<SEC-DOCUMENT>0001104659-20-138612.txt : 20201222
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<ACCEPTANCE-DATETIME>20201222164631
ACCESSION NUMBER:		0001104659-20-138612
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20201221
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201222
DATE AS OF CHANGE:		20201222

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:		201408560

	BUSINESS ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	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>
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<p style="margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>UNITED
STATES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 14pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span><b><br />
WASHINGTON, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_90F_edei--DocumentType_c20201221__20201221_zxPzfKERfrxh"><ix:nonNumeric contextRef="From2020-12-21to2020-12-21" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report (Date of earliest
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of Registrant as Specified
in Its Charter) </b></p>

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

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                                                           <p style="margin-top: 0; margin-bottom: 0"><b>File Number)</b></p></td>
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<p style="margin-top: 0; margin-bottom: 0">&#160;&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(<span id="xdx_90D_edei--CityAreaCode_c20201221__20201221_zxMCif6PPpC5"><ix:nonNumeric contextRef="From2020-12-21to2020-12-21" name="dei:CityAreaCode">646</ix:nonNumeric></span>)
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(Registrant&#8217;s Telephone Number)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

<!-- Field: Rule-Page --><div style="margin-left: auto; margin-right: auto; width: 100%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-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">&#160;</p>

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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>
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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
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                                    to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p></td></tr>
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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications
                                    pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p></td></tr>
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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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    <td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-commencement communications
                                    pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">Securities registered pursuant to Section 12(b) of the Act:</span></p>



<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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 &#167;230.405) or Rule 12b-2 of the Securities Exchange
Act of 1934 (17 CFR &#167;240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <span style="font-family: Wingdings"><span style="font-family: Wingdings"><span id="xdx_901_edei--EntityEmergingGrowthCompany_c20201221__20201221_z0dMQJbC0KY6"><ix:nonNumeric contextRef="From2020-12-21to2020-12-21" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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. <span style="font-family: Wingdings"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<!-- Field: Rule-Page --><div style="width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<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">&#160;</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">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 1.01</b></td><td><b>Entry Into a Material Definitive Agreement.</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 21, 2020, MDC Partners Inc., a Canadian corporation
(&#8220;<b>MDC</b>&#8221;), and Stagwell Media LP, a Delaware limited partnership (&#8220;<b>Stagwell</b>&#8221;), announced that
they entered into a definitive transaction agreement (the &#8220;<b>Transaction Agreement</b>&#8221;) providing for the combination
of MDC with the subsidiaries of Stagwell that own and operate a portfolio of marketing services companies (the &#8220;<b>Stagwell
Entities</b>&#8221;).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Transaction Agreement</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the terms of the Transaction Agreement, the combination
between MDC and the Stagwell Entities will be effected using an &#8220;Up-C&#8221; partnership structure. Through a series of steps
and transactions (collectively, the &#8220;<b>Transactions</b>&#8221;), including the domestication of MDC to a Delaware corporation
(from and after the domestication, &#8220;<b>MDC Delaware</b>&#8221;) and the merger of MDC Delaware with one of its indirect wholly
owned subsidiaries (the &#8220;<b>MDC Merger</b>&#8221;), MDC Delaware will become a direct subsidiary (from and after the merger,
 &#8220;<b>OpCo</b>&#8221;) of a newly-formed, Delaware-organized, NASDAQ-listed corporation (&#8220;<b>New MDC</b>&#8221;). Following
the MDC Merger, (i) OpCo will convert into a limited liability company that will hold MDC&#8217;s operating assets and to which
Stagwell will contribute the equity interests of the Stagwell Entities (the &#8220;<b>Stagwell Contribution</b>&#8221;) in exchange
for 216,250,000 common membership interests of OpCo (the &#8220;<b>Stagwell OpCo Units</b>&#8221;), and (ii) Stagwell will contribute
