement
Award&rdquo; above).</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Amounts shown for Messrs. Lanuto and Mirsky reflect signing bonuses of $100,000 and $200,000, respectively.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Reflects the grant date fair value of the equity awards we granted to our NEOs as determined in accordance with FASB Topic
718. For a discussion of the assumptions relating to these valuations, please see &ldquo;Note 2 &mdash; Significant Accounting
Policies&rdquo; set forth in our annual report on Form 10-K for the year ended December 31, 2019. On November 4, 2019, the Company
issued 2020 LTIP Equity Incentive Awards to each of the NEOs in the following target amounts: Mr. Penn &mdash; 577,500 shares;
Mr. Ross &mdash; 200,000 shares; Mr. Mirsky &mdash; 121,000 shares; and Mr. Lanuto &mdash; 99,000 shares. See &ldquo;Compensation
Discussion and Analysis &ndash; 2019 Annual Incentive Awards: Financial and Individual Performance Metrics &ndash; 2020 LTIP Equity
Incentive Awards.&rdquo; Each of the foregoing restricted stock grants will vest on December 31, 2022 based on the Company&rsquo;s
EBITDA for the period commencing on January 1, 2020 and ending on December 31, 2020.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Amounts shown in the columns for 2017 and 2019 reflect the grant date fair value of the SARs awards we granted to our NEOs
as determined in accordance with FASB Topic 718. For a discussion of the assumptions relating to these valuations, please see &ldquo;Footnote
2 &mdash; Significant Accounting Policies&rdquo; set forth in our annual report on Form 10-K for the year ended December 31, 2019.</TD></TR></TABLE>

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">Amounts shown in the column for 2017 reflect amounts paid March 2, 2018 in connection with grants made in February 2015 pursuant
to the 2014 Cash LTIP Plan, following a determination of the Company&rsquo;s financial performance over the 3-year period ended
December 31, 2017.</TD></TR></TABLE>

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

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<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(5)</TD><TD STYLE="text-align: justify">The components of &ldquo;all other compensation&rdquo; are set forth in the table below.</TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Automobile <BR>
Allowance ($)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Health <BR>
Benefits ($)*</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Long-term</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Disability</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Insurance</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Premiums ($)</B></FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Severance ($)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Vacation <BR>
Pay Out ($) </B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total ($)</B></FONT></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Mark Penn</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">47,500</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">24,584</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">72,084</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Frank Lanuto</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">14,022</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">16,826</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">202</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">31,050</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Jonathan Mirsky</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">13,463</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">7,262</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">202</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">20,927</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">David Ross</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">20,083</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">20,634</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">372</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">41,089</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">David Doft</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">18,308</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">20,634</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">233</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">1,655,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">41,668</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,735,843</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">Mitchell Gendel</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">15,256</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">24,584</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">1,550,000</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: right"><FONT STYLE="font-size: 10pt">39,168</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1,629,008</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">* The &ldquo;Health Benefits&rdquo; provided by the
Company are payment of health insurance premiums for the employee and, as applicable, family members eligible for coverage.</P>



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Reflects the grant date fair value of Mr. Ross&rsquo;s 2017 LTIP Equity Incentive Award that was approved on January 20, 2017 and was subject to performance conditions. Under FASB ASC Topic 718, this restricted stock award did not have an established grant date fair value until 2019 because the financial performance target, the Cumulative EBITDA Target, had not been established. This award partially vested in February 2020 due to the Company&rsquo;s partial achievement of the Cumulative EBITDA Target during the period of January 1, 2017 &ndash; December 31, 2019. &nbsp;(Specifically, 52,500 shares of Mr. Ross&rsquo;s grant of 70,000 shares vested on February 26, 2020 based on achievement of at least 90% (but less than 100%) of the minimum cumulative 3-year EBITDA target for the performance period ended December 31, 2019. The remaining award shares were forfeited.)&nbsp; Also reflects the grant date fair value of restricted shares that Mr. Ross received in connection with his 2018 EVP Incentive Award, as amended. See &ldquo;Compensation Discussion and Analysis &mdash; 2019 Annual Incentive Awards: Financial and Individual Performance Metrics &mdash; 2018 EVP Awards &ndash; Payment and Amendment.&rdquo; 50% of this award vested in February 2020 due to the Company&rsquo;s achievement of the EBITDA target for the 1-year period ended December 31, 2019. &nbsp;(Specifically, 68,750 shares of Mr. Ross&rsquo;s grant of 137,500 shares vested on February 26, 2020, based on achievement of the 2019 EBITDA target. The remaining award shares will vest if the Company achieves the minimum EBITDA threshold for the performance period commencing January 1, 2019 and ending December 31, 2020, as determined by the Compensation Committee on or prior to March 1, 2021.)&nbsp;&nbsp;This table does not reflect 26,738 shares of restricted Class A Shares that were issued on February 28, 2018 and are subject to performance conditions. This award will vest on March 1, 2021, if the Company achieves the Cumulative EBITDA Target during the period of January 1, 2018 &ndash; December 31, 2020. Under FASB ASC Topic 718, these restricted stock awards did not yet have an established grant date fair value at December 31, 2019 because the three-year financial performance target was not yet established until the 2020 EBITDA target was determined in the first quarter of 2020.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">(7)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Reflects the grant date fair value of Messrs. Doft and Gendel&rsquo;s respective 2017 Equity Incentive Awards that were approved on January 20, 2017 and were subject to performance conditions. Under FASB ASC Topic 718, these restricted stock awards did not have an established grant date fair value until 2019 because the financial performance target, the Cumulative EBITDA Target, had not been established. Under their respective Separation Agreements, Messrs. Doft and Gendel received accelerated vesting of their respective 2017 Equity Incentive Awards. Also reflects the grant date fair value of Messrs. Doft and Gendel&rsquo;s respective 2018 Equity Incentive Awards that were approved on February 28, 2018 and were subject to performance conditions. Under FASB ASC Topic 718, these restricted stock awards did not have an established grant date fair value until 2019 because the financial performance target, the Cumulative EBITDA Target, had not been established. Under their respective Separation Agreements, Messrs. Doft and Gendel received accelerated vesting of their respective 2018 Equity Incentive Awards.</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Narrative Disclosure to Summary Compensation Table </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; text-align: justify">Consistent with its past practice, the
Company entered into employment agreements in connection with the hiring of Messrs. Penn, Lanuto and Mirsky. The compensation terms
for each of Messrs. Penn, Lanuto and Mirsky were determined based on feedback from Mercer and were benchmarked against the Company&rsquo;s
comparator companies, as described above. The employment agreements for our NEOs are summarized below. For additional information
regarding the compensation arrangements of and compensation decisions relating to our NEOs, see the discussion in our &ldquo;Compensation
Discussion and Analysis.&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"><B><I>Mark Penn Employment Agreement</I></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an employment
agreement with Mr. Penn, dated March 14, 2019, pursuant to which Mr.&nbsp;Penn is eligible to receive an annualized base salary
of $750,000 and an annual discretionary cash bonus in an amount equal to up to 100% of his then-current base salary. He is eligible
for potential future grants under the Company&rsquo;s long-term incentive plans with an annual target equal to 350% of his then-current
base salary. On April&nbsp;5, 2019, Mr.&nbsp;Penn received an inducement grant of 1,500,000 SARs, with an exercise price equal
to $2.19 (the average closing price for MDC&rsquo;s Class&nbsp;A shares for the twenty (20) trading day period beginning March&nbsp;5,
2019). These SARs will become vested and exercisable in full in three equal installments on each of the first three (3)&nbsp;anniversaries
of March&nbsp;18, 2019, the &ldquo;Commencement Date&rdquo;, subject to Mr.&nbsp;Penn&rsquo;s continued employment with the Company
through each vesting date. The SARs will expire on the fifth anniversary of the Commencement Date to the extent not exercised and
will be subject to accelerated vesting upon (i)&nbsp;death or disability, (ii) termination of employment without &ldquo;Cause&rdquo;
or with &ldquo;Good Reason&rdquo; (in each case as defined in his employment agreement), or (iii) a change in control of the Company.
Mr.&nbsp;Penn is also eligible to receive a monthly $5,000 perquisite allowance to cover automobile expenses, professional dues
and other perquisites. He is also entitled to participate in the retirement plans and benefits in accordance with the plans or
practices of the Company made available to the senior executives of the Company. Under his employment agreement, Mr. Penn is subject
to restrictive covenants during employment and for one (1) year thereafter, including covenants not to solicit clients of the Company,
hire or solicit employees or exclusive consultants of the Company, and render services for any client of the type rendered by the
Company, subject to specified exceptions. The employment agreement also provides for severance payments if Mr. Penn&rsquo;s employment
is terminated under certain circumstances. The amount and circumstances giving rise to these severance payments are discussed in
further detail under the heading &ldquo;Potential Payments upon Termination or Change in Control.&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"><B><I>Frank Lanuto Employment Agreement</I></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an employment
agreement with Mr. Lanuto, dated May 6, 2019, pursuant to which Mr. Lanuto is eligible to receive an annual base salary of $450,000
and an annual discretionary bonus in an amount equal to up to 100% of his base salary. The employment agreement provides that Mr.
Lanuto was eligible to receive a signing bonus of $100,000, subject to certain conditions. He is eligible for potential future
grants under the Company&rsquo;s long-term incentive plans with an annual target equal to $450,000. On June 12, 2019, Mr. Lanuto
received an inducement grant of (i) 225,000 SARs, with an exercise price equal to $2.91 (the average closing price for MDC&rsquo;s
Class&nbsp;A shares for the ten (10) day trading period beginning May 24, 2019) and (ii) 225,000 SARs, with an exercise price equal
to $5.00. These SARs will become vested and exercisable in full in three equal installments on each of the first three (3)&nbsp;anniversaries
of June 10, 2019 (the &ldquo;Commencement Date&rdquo;), subject to Mr. Lanuto&rsquo;s continued employment with the Company through
each vesting date. The SARs will expire on the fifth anniversary of the Commencement Date to the extent not exercised and will
be subject to accelerated vesting upon a change in control of the Company. Mr.&nbsp;Lanuto is also eligible to receive an annual
$25,000 perquisite allowance to cover automobile expenses, professional dues and other perquisites. He is also entitled to participate
in the retirement plans and benefits in accordance with the plans or practices of the Company made available to the senior executives
of the Company. Under his employment agreement, Mr. Lanuto is subject to restrictive covenants during employment and for a period
of two (2) years thereafter, including covenants not to solicit clients of the Company, hire or solicit employees or exclusive
consultants of the Company, and render services for any client of the type rendered by the Company, subject to specified exceptions.
The employment agreement also provides for severance payments if Mr. Lanuto&rsquo;s employment is terminated under certain circumstances.
The amount and circumstances giving rise to these severance payments are discussed in further detail under the heading &ldquo;Potential
Payments upon Termination or Change in Control.&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"></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"><B><I>Jonathan Mirsky Employment Agreement</I></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an employment
agreement with Mr. Mirsky, dated May 6, 2019, pursuant to which Mr. Mirsky is eligible to receive an annual base salary of $550,000
and an annual discretionary cash bonus in an amount equal to up to 100% of his base salary. The employment agreement provides that
Mr. Mirsky was eligible to receive a one-time bonus of $200,000 payable on or about January 15, 2020, subject to certain conditions.
He is eligible for potential future grants under the Company&rsquo;s long-term incentive plans with an annual target equal to $550,000.
On June 26, 2019, Mr. Mirsky received an inducement grant of (i) 250,000 restricted Class A Shares and (ii) 250,000 SARs, with
an exercise price equal to $5.00. The restricted Class A Shares and SARs will become vested and exercisable in full in three equal
installments on each of the first three (3)&nbsp;anniversaries of June 17, 2019, the &ldquo;Commencement Date&rdquo;, subject to
Mr. Mirsky&rsquo;s continued employment with the Company through each vesting date. The SARs will expire on the fifth anniversary
of the Commencement Date to the extent not exercised and will be subject to accelerated vesting upon (i)&nbsp;death or disability,
(ii) termination of employment without &ldquo;Cause&rdquo; or with &ldquo;Good Reason&rdquo; (in each case as defined in his employment
agreement), or (iii) a change in control of the Company. Mr.&nbsp;Mirsky is also eligible to receive an annual $25,000 perquisite
allowance to cover automobile expenses, professional dues and other perquisites. He is also entitled to participate in the retirement
plans and benefits in accordance with the plans or practices of the Company made available to the senior executives of the Company.
Under his employment agreement, Mr. Mirsky is subject to restrictive covenants during employment and for a period of one (1) year
thereafter, including covenants not to solicit clients of the Company, hire or solicit employees or exclusive consultants of the
Company, and render services for any client of the type rendered by the Company, subject to specified exceptions. The employment
agreement also provides for severance payments if Mr. Mirsky&rsquo;s employment is terminated under certain circumstances. The
amount and circumstances giving rise to these severance payments are discussed in further detail under the heading &ldquo;Potential
Payments upon Termination or Change in Control.&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"><B><I>David Ross Employment Agreement</I></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; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has an amended and restated
employment agreement with Mr. Ross, dated February 27, 2017, pursuant to which Mr. Ross serves as our Executive Vice President,
Strategy and Corporate Development. Mr. Ross&rsquo;s term of employment is for an indefinite term, unless and until either Mr.
Ross provides the Company with 30 days&rsquo; prior written notice of resignation, or if the Company terminates his employment
with or without &ldquo;Cause&rdquo; (as defined in his employment agreement). Mr. Ross currently receives an annualized base salary
of $500,000 (effective as of January 20, 2017), and he is eligible to receive an annual discretionary bonus in an amount up to
100% of his base salary. He is also eligible for potential future grants under the Company&rsquo;s long-term incentive plans. Mr.
Ross is eligible to participate in any welfare benefit plans and programs including disability, group life (including accidental
death and dismemberment), and business travel insurance provided by the Company to its senior executives. Mr.&nbsp;Ross is also
eligible to receive an annual $25,000 perquisite allowance to cover automobile expenses, professional dues and other perquisites.
He is also entitled to participate in the retirement plans and benefits in accordance with the plans or practices of the Company
made available to the senior executives of the Company. Under his employment agreement, Mr. Ross is subject to restrictive covenants
during employment and for a period of eighteen (18) months thereafter, including covenants not to solicit clients of the Company,
hire or solicit employees or exclusive consultants of the Company, and render services for any client of the type rendered by the
Company, subject to specified exceptions. The employment agreement also provides for severance payments if Mr. Ross&rsquo;s employment
is terminated under certain circumstances. The amount and circumstances giving rise to these severance payments are discussed in
further detail under the heading &ldquo;Potential Payments upon Termination or Change in Control.&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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"><B>OUTSTANDING EQUITY AWARDS
AT 2019 FISCAL YEAR-END</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Option Awards</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stock Awards</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">Name</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Securities Underlying Unexercised Options (#) Exercisable</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number of Securities Underlying Unexercised Options (#) Unexercisable <SUP>(1)</SUP></B></P>

</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Option Exercise Price ($)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0">Option</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Expiration</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Date</P></TD><TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number of Shares or Units of Stock that Have Not Vested (#)<SUP>(2)</SUP></B></P>

</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Market Value of Shares or Units of Stock that Have Not Vested ($)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#)<SUP>(3)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(a)</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(c)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(e)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">(f)</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(g)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(h)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(i)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>(j)</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; font-size: 10pt; text-align: left">Mark Penn</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">1,500,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">2.19</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center">3/18/2024</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">577,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,605,450</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Frank Lanuto</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.91</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6/10/2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6/10/2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">99,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">275,220</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Jonathan Mirsky</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">6/17/2024</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">695,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">121,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">336,380</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">David Ross</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">43,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.60</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">2/01/2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">200,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">556,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">137,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">382,250</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">194,600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">David Doft</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Mitchell Gendel</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Mr. Penn received 1,500,000 inducement SARs.&nbsp;&nbsp;These SARs will become vested and exercisable in full in three equal installments on each of the first three (3) anniversaries of March 18, 2019, subject to Mr. Penn&rsquo;s continued employment with the Company through each vesting date. Mr. Lanuto received 450,000 inducement SARs.&nbsp;&nbsp;These SARs will become vested and exercisable in full in three equal installments on each of the first three (3) anniversaries of June 10, 2019, subject to Mr. Lanuto&rsquo;s continued employment with the Company through each vesting date. Mr. Mirsky received 250,000 inducement SARs. These SARs will become vested and exercisable in full in three equal installments on each of the first three (3) anniversaries of June 17, 2019, subject to Mr. Mirsky&rsquo;s continued employment with the Company through each vesting date.&nbsp;&nbsp;&nbsp;The 43,000 SARs granted to Mr. Ross vest in full on January 31, 2020. For information regarding vesting in the event of a termination of employment or a change in control, see &ldquo;Potential Payments upon Termination or Change in Control&rdquo;.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0px"></TD>
    <TD STYLE="text-align: justify; width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">Mr. Mirsky received 250,000 inducement restricted Class A shares. &nbsp;These restricted Class A shares will become vested in three equal installments on each of the first three (3) anniversaries of June 17, 2019, subject to Mr. Mirsky&rsquo;s continued employment with the Company through each vesting date. </FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0px"></TD>
    <TD STYLE="text-align: justify; width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr. Penn&rsquo;s grant of 577,500
restricted Class A shares, Mr. Lanuto&rsquo;s grant of 99,000 restricted Class A shares, Mr. Mirsky&rsquo;s grant of 121,000 restricted
Class A shares, and Mr. Ross&rsquo;s grant of 200,000 restricted Class A shares will vest on December 31, 2022, based upon the
Company&rsquo;s level of achievement of EBITDA over the performance period commencing on January 1, 2020 and ending on December
31, 2020. 68,750 shares of Mr. Ross&rsquo;s grant of 137,500 shares vested on February 26, 2020, based on achievement of the 2019
EBITDA target. The remaining award shares will vest if the Company achieves the minimum EBITDA threshold for the performance period
commencing January 1, 2019 and ending December 31, 2020, as determined by the Compensation Committee on or prior to March 1, 2021.
52,500 shares of Mr. Ross&rsquo;s grant of 70,000 shares vested on February 26, 2020 based on achievement of at least 90% (but
less than 100%) of the minimum cumulative 3-year EBITDA target for the performance period ended December 31, 2019. The remaining
award shares were forfeited</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.&nbsp;</FONT></P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This table does not reflect 26,738 shares of restricted Class
A Shares that were issued to Mr. Ross on February 28, 2018 and are subject to performance conditions. This award will vest on March
1, 2021, if the Company achieves the Cumulative EBITDA Target during the period of January 1, 2018 &ndash; December 31, 2020. Under
FASB ASC Topic 718, these restricted stock awards did not yet have an established grant date fair value at December 31, 2019 because
the three-year financial performance target was not yet established until the 2020 EBITDA target was determined in the first quarter
of 2020.</P>



