<SEC-DOCUMENT>0001104659-20-078036.txt : 20200708
<SEC-HEADER>0001104659-20-078036.hdr.sgml : 20200708
<ACCEPTANCE-DATETIME>20200629180824
ACCESSION NUMBER:		0001104659-20-078036
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200625
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200629
DATE AS OF CHANGE:		20200708

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		20998042

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2023432d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- 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 -->

<P STYLE="margin: 0"></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>UNITED STATES</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date Earliest Event reported)
 &mdash; June 25, 2020</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"><FONT STYLE="font-size: 14pt"><B>MDC PARTNERS
INC.</B></FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 33%"><FONT STYLE="font-size: 10pt">Canada<BR>
(Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">001-13718</P>
        <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Commission File Number)</P>
        <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 33%"><FONT STYLE="font-size: 10pt">98-0364441<BR>
(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<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">330 Hudson Street, 10th&nbsp;Floor, New
York, NY 10013<BR>
(Address of principal executive offices and zip code)</P>

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

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




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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD>
</TR></TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting
material pursuant to Rule 14a&minus;12 under the Exchange Act (17 CFR 240.14a&minus;12)</FONT></TD>
</TR></TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre&minus;commencement
communications pursuant to Rule 14d&minus;2(b) under the Exchange Act (17 CFR 240.14d&minus;2(b))</FONT></TD>
</TR></TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre&minus;commencement
communications pursuant to Rule 13e&minus;4(c) under the Exchange Act (17 CFR 240.13e&minus; 4(c))</FONT></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="width: 20%; border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Trading symbol(s)</FONT></TD>
    <TD STYLE="width: 40%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1pt solid; padding: 1.5pt; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Class A Subordinate Voting Shares, no par value</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">MDCA</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Approval of Amendment to 2016 Stock Incentive Plan</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As
reported in Item 5.07 below, on June 25, 2020, the shareholders of MDC Partners Inc. (the &rdquo;Company&rdquo;) approved amendments
to the Company&rsquo;s 2016 Stock Incentive Plan (the &ldquo;Plan&rdquo;) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 20.9pt"></TD><TD STYLE="width: 14.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase the maximum number of shares available for issuance under the Plan from 2,750,000 to 5,250,000;</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: 20.9pt"></TD><TD STYLE="width: 14.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase the maximum number of shares that may be covered by Incentive Awards granted under the Plan to any single Participant
in any fiscal year from 300,000 to 600,000;</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: 20.9pt"></TD><TD STYLE="width: 14.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase the maximum aggregate equity awards that that may be issued under the Plan to executive officers in any fiscal year
from 2% of the Company&rsquo;s issued and outstanding shares to 3% of the Company&rsquo;s issued and outstanding shares; and</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: 20.9pt"></TD><TD STYLE="width: 14.4pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restate the Plan to incorporate the amendments.</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: 20.75pt">Capitalized terms used above and not otherwise
defined have the meanings set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.75pt">The foregoing summary description of the
amendment to the Plan is qualified in its entirety by reference to the full text of the Amended and Restated 2016 Stock Incentive
Plan, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20.75pt">&nbsp;<B>&nbsp;</B></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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1in"><B>Item 5.07</B></TD><TD><B>Submission of Matters to a Vote of Security Holders.</B></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"><U>Annual and Special Meeting of Shareholders</U></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">The Company held its 2020 Annual and Special
Meeting of Shareholders on June 25, 2020 (the &ldquo;Meeting&rdquo;). The four proposals considered at the Meeting are described
in the Company&rsquo;s 2020 Proxy Statement filed with the Securities and Exchange Commission on May 26, 2020. Each of the four
proposals was approved by the Company&rsquo;s shareholders and the final voting results are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0.25in">1.</TD><TD>Election of Directors:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For</TD>
    <TD STYLE="width: 15%; text-align: center">Withheld</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Broker
    Non-Votes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mark J. Penn</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">58,776,329</TD>
    <TD STYLE="padding-right: 28pt; text-align: right">535,721</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Charlene Barshefsky</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">58,873,606</TD>
    <TD STYLE="padding-right: 28pt; text-align: right">483,444</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Asha Daniere</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">59,228,815</TD>
    <TD STYLE="padding-right: 28pt; text-align: right">83,235</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Bradley J. Gross</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">58,830,349</TD>
    <TD STYLE="padding-right: 28pt; text-align: right">481,701</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Wade Oosterman</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">56,404,511</TD>
    <TD STYLE="padding-right: 28pt; text-align: right">2,907,539</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Desir&eacute;e Rogers</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">58,746,688</TD>
    <TD STYLE="padding-right: 28pt; text-align: right">565,362</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Irwin D. Simon</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">55,992,765</TD>
    <TD STYLE="padding-right: 28pt; text-align: right">3,319,285</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;&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: 0.25in">2.</TD><TD>Approval, on an advisory basis, of Executive Compensation:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Against</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Broker Non-Votes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">57,822,086</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1,489,964</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
</TABLE>
<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: 0.25in">3.</TD><TD>Approval of Amendment to 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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Against</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Broker Non-Votes</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">58,515,144</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">796,906</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4,748,446</TD></TR>
</TABLE>
<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: 0.25in">4.</TD><TD>Approval of appointment of BDO USA, LLP as the Company&rsquo;s auditors for the fiscal year ending December 31, 2020:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">For</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Withheld</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">63,921,818</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">138,678</TD>