to New MDC an aggregate amount of cash equal to $100 in exchange for shares of a new Class C series of voting-only common stock
(the &#8220;<b>New MDC Class C Stock</b>&#8221;) equal in number to the Stagwell OpCo Units. On a pro forma basis, without giving
effect to any outstanding preference shares of MDC, the existing holders of MDC&#8217;s Class A and Class B shares would receive
interests equal to approximately 26% of the combined company and Stagwell would be issued New MDC Class C Stock equivalent to approximately
74% of the voting rights of the combined company and exchangeable, together with Stagwell OpCo Units, into Class A shares of New
MDC on a one-for-one basis at Stagwell&#8217;s election. The number of Stagwell OpCo Units and shares of New MDC Class C Stock
that Stagwell will receive in the Transactions, and the percentage of the combined company that Stagwell will hold following the
consummation of the Transactions, will be reduced, and the percentage of the combined company that existing MDC shareholders will
hold will be proportionally increased, if Stagwell is unable to effect certain restructuring transactions prior to the closing
of the Transactions (the &#8220;<b>Closing</b>&#8221;). All defined terms used in this summary of the Transaction Agreement, that
are not otherwise defined herein, have the meanings ascribed to such terms in the Transaction Agreement.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">The Transaction Agreement
was recommended by a committee (the &#8220;<b>MDC Special Committee</b>&#8221;) of disinterested non-management members of the
board of directors of MDC (the &#8220;<b>MDC Board</b>&#8221;) and approved by the MDC Board. The MDC Special Committee was formed
following receipt of an unsolicited proposal from Stagwell because, among other things, entities that are affiliates of Stagwell
currently hold approximately 19.9% of the Class A shares of MDC and preference shares of MDC, and MDC&#8217;s Chairman and CEO
is also the Managing Partner of The Stagwell Group, the general partner of Stagwell.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Closing Conditions</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Transactions are subject to customary approvals, including,
but not limited to, the approval of at least 66&#8532;% of the votes cast by MDC shareholders voting as a single class in person
or by proxy, and the approval of a &#8220;majority of the minority&#8221; of the MDC shareholders, on a class basis unless exemptive
relief is otherwise obtained from the applicable Canadian securities regulatory authorities (<i>i.e.</i>, a majority of the votes
cast in person or by proxy excluding shareholders whose votes may not be included in determining if minority approval is obtained
pursuant to Multilateral Instrument 61-101 &#8211; Protection of Minority Security Holders in Special Transactions, which excluded
shareholders shall include Mr. Penn, Stagwell, Broad Street and their respective Affiliates).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Closing is also subject to the satisfaction of a number
of other conditions customary for transactions of this nature, including the receipt of certain regulatory (including Hart-Scott-Rodino
and Investment Canada Act) and stock exchange approvals. Additionally, the Closing is conditioned on, among other things, (i) continuing
consents from Goldman Sachs and Stagwell, as holders of preferred shares, to the Transactions and (ii) receipt of consent of Senior
Note holders or the completion of a refinancing of the Senior Notes.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Financing Cooperation; MDC Credit Agreement</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Transaction Agreement requires MDC to use reasonable best
efforts and to cause its subsidiaries to use reasonable best efforts to provide cooperation in connection with obtaining debt financing
as may be reasonably requested by Stagwell, and the Transaction Agreement requires Stagwell to use reasonable best efforts and
to cause its subsidiaries to use reasonable best efforts to provide cooperation in connection with obtaining consent under MDC&#8217;s
senior note indenture or to complete a refinancing of MDC&#8217;s senior notes as may be reasonably requested by MDC. MDC has also
agreed to deliver all notices, cooperate with Stagwell and take all other actions reasonably requested by Stagwell to facilitate
the termination at or prior to the Closing of all commitments in respect of the existing credit agreement with MDC&#8217;s subsidiary
as the borrower (the &#8220;<b>MDC Credit Agreement</b>&#8221;), the repayment in full on or prior to the Closing of all obligations
in respect of the indebtedness under the MDC Credit Agreement, and the release on or as soon as reasonably practicable after the
Closing of any liens securing all such indebtedness and guarantees in connection therewith. Evidence of the termination and repayment of the MDC Credit
Agreement is a condition to closing the Transactions.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Board of Directors</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Transaction Agreement, effective as of the
Closing, the combined company&#8217;s Board of Directors will consist of nine members, including Mr. Mark Penn. Three current
independent directors for MDC, to be identified by the MDC Special Committee prior to the Closing, will continue as directors
in the combined company and the combined company shall cause such directors to be nominated at the combined company&#8217;s next
two annual meetings; Mr. Penn will continue as a director and Stagwell will be entitled to designate four directors and an affiliate