<FONT STYLE="font-size: 10pt"></FONT></TD></TR>
</TABLE>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></P>


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


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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information concerning each exercise
of stock options, SARs and similar instruments, and each vesting of stock, including restricted stock, restricted stock units and
similar instruments, during 2019 for each NEO on an aggregated basis.</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; color: #F79646"><B>OPTION EXERCISES AND
STOCK VESTED IN FISCAL YEAR 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Option Awards</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Stock Awards</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Number of Shares Acquired on Exercise</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Value Realized on Exercise</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Number of Shares Acquired on Vesting</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">Value Realized on Vesting</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">(#)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">($)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">(#)</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">($)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">(a)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(b)</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(c)</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">(d)</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold">(e)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; font-size: 10pt; text-align: left">Mark Penn</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right">0</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Frank Lanuto</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Jonathan Mirsky</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">David Ross</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">David Doft</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">133,476</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">321,677</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Mitchell Gendel</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">133,476</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">321,677</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(1)</SUP></TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Reflects the value realized on vesting by Messrs. Doft and Gendel of their 2017 and 2018 Equity Incentive Awards. Messrs. Doft
and Gendel each received accelerated vesting of such awards under their respective Separation Agreements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"><B>PENSION BENEFITS IN 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not provide our NEOs with any defined benefit pension
arrangements.</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; color: #F79646"><B>NON-QUALIFIED DEFERRED
COMPENSATION IN 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not maintain any non-qualified deferred compensation plans
for our NEOs.</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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POTENTIAL PAYMENTS UPON TERMINATION OR
CHANGE IN CONTROL</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">We have entered into employment agreements
with each of our named executive officers. Under these agreements, we are required to pay severance benefits in connection with
specified terminations of employment, including specified terminations in connection with a change in control of the Company. No
employment agreement for any NEO or other executive officer provides &ldquo;single-trigger&rdquo; severance payments in connection
with a change in control. All such employment agreements require a &ldquo;double trigger&rdquo; for any change in control severance
payments in excess of basic severance terms, as applicable. In addition, some of our equity incentive plans provide for the accelerated
payment or vesting of awards in connection with specified terminations of employment, certain forms of change in control of the
Company, death or disability. The following is a description of the severance, termination and change in control benefits payable
to each of our named executive officers pursuant to their respective employment agreements and our equity incentive plans. The
equity incentive plans provide for the following benefits in the event of a termination or change in control:</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"><B><I>2011 Stock Incentive Plan. </I></B>The
following conditions shall be referred to as the &ldquo;2011 CIC and Termination Provisions&rdquo; and shall be applicable with
respect to the 2020 LTIP Equity Incentive Awards issued to each of the NEOs on November 4, 2019:</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">In the event of (i) the death or disability
of the executive officer, (ii) termination of the executive officer&rsquo;s employment without &ldquo;Cause&rdquo; or by the executive
officer for &ldquo;Good Reason&rdquo; within one year following a Change in Control (as defined in the Company&rsquo;s 2011 Stock
Incentive Plan), or (iii) a Change in Control in which the Company&rsquo;s Class A shares are no longer outstanding and publicly
traded immediately following such transaction (each, a &ldquo;Permitted Acceleration Event&rdquo;), 100% of award shall vest. In
the event that the executive officer is terminated without &ldquo;Cause&rdquo; (subject to such termination not otherwise being
a Permitted Acceleration Event) or resigns for &ldquo;Good Reason&rdquo; a number of restricted shares shall vest, if such termination
occurs prior to the Determination Date, on the Determination Date, in an amount equal to the product of (x) the number of restricted
shares that would otherwise vest in accordance with the applicable performance conditions, if any, and (y) a fraction, the numerator
of which shall be the number of full months of service completed by the executive officer from January 1, 2020 through the termination
date, and the denominator of which shall be 36. The &ldquo;Determination Date&rdquo; is the date the Company achieves the performance
thresholds set forth in the award, as determined by the Compensation Committee on or prior to March 1, 2021.</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"><B><I>2016 Stock Incentive Plan. </I></B>The
following conditions shall be referred to as the &ldquo;2016 CIC and Termination Provisions&rdquo; and shall be applicable with
respect to the 2020 LTIP Equity Incentive Awards issued to each of the NEOs on November 4, 2019:</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">In the event of (i) the death or disability
of the executive officer, (ii) termination of the executive officer&rsquo;s employment without &ldquo;Cause&rdquo; or by the executive
officer for &ldquo;Good Reason&rdquo; within one year following a Change in Control (as defined in the Company&rsquo;s 2016 Stock
Incentive Plan), or (iii) a Change in Control in which the Company&rsquo;s Class A shares are no longer outstanding and publicly
traded immediately following such transaction, 100% of the award shall vest. In the event that the executive officer is terminated
without &ldquo;Cause&rdquo; (subject to such termination not otherwise being a Permitted Acceleration Event) or resigns for &ldquo;Good
Reason&rdquo; a number of restricted shares shall vest, if such termination occurs prior to the Determination Date, on the Determination
Date, in an amount equal to the product of (x) the number of restricted shares that would otherwise vest in accordance with the
applicable performance conditions, if any, and (y) a fraction, the numerator of which shall be the number of full months of service
completed by the executive officer from January 1, 2020 through the termination date, and the denominator of which shall be 36.
The &ldquo;Determination Date&rdquo; is the date the Company achieves the performance thresholds set forth in the award, as determined
by the Compensation Committee on or prior to March 1, 2021.</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"><B><I>2020 Cash LTIP Awards. </I></B>The
following conditions shall be referred to as the &ldquo;2020 Cash LTIP Provisions&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">The 2020 Cash LTIP Award would vest upon
(i) the death or disability of the executive officer or (ii) termination of the executive officer&rsquo;s employment without &ldquo;Cause&rdquo;
or with &ldquo;Good Reason&rdquo; based on the actual performance for the performance period, with the amount of the earned performance-based
award (if any) based on a fraction, the numerator of which shall be the number of full months of service completed by the executive
officer from January 1, 2020 through the termination date, the denominator of which is 36. Upon a Change in Control (as defined
in the Company&rsquo;s 2014 Long-Term Cash Incentive Compensation Plan) prior to December 31, 2022, the performance-based award
will vest in full, with the amount payable determined by using an EBITDA performance multiplier equal to the greater of (a) one
(1) and (b) the EBITDA performance multiplier calculated in accordance with the terms of the 2020 Cash LTIP award; provided, however,
that if the price per share paid in such Change in Control is equal to or greater than 175% of the average closing trading price
of one of the Company&rsquo;s Class A shares during the twenty (20) days preceding the grant date, then the EBITDA performance
multiplier shall be two (2).</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"><B><I>Mark Penn</I></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; text-align: justify">Pursuant to his employment agreement, if
MDC terminates Mr. Penn&rsquo;s employment without &ldquo;Cause,&rdquo; or Mr. Penn terminates his employment for &ldquo;Good Reason&rdquo;
(as defined in his employment agreement), then MDC is required to pay Mr. Penn a lump sum severance payment within 60 days of the
date of termination equal to the product of 1.5 times the sum of&thinsp; (i)&nbsp;his then-current base salary plus (ii) the amount
of his annual discretionary bonus paid in respect of the year immediately prior to the applicable date of termination. Mr. Penn
will also be entitled to a pro-rata portion of his annual discretionary bonus for the year of termination based on actual performance.
If Mr. Penn&rsquo;s employment had terminated under these circumstances on December 31, 2019, the aggregate cash payment due to
him under the agreement would have been $1,125,000.</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">As of December 31, 2019, Mr. Penn had 1,500,000
SARs that would vest upon (i) his death or disability, (ii) termination of his employment without &ldquo;Cause&rdquo; or with &ldquo;Good
Reason,&rdquo; or (iii) a Change in Control (as defined in the Company&rsquo;s 2016 Stock Incentive Plan). In the event of termination
of Mr. Penn&rsquo;s employment by MDC without &ldquo;Cause,&rdquo; or by Mr. Penn for &ldquo;Good Reason&rdquo; as of December
31, 2019, a total of&thinsp;1,500,000 SARs would fully vest, and the value of such SARs would be $885,000.</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">As of December 31, 2019, Mr. Penn had 577,500
restricted shares under the Company&rsquo;s 2011 Stock Incentive Plan, with a fair value equal to $1,605,450. Pursuant to the 2011
CIC and Termination Provisions, in the event of termination of Mr. Penn&rsquo;s employment by MDC without &ldquo;Cause&rdquo; (subject
to such termination not otherwise being a Permitted Acceleration Event) or by Mr. Penn for &ldquo;Good Reason&rdquo; as of December
31, 2019, none of the restricted shares under this award would vest.</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">Finally, as of December 31, 2019, Mr. Penn
had a 2020 Cash LTIP Award in the amount of $1,155,000. According to the 2020 Cash LTIP Provisions, if Mr. Penn had been terminated
under such circumstances as of December 31, 2019, no payment would be due. As of December 31, 2019, pursuant to the 2020 Cash LTIP
Provisions, the amount that would have been paid to Mr. Penn under this award upon a Change in Control would be $1,155,000.</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"><B><I>Frank Lanuto</I></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; text-align: justify">Pursuant to his employment agreement, if
MDC terminates Mr. Lanuto&rsquo;s employment without &ldquo;Cause,&rdquo; or Mr. Lanuto terminates his employment for &ldquo;Good
Reason&rdquo; (as defined in his employment agreement), then MDC is required to pay Mr. Lanuto a lump sum severance payment within
60 days of the date of termination equal to six (6) months&rsquo; base salary. If Mr. Lanuto&rsquo;s employment had terminated
under these circumstances on December 31, 2019, the aggregate cash payment due to him under the agreement would have been $225,000.</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">If Mr. Lanuto&rsquo;s employment is terminated
within one year following the closing of a change in control by the company without &ldquo;Cause,&rdquo; or by Mr. Lanuto for &ldquo;Good
Reason,&rdquo; then MDC is required to pay Mr. Lanuto a lump sum severance payment within 60 days of the date of termination equal
to nine (9) months&rsquo; base salary. If Mr. Lanuto&rsquo;s employment had terminated under these circumstances on December 31,
2019, the aggregate cash payment due to him under the agreement would have been $337,500.</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">As of December 31, 2019, Mr. Lanuto had
450,000 SARs that would vest upon termination of employment by the company without &ldquo;Cause,&rdquo; or by Mr. Lanuto for &ldquo;Good
Reason,&rdquo; or a Change in Control (as defined in the Company&rsquo;s 2016 Stock Incentive Plan). Based on the closing price
of the Company&rsquo;s Class A shares as of December 31, 2019, this award would have had no value.</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">As of December 31, 2019, Mr. Lanuto had
99,000 restricted shares under the Company&rsquo;s 2016 Stock Incentive Plan, with a fair value equal to $275,220. Pursuant to
the 2016 CIC and Termination Provisions, in the event of termination of Mr. Lanuto&rsquo;s employment by MDC without &ldquo;Cause&rdquo;
(subject to such termination not otherwise being a Permitted Acceleration Event) or by Mr. Lanuto for &ldquo;Good Reason&rdquo;
as of December 31, 2019, none of the restricted shares under this award would vest.</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">Finally, as of December 31, 2019, Mr. Lanuto
had a 2020 Cash LTIP Award in the amount of $198,000. According to the 2020 Cash LTIP Provisions, if Mr. Lanuto had been terminated
as of December 31, 2019, no payment would be due. As of December 31, 2019, pursuant to the 2020 Cash LTIP Provisions, the amount
that would have been paid to Mr. Lanuto under this award upon a Change in Control would be $198,000.</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"><B><I>Jonathan Mirsky</I></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; text-align: justify">Pursuant to his employment agreement, if
MDC terminates Mr. Mirsky&rsquo;s employment without &ldquo;Cause,&rdquo; or Mr. Mirsky terminates his employment for &ldquo;Good
Reason&rdquo; (as defined in his employment agreement), then MDC is required to pay Mr. Mirsky a lump sum severance payment within
60 days of the date of termination equal to six (6) months&rsquo; base salary. If Mr. Mirsky&rsquo;s employment had terminated
under these circumstances on December 31, 2019, the aggregate cash payment due to him under the agreement would have been $275,000.</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">If Mr. Mirsky&rsquo;s employment is terminated
within one year following the closing of a Change in Control by the company without &ldquo;Cause,&rdquo; or by Mr. Mirsky for &ldquo;Good
Reason,&rdquo; then MDC is required to pay Mr. Mirsky a lump sum severance payment within 60 days of the date of termination equal
to nine (9) months&rsquo; base salary. If Mr. Mirsky&rsquo;s employment had terminated under these circumstances on December 31,
2019, the aggregate cash payment due to him under the agreement would have been $412,500.</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">As of December 31, 2019, under his inducement
awards, Mr. Mirsky had 250,000 restricted shares and 250,000 SARs that would vest upon (i) his death or disability, (ii) termination
of his employment without &ldquo;Cause&rdquo; or with &ldquo;Good Reason,&rdquo; or (iii) a Change in Control (as defined in the
Company&rsquo;s 2016 Stock Incentive Plan). In the event of termination of Mr. Mirsky&rsquo;s employment by MDC without &ldquo;Cause,&rdquo;
or by Mr. Mirsky for &ldquo;Good Reason&rdquo; as of December 31, 2019, a total of&thinsp;250,000 restricted shares and 250,000
SARs would fully vest, with a fair value equal to $695,000.</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">As of December 31, 2019, Mr. Mirsky also
had 121,000 restricted shares under the Company&rsquo;s 2016 Stock Incentive Plan, with a fair value equal to $336,380. Pursuant
to the 2016 CIC and Termination Provisions, in the event of termination of Mr. Mirsky&rsquo;s employment by MDC without &ldquo;Cause&rdquo;
(subject to such termination not otherwise being a Permitted Acceleration Event) or by Mr. Mirsky for &ldquo;Good Reason&rdquo;
as of December 31, 2019, none of the restricted shares would vest under this award.</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">Finally, as of December 31, 2019, Mr. Mirsky
had a 2020 Cash LTIP Award in the amount of $242,000. According to the 2020 Cash LTIP Provisions, if Mr. Mirsky had been terminated
as of December 31, 2019, no payment would be due. As of December 31, 2019, pursuant to the 2020 Cash LTIP Provisions, the amount
that would have been paid to Mr. Mirsky under this award upon a Change in Control would be $242,000.</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"><B><I>David Ross</I></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; text-align: justify">Pursuant to his employment agreement, if
MDC terminates Mr. Ross&rsquo;s employment without &ldquo;cause,&rdquo; or Mr. Ross terminates his employment for &ldquo;good reason,&rdquo;
then MDC is required to pay Mr. Ross a severance payment within 10 days of the date of termination of one (1) times Mr. Ross&rsquo;s
total remuneration. Total remuneration means the sum of his then-current base salary plus the highest annual discretionary cash
bonus he earned in the three years ending December 31 of the year immediately preceding the date of termination. He will also be
eligible to receive a pro-rata portion of his annual discretionary cash bonus for the year in which his employment terminates.
If Mr. Ross&rsquo;s employment had terminated under these circumstances on December 31, 2019, the aggregate cash payment due to
him under the agreement would have been $1,000,000.</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">Furthermore, Mr. Ross will also be allowed
to continue participating for one year after termination on the same basis as before he was terminated in all benefit plans and,
to the extent permitted under law, also in all retirement plans, provided, however, that if Mr. Ross becomes entitled to receive
coverage and benefits in the same type of plan from another employer, he will no longer be able to participate in these benefit
and retirement plans. MDC will be obligated to pay Mr. Ross the economic equivalent of the benefits in these plans if he is unable
to participate in the plans. The aggregate amount of this benefit would have been approximately $21,006 if Mr. Ross&rsquo;s employment
had terminated as of December 31, 2019.</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">If Mr. Ross&rsquo;s employment is terminated
by the Company without cause, or by Mr. Ross for good reason, within one year following the closing of a change in control, then
Mr. Ross will be entitled to a payment of two (2) times his total remuneration. He will also be eligible to receive a pro-rata
portion of his annual discretionary cash bonus for the year in which his employment terminates. If there had been a change in control
of MDC Partners on December 31, 2019 and Mr. Ross&rsquo;s employment terminated in connection with that change in control, the
aggregate cash severance payment MDC would have paid him under the contract would be $2,000,000. Furthermore, Mr. Ross will also
be allowed to continue participating for one year after termination on the same basis as before he was terminated in all benefit
plans. MDC will be obligated to pay Mr. Ross the economic equivalent of the benefits in these plans if he is unable to participate
in the plans. The aggregate amount of this benefit would have been approximately $21,006 if Mr. Ross&rsquo;s employment had terminated
as of December 31, 2019.</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">As of December 31, 2019, Mr. Ross had 43,000
SARs that would vest upon (i) termination of his employment without &ldquo;Cause&rdquo; or with &ldquo;Good Reason,&rdquo; or (ii)
a Change in Control (as defined in the Company&rsquo;s 2011 Stock Incentive Plan). In the event of termination of Mr. Ross&rsquo;s
employment by MDC without &ldquo;Cause,&rdquo; or by Mr. Ross for &ldquo;Good Reason&rdquo; as of December 31, 2019, a total of
43,000 SARs would fully vest. Based on the closing price of the Company&rsquo;s Class A shares on that date, this award had no
value.</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">As of December 31, 2019, Mr. Ross also
had 200,000 restricted shares granted on November 4, 2019 that would vest in the event of (i) his death or disability, (ii) termination
of his employment without &ldquo;Cause&rdquo; or by Mr. Ross for &ldquo;Good Reason&rdquo; within one year following a Change in
Control (as defined in the Company&rsquo;s 2011 Stock Incentive Plan), or (iii) a Change in Control in which the Company&rsquo;s
Class A shares are no longer outstanding and publicly traded immediately following such transaction, with a fair value equal to
$556,000. In the event that Mr. Ross is terminated without &ldquo;Cause&rdquo; (subject to such termination not otherwise being
a Permitted Acceleration Event) or resigns for &ldquo;Good Reason&rdquo; a number of restricted shares shall vest, if such termination
occurs prior to the Determination Date, on the Determination Date, in an amount equal to the product of (x) the number of restricted
shares that would otherwise vest in accordance with the applicable performance conditions, if any, and (y) a fraction, the numerator
of which shall be the number of full months of service completed by Mr. Ross from January 1, 2020 through the termination date,
and the denominator of which shall be 36. The &ldquo;Determination Date&rdquo; is the date the Company achieves the performance
thresholds set forth in the award, as determined by the Compensation Committee on or prior to March 1, 2021. Accordingly, in the
event of termination of Mr. Ross&rsquo;s employment by MDC without &ldquo;Cause&rdquo; (subject to such termination not otherwise
being a Permitted Acceleration Event) or by Mr. Ross for &ldquo;Good Reason&rdquo; as of December 31, 2019, none of the restricted
shares under this award would vest.</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">As of December 31, 2019, Mr. Ross had 26,738
restricted shares awarded in February 2018 that that would vest in the event of (i) his death, (ii) termination of his employment
without &ldquo;Cause&rdquo; or by Mr. Ross for &ldquo;Good Reason&rdquo; within one year following a Change in Control (as defined
in the Company&rsquo;s 2016 Stock Incentive Plan), or (iii) a Change in Control in which the Company&rsquo;s Class A shares are
no longer outstanding and publicly traded immediately following such transaction, with a fair value equal to $74,332. In the event
that Mr. Ross (i) is terminated by the Company without &ldquo;Cause&rdquo; or resigns for &ldquo;Good Reason&rdquo;, the number
of restricted shares that shall vest on any &ldquo;Vesting Date&rdquo; is the product of (a) the number of restricted shares that
would otherwise vest in accordance with the applicable performance conditions, if any, and (b) a fraction, the numerator of which
shall be the number of full months of service completed by Mr. Ross prior to his termination without &ldquo;Cause&rdquo; or resignation
for &ldquo;Good Reason,&rdquo; as applicable and after the Grant Date, and the denominator of which shall be the number of months
within the performance period commencing on January 1, 2018 and ending on December 31, 2020. The &ldquo;Vesting Date&rdquo; is
the date that the Company achieves the minimum EBITDA threshold, as determined by the Compensation Committee on or prior to March
1, 2021. In the event of the termination of Mr. Ross&rsquo;s employment by the Company without &ldquo;Cause&rdquo; or his resignation
for &ldquo;Good Reason&rdquo; as of December 31, 2019, none of the restricted shares under this award would vest.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2019, Mr. Ross also
had 70,000 restricted shares awarded in January 2017 that would vest in the event of (i) his death, (ii) termination of his employment
without &ldquo;Cause&rdquo; or by Mr. Ross for &ldquo;Good Reason&rdquo; within one year following a Change in Control (as defined
in the Company&rsquo;s 2016 Stock Incentive Plan), or (iii) a Change in Control in which the Company&rsquo;s Class A shares are
no longer outstanding and publicly traded immediately following such transaction, with a fair value equal to $194,600. In the event
that Mr. Ross (i) is terminated by the Company without &ldquo;Cause&rdquo; or resigns for &ldquo;Good Reason&rdquo;, the number
of restricted shares that shall vest on any &ldquo;Vesting Date&rdquo; is the product of (a) the number of restricted shares that
would otherwise vest in accordance with the applicable performance conditions, if any, and (b) a fraction, the numerator of which
shall be the number of full months of service completed by Mr. Ross prior to his termination without &ldquo;Cause&rdquo; or resignation
for &ldquo;Good Reason,&rdquo; as applicable and after the Grant Date, and the denominator of which shall be the number of months
within the performance period commencing on January 1, 2017 and ending on December 31, 2019. The &ldquo;Vesting Date&rdquo; is
the date that the Company achieves the minimum EBITDA threshold, as determined by the Compensation Committee on or prior to March
1, 2020. In the event of the termination of Mr. Ross&rsquo;s employment by the Company without &ldquo;Cause&rdquo; or his resignation
for &ldquo;Good Reason&rdquo; as of December 31, 2019, a total of 52,500 restricted shares under this award would fully vest, with
a fair value equal to $145,950. (52,500 shares of Mr. Ross&rsquo;s grant of 70,000 shares vested on February 26, 2020 based on
achievement of at least 90% (but less than 100%) of the minimum cumulative 3-year EBITDA target for the performance period ended
December 31, 2019. The remaining award shares were forfeited.)</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">Additionally, as of December 31, 2019,
Mr. Ross had 137,500 restricted shares granted in June 2019 that would vest upon (i) his death or disability, (ii) termination
of his employment without &ldquo;Cause&rdquo; or with &ldquo;Good Reason,&rdquo; or (iii) a Change in Control (as defined in the
Company&rsquo;s 2016 Stock Incentive Plan), with a fair value equal to $382,250. (68,750 shares of Mr. Ross&rsquo;s grant of 137,500
shares vested on February 26, 2020, based on achievement of the 2019 EBITDA target. The remaining award shares will vest if the
Company achieves the minimum EBITDA threshold for the performance period commencing January 1, 2019 and ending December 31, 2020,
as determined by the Compensation Committee on or prior to March 1, 2021.)</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">As of December 31, 2019, Mr. Ross also
had a 2020 Cash LTIP Award in the amount of $400,000. According to the 2020 Cash LTIP Provisions, if Mr. Ross had been terminated
as of December 31, 2019, no payment would be due. As of December 31, 2019, pursuant to the 2020 Cash LTIP Provisions, the amount
that would have been paid to Mr. Ross under this award upon a Change in Control would be $400,000.</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">Finally, Mr. Ross has a 2018 LTIP cash
award comprised of a $125,000 EBITDA performance-based award and a $125,000 total shareholder return (&ldquo;TSR&rdquo;) performance-based
award. Upon termination of his employment without &ldquo;Cause&rdquo; or with &ldquo;Good Reason,&rdquo; these awards would pro
rata vest based on actual performance up to and including the last day of the completed fiscal year immediately preceding such
termination. Accordingly, if Mr. Ross had been terminated under such circumstances as of December 31, 2019, no payment would be
due. Upon a Change in Control (as defined in the 2014 Long-Term Cash Incentive Plan), (i) the EBITDA performance-based award will
vest, with the amount payable determined using the greater of (a) an EBITDA performance multiplier of one (1) and (b) the EBITDA
performance multiplier that would apply based on actual cumulative EBITDA for the period ended as of the Change in Control; and
(ii) the TSR performance-based award will vest, with an amount payable determined using the greater of (x) a TSR performance multiplier
of one (1) and (y) the TSR performance multiplier that would apply based on the Company&rsquo;s relative TSR determined by using
the price per share paid in such Change in Control and comparing it to the average Trading Price of the companies in the peer group
for the twenty (20) trading days preceding such Change in Control; provided that if the price per share paid in such Change in
Control is equal to or greater than 150% of the average trading price of a Class A share during such twenty (20) day period, the
TSR performance multiplier will be three (3). As of December 31, 2019, the amount that would have been paid to Mr. Ross under this
award upon a Change in Control would be $250,000.</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"><B><I>David Doft</I></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; text-align: justify">On May 9, 2019, the Company entered into
a Separation Agreement with Mr. Doft, the Company&rsquo;s former Executive Vice President and Chief Financial Officer. Mr. Doft
resigned from his position as Executive Vice President and Chief Financial Officer of the Company on August 7, 2019. In accordance
with the terms of the Separation Agreement, Mr. Doft was entitled to receive, subject to his execution and non-revocation of a
customary release of claims, (i) a cash payment of $650,000 pursuant to his retention bonus letter agreement dated December 21,
2018, (ii) a cash separation payment equal to $1,655,000 pursuant to his employment agreement, and (iii) continued participation
in the Company&rsquo;s health benefit plans for a period of up to one year following his termination date. In addition, effective
on the Termination Date, all of Mr. Doft&rsquo;s unvested and outstanding restricted shares of MDC Class A stock previously granted
to him by MDC were deemed fully vested and Mr. Doft remained eligible to receive a cash payment pursuant to the terms and conditions
of his LTIP Award Agreement dated as of February 23, 2018.&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"></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"><B><I>Mitchell Gendel</I></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">On May 6, 2019, the Company entered into
a Separation Agreement with Mr. Gendel, the Company&rsquo;s former Executive Vice President and General Counsel. Mr. Gendel resigned
from his position as Executive Vice President and General Counsel of the Company on August 7, 2019. In accordance with the terms
of the Separation Agreement, Mr. Gendel was entitled to receive, subject to his execution and non-revocation of a customary release
of claims, (i) a cash payment of $650,000 pursuant to his retention bonus letter agreement dated December 21, 2018, (ii) a cash
separation payment equal to $1,550,000 pursuant to his employment agreement, and (iii) continued participation in the Company&rsquo;s
health benefit plans for a period of up to one year following his termination date. In addition, effective on the Termination Date,
all of Mr. Gendel&rsquo;s unvested and outstanding restricted shares of MDC Class A stock previously granted to him by MDC were
deemed fully vested and Mr. Gendel remained eligible to receive a cash payment pursuant to the terms and conditions of his LTIP
Award Agreement dated as of February 23, 2018.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Directors</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; text-align: justify">The Compensation
Committee is responsible for evaluating and recommending compensation programs for the Company&rsquo;s non-employee directors to
the Board for approval. In April 2019, the Compensation Committee approved a one-time cash award in lieu of the annual award of
restricted stock that has been customarily granted to non-employee directors in the past. The grant of any annual stock award had
been deferred during the pendency of the Company&rsquo;s strategic review process, which culminated in the Stagwell investment
and Mr. Penn becoming Chairman and CEO of the Company in March 2019. The Compensation Committee ultimately determined, on a one-time
basis, to award the non-employee directors (other than Brad Gross) cash rather than stock due to the perceived dislocation of the
Company&rsquo;s stock price at the time, as well as to preserve availability under then-existing equity incentive plans to facilitate
Mr. Penn&rsquo;s rebuilding of the Company&rsquo;s management team as described in more detail herein. The Compensation Committee
intends to reevaluate the form of this award in 2020.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The elements of compensation paid to the Company&rsquo;s non-employee
directors in fiscal year 2019 were as follows:</P>