    </TR>
</TABLE>
<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>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 0.5in; font-size: 10pt; text-indent: 0"><A HREF="tm2023432d1_ex10-1.htm" STYLE="-sec-extract: exhibit">10.1 </A></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><A HREF="tm2023432d1_ex10-1.htm" STYLE="-sec-extract: exhibit">MDC Partners Inc. Amended and Restated 2016 Stock Incentive Plan.</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B><BR STYLE="clear: both"></B></FONT></P>



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto
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; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Date: June 29, 2020</P>

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

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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">MDC Partners Inc.</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 17%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">By: </TD>
    <TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0">/s/ Jonathan Mirsky</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">Jonathan B. Mirsky</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">General Counsel &amp; Corporate Secretary</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2023432d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
  <head>
    <title>tm2019270-1_def14a_DIV_xx12-exhibitc - none - 1.201218s</title>
  </head>
  <body style="width:595.31pt;">
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:20pt; text-align:right; width:436pt; line-height:12pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">EXHIBIT 10.1</font>&#8203;</div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">MDC PARTNERS INC. </font>
        </div>
        <div style="margin-top:12pt; text-align:center; width:456pt; line-height:11pt;font-weight:bold;">
          <font style="letter-spacing:-0.2pt;">AMENDED AND RESTATED 2016 STOCK INCENTIVE PLAN </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:7.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">1.</font>
          <br >
        </div>
        <div style=" margin-top:7.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Purpose of the Plan</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">This MDC Partners Inc. 2016 Stock Incentive Plan is intended to promote the interests of the Company and its shareholders by providing the employees and consultants of the Company and eligible non-employee directors of MDC Partners Inc., who are largely responsible for the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service of the Company. The Plan is designed to meet this intent by providing such employees, consultants and eligible non-employee directors with a proprietary interest in pursuing the long-term growth, profitability and financial success of the Company. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:8.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">2.</font>
          <br >
        </div>
        <div style=" margin-top:8.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Definitions</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">As used in the Plan, the following definitions apply to the terms indicated below: </font>
        </div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(a)</font>
          <br >
        </div>
        <div style=" margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Board of Directors&#8221; means the Board of Directors of MDC Partners Inc. </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style=" float:left; margin-left:20pt; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">(b)</font>
          <br >
        </div>
        <div style=" margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:40pt;">
          <font style="letter-spacing:0.2pt;">&#8220;Change in Control&#8221; means the occurrence of any of the following: </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i)&nbsp;&nbsp;&nbsp;Any Person becoming the beneficial owner (within the meaning of Rule&#160;13d-3 promulgated under the Exchange Act, a &#8220;Beneficial Owner&#8221;) of fifty&#160;percent (50%) or more of the combined voting power of MDC&#8217;s then outstanding voting securities (&#8220;Voting Securities&#8221;); </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;"> that a Change in Control shall not be deemed to occur by reason of an acquisition of Voting Securities directly from MDC or by (i)&#160;an employee benefit plan (or a trust forming a part thereof) maintained by (A)&#160;MDC or any Person of which a majority of its voting power or its voting equity securities or equity interest is owned, directly or indirectly, by MDC (the &#8220;MDC Group&#8221;), (B)&#160;any member of the MDC Group, or (C)&#160;any Person in connection with a Non-Control Transaction (as such term is hereinafter defined); </font>        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(ii)&nbsp;&nbsp;&nbsp;The individuals who, as of June&#160;25, 2020, are members of the Board of Directors (the &#8220;Incumbent Board&#8221;), cease for any reason to constitute at least a majority of the members of the Board of Directors; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;"> that if the election, or nomination for election by MDC&#8217;s shareholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, such new director shall, for purposes of the Plan, be considered as a member of the Incumbent Board; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a &#8220;Proxy Contest&#8221;) including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or </font>        </div>
        <div style="margin-left:40pt; margin-top:6pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(iii)&nbsp;&nbsp;&nbsp;The consummation of: </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:6pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(A)&nbsp;&nbsp;&nbsp;A merger, consolidation or reorganization with or into MDC or in which securities of MDC are issued, unless such merger, consolidation or reorganization is a &#8220;Non-Control Transaction.&#8221; A &#8220;Non-Control Transaction&#8221; is a merger, consolidation or reorganization with or into MDC or in which securities of MDC are issued where: </font>
        </div>
        <div style="margin-left:60pt; text-indent:20pt; margin-top:6pt; width:396pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(I)&nbsp;&nbsp;&nbsp;the stockholders of MDC, immediately before such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least sixty&#160;percent (60%) of the combined voting power of the outstanding voting securities of the corporation resulting from such merger or consolidation or reorganization (the &#8220;Surviving Corporation&#8221;) in substantially the same proportion as their ownership of the Voting Securities immediately before such merger, consolidation or reorganization, </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">1</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:60pt; text-indent:20pt; width:396pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(II)&nbsp;&nbsp;&nbsp;the individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least a majority of the members of the board of directors of the Surviving Corporation, or a corporation beneficially owning a majority of the voting securities of the Surviving Corporation, </font>
        </div>
        <div style="margin-left:60pt; text-indent:20pt; margin-top:6pt; width:396pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(III)&nbsp;&nbsp;&nbsp;no Person other than (1)&#160;any member of the MDC Group, (2)&#160;any employee benefit plan (or any trust forming a part thereof) maintained immediately prior to such merger, consolidation or reorganization by any member of the MDC Group, or (3)&#160;any Person who, immediately prior to such merger, consolidation or reorganization Beneficially Owns twenty-five&#160;percent (25%) or more of the then outstanding Voting Securities, owns, directly or indirectly, fifty&#160;percent (50%) or more of the combined voting power of the Surviving Corporation&#8217;s voting securities outstanding immediately following such transaction; </font>
        </div>
        <div style="margin-left:60pt; margin-top:6pt; width:396pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(B)&nbsp;&nbsp;&nbsp;A complete liquidation or dissolution of the Company; or </font>