of Goldman Sachs will be entitled to designate one director to serve on the Board of Directors.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Alternative Proposals</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the terms of the Transaction Agreement, and as more
thoroughly described therein, MDC is subject to certain restrictions concerning proposals or offers from a third party or a group
of third parties pursuant to which such party or group would own 20% or more of the voting power of MDC (an &#8220;<b>Alternative
Proposal</b>&#8221; and any definitive agreement with respect thereto, an &#8220;<b>Acquisition Agreement</b>&#8221;) (including
notice requirements to Stagwell) unless, subject to certain limitations therein, the MDC Special Committee or the MDC Board concludes
in good faith, after consultation with its outside legal counsel, that a failure to take certain actions with respect to an Alternative
Proposal would be inconsistent with its fiduciary duties under applicable law.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Termination Rights</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Transaction Agreement allows the parties to terminate their
agreements if certain conditions described therein are satisfied and provides for a termination date that is approximately nine
months after the date of the Transaction Agreement, subject to extension to twelve months after the date of the Transaction Agreement
if certain regulatory approvals have not been obtained. MDC may terminate the Transaction Agreement upon, among other things,
entry into an Acquisition Agreement for a Superior Proposal, provided that a Termination Fee of $5,855,000 is paid under certain
circumstances.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white"><span style="text-decoration: underline">Representations and
Warranties</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">The Transaction Agreement
contains customary representations and warranties of the parties thereto with respect to, among other things, (i)&#160;entity organization,
good standing and qualification, (ii)&#160;capitalization, (iii)&#160;authorization, (iv)&#160;privacy and data security, (v)&#160;taxes,
(vi) financial statements, (vii)&#160;material contracts, (viii)&#160;absence of changes, (ix)&#160;compliance with laws, (x)&#160;litigation,
(xi)&#160;transactions with affiliates and (xii)&#160;regulatory matters.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Additional Agreements and Closing Conditions</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">As promptly as reasonably
practicable after (i) the date of the Transaction Agreement and (ii) the delivery by Stagwell to MDC of the required financial
statements of Stagwell for inclusion in a registration statement on Form S-4 containing a proxy statement/prospectus to be sent
to MDC shareholders (the &#8220;<b>Registration Statement</b>&#8221;) for the purpose of submitting the necessary Transactions
for MDC shareholder approval, MDC shall file such Registration Statement with the Securities and Exchange Commission.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the Transaction Agreement is filed as Exhibit 2.1
hereto and incorporated by reference herein. The foregoing description of the Transaction Agreement is qualified in its entirety
by reference thereto. The Transaction Agreement contains representations, warranties and covenants that the respective parties
made to each other as of the date of the Transaction Agreement or other specific dates. The assertions embodied in those representations,
warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications
and limitations agreed to by the parties in connection with negotiating such agreement. The representations, warranties and covenants
in the Transaction Agreement are also modified in important part by the underlying disclosure schedules which are not filed publicly
and which are subject to a contractual standard of materiality different from that generally applicable to shareholders and were
used for the purpose of allocating risk among the parties rather than establishing matters as facts. We do not believe that these
schedules contain information that is material to an investment decision.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>A&amp;R OpCo Operating Agreement</i></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Transaction Agreement, at least one day
prior to the Closing of the Transactions, OpCo will convert into a Delaware limited liability company, pursuant to the Delaware
Limited Liability Company Act (&#8220;<b>DLLCA</b>&#8221;) and the Corporation Law of the State of Delaware, and with New MDC as
the then-sole member of OpCo, and OpCo will adopt and thereafter be governed by an amended and restated limited liability company
agreement of OpCo (the &#8220;<b>A&amp;R OpCo Operating Agreement</b>&#8221;), by and among OpCo, New MDC, as a member and in its
capacity as the initial manager of OpCo (the &#8220;<b>Manager</b>&#8221;), Stagwell, a Stagwell affiliate and each person who
is or at any time becomes a member of OpCo (each, a &#8220;<b>Member</b>&#8221;) in accordance with the terms of the A&amp;R OpCo
Operating Agreement and the DLLCA. All defined terms used in this summary of the A&amp;R OpCo Operating Agreement, that are not
otherwise defined herein, have the meanings ascribed to such terms in the A&amp;R OpCo Operating Agreement.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The A&amp;R OpCo Operating Agreement provides for the management,
operation and governance of OpCo, and sets forth the respective rights and obligations of Members generally.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The A&amp;R OpCo Operating Agreement provides that interests