<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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an annual cash retainer of $70,000;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a meeting fee of&thinsp;$2,000 for each Board or committee meeting attended (limited to two meetings per day); and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a one-time cash award of $100,000.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company pays additional fees for certain positions held
by a director as follows:</P>

<P STYLE="text-align: justify; 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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">$75,000 for the Presiding Director;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">$20,000 for the Audit Committee Chair;</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">$5,000 for the Audit Committee financial expert; and</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 1in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">$15,000 for other Committee Chairs.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2019, Mr. Penn was not entitled to receive any separate or
additional compensation in connection with his services on the Board. Mr. Gross also did not receive any compensation for his services
on the Board, in accordance with the terms of the purchase agreement with Goldman Sachs.</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"><FONT STYLE="font-weight: normal">The following table sets forth
the compensation paid to or earned during fiscal year 2019 by our non-management directors:</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; text-align: center; color: #F79646"><B>DIRECTOR COMPENSATION
FOR FISCAL YEAR 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Non-Management Director</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fees Earned or Paid in Cash<BR>
($)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stock Awards<BR>
($)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Option Awards<BR>
($)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>All Other Compensation<BR>
($)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total<BR>
($)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 45%"><FONT STYLE="font-size: 10pt">Charlene Barshefsky</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">134,500</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">134,500</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Clare R. Copeland</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">161,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">161,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Daniel S. Goldberg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">212,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">212,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Bradley J. Gross</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Scott Kauffman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">151,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">151,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Lawrence S. Kramer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">186,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">186,500</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Anne Marie O&rsquo;Donovan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">265,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">265,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Kristen O&rsquo;Hara</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">123,333</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">123,333</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Wade Oosterman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>(7)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Desir&eacute;e Rogers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">233,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">233,500</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt">Irwin D. Simon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">352,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">352,000</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><SUP>&nbsp;</SUP></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646"></P>