        </div>
        <div style="margin-left:40pt; text-indent:20pt; margin-top:6pt; width:416pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(C)&nbsp;&nbsp;&nbsp;The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a member of the MDC Group). </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the &#8220;Subject Person&#8221;) becomes the Beneficial Owner of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the&#160;percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(c)&nbsp;&nbsp;&nbsp;&#8220;Class&#160;A Shares&#8221; means MDC&#8217;s Class&#160;A subordinate voting shares, without par value, or any other security into which such shares shall be changed pursuant to the adjustment provisions of Section&#160;10 of the Plan. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(d)&nbsp;&nbsp;&nbsp;&#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended from time to time. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(e)&nbsp;&nbsp;&nbsp;&#8220;Committee&#8221; means the Human Resources &amp; Compensation Committee of the Board of Directors or such other committee as the Board of Directors shall appoint from time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee under the terms of the Plan. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(f)&nbsp;&nbsp;&nbsp;&#8220;Company&#8221; means MDC and each of its Subsidiaries, collectively. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(g)&nbsp;&nbsp;&nbsp;&#8220;Covered Employee&#8221; means a Participant who at the time of reference is a &#8220;covered employee&#8221; as defined in Code Section&#160;162(m) and the regulations promulgated under Code Section&#160;162(m), or any successor statute. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(h)&nbsp;&nbsp;&nbsp;&#8220;Director&#8221; means a member of the Board of Directors who is not at the time of reference an employee of the Company. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i)&nbsp;&nbsp;&nbsp;&#8220;Exchange Act&#8221; means the Securities Exchange Act of 1934, as amended. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(j)&nbsp;&nbsp;&nbsp;&#8220;Fair Market Value&#8221; means, with respect to a Class&#160;A Share, as of the applicable date of determination (i)&#160;the closing sales price on the immediately preceding business day of Class&#160;A Shares as reported on the principal securities exchange on which such shares are then listed or admitted to trading or (ii)&#160;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)&#160;if not so reported, as furnished by any member of the National Association of Securities Dealers, Inc. selected by the Committee. In the event that the price of Class&#160;A Shares shall not be so reported, the Fair Market Value of Class&#160;A Shares shall be determined by the Committee in its absolute discretion. </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">2</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(k)&nbsp;&nbsp;&nbsp;&#8220;Incentive Award&#8221; means an Option, SAR or Other Stock-Based Award granted to a Participant pursuant to the terms of the Plan. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(l)&nbsp;&nbsp;&nbsp;&#8220;MDC&#8221; means MDC Partners Inc., a corporation established under the Canadian Business Corporation Act, and any successor thereto. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(m)&nbsp;&nbsp;&nbsp;&#8220;Option&#8221; means a non-qualified stock option to purchase Class&#160;A Shares granted to a Participant pursuant to Section&#160;6. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(n)&nbsp;&nbsp;&nbsp;&#8220;Other Stock-Based Award&#8221; means an equity or equity-related award granted to a Participant pursuant to Section&#160;8, including without limitation a restricted stock award. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(o)&nbsp;&nbsp;&nbsp;&#8220;Participant&#8221; means a Director, employee or consultant of the Company, including any person or company engaged to provide ongoing management or consulting services for the Company and, at the discretion of any of the foregoing persons, and subject to any required regulatory approvals and conditions, a personal holding company controlled by such person, who or which is eligible to participate in the Plan and to whom one or more Incentive Awards have been granted pursuant to the Plan and, following the death of any such natural person, his successors, heirs, executors and administrators, as the case may be. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(p)&nbsp;&nbsp;&nbsp;&#8220;Performance-Based Compensation&#8221; means compensation that satisfies the requirements of Section&#160;162(m) of the Code for deductibility of remuneration paid to Covered Employees. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(q)&nbsp;&nbsp;&nbsp;&#8220;Performance Measures&#8221; means such measures as are described in Section&#160;9 on which performance goals are based in order to qualify certain awards granted hereunder as Performance-Based Compensation. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(r)&nbsp;&nbsp;&nbsp;&#8220;Performance Period&#8221; means the period of time during which the performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Incentive Award that is intended to qualify as Performance-Based Compensation. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(s)&nbsp;&nbsp;&nbsp;&#8220;Permitted Acceleration Event&#8221; means (i)&#160;with respect to any Incentive Award that is subject to performance-based vesting, the full or partial vesting of such Incentive Award based on satisfaction of the applicable performance-based conditions, (ii)&#160;the occurrence of a Change in Control or an event described in Section&#160;10(b), (c)&#160;or (d)&#160;or (iii)&#160;any termination of the employment of a Participant, other than a termination for cause (as defined by the Committee) or voluntary termination prior to retirement (as defined by the Committee). </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(t)&nbsp;&nbsp;&nbsp;&#8220;Person&#8221; means a &#8220;person&#8221; as such term is used in Section&#160;13(d) and 14(d) of the Exchange Act. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(u)&nbsp;&nbsp;&nbsp;&#8220;Plan&#8221; means this MDC Partners Inc. 2016 Stock Incentive Plan, as it may be amended from time to time. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(v)&nbsp;&nbsp;&nbsp;&#8220;SAR&#8221; means a stock appreciation right granted to a Participant pursuant to Section&#160;7. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(w)&nbsp;&nbsp;&nbsp;&#8220;Securities Act&#8221; means the Securities Act of 1933, as amended. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(x)&nbsp;&nbsp;&nbsp;&#8220;Subsidiary&#8221; means any &#8220;subsidiary corporation&#8221; within the meaning of Section&#160;424(f) of the Code or any other entity that the Committee determines from time to time should be treated as a subsidiary corporation for purposes of this Plan. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:7.79pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">3.</font>
          <br >
        </div>