in OpCo shall be represented by units of OpCo (&#8220;<b>Units</b>&#8221;), or such other equity securities of OpCo, in each case
as the Manager may establish in its discretion in accordance with the terms and subject to the restrictions therein. Subject to
the provisions of the A&amp;R OpCo Operating Agreement, OpCo shall be authorized to issue from time to time such number of Units
and such other equity securities as the Manager shall determine in accordance with the A&amp;R OpCo Operating Agreement. Each authorized
Unit may be issued pursuant to such agreements and in exchange for such capital contributions or other consideration as the Manager
shall approve, including pursuant to options and warrants. At the Closing New MDC shall hold (1) Preferred Units issued by OpCo
which will mirror the rights, preferences and privileges of Preferred Stock issued by New MDC and (2) a number of Common Units
in OpCo equal to the number of Class A and Class B shares of New MDC issued by New MDC. Stagwell will own the remaining Common
Units in OpCo, equal in number to the Class C Common Units issued to Stagwell by New MDC.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Voting Rights</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No Member has any voting rights except with respect to those
matters specifically reserved for a Member vote under the LLCA and for matters expressly requiring the vote or approval of Members
under the A&amp;R OpCo Operating Agreement. Except as otherwise required by the LLCA, each Unit will entitle the holder thereof
to one vote on all matters to be voted on by the Members; provided, that notwithstanding anything to the contrary in the A&amp;R
OpCo Operating Agreement, the Common Units held by Stagwell or any Transferee thereof shall have no voting rights except as expressly
set forth in the A&amp;R OpCo Operating Agreement. Except as otherwise expressly provided in the A&amp;R OpCo Operating Agreement,
the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Capital Contributions</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Closing, after giving effect to the Transactions, each
Member as of the Closing shall be deemed to have made capital contributions to OpCo equal to such Member&#8217;s Effective Time
Capital Account Balance set forth on Exhibit A to the A&amp;R OpCo Operating Agreement. Except for New MDC as provided in the A&amp;R
OpCo Operating Agreement and the Transaction Agreement, no Member shall be required to make additional capital contributions to
OpCo. Furthermore, except in connection with issuances of equity securities by New MDC as provided in the A&amp;R OpCo Operating
Agreement, New MDC shall not issue, sell or transfer any of its interests in OpCo, and New MDC shall not issue, sell or transfer
any of its interests in OpCo to any Person other than New MDC.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Issuance of Additional Units or Interests</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">From and after the Closing to the extent required by the A&amp;R
OpCo Operating Agreement, the Manager may authorize and create, and cause OpCo to issue, additional Units or other equity securities
in OpCo (including creating preferred interests or other classes or series of securities having such rights, preferences and privileges
as determined by the Manager) solely to the extent they are in the aggregate substantially equivalent to a class of equity securities
of New MDC. Subject to certain exceptions, if at any time after the Closing, New MDC issues a share of its Class A Stock or any
other equity security of New MDC (other than shares of Class C Stock), OpCo shall issue to New MDC one Common Unit (if New MDC
issues a share of Class A Stock), or such other equity security of the Company (if New MDC issues equity securities other than
Class A Stock) corresponding to the equity securities issued by New MDC, and with substantially the same rights to dividends and
distributions (including distributions upon liquidation) and other economic rights as those of such equity securities of New MDC
and the net proceeds received by New MDC with respect to the corresponding share of Class A Stock or other equity security of OpCo,
if any, shall be concurrently transferred to OpCo by New MDC.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Exchange Right of Members.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of the Members, other than New MDC and any other wholly
owned subsidiary of New MDC that becomes a Member, shall be entitled to exchange with OpCo, at any time beginning six months after
the Closing, and from time to time, any or all of such Member&#8217;s Common Units (together with the transfer and surrender to
New MDC of an equal number of shares of Class C Stock) for an equivalent number (subject to adjustment) of shares of Class A Stock
or, at OpCo&#8217;s election, subject to certain conditions set forth in the A&amp;R OpCo Operating Agreement, cash equal to a
cash election amount as set forth in the A&amp;R OpCo Operating Agreement.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Rights of the Preferred Units</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights, preferences and privileges of the Preferred Units
issued to New MDC will mirror the rights, preferences and privileges of the Preferred Stock issued by New MDC, with a 1:1 ratio
between the number of outstanding Preferred Units and the number of outstanding shares of Preferred Stock.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Management</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A single manager will act as &#8220;Manager&#8221; of OpCo.