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

<P STYLE="margin-top: 0; margin-bottom: 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: 0"></TD><TD STYLE="width: 0.5in"><SUP STYLE="vertical-align: super">(1)</SUP></TD><TD STYLE="text-align: justify">Ms. Barshefsky was appointed to the Board on April 8, 2019 and thus received a prorated annual cash retainer. Ms. Barshefsky
received a one-time cash award of $50,000 rather than $100,000.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Mr. Copeland did not stand for re-election at our 2019 Annual Meeting and thus received a prorated annual cash retainer. Mr.
Copeland also received a one-time cash award of $100,000.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Mr. Goldberg resigned from the Board on January 21, 2020. In 2019, Mr. Goldberg received his annual cash retainer, in full,
as well as a one-time cash award of $100,000.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">Mr. Kauffman did not stand for re-election at our 2019 Annual Meeting and thus received a prorated annual cash retainer. Mr.
Kauffman also received a one-time cash award of $100,000.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><SUP>(5)</SUP></TD><TD STYLE="text-align: justify">Mr. Kramer did not stand for re-election at our 2019 Annual Meeting and thus received a prorated annual cash retainer. Mr.
Kramer also received a one-time cash award of $100,000.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><SUP>(6)</SUP></TD><TD STYLE="text-align: justify">Ms. O&rsquo;Hara was elected to the Board at our 2019 Annual Meeting and thus received a prorated annual cash retainer. Ms.
O&rsquo;Hara received a one-time cash award of $58,333 rather than $100,000.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in"><SUP>(7)</SUP></TD><TD STYLE="text-align: justify">Mr. Oosterman was appointed to the Board on January 23, 2020 and was not paid any compensation in 2019.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No equity awards were granted to our non-employee
directors in 2019. The aggregate number of restricted shares or restricted stock units outstanding as of December 31, 2019 for
our non-employee directors was as follows: 0 shares for Ms. Barshefsky; 0 shares for Mr. Copeland; 26,990 restricted stock units
for Mr. Goldberg; 0 shares for Mr. Gross; 0 shares for Mr. Kramer; 26,990 restricted stock units for Ms. O&rsquo;Donovan; 0 shares
for Ms. O&rsquo;Hara; 9,990 shares for Ms. Rogers; 26,990 shares for Mr. Simon; and 428,342 shares for Mr. Kauffman. Mr. Kauffman
is a former chief executive officer of the Company; the vesting terms for the 428,342 shares of restricted stock held by him as
of December 31, 2019, are governed by that certain Succession Agreement between the Company and Mr. Kauffman, which was filed
as Exhibit 10.1 to the Current Report on Form 8-K filed on September 12, 2018.</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"><B>Compensation Committee Interlocks and
Insider Participation</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"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Desiree Rogers, Bradley J. Gross, Kristen O&rsquo;Hara and Irwin
Simon served on the Compensation Committee of the Board of Directors during 2019. Larry Kramer and Clare Copeland also served on
the Compensation Committee during 2019, but did not stand for re-election at the Company&rsquo;s 2019 Annual Meeting of Shareholders.
None of the persons who served on the Compensation Committee at the time of such service are, or have been, an employee or officer
of the Company or had any relationship requiring disclosure under Item 404 of Regulation S-K. In addition, none of the Company&rsquo;s
executive officers serves, or has served during the last completed fiscal year, as a member of the board of directors or compensation
committee of any other entity that has or has had one or more of its executive officers serving as a member of the Company&rsquo;s
Board of Directors.</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"><B><A NAME="a_003"></A>Item 12. Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters. </B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth certain information regarding
the beneficial ownership of the Class A Shares of MDC outstanding as of March 31, 2020 by each beneficial owner of more than five
percent of such shares, by each of the directors and named executive officers of MDC and the current nominees for Board election
and by all current directors and executive officers of MDC as a group. The address for persons for which an address is not otherwise
provided in the footnotes below is c/o MDC Partners Inc., 330 Hudson Street, 10<SUP>th</SUP> Floor, New York, NY 10013.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="padding: 0; white-space: nowrap; border-bottom: black 1pt solid; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Number of Voting Shares Beneficially Owned, or Over</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Which Control or Direction is Exercised<SUP>(1)</SUP>&nbsp;</B></FONT></P></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; white-space: nowrap; border-bottom: black 1pt solid; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Approximate</B></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Percentage of Class<SUP>(5)</SUP></B></FONT></P></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Type of</B></FONT></P>
                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Shareholding</B></FONT></P></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Class A</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Subordinate</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Voting</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Shares<SUP>(2)</SUP></B></FONT></P></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Class A</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Underlying</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Options,</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Warrants</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>or Similar</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Right</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Exercisable</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Currently</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>or Within</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>60 Days<SUP>(3)</SUP></B></FONT></P></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Class A</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Underlying</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>All</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Options,</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Warrants</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>or Similar</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Right<SUP>(4)</SUP></B></FONT></P></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; white-space: nowrap; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Class A</B></FONT></P>
                                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Shares</B></FONT></P></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; width: 45%; text-indent: 0"><FONT STYLE="font-size: 10pt">Mark J. Penn</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 10%; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 8%; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">602,500</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 8%; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">500,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 8%; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1,500,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 8%; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">1.5</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; width: 1%; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Indirect</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">14,335,714</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">10,865,213</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">10,865,213</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">29.4</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Charlene Barshefsky</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Bradley J. Gross</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Anne Marie O&rsquo;Donovan</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">31,990</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Indirect</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">17,832</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Kristen M. O&rsquo;Hara</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Desir&eacute;e Rogers</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">48,962</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Irwin D. Simon</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">64,955</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Jonathan B. Mirsky</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">371,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">250,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Frank P. Lanuto</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">124,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">450,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">David C. Ross</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">442,190</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">43,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">43,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Vincenzo DiMaggio</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">78,333</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(6)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Wade Oosterman</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">35,000</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">David Doft</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">177,729</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Mitchell Gendel</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Direct</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">228,354</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">All directors and officers of MDC as a group of 12 persons</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">16,202,476</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">11,408,213</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">13,108,213</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">32.0</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Stagwell Agency Holdings LLC<SUP>(8)(9)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">14,335,714</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(7)(9)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">10,865,213</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">10,865,213</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">29.4</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Goldman Sachs<SUP>(8)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">7,625</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">16,324,198</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">16,324,198</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(10)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">17.9</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Hotchkis and Wiley Capital Management LLC<SUP>(8)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">8,962,457</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(11)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">12.0</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">Indaba Capital Fund, L.P.<SUP>(8)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">7,181,301</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<SUP>(12)</SUP></FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt">9.6</FONT></TD>
    <TD STYLE="padding: 0; white-space: nowrap; text-indent: 0"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
</TABLE>


<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; text-align: left; margin-top: 0pt; margin-bottom: 0pt">________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.5in">*</TD><TD STYLE="text-align: justify">The percentage of shares beneficially owned does not exceed one percent of the outstanding shares.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(1) Unless otherwise noted, MDC Partners believes
that all persons named in the table above have sole voting power and dispositive power with respect to all shares beneficially
owned by them.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(2) This column includes Class A Shares owned
directly or indirectly, but does not include Class A Shares subject to options, warrants or similar rights.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(3) This column includes Class A Shares subject
to options, warrants or similar rights that are currently exercisable or will become exercisable within 60 days after March 31,
2020.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(4) This column includes Class A Shares subject
to all outstanding options, stock appreciation rights, warrants or similar rights, whether or not such options, warrants or similar
rights are currently exercisable or will become exercisable within 60 days after March 31, 2020.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(5) For purposes of computing the percentage
of outstanding shares held by each person or group named above, we have included restricted shares in the number of shares of the
Company outstanding as of March 31, 2020. In addition, for purposes of computing the percentage of outstanding shares held by each
person or group named above, any shares which that person or persons has or have the right to acquire within 60 days of March 31,
2020, is deemed to be outstanding, but is not deemed to be outstanding for the purpose of computing the percentage ownership of
any other person. Those Class A Shares issuable upon conversion of the Series 4 Convertible Preference Shares or Series 6 Convertible
Preference Shares are also not deemed to be outstanding for purposes of computing the percentage ownership of any other person.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(6) Includes shares of restricted stock or
restricted stock units (that may be settled in shares) that have not yet vested, but with respect to which the director or executive,
as the case may be, has the ability to vote.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(7) Mr. Penn, our Chairman and CEO, is also
manager of The Stagwell Group LLC, an affiliate of Stagwell Agency Holdings LLC. Amounts shown include 14,285,714 Class A Shares
held by Stagwell Agency Holdings LLC, 50,000 shares held by The Stagwell Group LLC (and reported in the table as included in the
amounts reported by Stagwell Agency Holdings LLC) and an additional 10,865,213 Class A Shares issuable upon conversion of 50,000
Series 6 Convertible Preference Shares owned by Stagwell Agency Holdings LLC. The number of Class A Shares issuable upon conversion
of the Series 6 Convertible Preference Shares from time to time is described in more detail in Note 15 to our consolidated financial
statements.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(8) Stock ownership of these entities is based
solely on a Schedule 13D, 13D/A, 13G or 13G/A filed by each such entity and, with respect to Stagwell Agency Holdings LLC and The
Stagwell Group LLC, any subsequently filed Form 4. The address of Stagwell Agency Holdings LLC is c/o The Stagwell Group LLC, 1808
I Street, NW, Sixth Floor, Washington, DC 20006, and its most recent Schedule 13D was filed on March 25, 2019. The address of each
of The Goldman Sachs Group, Inc., Goldman, Sachs &amp; Co., Broad Street Principal Investments, L.L.C., StoneBridge 2017, L.P.,
StoneBridge 2017 Offshore, L.P., and Bridge Street Opportunity Advisors, L.L.C. (collectively, &ldquo;<B>Goldman Sachs</B>&rdquo;)
is 200 West Street, New York, NY 10282, and Goldman Sachs&rsquo; most recent Schedule 13G/A, filed on behalf of itself and the
members of the group, was filed on March 28, 2018. The address of each of Indaba Capital Management, L.P., IC GP, LLC and Derek
C. Schrier (collectively, &ldquo;<B>Indaba</B>&rdquo;) is One Letterman Drive, Building D, Suite DM700, San Francisco, CA 94129,
and its most recent Schedule 13G was filed on February 14, 2020. The address of Hotchkis and Wiley Capital Management, LLC is 725
S. Figueroa Street, 39th Fl, Los Angeles, CA 90017, and its most recent Schedule 13G was filed on February 14, 2020.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(9) The Schedule 13D filed with the SEC on
March 25, 2019 by Stagwell Agency Holdings LLC, The Stagwell Group LLC, and Mark Penn together with the Form 4 filed with the SEC
on March 26, 2020, by Mark Penn reports the number of shares as to which each of Stagwell Agency Holdings LLC and The Stagwell
Group LLC have the sole power to vote or to direct the vote is 14,335,714 shares and the number of shares as to which each of the
foregoing has the sole power to dispose or direct the disposition is 14,335,714 shares. This report reflects 14,335,714 Class A
Shares beneficially owned by Stagwell Agency Holdings LLC and The Stagwell Group LLC as well as an additional 10,865,213 Class
A Shares issuable upon conversion of 50,000 Series 6 Convertible Preference Shares owned by Stagwell Agency Holdings LLC.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(10) The Schedule 13D/A filed with the SEC
on March 19, 2019 by Goldman Sachs reports that the number of shares to which The Goldman Sachs Group, Inc. and Goldman Sachs &amp;
Co. have the shared power to vote or to direct the vote is 14,786,448 and the number of shares to which The Goldman Sachs Group,
Inc. and Goldman Sachs &amp; Co. have the shared power to dispose or direct the disposition is 14,786,448 shares. The number of
shares to which Goldman Sachs has the shared power to vote and the shared power to dispose or direct the disposition is 14,786,448.
This report reflects 7,625 Class A Shares beneficially owned by The Goldman Sachs Group, Inc. and Goldman Sachs &amp; Co., as well
as an additional 14,778,823 Class A Shares issuable upon the conversion of 95,000 Series 4 Convertible Preference Shares of the
Company also owned by Goldman Sachs. The number of Class A Shares issuable upon conversion of the Series 4 Convertible Preference
Shares from time to time is described in more detail in Note 15 to our consolidated financial statements.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(11) The Schedule 13G filed with the SEC on
February 13, 2020 by Hotchkis and Wiley Capital Management, LLC (&ldquo;HWCM&rdquo;) reported sole voting power over 7,050,657
shares and sole dispositive power over 8,962,457 shares. Hotchkis and Wiley Small Cap Value Fund reported sole voting power and
sole dispositive power over 3,976,000 shares, which were included in HWCM&rsquo;s reported amounts. The Schedule 13G provides that
certain of HWCM&rsquo;s clients have retained voting power over the Class A Subordinate Voting Shares that they beneficially own.
Accordingly, HWCM has the power to dispose of more Class A Subordinate Voting Shares than it can vote.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(12) The Schedule 13G jointly filed with the
SEC on February 14, 2020 by Indaba Capital Management, L.P., IC GP LLC, and Derek C. Scheier sets forth that Indaba Capital Management,
L.P., IC GP LLC, and Derek C. Scheier have shared voting and dispositive power over 7,181,301 shares. The Schedule 13G provides
that the shares are directly held by Indaba Capital Fund, L.P., and voting and investment power over the shares has been delegated
to Indaba Capital Management, L.P.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Changes in Control</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">To our knowledge, there are no present
arrangements or pledges of the Company&rsquo;s securities that may result in a change in control 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"><B>Securities Authorized for Issuance under
Equity Compensation Plans</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">As of December 31, 2019, the Company had
reserved 280,656 Class A Shares in order to meet its obligations under various conversion rights, warrants and employee share related
plans approved by stockholders comprised of 125,800 shares reserved for exercises of SARs, 111,866 shares reserved for exercises
of options, and 42,990 shares reserved for conversion of restricted stock units upon vesting. There were 1,815,302 shares remaining
available for future issuance under compensation plans approved by stockholders. In addition, we had 2,200,000 SARs outstanding
at December 31, 2019 that could be exercised into Class A Shares related to inducement awards to our NEOs, which were not required
to be approved by stockholders; none of such SARs were vested or exercisable at December 31, 2019.</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">The following table sets out as at December
31, 2019 the number of securities to be issued upon exercise of outstanding options and rights, the weighted average exercise price
of outstanding options and rights and the number of securities remaining available for future issuance under equity compensation
plans.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Weighted Average Exercise Price of Outstanding Options, Warrants and Rights</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(c)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 52%"><FONT STYLE="font-size: 10pt"><B>Equity compensation plans approved by stockholders:<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-size: 10pt">280,656<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-size: 10pt">5.78<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-size: 10pt">1,772,312</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-size: 10pt"><B>Equity compensation plans not approved by stockholders:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,200,000<SUP>(4)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.87</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">________________</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: 0.25in">(1)</TD><TD STYLE="text-align: justify">The Company currently grants equity awards under the 2011 Stock Incentive Plan and 2016 Stock Incentive Plan. No further grants
are being made under the Company&rsquo;s prior Amended and Restated Stock Appreciation Rights Plan, 2008 Key Partner Incentive
Plan, or the Amended 2005 Stock Incentive Plan.</TD></TR></TABLE>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></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="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">As of December 31, 2019, the aggregate number of securities to be issued upon exercise of outstanding options, warrants and
rights under equity compensation plans approved by stockholders was 125,800 and 111,866 for SARs and options, respectively. In
addition, 42,990 shares were reserved at December 31, 2019 for conversion of restricted stock units upon vesting.&#9;</TD></TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0px"></TD>
    <TD STYLE="text-align: justify; width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">As of December 31, 2019, the weighted average exercise price of the 125,800 outstanding SARs was $6.60, and the weighted average exercise price of the 111,866 outstanding share options was $4.85. The calculation of the weighted average exercise price does not include the restricted stock units because they may be exchanged for shares upon vesting for no consideration.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0px"></TD>
    <TD STYLE="text-align: justify; width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Reflects inducement grants of SARs to Messrs. Penn, Lanuto, and Mirsky. For a description of the material terms of these inducement grants, see &ldquo;Compensation Discussion and Analysis &mdash; 2019 Annual Incentive Awards: Financial and Individual Performance Metrics &mdash; 2019 Inducement Awards&rdquo;, &ldquo;Compensation Discussion and Analysis &mdash; and the related agreements filed as Exhibits 10.1, 10.2, 10.3, and 10.4 to this Form 10-K/A.</FONT></TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="a_004"></A>Item 13. Certain Relationships and Related
Transactions and Director Independence</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"><B>Review and Approval of Related Party Transactions</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; text-indent: 0.25in"><B>Related Party Transactions Policy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has adopted
a written Related Party Transactions Policy to assist it in reviewing, approving and ratifying related party transactions. The
Related Party Transactions Policy provides that all related party transactions covered by the policy must be approved in advance
by the Audit Committee, except that any ordinary course transaction in which an operating subsidiary of the Company derives revenue
from a related party may be approved on an annual basis by the Audit Committee. To facilitate compliance with this policy, Directors
and executive officers of the Company must notify the Company&rsquo;s General Counsel and CFO as soon as reasonably practicable
about any potential related party transaction. If the Company&rsquo;s General Counsel and CFO determine that the transaction constitutes
a related party transaction, the transaction will be referred to the Audit Committee for its consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In reviewing related
party transactions, the Audit Committee will be provided with full details of the proposed related party transaction and will consider
all relevant facts and circumstances, including, among others:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">The benefits
of the transaction to the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">The terms
of the transaction and whether they are fair (arm&rsquo;s-length) and in the ordinary course of the Company&rsquo;s business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">The size
and expected term of the transaction; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">Other facts
and circumstances that bear on the materiality of the Related Party Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Generally, the Related
Party Transactions Policy applies to any transaction that would be required by the SEC to be disclosed in which the Company was
or is proposed to be, a participant and in which a &ldquo;Related Party&rdquo; had, has or will have a direct or indirect material
interest. The policy also applies to any amendment or modification to an existing Related Party Transaction, regardless of whether
such transaction has previously been approved.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit Committee
has adopted a policy, the Stagwell Review Guidelines, with respect to ordinary course transactions of its operating subsidiaries
with affiliates of the Stagwell Group LLC. These Stagwell Review Guidelines supersede certain pre-approval standards in the Related
Party Transactions Policy with respect to such transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Stagwell Agency Holdings
LLC, an entity affiliated with the Stagwell Group LLC, is an investor in the Company and the Chief Executive Officer of the Company,
Mark Penn, is the manager of The Stagwell Group LLC. Stagwell is an investment firm that owns digital marketing, research, communications
and other related companies (each, a &ldquo;Stagwell Affiliate&rdquo;) complementary to the Company&rsquo;s business. The Company
believes that collaboration among the Company&rsquo;s Partner Firms and Stagwell Affiliates can present significant opportunities
for the Company&rsquo;s Partner Firms to increase revenues, reduce costs, and deliver better services to our clients. The Company
seeks to encourage those agency collaborations when appropriate. Because Stagwell and Mark Penn are each a related party, the Audit
Committee has established the Stagwell Review Guidelines to ensure the fairness to the Company of transactions, agreements, arrangements,
and other matters between Partner Firms and Stagwell Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company requires
the Partner Firms to identify and describe, no less frequently than on a quarterly basis, any ordinary course transactions, agreements,
and arrangements with a Stagwell Affiliate. The Partner Firm, prior to entering into any transaction, agreement, or arrangement
with a Stagwell Affiliate, must determine that the transaction, agreement, or arrangement has a valid business purpose and that
the pricing, terms and conditions of such transaction, agreement, or arrangement are reasonable under the circumstances. The Partner
Firms are required to notify and obtain the advance written consent of both the Company&rsquo;s General Counsel and its EVP, Strategy
and Corporate Development prior to such Partner Firm entering into, or modifying or amending, any ordinary course transaction,
agreement, or arrangement with a Stagwell Affiliate involving amounts exceeding $250,000 but less than $1,000,000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any transaction between
a Partner Firm and a Stagwell Affiliate involving amounts exceeding $1,000,000 must be reviewed and approved by the Audit Committee
in advance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit Committee
reviews, at least quarterly, all transactions, agreements, and arrangements undertaken during the past quarter pursuant to the
Stagwell Review Guidelines in order to determine that each ordinary course transaction, agreement, or arrangement with a Stagwell
Affiliate has a valid business purpose and that the pricing, terms and conditions of such transaction, agreement, or arrangement
are reasonable under the circumstances.</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"><B>Transactions with Related Persons</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: 0.25in">The Company engaged
in the following related party transactions since January 1, 2019, which were reviewed and approved by the Audit Committee in accordance
with the Related Party Transactions Policy described above:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>CEO and Director
Affiliation</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An affiliate of the
Stagwell Group LLC has a minority ownership interest in the Company. Mark Penn is the CEO and Chairman of the Board of Directors
of the Company and is also the manager of the Stagwell Group LLC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>Related Party Transactions
with Stagwell Affiliates</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and its
Partner Firms engaged in the following related party transactions with Stagwell Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In October 2019, a
Partner Firm of the Company entered into an arrangement with a Stagwell Affiliate, in which the Stagwell Affiliate and the Partner
Firm will collaborate to provide various services to a client of the Partner Firm. The Partner Firm and the Stagwell Affiliate
had pitched and won this business together, with the client ultimately determining the general scope of work for each agency. Under
the arrangement, which was structured as a sub-contract due to client preference, the Partner Firm is expected to pay the Stagwell
Affiliate, for services provided by the Stagwell Affiliate in connection with serving the client, approximately $655,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In January 2020, a
Partner Firm of the Company entered into an arrangement with a Stagwell Affiliate to develop advertising technology for the Partner
Firm. Under the arrangement the Partner Firm is expected to pay the Stagwell Affiliate approximately $460,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On February 14, 2020,
the Company sold substantially all the assets and certain liabilities of Sloane and Company LLC (&ldquo;Sloane&rdquo;), an indirectly
wholly owned subsidiary of the Company, to a Stagwell Affiliate, for an aggregate purchase price of approximately $26 million,
consisting of cash paid at closing plus contingent deferred payments expected to be paid over the next two years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Some of our Partner
Firms from time-to-time enter into transactions and arrangements with Stagwell Affiliates on an ordinary course and regular basis
pursuant to the Stagwell Review Guidelines. These include our Partner Firms providing or receiving advertising and marketing agency
services. None of these transactions or arrangements involves amounts exceeding $120,000.</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-indent: 0.25in"><I>Other Related Party Transactions</I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company entered into an agreement commencing
on January 1, 2020 to sublease office space through July 2021 to a company whose chairman Irwin Simon is a member of the Company&rsquo;s
Board of Directors. The total future rental income related to the sublease is approximately $350,000.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has established guidelines for
determining director independence, and all current directors, with the exception of Mr. Penn, have been determined by the Board
to be independent under applicable Nasdaq rules and the Board&rsquo;s governance principles, and applicable Canadian securities
laws within the meaning of National Instrument 58-101 &mdash; Disclosure of Corporate Governance Practices. Mr. Gross was nominated
to the Board in 2017 by Goldman Sachs pursuant to its rights as the purchaser of the Series 4 Convertible Preference Shares. At
that time, the Company and the purchaser determined to treat Mr. Gross as ineligible to sit on the Board&rsquo;s committees, without
the Board making an affirmative determination as to his independence. In light of the changes in Board composition during 2019,
the Board re-evaluated Mr. Gross&rsquo;s independence in June 2019 and determined him to be independent under applicable Nasdaq
rules and the Board&rsquo;s governance principles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="a_005"></A>Item 14. Principal Accounting Fees and
Services</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">The Company retained BDO USA, LLP to audit the Company&rsquo;s
consolidated financial statements for 2018 and 2019. The Company also retained BDO USA, LLP to provide non-audit services in 2019.
The following table sets forth the aggregate fees billed to the Company by BDO USA, LLP for professional services in fiscal years
2018 and 2019:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2018</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Audit Fees<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,648,866</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2,527,838</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Tax Fees<SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">38,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Audit Related Fees</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">All Other Fees</TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,648,866</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,565,838</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(1) Fees primarily for the annual financial
statement audit, including internal control assessment related fees, quarterly financial statement reviews and regulatory comment
letters.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(2) Fees for services rendered for analysis
of NOL utilization.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All fees listed above have been pre-approved by the Audit Committee.
The Audit Committee has, however, delegated to the Chairman of the Audit Committee the authority to pre-approve permitted non-audit
services (as such services are defined by the Sarbanes-Oxley Act of 2002) provided that (i) the aggregate estimated amount of such
fees will not exceed $25,000 and (ii) the Chairman of the Audit Committee reports any pre-approval so granted at the next scheduled
meeting of the Audit Committee.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Audit Committee Charter provides for the Audit Committee
to establish the auditors&rsquo; fees. Such fees have been based upon the complexity of the matters in question and the time incurred
by the auditors.</P>