        <div style=" margin-top:7.79pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Stock Subject to the Plan; Additional Limitations</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">In General</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to adjustment as provided in Section&#160;10 and the following provisions of this Section&#160;3, the maximum number of Class&#160;A Shares that may be covered by Incentive Awards granted under the Plan shall not exceed </font><font style="font-weight:bold;letter-spacing:-0.2pt;">5,250,000 Class&#160;A Shares</font><font style="letter-spacing:0.2pt;">. Class&#160;A Shares issued under the Plan may be either authorized and unissued shares or treasury shares, or both, at the discretion of the Committee. In addition, at the discretion of the Compensation Committee, Class&#160;A Shares authorized for issuance under this Plan may be issued to employees of the Company to satisfy the exercise of SARS Awards under the Company&#8217;s Stock Appreciation Rights Plan, as amended. </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">3</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">For purposes of the preceding paragraph, Class&#160;A Shares covered by Incentive Awards shall only be counted as used to the extent they are actually issued and delivered to a Participant (or such Participant&#8217;s permitted transferees as described in the Plan) pursuant to the Plan. For purposes of clarification, in accordance with the preceding sentence if Class&#160;A Shares are withheld to satisfy any tax withholding requirement in connection with an Other Stock-Based Award only the shares issued (if any), net of the shares withheld, will be deemed delivered for purposes of determining the number of Class&#160;A Shares that are available for delivery under the Plan. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to adjustment as provided in Section&#160;10, the maximum number of Class&#160;A Shares that may be covered by Incentive Awards granted under the Plan to any single Participant in any fiscal year of the Company shall not exceed 600,000 shares, prorated on a daily basis for any fiscal year of the Company that is shorter than 365&#160;days. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Prohibition on Substitutions and Repricings</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In no event shall any new Incentive Awards be issued in substitution for outstanding Incentive Awards previously granted to Participants, nor shall any repricing (within the meaning of US generally accepted accounting practices or any applicable stock exchange rule) of Incentive Awards issued under the Plan be permitted at any time under any circumstances, in each case unless the shareholders of the Company expressly approve such substitution or repricing. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(c)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Annual Limitation on Grants</font><font style="letter-spacing:0.2pt;">. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Committee shall limit annual grants of equity awards under this Plan to executive officers of the Company to an aggregate amount equal to not more than three&#160;percent (3%) of the number of issued and outstanding shares of the Company&#8217;s capital stock at the beginning of the Company&#8217;s fiscal year. In addition, each independent Director shall not receive Incentive Awards (including option grants) with a current market value in excess of $150,000 or option grants with a current market value in excess of $100,000 in any given fiscal year. </font>
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        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(d)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Minimum Vesting Period of One (1)&#160;Year for All Incentive Awards</font><font style="letter-spacing:0.2pt;">. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In no event shall any new Incentive Award granted under this Plan vest or otherwise become payable earlier than one (1)&#160;year following the date on which it is granted, other than upon the occurrence of a Permitted Acceleration Event. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(e)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Effect of Change of Control</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Any new Incentive Award granted under this Plan that is subject to time-based vesting terms and conditions shall not become fully and immediately vested and exercisable solely as a result of the occurrence of a Change of Control, absent a termination of employment without cause or for good reason following any such Change of Control. Any new Incentive Award granted under this Plan that is subject to performance-based vesting terms and conditions shall not become fully and immediately vested and exercisable solely as a result of the occurrence of a Change of Control, absent a termination of employment without cause or for good reason following any such Change of Control and shall be adjusted on a pro-rata basis as determined by the Committee. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:5.8pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">4.</font>
          <br >
        </div>
        <div style=" margin-top:5.8pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Administration of the Plan</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Plan shall be administered by a Committee of the Board of Directors consisting of two or more persons, each of whom qualify as non-employee directors (within the meaning of Rule&#160;16b-3 promulgated under Section&#160;16 of the Exchange Act), and as &#8220;outside directors&#8221; within the meaning of Treasury Regulation&#160;Section&#160;1.162-27(e)(3). The Committee shall, consistent with the terms of the Plan, from time to time designate those who shall be granted Incentive Awards under the Plan and the amount, type and other terms and conditions of such Incentive Awards. All of the powers and responsibilities of the Committee under the Plan may be delegated by the Committee, in writing, to any subcommittee thereof. In addition, the Committee may from time to time authorize a committee consisting of one or more Directors to grant Incentive Awards to persons who are not &#8220;executive officers&#8221; of MDC (within the meaning of Rule&#160;16a-1 under the Exchange Act), subject to such restrictions and limitation as the Committee may specify. In addition, the Board of Directors may, consistent with the terms of the Plan, from time to time grant Incentive Awards to Directors. </font>        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">4</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Committee shall have full discretionary authority to administer the Plan, including discretionary authority to interpret and construe any and all provisions of the Plan and the terms of any Incentive Award (and any agreement evidencing any Incentive Award) granted thereunder and to adopt and amend from time to time such rules and regulations for the administration of the Plan as the Committee may deem necessary or appropriate. Without limiting the generality of the foregoing, (i)&#160;the Committee shall determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination of employment and (ii)&#160;the employment of a Participant with the Company shall be deemed to have terminated for all purposes of the Plan if such person is employed by or provides services to a Person that is a Subsidiary of the Company and such Person ceases to be a Subsidiary of the Company, unless the Committee determines otherwise. Decisions of the Committee shall be final, binding and conclusive on all parties. </font>        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">On or after the date of grant of an Incentive Award under the Plan, the Committee may (i)&#160;extend the term of any such Incentive Award, including, without limitation, extending the period following a termination of a Participant&#8217;s employment during which any such Incentive Award may remain outstanding, (ii)&#160;waive any conditions to the exercisability or transferability, as the case may be, of any such Incentive Award or (iii)&#160;provide for the payment of dividends or dividend equivalents with respect to any such Incentive Award when and to the extent such Incentive Award has vested. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No member of the Committee shall be liable for any action, omission, or determination relating to the Plan, and MDC shall indemnify and hold harmless each member of the Committee and each other director or employee of the Company to whom any duty or power relating to the administration or interpretation of the Plan has been delegated against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission or determination relating to the Plan, unless, in either case, such action, omission or determination was taken or made by such member, director or employee in bad faith and without reasonable belief that it was in the best interests of the Company. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">5.</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Eligibility</font><font style="letter-spacing:0.2pt;"> </font>