New MDC shall be the initial Manager as of the Closing and shall serve as the Manager from and after the Closing until a successor
Manager is duly appointed by New MDC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the initial Manager and for so long as it continues to be
the Manager, New MDC will take action through its board of directors, and members of New MDC&#8217;s board of directors will owe
comparable fiduciary duties to the stockholders of New MDC. The Manager may appoint officers and appoint, employ or otherwise contract
with any person for the transaction of the business of OpCo or the performance of services for or on behalf of OpCo, and the Manager
may delegate to any such Persons such authority to act on behalf of OpCo as the Manager may from time to time deem appropriate.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</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"><span style="text-decoration: underline">Restrictions on Transfer</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to limited exceptions, no Member shall transfer all
or any portion of its interest in OpCo without the prior written consent of the Manager in its sole discretion. Additionally,
no shares of Class C Stock may be transferred unless a corresponding number of Units are transferred therewith in accordance with
the A&amp;R OpCo Operating Agreement.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration: underline">Other Provisions</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The A&amp;R OpCo Operating Agreement also contains customary
provisions regarding capital accounts, distributions, accounting matters, amendments and waivers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the A&amp;R OpCo Operating Agreement
does not purport to be complete and is qualified in its entirety by reference to the full text of the A&amp;R OpCo Operating Agreement,
the form of which is attached as an exhibit to the Transaction Agreement, which is filed as Exhibit 2.1 to this Current Report
on Form 8-K, and the terms of which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Information Rights Letter Agreement</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Closing, MDC, Stagwell, and certain Stagwell affiliates
(the &#8220;<b>Stagwell Parties</b>&#8221;) will enter into an&#160;information rights letter agreement&#160;(the &#8220;<b>Information
Rights Letter Agreement</b>&#8221;). The&#160;Information Rights Letter Agreement will&#160;provide the Stagwell Parties (as defined
in the Information Rights Letter Agreement) with rights to receive the combined company&#8217;s annual and quarterly financial
statements. The Information Rights Letter Agreement also provides the Stagwell Parties the right to access the combined company&#8217;s
records and premises and to receive additional financial and operating data reasonably requested by the Stagwell Parties.&#160;The&#160;Information
Rights Letter Agreement&#160;terminates when the Stagwell Parties no longer beneficially own more than 10% of the then issued and
outstanding voting securities of the combined company. The foregoing summary of the&#160;Information Rights Letter Agreement&#160;is
qualified in its entirety by the terms and conditions of the&#160;Information Rights Letter Agreement, the form of which is attached
as an exhibit to the&#160;Transaction Agreement, which is filed as Exhibit 2.1 to this Current Report on Form 8-K, and the terms
of which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Registration Rights Agreement</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the Closing, MDC, Stagwell, and certain Stagwell affiliates
(the &#8220;<b>Parties</b>&#8221;) will enter into a&#160;Registration Rights Agreement&#160;(the &#8220;<b>Registration Rights
Agreement</b>&#8221;) pursuant to which, among other things and subject to certain restrictions, MDC is required to file with the
Securities and Exchange Commission (the &#8220;<b>SEC</b>&#8221;) a registration statement on Form&#160;S-3&#160;registering for
resale the shares of MDC Class A Common Stock that Stagwell holds today, that are issuable upon conversion of Stagwell&#8217;s
Series 6 preferred shares and that are issuable upon exchange of Stagwell&#8217;s units in OpCo (in combination with its Class
C Common Stock of New MDC issuable to Stagwell upon consummation of the Transactions), and to conduct certain underwritten offerings
upon the request of holders of registrable securities, including direct and indirect transferees of the Parties. The Registration
Rights Agreement provides that no shares will be sold thereunder prior to the date that is 91 days after the Closing. The&#160;Registration
Rights Agreement&#160;also provides holders of registrable securities with certain customary piggyback&#160;registration rights.