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


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<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"><B>PART IV</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; text-align: justify"><B><A NAME="a_006"></A>Item 15. Exhibits and Financial Statement
Schedules</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"><B>(b) Exhibits</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">The exhibits listed on the accompanying Exhibits Index are filed
as a part of this report.</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: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2016846d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2016846d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Stock Appreciation Rights Agreement by and between the Company and Mark Penn, dated as of April 5, 2019.</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2016846d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2016846d1_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Stock Appreciation Rights Agreement by and between the Company and Frank Lanuto, dated as of June 12, 2019.</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2016846d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.3</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2016846d1_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Stock Appreciation Rights Agreement by and between the Company and Frank Lanuto, dated as of June 12, 2019.</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2016846d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2016846d1_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Stock Appreciation Rights Agreement by and between the Company and Jonathan Mirsky, dated as of June 26, 2019</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2016846d1_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.5</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2016846d1_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Inducement Restricted Stock Agreement, made as of June 26, 2019, between the Company and Jonathan Mirsky, dated as of June 26, 2019.</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2016846d1_ex31-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">31.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2016846d1_ex31-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certification of the Chief Executive Officer pursuant to Rule 13a-14(a).</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2016846d1_ex31-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">31.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2016846d1_ex31-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certification of the Chief Financial Officer pursuant to Rule 13a-14(a).</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<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"><B><A NAME="a_007"></A>SIGNATURES</B></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: 0.25in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDC PARTNERS INC.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Frank Lanuto</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank Lanuto</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Chief Financial Officer and Authorized Signatory</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 29, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2016846d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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

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

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



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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MDC PARTNERS INC.<BR>
STOCK APPRECIATION RIGHTS AGREEMENT</P>

<P STYLE="font: bold 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"><B>STOCK APPRECIATION
RIGHTS AGREEMENT </B>(the &ldquo;<B>Agreement</B>&rdquo;) by and between <B>MDC Partners Inc.</B> (the &ldquo;<B>Company</B>&rdquo;)
and <B>Mark Penn </B>(the &ldquo;<B>Participant</B>&rdquo;), dated as of April 5, 2019 (the &ldquo;<B>Date of Grant</B>&rdquo;).</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 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) has determined to grant to the Grantee an inducement award
in connection with the Grantee&rsquo;s employment as Chief Executive Officer of the Company on the terms set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company is granting this award as a material inducement to the Grantee&rsquo;s employment with the Company in accordance with
NASDAQ Listing Rule 5635(c)(4).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">NOW, THEREFORE,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify"><U>Definitions</U>. As used in this Agreement, the following terms shall have the meanings set
forth below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Base Price</B>&rdquo; means $2.19, which is the average closing price for Class A Shares
for the twenty (20) trading day period beginning on March 5, 2019 and ending on April 1, 2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Change in Control</B>&rdquo; shall have the meaning provided in Section 2(b) of the Company&rsquo;s
2016 Stock Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Shares</B>&rdquo; means the Class A Subordinate Voting Shares of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Share Price</B>&rdquo; means the Fair Market Value of the Class A Shares on the
date of exercise of a SAR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Compensation Committee</B>&rdquo; shall mean the Human Resources &amp; Compensation Committee
of the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employment Agreement</B>&rdquo; shall mean that certain Employment Agreement, dated as
of March 14, 2019, by and between the Company and the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Fair Market Value</B>&rdquo; means, with respect to a Class A Share, as of the applicable
date of determination (i) the closing sales price on the immediately preceding business day of Class A Shares as reported on the
principal securities exchange on which such shares are then listed or admitted to trading, or (ii) if not so reported, the average
of the closing bid and ask prices on the immediately preceding business day as reported on the National Association of Securities
Dealers Automated Quotation System, or (iii) if not so reported, as furnished by any member of the National Association of Securities
Dealers, Inc. selected by the Compensation Committee. In the event that the price of Class A Shares shall not be so determinable,
the Fair Market Value of Class A Shares shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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-top: 0pt; margin-bottom: 0pt">&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: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify"><U>General</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Plan Grant</U>. This Award (defined below) is granted as a stand-alone award separate and
apart from, and outside of, the Company&rsquo;s 2016 Stock Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) and any other any equity
incentive plan previously adopted by the Company, and shall not constitute an award granted under or pursuant to the Plan or any
other such previously adopted equity incentive plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Employment Inducement Award</U>. This Award is intended to be an &ldquo;employment inducement
grant&rdquo; in accordance with NASDAQ Listing Rule 5635(c)(4) and consequently is intended to be exempt from the NASDAQ rules
regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the Award shall be
interpreted in accordance with and consistent with such exemption. The Company shall cause the Class A Shares issuable in respect
of the SARs (defined below) to be registered under the Securities Act of 1933.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Award Terms</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Number of Shares and Exercise Price</U>. The Company hereby grants to the Participant an award
(the &ldquo;<B>Award</B>&rdquo;), subject to the terms and conditions set forth herein, of stock appreciation rights with 1,500,000
underlying Class A Shares (the &ldquo;<B>SARs</B>&rdquo;), with reference to which the SAR payment will be calculated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Term of Award</U>. Unless the Award is earlier terminated pursuant to this Agreement, the term
of the Award shall commence on the Date of Grant and terminate on March 18, 2024 (the &ldquo;<B>Termination Date</B>&rdquo;). No
SARs shall be exercisable after the Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>Vesting</U>. Unless otherwise provided in this Agreement, the SARs shall vest and become exercisable
in three equal installments (each consisting of stock appreciation rights of 500,000 underlying Class A Shares) on each of the
first three (3) anniversaries of March 18, 2019 (each such date, a &ldquo;<B>Vesting Date</B>&rdquo;), subject to the Participant&rsquo;s
continued employment with the Company through the applicable Vesting Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Exercise</U>. Upon exercise of one or more vested SARs, the Participant will receive the
SAR Amount (as defined below) in the form of Class A Shares, with such number of shares determined by dividing the SAR Amount by
the Fair Market Value of a Class A Share on the date of exercise (with any fractional share amount being rounded down to the nearest
whole share); provided that, to the extent the issuance of Class A Shares in connection with the exercise of a vested SAR would
require (x) shareholder approval under the NASDAQ listing rules (and, if the Class A Shares are not then listed on NASDAQ, any
similar rules of the principal securities exchange on which MDC Class A Shares are then listed or admitted to trading) or (y) an
approval or expiration, waiver or termination of any applicable waiting period under the Competition Act (Canada), as amended,
or any similar law of any other applicable jurisdiction (any of the foregoing in this clause (y), a &ldquo;<B>Competition Approval</B>&rdquo;),
in each case, to the extent not obtained, then the number of Class A Shares issued in settlement of the SAR Amount shall be reduced
to the maximum number of whole shares for which no shareholder approval or Competition Approval would be required, with the remainder
of the SAR Amount paid in cash.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Amount</U>. The &ldquo;<B>SAR Amount</B>&rdquo; shall be determined by multiplying:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the difference obtained by subtracting the Base Price from the Fair Market Value of a Class A Share
on the date of exercise of such SARs, by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the number of shares as to which such SARs will have been exercised.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Acceleration of Vesting</U>. Any unvested SARs shall immediately become fully vested and exercisable
upon the first to occur of the following events:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated either by the Company without
 &ldquo;Cause&rdquo; or by the Participant for &ldquo;Good Reason&rdquo; (such terms as defined in the Employment Agreement);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated by reason of the Participant&rsquo;s
death or Disability (as defined in the Employment Agreement); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">a Change of Control.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Termination of Employment</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Unvested SARs</U>. Except as provided in Section 3(f), upon termination of the Participant&rsquo;s
employment with the Company for any reason, any portion of the SARs then held by the Participant which is not vested and exercisable
as of the effective date of such termination of employment shall be immediately cancelled and forfeited without regard to any statutory
or common law notice or severance to which the Participant may be entitled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><U>Vested SARs</U>. Upon termination of the Participant&rsquo;s employment with the Company for
any reason, any SARs then held by the Participant which are vested and exercisable as of the effective date of such termination
of employment, including any SARs which vest pursuant to Section 3(f), shall remain exercisable for a period of three months following
the effective date of termination of such employment; provided, however, that the SARs may not be exercised beyond the Termination
Date.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><U>Method, Timing of Exercise</U>. The Participant may exercise any vested and exercisable SARs
at any time where such exercise is not prohibited by applicable securities laws, until the expiration of the SARs or, if earlier,
the date provided in Section 3(g)(ii). All or any portion of the SARs may be exercised by delivering notice to the Company&rsquo;s
principal office, to the attention of its General Counsel. Such notice shall specify the number of Class A Shares with respect
to which the SARs are being exercised, shall be effective as of the date of receipt of the Company, and shall be signed by the
Participant or other person then having the right to exercise the SARs. No portion of the SARs may be exercised for less than 100
shares unless the total remaining number of shares subject to the Award is less than 100. Payment with respect to the exercise
of SARs (whether through the issuance of Class A Shares or in cash) shall be made by the Company within 30 business days following
the exercise of the SARs.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Transferability and Assignability</U>. The rights or interests of the Participant under this
Agreement shall not be assignable or transferable, otherwise than by will or the laws governing the devolution of property in the
event of death and such rights or interests shall not be encumbered. Notwithstanding the foregoing, the Participant may transfer
or assign his rights under this Agreement for estate planning purposes and without consideration to a trust or trusts for the exclusive
benefit of the Participant and his family members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify"><U>No Right as a Shareholder</U>. The Participant shall have no rights as a stockholder with respect
to Class A Shares to which an Award relates until the exercise of a SAR and delivery of the underlying Class A Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Tax Withholding</U>. The Company may withhold from any amount payable to the Participant, such
amount as may be necessary so as to ensure that the Company will be able to comply with applicable provisions of any federal, provincial,
state or local law relating to withholding of tax or other required deductions, including on the amount, if any, which must be
included in the income of the Participant. The Company shall, in this connection, have the right in its discretion to satisfy any
such withholding tax liability by retaining or acquiring (or selling on the Participant&rsquo;s behalf) any Class A Shares which
are or would otherwise be issued or provided to the Participant hereunder, or withholding any portion of any cash amount payable
to the Participant hereunder or pursuant to any such sale on the Participant&rsquo;s behalf. The Company shall also have the right to
withhold the delivery of any Class A Shares and any cash payment payable to the Participant hereunder unless and until the Participant
pays to the Company a sum sufficient to indemnify the Company for any liability to withhold tax in respect of the amounts included
in the income of the Participant as a result of the settlement of the SARs, to the extent that such tax is not otherwise being
withheld from payments to the Participant by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify"><U>No Right to Employment, Service or Office</U>. No person shall have any claim or right to receive
grants or Awards under this Agreement. Neither the grant of the Award, nor any action taken or omitted to be taken under this Agreement
shall be deemed to create or confer on any employee, officer, director or service provider any right to be retained in the employ
or service of the Company or any subsidiary or other affiliate thereof, or to interfere with or to limit in any way the right of
the Company or any subsidiary or other affiliate thereof to terminate the employment, office or service of such employee, officer,
director or service provider at any time.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify"><U>Notices</U>. All notices and other communications under this Agreement shall be in writing (including
PDF) and shall be given by hand delivery to the other party, by email, confirmed facsimile transmission or by registered or certified
mail, return receipt requested, postage prepaid, addressed as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Participant:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Address as on file with 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-indent: 1in">With a copy (which shall not constitute notice)
to:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Harris, Wiltshire &amp; Grannis LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">1919 M Street NW, Eighth Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Washington, DC 20036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: Jonathan B. Mirsky</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Company:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">MDC Partners Inc.<BR>
745 Fifth Avenue, 19<SUP>th</SUP> Floor<BR>
New York, NY 10151<BR>
Attn: General Counsel</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Either party may furnish to the
other in writing a substitute address and phone and fax numbers for delivery of notice in accordance with this section. Notices
and communications shall be effective when actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.</FONT></TD><TD STYLE="text-align: justify"><U>Adjustment of and Changes in Shares</U>. In the event that the Compensation Committee shall
determine that any amalgamation, arrangement, merger, consolidation, recapitalization, reclassification, stock dividend, distribution
of property, special cash dividend, or other change in corporate structure has affected the Class A Shares such that an adjustment
is appropriate in order to prevent dilution or enlargement of the Participant&rsquo;s rights under this Agreement, the Compensation
Committee shall make such adjustments, if any, as it deems appropriate in the number and class of shares subject to, and the Base
Price of, the Award. The foregoing adjustments shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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-top: 0pt; margin-bottom: 0pt">&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: 0.5in"><FONT STYLE="color: #010000">7.</FONT></TD><TD STYLE="text-align: justify"><U>Administration</U>. The Compensation Committee shall have the authority to adopt such rules
as it may deem appropriate to carry out the purposes of this Agreement, and shall have the authority to interpret and construe
the provisions of this Agreement and to make determinations pursuant to any provision of this Agreement. Each interpretation, determination
or other action made or taken by the Compensation Committee pursuant to this Agreement shall be final and binding on all persons.
No member of the Compensation Committee shall be liable for any action or determination made in good faith, and the members of
the Compensation Committee shall be entitled to indemnification and reimbursement in the manner provided in the Company&rsquo;s
articles and by-laws, as the same may be amended from time to time. The Compensation Committee may designate persons other than
its members to carry out its responsibilities under such conditions or limitations as it may set, as permitted by this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">8.</FONT></TD><TD STYLE="text-align: justify"><U>Amendment and Termination</U>. The Compensation Committee may at any time and from time to time
alter, amend, suspend or terminate this Agreement in whole or in part, subject to receipt of all necessary approvals. Notwithstanding
the foregoing, termination or amendment of this Agreement in a manner that may adversely affect the rights of the Participant under
this Agreement shall require (i) a majority vote of the Compensation Committee and (ii) consent of the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">9.</FONT></TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement shall be governed by and construed according to the laws of
the State of New York and the federal laws of the United States applicable herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">10.</FONT></TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Agreement may be executed in several counterparts, each of which shall
be deemed an original, and said counterparts shall constitute but one and the same instrument.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">*****</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: 0.5in">IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date and year set forth first above.</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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<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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: General Councel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><B>/s/ Mark Penn</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Mark Penn</B></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>