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        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Persons who shall be eligible to receive Incentive Awards pursuant to the Plan shall be those Directors and employees of the Company, including any person or company engaged to provide ongoing management or consulting services for the Company and, at the discretion of any of the foregoing persons, and subject to any required regulatory approvals and conditions, a personal holding company controlled by such person, whom the Committee shall select from time to time. All Incentive Awards granted under the Plan shall be evidenced by a separate written agreement entered into by the Company and the recipient of such Incentive Award. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:6pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">6.</font>
          <br >
        </div>
        <div style=" margin-top:6pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Options</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Committee may from time to time grant Options, subject to the following terms and conditions: </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Exercise Price</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The exercise price per Class&#160;A Share covered by any Option shall be not less than 100% of the Fair Market Value of a Class&#160;A Share on the date on which such Option is granted. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Term and Exercise of Options</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;Each Option shall become vested and exercisable on such date or dates, during such period and for such number of Class&#160;A Shares as shall be determined by the Committee on or after the date such Option is granted; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;"> that no Option shall be exercisable after the expiration of ten&#160;years from the date such Option is granted; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">further</font><font style="letter-spacing:0.2pt;"> that no Option shall become exercisable earlier than one year after the date on which it is granted, other than upon the occurrence of a Permitted Acceleration Event; and, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">further</font><font style="letter-spacing:0.2pt;">, that each Option shall be subject to earlier termination, expiration or cancellation as provided in the Plan or in the agreement evidencing such Option. </font>        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(2)&nbsp;&nbsp;&nbsp;Each Option may be exercised in whole or in part; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;"> that no partial exercise of an Option shall be for an aggregate exercise price of less than $1,000. The partial exercise of an Option shall not cause the expiration, termination or cancellation of the remaining portion thereof. </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">5</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:20pt; text-indent:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(3)&nbsp;&nbsp;&nbsp;An Option shall be exercised by such methods and procedures as the Committee determines from time to time, including without limitation through net physical settlement or other method of cashless exercise. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(4)&nbsp;&nbsp;&nbsp;Options may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(c)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Effect of Termination of Employment or other Relationship</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The agreement evidencing the award of each Option shall specify the consequences with respect to such Option of the termination of the employment, service as a director or other relationship between the Company and the Participant holding the Option. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:6.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">7.</font>
          <br >
        </div>
        <div style=" margin-top:6.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Stock Appreciation Rights</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Committee may from time to time grant SARs, subject to the following terms and conditions: </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Stand-Alone and Tandem; Cash and Stock-Settled</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">SARs may be granted on a stand-alone basis or in tandem with an Option. Tandem SARs may be granted contemporaneously with or after the grant of the Options to which they relate. SARs may be settled in Class&#160;A Shares or in cash. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Exercise Price</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The exercise price per Class&#160;A Share covered by any SAR shall be not less than 100% of the Fair Market Value of a Class&#160;A Share on the date on which such SAR is granted; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;"> that the exercise price of an SAR that is tandem to an Option and that is granted after the grant of such Option may have an exercise price less than 100% of the Fair Market Value of a Class&#160;A Share on the date on which such SAR is granted provided that such exercise price is at least equal to the exercise price of the related Option. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(c)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Benefit Upon Exercise</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The exercise of an SAR with respect to any number of Class&#160;A Shares prior to the occurrence of a Change in Control shall entitle the Participant to (i)&#160;a cash payment, for each such share, equal to the excess of (A)&#160;the Fair Market Value of a Class&#160;A Share on the effective date of such exercise over (B)&#160;the per share exercise price of the SAR, (ii)&#160;the issuance or transfer to the Participant of the greatest number of whole Class&#160;A Shares which on the date of the exercise of the SAR have an aggregate Fair Market Value equal to such excess or (iii)&#160;a combination of cash and Class&#160;A Shares in amounts equal to such excess, as determined by the Committee. The exercise of an SAR with respect to any number of Class&#160;A Shares upon or after the occurrence of a Change in Control shall entitle the Participant to a cash payment, for each such share, equal to the excess of (i)&#160;the greater of (A)&#160;the highest price per share of Class&#160;A Shares paid in connection with such Change in Control and (B)&#160;the Fair Market Value of Class&#160;A Shares on the effective date of exercise over (ii)&#160;the per share exercise price of the SAR. Such payment, transfer or issuance shall occur as soon as practical, but in no event later than five business days, after the effective date of exercise. </font>        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(d)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Term and Exercise of SARs</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(1)&nbsp;&nbsp;&nbsp;Each SAR shall become vested and exercisable on such date or dates, during such period and for such number of Class&#160;A Shares as shall be determined by the Committee on or after the date such SAR is granted; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;"> that no SAR shall be exercisable after the expiration of ten&#160;years from the date such SAR is granted; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">further</font><font style="letter-spacing:0.2pt;"> that no SAR shall become exercisable earlier than one year after the date on which it is granted, other than upon the occurrence of a Permitted Acceleration Event; and, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">further</font><font style="letter-spacing:0.2pt;">, that each SAR shall be subject to earlier termination, expiration or cancellation as provided in the Plan or in the agreement evidencing such SAR. </font>        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(2)&nbsp;&nbsp;&nbsp;Each SAR may, to the extent vested and exercisable, be exercised in whole or in part; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;"> that no partial exercise of an SAR shall be for an aggregate exercise price of less than $1,000. The partial exercise of an SAR shall not cause the expiration, termination or cancellation of the remaining portion thereof. </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">6</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:20pt; text-indent:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(3)&nbsp;&nbsp;&nbsp;An SAR shall be exercised by such methods and procedures as the Committee determines from time to time. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(4)&nbsp;&nbsp;&nbsp;SARs may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of a Participant, only by the Participant. </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(5)&nbsp;&nbsp;&nbsp;The exercise with respect to a number of Class&#160;A Shares of an SAR granted in tandem with an Option shall cause the immediate cancellation of the Option with respect to the same number of shares. The exercise with respect to a number of Class&#160;A Shares of an Option to which a tandem SAR relates shall cause the immediate cancellation of the SAR with respect to an equal number of shares. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(e)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Effect of Termination of Employment or other Relationship</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The agreement evidencing the award of each SAR shall specify the consequences with respect to such SAR of the termination of the employment, service as a director or other relationship between the Company and Participant holding the SAR. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:7.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">8.</font>