The foregoing summary of the&#160;Registration Rights Agreement&#160;is qualified in its entirety by the terms and conditions of
the&#160;Registration Rights Agreement, the form of which is attached as an exhibit to the&#160;Transaction Agreement, which is
filed as Exhibit 2.1 to this Current Report on Form 8-K, and the terms of which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Tax Receivable Agreement</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the closing, a Tax Receivable Agreement will be entered
into, by and among New MDC, OpCo and Stagwell (the &#8220;<b>TRA</b>&#8221;). Under the TRA, New MDC will pay to Stagwell 85%
of the tax savings attributable to any tax benefits created by Stagwell&#8217;s exchanges of Common Units (as defined in the A&amp;R
OpCo Operating Agreement), together with the transfer and surrender to New MDC of shares of Class C Stock, for Class A shares
of New MDC. The form of the TRA is attached as an exhibit to the Transaction Agreement, which is filed as Exhibit 2.1 to this
Current Report on Form 8-K, and the terms of which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Preferred Shareholder Consent </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 21, 2020, MDC and Broad Street Principal
Investments, L.L.C., an affiliate of Goldman Sachs (&#8220;<b>Broad Street</b>&#8221;), entered into a letter agreement,
pursuant to which Broad Street consented to the Transactions subject to entry with MDC into a definitive agreement reflecting
revised terms of MDC&#8217;s issued and outstanding Series 4 convertible preference shares (the &#8220;<b>Goldman Letter
Agreement</b>&#8221;). The revised terms of the Series 4 convertible preference shares reduce the conversion price from $7.42
to $5.00 and extend accretion for two years at a reduced rate of 6%. In connection with the Transaction, Broad Street will
have the right to redeem up to $30 million of its preference shares in exchange for a $25 million subordinated note or loan
with a 3 year maturity (i.e., exchange at an approximately 17% discount to face value). The $25 million note or loan will
accrue interest at 8.0% per annum and is, pre-payable any time at par without penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Goldman Letter Agreement does
not purport to be complete and is qualified in its entirety by reference to the Goldman Letter Agreement, a copy of which is filed
as Exhibit 10.1 to this Current Report on Form 8-K, and the terms of which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Bondholder Consent</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with entry into the Transaction Agreement and
subject to market conditions and other factors, MDC intends to conduct a consent solicitation (the &#8220;<b>Consent Solicitation</b>&#8221;)
for certain waivers and amendments to its 6.50% senior notes due 2024 (the &#8220;<b>Notes</b>&#8221;) necessary to consummate
the Transaction (the &#8220;<b>Proposed Waivers and Amendments</b>&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On December 21, 2020, MDC entered into consent and support agreements
(the &#8220;<b>Consent and Support Agreements</b>&#8221;) with holders of more than 50% of the aggregate principal amount of its
Notes to consent to the Proposed Waivers and Amendments in the Consent Solicitation. Pursuant to the Consent and Support Agreements,
MDC has agreed to increase the interest rate on the Notes by 1% per annum effective as of the date of the Consent and Support Agreements
and, if the consent solicitation is successfully conducted, to pay  a consent fee of 2% to all holders of Notes, or 3% if
a supplemental indenture with the waivers and amendments is executed and becomes operative and the Transaction is consummated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the Consent and Support Agreements
does not purport to be complete and is qualified in its entirety by reference to the form of Consent and Support Agreement, which
is filed as Exhibit 10.2 to this Current Report on Form 8-K, and the terms of which are incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 2.03.</b></td><td><b>Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement by a Registrant.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The disclosure under the heading Bondholder Consent and Preferred
Shareholder Consent, each under Item 1.01 of this Current Report on Form 8-K, is incorporated into this Item 2.03 by reference.</p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 3.02.</b></td><td><b>Unregistered Sales of Equity Securities.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The disclosure under the heading Transaction Agreement under
Item 1.01 of this Current Report on Form 8-K relating to the issuance of Class C shares to Stagwell is incorporated into this Item
3.02 by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cautionary Statement Regarding Forward-Looking Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication may contain certain forward-looking statements
(collectively, &#8220;forward-looking statements&#8221;) within the meaning of Section 27A of the U.S. Securities Act of 1933,
as amended and Section 21E of the U.S. Exchange Act and the United States Private Securities Litigation Reform Act of 1995, as
amended, and &#8220;forward-looking information&#8221; under applicable Canadian securities laws. Statements in this document
that are not historical facts, including statements about MDC&#8217;s or Stagwell&#8217;s beliefs and expectations and recent