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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2016846d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MDC PARTNERS INC.<BR>
STOCK APPRECIATION RIGHTS AGREEMENT</P>

<P STYLE="font: bold 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"><B>STOCK APPRECIATION
RIGHTS AGREEMENT </B>(the &ldquo;<B>Agreement</B>&rdquo;) by and between <B>MDC Partners Inc.</B> (the &ldquo;<B>Company</B>&rdquo;)
and <B>Frank Lanuto </B>(the &ldquo;<B>Participant</B>&rdquo;), dated as of June 12, 2019 (the &ldquo;<B>Date of Grant</B>&rdquo;).</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 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) has determined to grant to the Grantee an inducement award
in connection with the Grantee&rsquo;s employment as Chief Financial Officer of the Company on the terms set forth
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company is granting this award as a material inducement to the Grantee&rsquo;s employment with the Company in accordance with
NASDAQ Listing Rule 5635(c)(4).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">NOW, THEREFORE,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify"><U>Definitions</U>. As used in this Agreement, the following terms shall have the meanings set
forth below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Base Price</B>&rdquo; means $2.91, which is the average closing price for Class A Shares for the ten (10) trading day period beginning on May 24, 2019
and ending on June 7, 2019.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Change in Control</B>&rdquo; shall have the meaning provided in Section 2(b) of the Company&rsquo;s
2016 Stock Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Shares</B>&rdquo; means the Class A Subordinate Voting Shares of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Share Price</B>&rdquo; means the Fair Market Value of the Class A Shares on the
date of exercise of a SAR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Compensation Committee</B>&rdquo; shall mean the Human Resources &amp; Compensation Committee
of the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employment Agreement</B>&rdquo; shall mean that certain Employment Agreement, dated as
of May 6, 2019, by and between the Company and the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Fair Market Value</B>&rdquo; means, with respect to a Class A Share, as of the applicable
date of determination (i) the closing sales price on the immediately preceding business day of Class A Shares as reported on the
principal securities exchange on which such shares are then listed or admitted to trading, or (ii) if not so reported, the average
of the closing bid and ask prices on the immediately preceding business day as reported on the National Association of Securities
Dealers Automated Quotation System, or (iii) if not so reported, as furnished by any member of the National Association of Securities
Dealers, Inc. selected by the Compensation Committee. In the event that the price of Class A Shares shall not be so determinable,
the Fair Market Value of Class A Shares shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify"><U>General</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Plan Grant</U>. This Award (defined below) is granted as a stand-alone award separate and
apart from, and outside of, the Company&rsquo;s 2016 Stock Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) and any other any equity
incentive plan previously adopted by the Company, and shall not constitute an award granted under or pursuant to the Plan or any
other such previously adopted equity incentive plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Employment Inducement Award</U>. This Award is intended to be an &ldquo;employment inducement
grant&rdquo; in accordance with NASDAQ Listing Rule 5635(c)(4) and consequently is intended to be exempt from the NASDAQ rules
regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the Award shall be
interpreted in accordance with and consistent with such exemption. The Company shall cause the Class A Shares issuable in respect
of the SARs (defined below) to be registered under the Securities Act of 1933.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Award Terms</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Number of Shares and Exercise Price</U>. The Company hereby grants to the Participant an award
(the &ldquo;<B>Award</B>&rdquo;), subject to the terms and conditions set forth herein, of stock appreciation rights with 225,000
underlying Class A Shares (the &ldquo;<B>SARs</B>&rdquo;), with reference to which the SAR payment will be calculated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Term of Award</U>. Unless the Award is earlier terminated pursuant to this Agreement, the term
of the Award shall commence on the Date of Grant and terminate on June 10, 2024 (the &ldquo;<B>Termination Date</B>&rdquo;). No
SARs shall be exercisable after the Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>Vesting</U>. Unless otherwise provided in this Agreement, the SARs shall vest and become exercisable
in three equal installments (each consisting of stock appreciation rights of 75,000 underlying Class A Shares) on each of the first
three (3) anniversaries of June 10, 2019 (each such date, a &ldquo;<B>Vesting Date</B>&rdquo;), subject to the Participant&rsquo;s
continued employment with the Company through the applicable Vesting Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Exercise</U>. Upon exercise of one or more vested SARs, the Participant will receive the
SAR Amount (as defined below) in the form of Class A Shares, with such number of shares determined by dividing the SAR Amount by
the Fair Market Value of a Class A Share on the date of exercise (with any fractional share amount being rounded down to the nearest
whole share).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Amount</U>. The &ldquo;<B>SAR Amount</B>&rdquo; shall be determined by multiplying:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the difference obtained by subtracting the Base Price from the Fair Market Value of a Class A Share
on the date of exercise of such SARs, by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the number of shares as to which such SARs will have been exercised.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Acceleration of Vesting</U>. Any unvested SARs shall immediately become fully vested and exercisable
upon the first to occur of the following events:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated either by the Company without
 &ldquo;Cause&rdquo; or by the Participant for &ldquo;Good Reason&rdquo; (such terms as defined in the Employment Agreement);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated by reason of the Participant&rsquo;s
death or Disability (as defined in the Employment Agreement); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">a Change of Control.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Termination of Employment</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Unvested SARs</U>. Except as provided in Section 3(f), upon termination of the Participant&rsquo;s
employment with the Company for any reason, any portion of the SARs then held by the Participant which is not vested and exercisable
as of the effective date of such termination of employment shall be immediately cancelled and forfeited without regard to any statutory
or common law notice or severance to which the Participant may be entitled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><U>Vested SARs</U>. Upon termination of the Participant&rsquo;s employment with the Company
                                                                                                  for any reason, any SARs then held by the Participant which are vested and exercisable as of the effective date of such
                                                                                                  termination of employment, including any SARs which vest pursuant to Section 3(f), shall remain exercisable for a period of
                                                                                                  three months following the effective date of termination of such employment; provided, however, that the SARs may not be
                                                                                                  exercised beyond the Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><U>Method, Timing of Exercise</U>. The Participant may exercise any vested and exercisable SARs
at any time where such exercise is not prohibited by applicable securities laws, until the expiration of the SARs or, if earlier,
the date provided in Section 3(g)(ii). All or any portion of the SARs may be exercised by delivering notice to the Company&rsquo;s
principal office, to the attention of its General Counsel. Such notice shall specify the number of Class A Shares with respect
to which the SARs are being exercised, shall be effective as of the date of receipt of the Company, and shall be signed by the
Participant or other person then having the right to exercise the SARs. No portion of the SARs may be exercised for less than 100
shares unless the total remaining number of shares subject to the Award is less than 100. Payment with respect to the exercise
of SARs (whether through the issuance of Class A Shares or in cash) shall be made by the Company within 30 business days following
the exercise of the SARs.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Transferability and Assignability</U>. The rights or interests of the Participant under this
Agreement shall not be assignable or transferable, otherwise than by will or the laws governing the devolution of property in the
event of death and such rights or interests shall not be encumbered. Notwithstanding the foregoing, the Participant may transfer
or assign his rights under this Agreement for estate planning purposes and without consideration to a trust or trusts for the exclusive
benefit of the Participant and his family members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify"><U>No Right as a Shareholder</U>. The Participant shall have no rights as a stockholder with respect
to Class A Shares to which an Award relates until the exercise of a SAR and delivery of the underlying Class A Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Tax Withholding</U>. The Company may withhold from any amount payable to the Participant, such
amount as may be necessary so as to ensure that the Company will be able to comply with applicable provisions of any federal, provincial,
state or local law relating to withholding of tax or other required deductions, including on the amount, if any, which must be
included in the income of the Participant. The Company shall, in this connection, have the right in its discretion to satisfy any
such withholding tax liability by retaining or acquiring (or selling on the Participant&rsquo;s behalf) any Class A Shares which
are or would otherwise be issued or provided to the Participant hereunder, or withholding any portion of any cash amount payable
to the Participant hereunder or pursuant to any such sale on the Participant's behalf. The Company shall also have the right to
withhold the delivery of any Class A Shares and any cash payment payable to the Participant hereunder unless and until the Participant
pays to the Company a sum sufficient to indemnify the Company for any liability to withhold tax in respect of the amounts included
in the income of the Participant as a result of the settlement of the SARs, to the extent that such tax is not otherwise being
withheld from payments to the Participant by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify"><U>No Right to Employment, Service or Office</U>. No person shall have any claim or right to receive
grants or Awards under this Agreement. Neither the grant of the Award, nor any action taken or omitted to be taken under this Agreement
shall be deemed to create or confer on any employee, officer, director or service provider any right to be retained in the employ
or service of the Company or any subsidiary or other affiliate thereof, or to interfere with or to limit in any way the right of
the Company or any subsidiary or other affiliate thereof to terminate the employment, office or service of such employee, officer,
director or service provider at any time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify"><U>Notices</U>. All notices and other communications under this Agreement shall be in writing (including
PDF) and shall be given by hand delivery to the other party, by email, confirmed facsimile transmission or by registered or certified
mail, return receipt requested, postage prepaid, addressed as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Participant:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B></B>Frank Lanuto<B><BR>
</B>Address as on file with 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-indent: 0.5in">If 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">MDC Partners Inc.<BR>
745 Fifth Avenue, 19<SUP>th</SUP> Floor<BR>
New York, NY 10151<BR>
Attn: General Counsel</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Either party may furnish to the
other in writing a substitute address and phone and fax numbers for delivery of notice in accordance with this section. Notices
and communications shall be effective when actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.</FONT></TD><TD STYLE="text-align: justify"><U>Adjustment of and Changes in Shares</U>. In the event that the Compensation Committee shall
determine that any amalgamation, arrangement, merger, consolidation, recapitalization, reclassification, stock dividend, distribution
of property, special cash dividend, or other change in corporate structure has affected the Class A Shares such that an adjustment
is appropriate in order to prevent dilution or enlargement of the Participant&rsquo;s rights under this Agreement, the Compensation
Committee shall make such adjustments, if any, as it deems appropriate in the number and class of shares subject to, and the Base
Price of, the Award. The foregoing adjustments shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">7.</FONT></TD><TD STYLE="text-align: justify"><U>Administration</U>. The Compensation Committee shall have the authority to adopt such rules
as it may deem appropriate to carry out the purposes of this Agreement, and shall have the authority to interpret and construe
the provisions of this Agreement and to make determinations pursuant to any provision of this Agreement. Each interpretation, determination
or other action made or taken by the Compensation Committee pursuant to this Agreement shall be final and binding on all persons.
No member of the Compensation Committee shall be liable for any action or determination made in good faith, and the members of the Compensation Committee shall be entitled to indemnification and reimbursement in the manner
provided in the Company&rsquo;s articles and by-laws, as the same may be amended from time to time. The Compensation Committee may designate persons other than
its members to carry out its responsibilities under such conditions or limitations as it may set, as permitted by this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">8.</FONT></TD><TD STYLE="text-align: justify"><U>Amendment and Termination</U>. The Compensation Committee may at any time and from time to time
alter, amend, suspend or terminate this Agreement in whole or in part, subject to receipt of all necessary approvals. Notwithstanding
the foregoing, termination or amendment of this Agreement in a manner that may adversely affect the rights of the Participant under
this Agreement shall require (i) a majority vote of the Compensation Committee and (ii) consent of the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">9.</FONT></TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement shall be governed by and construed according to the laws of
the State of New York and the federal laws of the United States applicable herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">10.</FONT></TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Agreement may be executed in several counterparts, each of which shall
be deemed an original, and said counterparts shall constitute but one and the same instrument.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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: 0.5in">IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date and year set forth first above.</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 0pt 3in"></P>

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<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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: EVP &amp; GC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Frank Lanuto</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Frank Lanuto</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2016846d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MDC PARTNERS INC.<BR>
STOCK APPRECIATION RIGHTS AGREEMENT</P>