          <br >
        </div>
        <div style=" margin-top:7.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Restricted Stock Awards and Other Stock-Based Awards</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Committee may grant equity-based or equity-related awards not otherwise described herein in such amounts and subject to such terms and conditions as the Committee shall determine. Without limiting the generality of the preceding sentence, each such Other Stock-Based Award may (i)&#160;involve the transfer of actual Class&#160;A Shares to Participants, either at the time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of Class&#160;A Shares, (ii)&#160;be subject to performance-based and/or service-based conditions, (iii)&#160;be in the form of phantom stock, restricted stock, restricted stock&#160;units, performance shares, or share-denominated performance&#160;units and (iv)&#160;be designed to comply with applicable laws of jurisdictions other than the United States. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:7.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">9.</font>
          <br >
        </div>
        <div style=" margin-top:7.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Performance Measures</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Performance Measures</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The performance goals upon which the payment or vesting of any Incentive Award (other than Options and SARs) to a Covered Employee that is intended to qualify as Performance-Based Compensation depends shall relate to one or more of the following Performance Measures: revenue growth, achievement of EBITDA targets, operating income, operating cash flow, net income, earnings per share, cash earnings per share, return on sales, return on assets, return on equity, return on invested capital and total shareholder return. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Performance Periods may be equal to or longer than, but not less than, one fiscal year of the Company. Within 90&#160;days after the beginning of a Performance Period, and in any case before 25% of the Performance Period has elapsed, the Committee shall establish (a)&#160;performance goals and objectives for the Company for such Performance Period, (b)&#160;target awards for each Participant, and (c)&#160;schedules or other objective methods for determining the applicable performance&#160;percentage to be applied to each such target award. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The measurement of any Performance Measure(s) may exclude the impact of charges for restructurings, discontinued operations, extraordinary items, and other unusual or non-recurring items, and the cumulative effects of accounting changes, each as defined by generally accepted accounting principles and as identified in the Company&#8217;s audited financial statements, including the notes thereto. Any Performance Measure(s) may be used to measure the performance of the Company or a Subsidiary as a whole or any business unit of the Company or any Subsidiary or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparator companies, or a published or special index that the Committee, in its sole discretion, deems appropriate. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Nothing in this Section&#160;9 is intended to limit the Committee&#8217;s discretion to adopt conditions with respect to any Incentive Award that is not intended to qualify as Performance-Based Compensation that relate to performance other than the Performance Measures. </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">7</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Committee Discretion</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the event that the requirements of Section&#160;162(m) and the regulations thereunder change to permit Committee discretion to alter the Performance Measures without obtaining shareholder approval of such changes, the Committee shall have sole discretion to make such changes without obtaining shareholder approval. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:7.39pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">10.</font>
          <br >
        </div>
        <div style=" margin-top:7.39pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Adjustment Upon Changes in Class&#160;A Shares</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Shares Available for Grants</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the event of any change in the number of Class&#160;A Shares outstanding by reason of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of shares or similar corporate change, the maximum aggregate number of Class&#160;A Shares with respect to which the Committee may grant Incentive Awards and the maximum aggregate number of Class&#160;A Shares with respect to which the Committee may grant Incentive Awards to any individual Participant in any year shall be appropriately adjusted by the Committee. In the event of any change in the number of Class&#160;A Shares outstanding by reason of any other similar event or transaction, the Committee may, but need not, make such adjustments in the number and class of Class&#160;A Shares with respect to which Incentive Awards may be granted as the Committee may deem appropriate. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Increase or Decrease in Issued Shares Without Consideration</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to any required action by the shareholders of MDC, in the event of any increase or decrease in the number of issued Class&#160;A Shares resulting from a subdivision or consolidation of Class&#160;A Shares or the payment of a stock dividend (but only on the Class&#160;A Shares), or any other increase or decrease in the number of such shares effected without receipt or payment of consideration by the Company, the Committee shall proportionally adjust the number of Class&#160;A Shares subject to each outstanding Incentive Award and the exercise price per Class&#160;A Share of each such Incentive Award. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(c)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Certain Mergers</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Subject to any required action by the shareholders of MDC, in the event that MDC shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of which the holders of Class&#160;A Shares receive securities of another corporation), each Incentive Award outstanding on the date of such merger or consolidation shall pertain to and apply to the securities which a holder of the number of Class&#160;A Shares subject to such Incentive Award would have received in such merger or consolidation. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(d)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Certain Other Transactions</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the event of (i)&#160;a dissolution or liquidation of MDC, (ii)&#160;a sale of all or substantially all of MDC&#8217;s assets, (iii)&#160;a merger or consolidation involving MDC in which MDC is not the surviving corporation or (iv)&#160;a merger or consolidation involving MDC in which MDC is the surviving corporation but the holders of Class&#160;A Shares receive securities of another corporation and/or other property, including cash, the Committee shall, in its absolute discretion, have the power to: </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(i) cancel, effective immediately prior to the occurrence of such event, each Incentive Award (whether or not then exercisable), and, in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash, for each Class&#160;A Share subject to such Incentive Award equal to the value, as determined by the Committee in its reasonable discretion, of such Incentive Award, provided that with respect to any outstanding Option or SAR such value shall be equal to the excess of (A)&#160;the value, as determined by the Committee in its reasonable discretion, of the property (including cash) received by the holder of Class&#160;A Shares as a result of such event over (B)&#160;the exercise price of such Option or SAR; or </font>