business and economic trends, constitute forward-looking statements. Words such as &#8220;estimate,&#8221; &#8220;project,&#8221;
 &#8220;target,&#8221; &#8220;predict,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;potential,&#8221;
 &#8220;create,&#8221; &#8220;intend,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;may,&#8221;
 &#8220;foresee,&#8221; &#8220;plan,&#8221; &#8220;will,&#8221; &#8220;guidance,&#8221; &#8220;look,&#8221; &#8220;outlook,&#8221;
 &#8220;future,&#8221; &#8220;assume,&#8221; &#8220;forecast,&#8221; &#8220;focus,&#8221; &#8220;continue,&#8221; or the negative
of such terms or other variations thereof and terms of similar substance used in connection with any discussion of current plans,
estimates and projections are subject to change based on a number of factors, including those outlined in this section. Such forward-looking
statements may include, but are not limited to, statements related to: future financial performance and the future prospects of
the respective businesses and operations of MDC, Stagwell and the combined company; information concerning the proposed business
combination with subsidiaries of Stagwell (the &#8220;<b>Proposed Transaction</b>&#8221;); the anticipated benefits of the Proposed
Transaction; the likelihood of the Proposed Transaction being completed; the anticipated outcome of the Proposed Transaction;
the tax impact of the Proposed Transaction on MDC and shareholders of MDC; the timing of the shareholder meeting to approve the
Proposed Transaction (the &#8220;<b>Special Meeting</b>&#8221;) the shareholder approvals required for the Proposed Transaction;
regulatory and stock exchange approval of the Proposed Transaction; and the timing of the implementation of the Proposed Transaction.
A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement,
including the risks identified in our filings with the SEC. These forward-looking statements are subject to various risks and
uncertainties, many of which are outside the Company&#8217;s control. Important factors that could cause actual results and expectations
to differ materially from those indicated by such forward-looking statements include, without limitation, the risks and uncertainties
set forth under the section entitled &#8220;Risk Factors&#8221; in the Proxy Statement/Prospectus and under the caption &#8220;Risk
Factors&#8221; in the Company&#8217;s Annual Report on Form 10-K for the year-ended December 31, 2019 under Item 1A, in the Company&#8217;s
Quarterly Report on Form 10-Q for the three-months ended March 31, 2020 under Item 1A, in the Company&#8217;s Quarterly Report
on Form 10-Q for the six-months ended June 30, 2020 under Item 1A and in the Company&#8217;s Quarterly Report on Form 10-Q for
the nine-months ended September 30, 2020 under Item 1A. These and other risk factors include, but are not limited to, the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">an inability to realize expected benefits of the Proposed
Transaction or the occurrence of difficulties in connection with the Proposed Transaction;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">adverse tax consequences in connection with the Proposed
Transaction for MDC, its operations and its shareholders, that may differ from the expectations of MDC or Stagwell, including
that future changes in tax law, potential increases to corporate tax rates in the United States and disagreements with the tax
authorities on MDC&#8217;s determination of value and computations of its tax attributes may result in increased tax costs;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the occurrence of material Canadian federal income
tax (including material &#8220;emigration tax&#8221;) as a result of the Proposed Transaction;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the impact of uncertainty associated with the Proposed
Transaction on MDC&#8217;s and Stagwell&#8217;s respective businesses;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">direct or indirect costs associated with the Proposed
Transaction, which could be greater than expected;</td>
</tr></table>


<p style="margin-top: 0; margin-bottom: 0">&#160;</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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the risk that a condition to completion of the Proposed Transaction may not be satisfied and the Proposed Transaction may not be completed;
and</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</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: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the risk of parties challenging the Proposed Transaction
or the impact of the Proposed Transaction on MDC&#8217;s debt arrangements.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You can obtain copies of MDC&#8217;s filings under its profile
on SEDAR at www.sedar.com, its profile on the SEC&#8217;s website at www.sec.gov or its website at www.mdc-partners.com. MDC does
not undertake any obligation to update any forward-looking statements as a result of new information, future developments or otherwise,
except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this
cautionary statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Additional Information and Where to Find It</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Proposed Transaction, MDC and New MDC
will file with the SEC a registration statement on Form S-4 (the &#8220;<b>Form S-4</b>&#8221;) that will include a proxy statement
of MDC (the &#8220;<b>Proxy Statement</b>&#8221; and, together with the Form S-4, the &#8220;<b>Proxy Statement/Prospectus</b>&#8221;).