<P STYLE="font: bold 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"><B>STOCK APPRECIATION
RIGHTS AGREEMENT </B>(the &ldquo;<B>Agreement</B>&rdquo;) by and between <B>MDC Partners Inc.</B> (the &ldquo;<B>Company</B>&rdquo;)
and <B>Frank Lanuto </B>(the &ldquo;<B>Participant</B>&rdquo;), dated as of June 12, 2019 (the &ldquo;<B>Date of Grant</B>&rdquo;).</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 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) has determined to grant to the Grantee an inducement award
in connection with the Grantee&rsquo;s employment as Chief Financial Officer of the Company on the terms set forth
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company is granting this award as a material inducement to the Grantee&rsquo;s employment with the Company in accordance with
NASDAQ Listing Rule 5635(c)(4).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">NOW, THEREFORE,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify"><U>Definitions</U>. As used in this Agreement, the following terms shall have the meanings set
forth below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Base Price</B>&rdquo; means $5.00.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Change in Control</B>&rdquo; shall have the meaning provided in Section 2(b) of the Company&rsquo;s
2016 Stock Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Shares</B>&rdquo; means the Class A Subordinate Voting Shares of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Share Price</B>&rdquo; means the Fair Market Value of the Class A Shares on the
date of exercise of a SAR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Compensation Committee</B>&rdquo; shall mean the Human Resources &amp; Compensation Committee
of the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employment Agreement</B>&rdquo; shall mean that certain Employment Agreement, dated as
of May 6, 2019, by and between the Company and the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Fair Market Value</B>&rdquo; means, with respect to a Class A Share, as of the applicable
date of determination (i) the closing sales price on the immediately preceding business day of Class A Shares as reported on the
principal securities exchange on which such shares are then listed or admitted to trading, or (ii) if not so reported, the average
of the closing bid and ask prices on the immediately preceding business day as reported on the National Association of Securities
Dealers Automated Quotation System, or (iii) if not so reported, as furnished by any member of the National Association of Securities
Dealers, Inc. selected by the Compensation Committee. In the event that the price of Class A Shares shall not be so determinable,
the Fair Market Value of Class A Shares shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify"><U>General</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Plan Grant</U>. This Award (defined below) is granted as a stand-alone award separate and
apart from, and outside of, the Company&rsquo;s 2016 Stock Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) and any other any equity
incentive plan previously adopted by the Company, and shall not constitute an award granted under or pursuant to the Plan or any
other such previously adopted equity incentive plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Employment Inducement Award</U>. This Award is intended to be an &ldquo;employment inducement
grant&rdquo; in accordance with NASDAQ Listing Rule 5635(c)(4) and consequently is intended to be exempt from the NASDAQ rules
regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the Award shall be
interpreted in accordance with and consistent with such exemption. The Company shall cause the Class A Shares issuable in respect
of the SARs (defined below) to be registered under the Securities Act of 1933.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Award Terms</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Number of Shares and Exercise Price</U>. The Company hereby grants to the Participant an award
(the &ldquo;<B>Award</B>&rdquo;), subject to the terms and conditions set forth herein, of stock appreciation rights with 225,000
underlying Class A Shares (the &ldquo;<B>SARs</B>&rdquo;), with reference to which the SAR payment will be calculated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Term of Award</U>. Unless the Award is earlier terminated pursuant to this Agreement, the term
of the Award shall commence on the Date of Grant and terminate on June 10, 2024 (the &ldquo;<B>Termination Date</B>&rdquo;). No
SARs shall be exercisable after the Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>Vesting</U>. Unless otherwise provided in this Agreement, the SARs shall vest and become exercisable
in three equal installments (each consisting of stock appreciation rights of 75,000 underlying Class A Shares) on each of the first
three (3) anniversaries of June 10, 2019 (each such date, a &ldquo;<B>Vesting Date</B>&rdquo;), subject to the Participant&rsquo;s
continued employment with the Company through the applicable Vesting Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Exercise</U>. Upon exercise of one or more vested SARs, the Participant will receive the
SAR Amount (as defined below) in the form of Class A Shares, with such number of shares determined by dividing the SAR Amount by
the Fair Market Value of a Class A Share on the date of exercise (with any fractional share amount being rounded down to the nearest
whole share).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Amount</U>. The &ldquo;<B>SAR Amount</B>&rdquo; shall be determined by multiplying:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the difference obtained by subtracting the Base Price from the Fair Market Value of a Class A Share
on the date of exercise of such SARs, by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the number of shares as to which such SARs will have been exercised.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Acceleration of Vesting</U>. Any unvested SARs shall immediately become fully vested and exercisable
upon the first to occur of the following events:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated either by the Company without
 &ldquo;Cause&rdquo; or by the Participant for &ldquo;Good Reason&rdquo; (such terms as defined in the Employment Agreement);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated by reason of the Participant&rsquo;s
death or Disability (as defined in the Employment Agreement); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">a Change of Control.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Termination of Employment</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Unvested SARs</U>. Except as provided in Section 3(f), upon termination of the Participant&rsquo;s
employment with the Company for any reason, any portion of the SARs then held by the Participant which is not vested and exercisable
as of the effective date of such termination of employment shall be immediately cancelled and forfeited without regard to any statutory
or common law notice or severance to which the Participant may be entitled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><U>Vested SARs</U>. Upon termination of the Participant&rsquo;s employment with the Company
                                                                                                  for any reason, any SARs then held by the Participant which are vested and exercisable as of the effective date of such
                                                                                                  termination of employment, including any SARs which vest pursuant to Section 3(f), shall remain exercisable for a period of
                                                                                                  three months following the effective date of termination of such employment; provided, however, that the SARs may not be
                                                                                                  exercised beyond the Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><U>Method, Timing of Exercise</U>. The Participant may exercise any vested and exercisable SARs
at any time where such exercise is not prohibited by applicable securities laws, until the expiration of the SARs or, if earlier,
the date provided in Section 3(g)(ii). All or any portion of the SARs may be exercised by delivering notice to the Company&rsquo;s
principal office, to the attention of its General Counsel. Such notice shall specify the number of Class A Shares with respect
to which the SARs are being exercised, shall be effective as of the date of receipt of the Company, and shall be signed by the
Participant or other person then having the right to exercise the SARs. No portion of the SARs may be exercised for less than 100
shares unless the total remaining number of shares subject to the Award is less than 100. Payment with respect to the exercise
of SARs (whether through the issuance of Class A Shares or in cash) shall be made by the Company within 30 business days following
the exercise of the SARs.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Transferability and Assignability</U>. The rights or interests of the Participant under this
Agreement shall not be assignable or transferable, otherwise than by will or the laws governing the devolution of property in the
event of death and such rights or interests shall not be encumbered. Notwithstanding the foregoing, the Participant may transfer
or assign his rights under this Agreement for estate planning purposes and without consideration to a trust or trusts for the exclusive
benefit of the Participant and his family members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify"><U>No Right as a Shareholder</U>. The Participant shall have no rights as a stockholder with respect
to Class A Shares to which an Award relates until the exercise of a SAR and delivery of the underlying Class A Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Tax Withholding</U>. The Company may withhold from any amount payable to the Participant, such
amount as may be necessary so as to ensure that the Company will be able to comply with applicable provisions of any federal, provincial,
state or local law relating to withholding of tax or other required deductions, including on the amount, if any, which must be
included in the income of the Participant. The Company shall, in this connection, have the right in its discretion to satisfy any
such withholding tax liability by retaining or acquiring (or selling on the Participant&rsquo;s behalf) any Class A Shares which
are or would otherwise be issued or provided to the Participant hereunder, or withholding any portion of any cash amount payable
to the Participant hereunder or pursuant to any such sale on the Participant's behalf. The Company shall also have the right to
withhold the delivery of any Class A Shares and any cash payment payable to the Participant hereunder unless and until the Participant
pays to the Company a sum sufficient to indemnify the Company for any liability to withhold tax in respect of the amounts included
in the income of the Participant as a result of the settlement of the SARs, to the extent that such tax is not otherwise being
withheld from payments to the Participant by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify"><U>No Right to Employment, Service or Office</U>. No person shall have any claim or right to receive
grants or Awards under this Agreement. Neither the grant of the Award, nor any action taken or omitted to be taken under this Agreement
shall be deemed to create or confer on any employee, officer, director or service provider any right to be retained in the employ
or service of the Company or any subsidiary or other affiliate thereof, or to interfere with or to limit in any way the right of
the Company or any subsidiary or other affiliate thereof to terminate the employment, office or service of such employee, officer,
director or service provider at any time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify"><U>Notices</U>. All notices and other communications under this Agreement shall be in writing (including
PDF) and shall be given by hand delivery to the other party, by email, confirmed facsimile transmission or by registered or certified
mail, return receipt requested, postage prepaid, addressed as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Participant:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B></B>Frank Lanuto<B><BR>
</B>Address as on file with 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-indent: 0.5in">If 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">MDC Partners Inc.<BR>
745 Fifth Avenue, 19<SUP>th</SUP> Floor<BR>
New York, NY 10151<BR>
Attn: General Counsel</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Either party may furnish to the
other in writing a substitute address and phone and fax numbers for delivery of notice in accordance with this section. Notices
and communications shall be effective when actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.</FONT></TD><TD STYLE="text-align: justify"><U>Adjustment of and Changes in Shares</U>. In the event that the Compensation Committee shall
determine that any amalgamation, arrangement, merger, consolidation, recapitalization, reclassification, stock dividend, distribution
of property, special cash dividend, or other change in corporate structure has affected the Class A Shares such that an adjustment
is appropriate in order to prevent dilution or enlargement of the Participant&rsquo;s rights under this Agreement, the Compensation
Committee shall make such adjustments, if any, as it deems appropriate in the number and class of shares subject to, and the Base
Price of, the Award. The foregoing adjustments shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">7.</FONT></TD><TD STYLE="text-align: justify"><U>Administration</U>. The Compensation Committee shall have the authority to adopt such rules
as it may deem appropriate to carry out the purposes of this Agreement, and shall have the authority to interpret and construe
the provisions of this Agreement and to make determinations pursuant to any provision of this Agreement. Each interpretation, determination
or other action made or taken by the Compensation Committee pursuant to this Agreement shall be final and binding on all persons.
No member of the Compensation Committee shall be liable for any action or determination made in good faith, and the members of the Compensation Committee shall be entitled to indemnification and reimbursement in the manner
provided in the Company&rsquo;s articles and by-laws, as the same may be amended from time to time. The Compensation Committee may designate persons other than
its members to carry out its responsibilities under such conditions or limitations as it may set, as permitted by this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">8.</FONT></TD><TD STYLE="text-align: justify"><U>Amendment and Termination</U>. The Compensation Committee may at any time and from time to time
alter, amend, suspend or terminate this Agreement in whole or in part, subject to receipt of all necessary approvals. Notwithstanding
the foregoing, termination or amendment of this Agreement in a manner that may adversely affect the rights of the Participant under
this Agreement shall require (i) a majority vote of the Compensation Committee and (ii) consent of the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">9.</FONT></TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement shall be governed by and construed according to the laws of
the State of New York and the federal laws of the United States applicable herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">10.</FONT></TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Agreement may be executed in several counterparts, each of which shall
be deemed an original, and said counterparts shall constitute but one and the same instrument.</TD></TR></TABLE>

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

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


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

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<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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: EVP &amp; GC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Frank Lanuto</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Frank Lanuto</B></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tm2016846d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MDC PARTNERS INC.<BR>
STOCK APPRECIATION RIGHTS AGREEMENT</P>

<P STYLE="font: bold 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"><B>STOCK APPRECIATION
RIGHTS AGREEMENT </B>(the &ldquo;<B>Agreement</B>&rdquo;) by and between <B>MDC Partners Inc.</B> (the &ldquo;<B>Company</B>&rdquo;)
and <B>Jonathan Mirsky </B>(the &ldquo;<B>Participant</B>&rdquo;), dated as of June 26, 2019 (the &ldquo;<B>Date of Grant</B>&rdquo;).</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 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) has determined to grant to the Grantee an inducement award
in connection with the Grantee&rsquo;s employment as General Counsel and Corporate Secretary of the Company on the terms set forth
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>,
the Company is granting this award as a material inducement to the Grantee&rsquo;s employment with the Company in accordance with
NASDAQ Listing Rule 5635(c)(4).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">NOW, THEREFORE,
the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">1.</FONT></TD><TD STYLE="text-align: justify"><U>Definitions</U>. As used in this Agreement, the following terms shall have the meanings set
forth below:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Base Price</B>&rdquo; means $5.00.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Change in Control</B>&rdquo; shall have the meaning provided in Section 2(b) of the Company&rsquo;s
2016 Stock Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Shares</B>&rdquo; means the Class A Subordinate Voting Shares of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Class A Share Price</B>&rdquo; means the Fair Market Value of the Class A Shares on the
date of exercise of a SAR.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Compensation Committee</B>&rdquo; shall mean the Human Resources &amp; Compensation Committee
of the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Employment Agreement</B>&rdquo; shall mean that certain Employment Agreement, dated as
of May 6, 2019, by and between the Company and the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify">&ldquo;<B>Fair Market Value</B>&rdquo; means, with respect to a Class A Share, as of the applicable
date of determination (i) the closing sales price on the immediately preceding business day of Class A Shares as reported on the
principal securities exchange on which such shares are then listed or admitted to trading, or (ii) if not so reported, the average
of the closing bid and ask prices on the immediately preceding business day as reported on the National Association of Securities
Dealers Automated Quotation System, or (iii) if not so reported, as furnished by any member of the National Association of Securities
Dealers, Inc. selected by the Compensation Committee. In the event that the price of Class A Shares shall not be so determinable,
the Fair Market Value of Class A Shares shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"><FONT STYLE="color: #010000">2.</FONT></TD><TD STYLE="text-align: justify"><U>General</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Non-Plan Grant</U>. This Award (defined below) is granted as a stand-alone award separate and
apart from, and outside of, the Company&rsquo;s 2016 Stock Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;) and any other any equity
incentive plan previously adopted by the Company, and shall not constitute an award granted under or pursuant to the Plan or any
other such previously adopted equity incentive plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Employment Inducement Award</U>. This Award is intended to be an &ldquo;employment inducement
grant&rdquo; in accordance with NASDAQ Listing Rule 5635(c)(4) and consequently is intended to be exempt from the NASDAQ rules
regarding shareholder approval of equity compensation plans. This Agreement and the terms and conditions of the Award shall be
interpreted in accordance with and consistent with such exemption. The Company shall cause the Class A Shares issuable in respect
of the SARs (defined below) to be registered under the Securities Act of 1933.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Award Terms</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify"><U>Number of Shares and Exercise Price</U>. The Company hereby grants to the Participant an award
(the &ldquo;<B>Award</B>&rdquo;), subject to the terms and conditions set forth herein, of stock appreciation rights with respect to 250,000
underlying Class A Shares (the &ldquo;<B>SARs</B>&rdquo;), with reference to which the SAR payment will be calculated.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify"><U>Term of Award</U>. Unless the Award is earlier terminated pursuant to this Agreement, the term
of the Award shall commence on the Date of Grant and terminate on June 17, 2024 (the &ldquo;<B>Termination Date</B>&rdquo;). No
SARs shall be exercisable after the Termination Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify"><U>Vesting</U>. Unless otherwise provided in this Agreement, the SARs shall vest and become
                                                                                                   exercisable in three equal installments (each consisting of stock appreciation rights with respect to 83,333 underlying Class
                                                                                                   A Shares) on each of the first three (3) anniversaries of June 17, 2019 (each such date, a &ldquo;<B>Vesting
                                                                                                   Date</B>&rdquo;), subject to the Participant&rsquo;s continued employment with the Company through the applicable Vesting
                                                                                                   Date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Exercise</U>. Upon exercise of one or more vested SARs, the Participant will receive the
SAR Amount (as defined below) in the form of Class A Shares, with such number of shares determined by dividing the SAR Amount by
the Fair Market Value of a Class A Share on the date of exercise (with any fractional share amount being rounded down to the nearest
whole share).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(e)</FONT></TD><TD STYLE="text-align: justify"><U>SAR Amount</U>. The &ldquo;<B>SAR Amount</B>&rdquo; shall be determined by multiplying:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the difference obtained by subtracting the Base Price from the Fair Market Value of a Class A Share
on the date of exercise of such SARs, by</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the number of shares as to which such SARs will have been exercised.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(f)</FONT></TD><TD STYLE="text-align: justify"><U>Acceleration of Vesting</U>. Any unvested SARs shall immediately become fully vested and exercisable
upon the first to occur of the following events:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated either by the Company without
 &ldquo;Cause&rdquo; or by the Participant for &ldquo;Good Reason&rdquo; (such terms as defined in the Employment Agreement);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify">the Participant&rsquo;s employment with the Company is terminated by reason of the Participant&rsquo;s
death or Disability (as defined in the Employment Agreement); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(iii)</FONT></TD><TD STYLE="text-align: justify">a Change in Control.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(g)</FONT></TD><TD STYLE="text-align: justify"><U>Termination of Employment</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Unvested SARs</U>. Except as provided in Section 3(f), upon termination of the Participant&rsquo;s
employment with the Company for any reason, any portion of the SARs then held by the Participant which is not vested and exercisable
as of the effective date of such termination of employment shall be immediately cancelled and forfeited without regard to any statutory
or common law notice or severance to which the Participant may be entitled.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(ii)</FONT></TD><TD STYLE="text-align: justify"><U>Vested SARs</U>. Upon termination of the Participant&rsquo;s employment with the Company for
any reason, any SARs then held by the Participant which are vested and exercisable as of the effective date of such termination
of employment, including any SARs which vest pursuant to Section 3(f), shall remain exercisable for a period of three months following
the effective date of termination of such employment.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(h)</FONT></TD><TD STYLE="text-align: justify"><U>Method, Timing of Exercise</U>. The Participant may exercise any vested and exercisable
                                                                                                   SARs at any time where such exercise is not prohibited by applicable securities laws, until the expiration of the SARs or, if
                                                                                                   earlier, the date provided in Section 3(g)(ii). All or any portion of the SARs may be exercised by delivering notice to the
                                                                                                   Company&rsquo;s principal office, to the attention of its General Counsel. Such notice shall specify the number of Class A
                                                                                                   Shares with respect to which the SARs are being exercised, shall be effective as of the date of receipt of the Company, and
                                                                                                   shall be signed by the Participant or other person then having the right to exercise the SARs. No portion of the SARs may be
                                                                                                   exercised for less than 100 shares unless the total remaining number of shares subject to the Award is less than 100. Payment
                                                                                                   with respect to the exercise of SARs (whether through the issuance of Class A Shares or in cash) shall be made by the Company
                                                                                                   within 30 calendar days following the exercise of the SARs.</TD></TR></TABLE>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(i)</FONT></TD><TD STYLE="text-align: justify"><U>Transferability and Assignability</U>. The rights or interests of the Participant under this
Agreement shall not be assignable or transferable, otherwise than by will or the laws governing the devolution of property in the
event of death, and such rights or interests shall not be encumbered. Notwithstanding the foregoing, the Participant may transfer
or assign his rights under this Agreement for estate planning purposes and without consideration to a trust or trusts for the exclusive
benefit of the Participant and his family members.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(j)</FONT></TD><TD STYLE="text-align: justify"><U>No Right as a Shareholder</U>. The Participant shall have no rights as a stockholder with respect
to Class A Shares to which an Award relates until the exercise of a SAR and delivery of the underlying Class A Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">3.</FONT></TD><TD STYLE="text-align: justify"><U>Tax Withholding</U>. The Company may withhold, from any amount payable to the Participant, such
amount as may be necessary so as to ensure that the Company will be able to comply with applicable provisions of any federal, provincial,
state or local law relating to withholding of tax or other required deductions, including on the amount, if any, which must be
included in the income of the Participant. The Company shall, in this connection, have the right in its discretion to satisfy any
such withholding tax liability by retaining or acquiring (or selling on the Participant&rsquo;s behalf) any Class A Shares which
are or would otherwise be issued or provided to the Participant hereunder, or withholding any portion of any cash amount payable
to the Participant hereunder or pursuant to any such sale on the Participant&rsquo;s behalf. The Company shall also have the right to
withhold the delivery of any Class A Shares and any cash payment payable to the Participant hereunder unless and until the Participant
pays to the Company a sum sufficient to indemnify the Company for any liability to withhold tax in respect of the amounts included
in the income of the Participant as a result of the settlement of the SARs, to the extent that such tax is not otherwise being
withheld from payments to the Participant by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">4.</FONT></TD><TD STYLE="text-align: justify"><U>No Right to Employment, Service or Office</U>. No person shall have any claim or right to receive
grants or Awards under this Agreement. Neither the grant of the Award, nor any action taken or omitted to be taken under this Agreement,
shall be deemed to create or confer on any employee, officer, director or service provider any right to be retained in the employ
or service of the Company or any subsidiary or other affiliate thereof, or to interfere with or to limit in any way the right of
the Company or any subsidiary or other affiliate thereof to terminate the employment, office or service of such employee, officer,
director or service provider at any time.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">5.</FONT></TD><TD STYLE="text-align: justify"><U>Notices</U>. All notices and other communications under this Agreement shall be in writing (including
PDF) and shall be given by hand delivery to the other party, by email, confirmed facsimile transmission or by registered or certified
mail, return receipt requested, postage prepaid, addressed as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If to the Participant:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B></B>Jonathan Mirsky<B><BR>
</B>Address as on file with 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-indent: 0.5in">If 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">MDC Partners Inc.<BR>
745 Fifth Avenue, 19<SUP>th</SUP> Floor<BR>
New York, NY 10151<BR>
Attn: Chief Executive Officer</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Either party may furnish to the
other in writing a substitute address and phone and fax numbers for delivery of notice in accordance with this section. Notices
and communications shall be effective when actually received by the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">6.</FONT></TD><TD STYLE="text-align: justify"><U>Adjustment of and Changes in Shares</U>. In the event that the Compensation Committee shall
determine that any amalgamation, arrangement, merger, consolidation, recapitalization, reclassification, stock dividend, distribution
of property, special cash dividend, or other change in corporate structure has affected the Class A Shares such that an adjustment
is appropriate in order to prevent dilution or enlargement of the Participant&rsquo;s rights under this Agreement, the Compensation
Committee shall make such adjustments, if any, as it deems appropriate in the number and class of shares subject to, and the Base
Price of, the Award. The foregoing adjustments shall be determined by the Compensation Committee in its reasonable discretion.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">7.</FONT></TD><TD STYLE="text-align: justify"><U>Administration</U>. The Compensation Committee shall have the authority to adopt such rules
as it may deem appropriate to carry out the purposes of this Agreement, and shall have the authority to interpret and construe
the provisions of this Agreement and to make determinations pursuant to any provision of this Agreement. Each interpretation, determination
or other action made or taken by the Compensation Committee pursuant to this Agreement shall be final and binding on all persons.
No member of the Compensation Committee shall be liable for any action or determination made in good faith. The Compensation Committee may designate persons other than
its members to carry out its responsibilities under such conditions or limitations as it may set, as permitted by this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">8.</FONT></TD><TD STYLE="text-align: justify"><U>Amendment and Termination</U>. The Compensation Committee may at any time and from time to
                                                                                              time alter, amend, suspend or terminate this Agreement in whole or in part, subject to receipt of all necessary approvals.
                                                                                              Notwithstanding the foregoing, alteration, amendment, suspension or termination of this Agreement in a manner that may
                                                                                              adversely affect the rights of the Participant under this Agreement shall require (i) a majority vote of the Compensation
                                                                                              Committee and (ii) consent of the Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">9.</FONT></TD><TD STYLE="text-align: justify"><U>Governing Law</U>. This Agreement shall be governed by and construed according to the laws of
the State of New York and the federal laws of the United States applicable herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 0.5in"><FONT STYLE="color: #010000">10.</FONT></TD><TD STYLE="text-align: justify"><U>Counterparts</U>. This Agreement may be executed in several counterparts, each of which shall
be deemed an original, and said counterparts shall constitute but one and the same instrument.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></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: 0.5in">IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date and year set forth first above.</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 0pt 3in"></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>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By: Mitchell Gendel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: EVP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Jonathan Mirsky</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><B>Jonathan Mirsky</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>