        </div>
        <div style="margin-left:20pt; text-indent:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(ii) provide for the exchange of each Incentive Award (whether or not then exercisable or vested) for an incentive award with respect to, as appropriate, some or all of the property which a holder of the number of Class&#160;A Shares subject to such Incentive Award would have received in such transaction and, incident thereto, make an equitable adjustment as determined by the Committee in its reasonable </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">8</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="margin-left:20pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">discretion in the exercise price of the incentive award, or the number of shares subject to the incentive award or, if appropriate, provide for a cash payment to the Participant to whom such Incentive Award was granted in partial consideration for the exchange of the Incentive Award. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(e)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Other Changes</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In the event of any change in the capitalization of MDC or corporate change other than those specifically referred to in paragraphs (b), (c)&#160;or (d), the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms of such Incentive Awards as the Committee may consider appropriate to prevent dilution or enlargement of rights. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(f)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">No Other Rights</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger or consolidation of MDC or any other corporation. Except as expressly provided in the Plan, no issuance by MDC of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Class&#160;A Shares subject to any Incentive Award. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">11.</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Rights as a Stockholder</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">No person shall have any rights as a stockholder with respect to any Class&#160;A Shares covered by or relating to any Incentive Award granted pursuant to the Plan until the date of the issuance of a stock certificate with respect to such shares. Except as otherwise expressly provided in Section&#160;10 hereof, no adjustment of any Incentive Award shall be made for dividends or other rights for which the record date occurs prior to the date such stock certificate is issued. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">In no circumstances shall a cash dividend be paid in respect of unvested Incentive Awards. Cash dividends, if any, may be deferred at the discretion of the Committee until the vesting date for any Incentive Award and distributed only to the extent Class&#160;A Shares underlying such Incentive Award ultimately vest. Upon the forfeiture of any Incentive Award that does not vest, deferred dividends (if any) shall be forfeited back to the Company. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">12.</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">No Special Employment Rights; No Right to Incentive Award</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;Nothing contained in the Plan or any Incentive Award shall confer upon any Participant any right with respect to the continuation of his/her employment by or service to the Company or interfere in any way with the right of the Company at any time to terminate such employment or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive Award. </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;No person shall have any claim or right to receive an Incentive Award hereunder. The Committee&#8217;s granting of an Incentive Award to a Participant at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other Participant or other person at any time nor preclude the Committee from making subsequent grants to such Participant or any other Participant or other person. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:5.41pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">13.</font>
          <br >
        </div>
        <div style=" margin-top:5.41pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Securities Matters</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;MDC shall be under no obligation to effect the registration pursuant to the Securities Act of any Class&#160;A Shares to be issued hereunder or to effect similar compliance under any state laws. Notwithstanding anything herein to the contrary, MDC shall not be obligated to cause to be issued or delivered any certificates evidencing Class&#160;A Shares pursuant to the Plan unless and until MDC is advised by its counsel that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Class&#160;A Shares are traded and that the Participant has delivered all notices and documents required to be delivered to the Company in connection therewith. The Committee may require, as a condition to the issuance and delivery of certificates evidencing Class&#160;A Shares pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations, and that such certificates bear such legends, as the Committee deems necessary or desirable. </font>        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">9</font>
        </div>
      </div>
      <hr >
    </div>
    <div style="page-break-after:always; width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;margin-left:70pt;width:456pt;">
        <div style="text-indent:20pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;The exercise of any Option granted hereunder shall only be effective at such time as counsel to MDC shall have determined that the issuance and delivery of Class&#160;A Shares pursuant to such exercise is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Class&#160;A Shares are traded. MDC may, in its sole discretion, defer the effectiveness of an exercise of an Option hereunder or the issuance or transfer of Class&#160;A Shares pursuant to any Incentive Award pending or to ensure compliance under federal or state securities laws. MDC shall inform the Participant in writing of its decision to defer the effectiveness of the exercise of an Option or the issuance or transfer of Class&#160;A Shares pursuant to any Incentive Award. During the period that the effectiveness of the exercise of an Option has been deferred, the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. </font>        </div>
        <div style=" float:left; line-height:12pt; margin-top:7.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">14.</font>
          <br >
        </div>