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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>tm2016846d1_ex10-5.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.5</B></P>

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><U>INDUCEMENT RESTRICTED
STOCK GRANT AGREEMENT (2019)</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in"><B>INDUCMENT
RESTRICTED STOCK GRANT AGREEMENT </B>(this &ldquo;<B>Agreement</B>&rdquo;), made as of June 17, 2019 (the &ldquo;<B>Grant Date</B>&rdquo;),
between <B>MDC Partners Inc.,</B> a Canadian corporation (the &ldquo;<B>Corporation</B>&rdquo;), and <B>Jonathan Mirsky</B> (the
 &ldquo;<B>Grantee</B>&rdquo;), a new employee of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in"><B>WHEREAS</B>,
the Corporation&rsquo;s Board of Directors (the &ldquo;<B>Board</B>&rdquo;) has determined to grant to the Grantee an inducement
award in connection with the Grantee&rsquo;s employment as General Counsel and Corporate Secretary of the Corporation on the terms
set forth herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in"><B>WHEREAS</B>,
the Corporation is granting this award as a material inducement to the Grantee&rsquo;s employment with the Corporation in accordance
with NASDAQ Listing Rule 5635(c)(4).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">NOW, THEREFORE,
the parties hereto agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Grant
of Restricted Stock</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">1.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation
hereby grants to the Grantee, on the terms and conditions set forth in this Agreement, the number of shares of Restricted Stock
set forth under the Grantee's name on the signature page hereto (the &ldquo;<B>2019 Restricted Stock Award</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">1.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Grantee's
rights with respect to all the shares of Restricted Stock underlying the 2019 Restricted Stock Award shall not vest and will remain
forfeitable at all times prior to the vesting thereof under this Agreement. At any time, reference to the 2019 Restricted Stock
Award shall be deemed to be a reference to the Restricted Shares granted under Section 1.1 that have neither vested nor been forfeited
pursuant to the terms of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">1.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement
shall be construed in accordance with, and subject to, the terms of the Corporation&rsquo;s 2016 Stock Incentive Plan (the &ldquo;<B>Plan</B>&rdquo;)
(the provisions of which are incorporated herein by reference).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Rights
of Grantee</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">Except as otherwise
provided in this Agreement, the Grantee shall be entitled, at all times on and after the Grant Date, to exercise all rights of
a shareholder with respect to the 2019 Restricted Stock Award, including the right to vote the shares of Restricted Stock. Prior
to the Vesting Dates (as defined below), the Grantee shall not be entitled to transfer, sell, pledge, hypothecate or assign any
portion of the 2019 Restricted Stock Award, as applicable (collectively, the &ldquo;<B>Transfer Restrictions</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Vesting;
Lapse of Restrictions</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2019 Restricted Stock Award shall vest and the Transfer Restrictions with respect to the shares of the 2019 Restricted Stock Award
shall lapse, in three equal installments (each consisting of 83,333 shares of Restricted Stock) on each of the first three (3)
anniversaries of June 17, 2019 (each such date, a &ldquo;<B>Vesting Date</B>&rdquo;), subject to the Grantee&rsquo;s continued
employment with the Company through the applicable Vesting Date; <U>provided</U>, that the 2019 Restricted Stock Award shall vest,
and the Transfer Restrictions with respect to all the shares of the 2019 Restricted Stock Award shall lapse, if sooner, on the
date of any one of the following: (i) the occurrence of a Change in Control (as defined in the Plan); (ii) termination of Grantee&rsquo;s
employment by the Corporation without Cause or by the Grantee with Good Reason; or (iii) the Grantee&rsquo;s death or Disability
(as defined herein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.75in">3.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Agreement to the contrary, upon any termination of the Grantee&rsquo;s employment by the Corporation for Cause
or by the Grantee without Good Reason, in either case prior to the Vesting Date, the 2019 Restricted Stock Award shall be forfeited
and automatically transferred to and reacquired by the Corporation at no cost, and neither the Grantee nor any heirs or successors
of such Grantee shall thereafter have any right or interest in such shares of Restricted Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">For purposes of the foregoing, the
following terms shall have the meanings indicated below. Capitalized terms used in this Agreement but not defined herein shall
have the meaning assigned to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 24pt; 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: 1in"></TD><TD STYLE="width: 0.75in">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B><U>Cause</U></B>&rdquo; shall have the meaning set forth in the Grantee&rsquo;s employment
agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.75in">(b)</TD><TD STYLE="text-align: justify">&ldquo;<B><U>Change in Control</U></B>&rdquo; shall have the meaning set forth in Section 2(b)
of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.75in">(c)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">&ldquo;<B><U>Disability</U></B>&rdquo; shall have the meaning set forth
in the Grantee&rsquo;s employment agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 1in"></TD><TD STYLE="width: 0.75in">(d)</TD><TD STYLE="text-align: justify; padding-right: 0.25in">&ldquo;<B><U>Good Reason</U></B>&rdquo; shall have the meaning set forth
in the Grantee&rsquo;s employment agreement</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Escrow
and Delivery of Shares</U></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.5in">4.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates
(or an electronic &quot;book entry&quot; on the books of the Corporation's stock transfer agent) representing the shares of Restricted
Stock shall be issued and held by the Corporation (or its stock transfer agent) in escrow (together with any stock transfer powers
which the Corporation may request of Grantee) and shall remain in the custody of the Corporation (or its stock transfer agent)
until (i) their delivery to the Grantee as set forth in Section 4.2 hereof, or (ii) their forfeiture and transfer to the Corporation
as set forth in Section 3.2 hereof. The appointment of an independent escrow agent shall not be required.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.5in">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Certificates (or an electronic &quot;book entry&quot;) representing those shares of Restricted Stock in respect of which the Transfer
Restrictions have lapsed pursuant to Section 3.1 hereof shall be delivered to the Grantee as soon as practicable following the
Vesting Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 1in">(b) The Grantee,
or the executors or administrators of the Grantee's estate, as the case may be, may receive, hold, sell or otherwise dispose of
those shares of Restricted Stock delivered to him or her pursuant to this Section 4.2 free and clear of the Transfer Restrictions,
but subject to compliance with all federal and state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.5in">4.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &#9;Each stock certificate issued pursuant to
Section 4.1 shall bear a legend in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify"><FONT STYLE="text-transform: uppercase">This
certificate and the shares of stock represented hereby are subject to the terms and conditions OF a Restricted Stock Agreement
(the &quot;Agreement&quot;) between the Corporation and the registered owner of the shares represented hereby. Release from such
terms and conditions shall be made only in accordance with the provisions of the Agreement, A COPY of </FONT>WHICH <FONT STYLE="text-transform: uppercase">are
on file in the office of the Secretary of the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify">THE SHARES REPRESENTED BY THIS
CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;SECURITIES
ACT&rdquo;). THESE SHARES MAY NOT BE OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR AN
EXEMPTION THEREFROM.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 1.25in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever
in the opinion of the Company and counsel reasonably satisfactory to the Company (which opinion shall be delivered to the Company
in writing) the restrictions described in any legend set forth above cease to be applicable to any shares of stock, the holder
thereof shall be entitled to receive from the Company, without expense to the holder, a new instrument or certificate not bearing
a legend stating such restriction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 1.25in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grantee
acknowledges that, because the 2019 Restricted Stock Award has not been and will not be registered under the Securities Act, on
and after the Vesting Date the 2019 Restricted Stock Award must be held indefinitely unless subsequently registered under the Securities
Act or unless an exemption from such registration is available. Grantee is aware of the provisions of Rule 144 promulgated under
the Securities Act (&ldquo;<B>Rule 144</B>&rdquo;), which can restrict transfers of the 2019 Restricted Stock Award for substantial
time periods. Grantee acknowledges that Rule 144 may restrict transfers of the 2019 Restricted Stock Award so long as the applicable
conditions in Rule 144 have not been satisfied. Grantee further acknowledges that, in the event all of the applicable requirements
of Rule 144 are not met, registration under the Securities Act or another exemption from registration will be required for any
disposition of the 2019 Restricted Stock Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Dividends</U></B>.
All dividends declared and paid by the Corporation on shares underlying the 2019 Restricted Stock Award shall be deferred until
the lapsing of the Transfer Restrictions pursuant to Section 3.1 and shall be distributed only to the extent the underlying shares
of Restricted Stock vest and are distributed in accordance with Section 3. The deferred dividends shall be held by the Corporation
for the account of the Grantee until the Vesting Date, at which time the dividends shall be paid to the Grantee. Upon the forfeiture
of the shares of Restricted Stock pursuant to Section 3, any deferred dividends shall also be forfeited to the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>No Right
to Continued Retention</U></B>. Nothing in this Agreement or the Plan shall be interpreted or construed to confer upon the Grantee
any right with respect to continuance as an employee, nor shall this Agreement or the Plan interfere in any way with the right
of the Corporation to terminate the Grantee's service as an employee at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Adjustments
Upon Change in Capitalization</U></B>. If, in accordance with Section 10 of the Plan, the Grantee shall be entitled to new, additional
or different shares of stock or securities of the Corporation or any successor corporation, such new, additional or different shares
or other property shall thereupon be subject to all of the conditions and restrictions which were applicable to the shares of Restricted
Stock immediately prior to the event and/or transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Modification
of Agreement</U></B>. Except as set forth in the Plan and herein, this Agreement may be modified, amended, suspended or terminated,
and any terms or conditions may be waived, but only by a written instrument executed by the parties hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Severability</U></B>.
Should any provision of this Agreement be held by a court of competent jurisdiction to be unenforceable or invalid for any reason,
the remaining provisions of this Agreement shall not be affected by such holding and shall continue in full force and effect in
accordance with their terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing
Law</U></B>. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the
State of New York without regard to its conflict of laws principle, except to the extent that the application of New York law would
result in a violation of the Canadian Business Corporation Act.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify; text-indent: 0.25in">11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Successors
in Interest</U></B>. This Agreement shall inure to the benefit of and be binding upon any successor to the Corporation. This Agreement
shall inure to the benefit of the Grantee's heirs, executors, administrators and successors. All obligations imposed upon the Grantee
and all rights granted to the Corporation under this Agreement shall be binding upon the Grantee's heirs, executors, administrators
and successors.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify"><B>MDC PARTNERS INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">By:<U>&nbsp; /s/ Mitchell Gendel&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;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">Name: Mitchell Gendel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">Title: E.V.P.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify"><B>MDC PARTNERS INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">By: <U>&nbsp; /s/ Matthew Speiser&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;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">Name: Matthew Speiser</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">Title: Deputy General Counsel</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify"><B>GRANTEE: Jonathan Mirsky</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify">By:<U> / s/ Jonathan Mirsky&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;</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify"><B>Number of Shares of Restricted
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in; text-align: justify"><B>Stock Hereby Granted: <U>250,000</U></B></P>



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

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

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

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>7
<FILENAME>tm2016846d1_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.1</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; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002</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: center"><B>CERTIFICATION OF CHIEF EXECUTIVE OFFICER</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">I, Mark Penn, certify that:</P>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I have reviewed this Amendment No.&nbsp;1 to the Annual Report on
Form&nbsp;10-K/A of MDC Partners Inc.; and</FONT></TD></TR></TABLE>

<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="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report.&nbsp;</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Mark Penn</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Penn</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Chairman and Chief Executive Officer</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
29, 2020</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>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>8
<FILENAME>tm2016846d1_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.2</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; text-align: center"><B>CERTIFICATION PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18 U.S.C. SECTION 1350,</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002</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: center"><B>CERTIFICATION OF CHIEF FINANCIAL OFFICER</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">I, Frank Lanuto certify that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">I have reviewed this Amendment No.&nbsp;1 to the Annual
Report on Form&nbsp;10-K/A of MDC Partners Inc.; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</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 STYLE="width: 65%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-size: 10pt; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/&nbsp;Frank Lanuto</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank Lanuto</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Chief Financial Officer and Authorized Signatory</I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
29, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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



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

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<SEQUENCE>9
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