        <div style=" margin-top:7.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Withholding Taxes</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(a)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Cash Remittance</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Whenever Class&#160;A Shares are to be issued upon the exercise of an Option or the grant or vesting of an Incentive Award, MDC shall have the right to require the Participant to remit to MDC in cash an amount sufficient to satisfy federal, state and local withholding tax requirements, if any, attributable to such exercise, grant or vesting prior to the delivery of any certificate or certificates for such shares or the effectiveness of the lapse of such restrictions. In addition, upon the exercise or settlement of any Incentive Award in cash, MDC shall have the right to withhold from any cash payment required to be made pursuant thereto an amount sufficient to satisfy the federal, state and local withholding tax requirements, if any, attributable to such exercise or settlement. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(b)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Stock Remittance</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">At the election of the Participant, subject to the approval of the Committee, when Class&#160;A Shares are to be issued upon the exercise, grant or vesting of an Incentive Award, the Participant may tender to MDC a number of Class&#160;A Shares that have been owned by the Participant for at least six&#160;months (or such other period as the Committee may determine) having a Fair Market Value at the tender date determined by the Committee to be sufficient to satisfy the federal, state and local withholding tax requirements, if any, attributable to such exercise, grant or vesting but not greater than such withholding obligations. Such election shall satisfy the Participant&#8217;s obligations under Section&#160;14(a) hereof, if any. </font>
        </div>
        <div style="margin-left:20pt; margin-top:6pt; width:436pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">(c)&nbsp;&nbsp;&nbsp;</font><font style=" text-decoration:underline;letter-spacing:0.2pt;">Stock Withholding</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">At the election of the Participant, subject to the approval of the Committee, when Class&#160;A Shares are to be issued upon the exercise, grant or vesting of an Incentive Award, MDC shall withhold a number of such shares having a Fair Market Value at the exercise date determined by the Committee to be sufficient to satisfy the federal, state and local withholding tax requirements, if any, attributable to such exercise, grant or vesting but not greater than such withholding obligations. Such election shall satisfy the Participant&#8217;s obligations under Section&#160;14(a) hereof, if any. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:8.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">15.</font>
          <br >
        </div>
        <div style=" margin-top:8.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Amendment or Termination of the Plan</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Board of Directors may at any time suspend or discontinue the Plan or revise or amend it in any respect whatsoever; </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">provided</font><font style="letter-spacing:0.2pt;">, </font><font style=" text-decoration:underline;letter-spacing:0.2pt;">however</font><font style="letter-spacing:0.2pt;">, that without approval of the shareholders no revision or amendment shall except as provided in Section&#160;10 hereof, (i)&#160;increase the number of Class&#160;A Shares that may be issued under the Plan or (ii)&#160;materially modify the requirements as to eligibility for participation in the Plan. Nothing herein shall restrict the Committee&#8217;s ability to exercise its discretionary authority hereunder pursuant to Section&#160;4 hereof, which discretion may be exercised without amendment to the Plan. No action hereunder may, without the consent of a Participant, reduce the Participant&#8217;s rights under any previously granted and outstanding Incentive Award. Nothing herein shall limit the right of the Company to pay compensation of any kind outside the terms of the Plan. </font>        </div>
        <div style=" float:left; line-height:12pt; margin-top:8.19pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">16.</font>
          <br >
        </div>
        <div style=" margin-top:8.19pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">No Obligation to Exercise</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:6pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The grant to a Participant of an Option or SAR shall impose no obligation upon such Participant to exercise such Option or SAR. </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">10</font>
        </div>
      </div>
      <hr >
    </div>
    <div style=" width:595.3pt;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Times New Roman, Times, serif ;font-size:10pt;">
      <div style="padding:0pt;margin:0pt;font-family:calibri, arial, sans-serif;font-weight:normal;font-style:normal;font-size:8pt;line-height:8pt;">&#8203;</div>
      <div style="margin-top:46pt;height:660pt;margin-left:70pt;width:456pt;">
        <div style=" float:left; line-height:12pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">17.</font>
          <br >
        </div>
        <div style=" line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Transfers Upon Death</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:10.98pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">Upon the death of a Participant, outstanding Incentive Awards granted to such Participant may be exercised only by the executors or administrators of the Participant&#8217;s estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution. No transfer by will or the laws of descent and distribution of any Incentive Award, or the right to exercise any Incentive Award, shall be effective to bind MDC unless the Committee shall have been furnished with (a)&#160;written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b)&#160;an agreement by the transferee to comply with all the terms and conditions of the Incentive Award that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection with the grant of the Incentive Award. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:8.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">18.</font>
          <br >
        </div>
        <div style=" margin-top:8.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Expenses and Receipts</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:10.98pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The expenses of the Plan shall be paid by MDC. Any proceeds received by MDC in connection with any Incentive Award will be used for general corporate purposes. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:8.98pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">19.</font>
          <br >
        </div>
        <div style=" margin-top:8.98pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Governing Law</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:10.98pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Plan and the rights of all persons under the Plan shall be construed and administered in accordance with the laws of the State of New York, without regard to its conflict of law principles, except to the extent that the application of New York law would result in a violation of the Canadian Business Corporation Act. </font>
        </div>
        <div style=" float:left; line-height:12pt; margin-top:8.99pt; margin-bottom:0pt; text-align:left; width:20pt;white-space:nowrap;">
          <font style="letter-spacing:0.2pt;">20.</font>
          <br >
        </div>
        <div style=" margin-top:8.99pt; margin-bottom:0pt; line-height:12pt; text-align:left; margin-left:20pt;">
          <font style=" text-decoration:underline;letter-spacing:0.2pt;">Effective Date and Term of Plan</font><font style="letter-spacing:0.2pt;"> </font>
        </div>
        <div style="clear:both; padding:0pt; margin:0pt;font-size:0pt;line-height:0pt;">&#8203;</div>
        <div style="text-indent:20pt; margin-top:10.98pt; width:456pt; line-height:12pt;">
          <font style="letter-spacing:0.2pt;">The Plan was adopted by the Board of Directors on April&#160;22, 2016, subject to the approval of the Plan by the shareholders of MDC, and duly approved by shareholders effective June&#160;1, 2016. The Plan was subsequently amended on June&#160;6, 2018, following approval by the Board and the Company&#8217;s shareholders. The Plan was amended and restated on June&#160;25, 2020, following approval by the Board and the Company&#8217;s shareholders. No grants may be made under the Plan after April&#160;22, 2026. </font>
        </div>
      </div>
      <div style="margin-top:16pt;margin-bottom:21.71pt;margin-left:70pt;width:456pt;">
        <div style="margin-top:5pt; text-align:center; width:456pt; line-height:11pt;">
          <font style="letter-spacing:0.2pt;">11</font>
        </div>
      </div>
      <hr >
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