This communication is not a substitute for the Proxy Statement/Prospectus or any other document MDC may file with the SEC in connection
with the Proposed Transaction. When available, MDC will mail the Proxy Statement/Prospectus to its shareholders in connection with
the votes to approve certain matters in connection with the Proposed Transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">INVESTORS AND SECURITYHOLDERS OF MDC ARE URGED TO READ CAREFULLY
THE PROXY STATEMENT/PROSPECTUS, ONCE AVAILABLE, REGARDING THE PROPOSED TRANSACTION IN ITS/THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) OR ANY DOCUMENTS WHICH ARE INCORPORATED BY REFERENCE IN THE PROXY STATEMENT/PROSPECTUS,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain, free of charge, copies of the Proxy
Statement/Prospectus, when available, and other relevant documents filed by MDC or New MDC with the SEC, at the SEC&#8217;s website
at www.sec.gov. In addition, investors and securityholders will be able to obtain free copies of the Proxy Statement/Prospectus
and other relevant documents filed by MDC or New MDC with the SEC and from MDC&#8217;s website at <span style="text-decoration: underline">http://www.mdc-partners.com</span>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The URLs in this announcement are intended to be inactive textual
references only. They are not intended to be active hyperlinks to websites. The information on such websites, even if it might
be accessible through a hyperlink resulting from the URLs or referenced herein, is not and shall not be deemed to be incorporated
into this announcement. No assurance or representation is given as to the suitability or reliability for any purpose whatsoever
of any information on such websites.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>No Offer or Solicitation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This communication does not constitute an offer to buy or exchange,
or the solicitation of an offer to sell or exchange, any securities, nor shall there be any sale of securities in any jurisdiction
in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any
such jurisdiction. This communication is not a substitute for any prospectus, proxy statement or any other document that MDC or
New MDC may file with the SEC in connection with the Proposed Transaction. No money, securities or other consideration is being
solicited, and, if sent in response to the information contained herein, will not be accepted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No offering of securities shall be made except by means of a
prospectus meeting the requirements of the U.S. Securities Act of 1933, as amended. The Proposed Transaction and distribution of
this document may be restricted by law in certain jurisdictions and persons into whose possession any document or other information
referred to herein should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction. No offering of securities will be made directly or
indirectly, in or into any jurisdiction where to do so would be inconsistent with the laws of such jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Participants in the Solicitation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MDC, New MDC and their respective directors and executive officers
and other members of management and employees, may be deemed to be participants in the solicitation of proxies from MDC&#8217;s
shareholders with respect to the approvals required to complete the Proposed Transaction. More detailed information regarding the
identity of these potential participants, and any direct or indirect interests they may have in the Proposed Transaction, by security
holdings or otherwise, will be set forth in the Proxy Statement/Prospectus when filed with the SEC. Information regarding MDC&#8217;s
directors and executive officers is set forth in the definitive proxy statement on Schedule 14A filed by MDC with the SEC on May
26, 2020 and in the Annual Report on Form 10-K filed by MDC with the SEC on March 5, 2020. Additional information regarding the
interests of participants in the solicitation of proxies in respect of the Special Meeting will be included in the Proxy Statement/Prospectus
to be filed with the SEC. These documents are available to the shareholders of MDC free of charge from the SEC&#8217;s website
at www.sec.gov and from MDC&#8217;s website at www.mdc-partners.com.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You must not construe the contents of this document as legal,
tax, regulatory, financial, accounting or other advice, and you are urged to consult with your own advisors with respect to legal,
tax, regulatory, financial, accounting and other consequences of the Proposed Transaction, the suitability of the Proposed Transaction
for you and other relevant matters concerning the Proposed Transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 1in"><b>Item 9.01</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

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

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    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white">* Certain schedules, annexes
and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. MDC agrees to furnish supplementally a copy of such
schedules, annexes and exhibits, or any section thereof, to the SEC upon request.</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: December 22, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="border-bottom: black 1pt solid; vertical-align: top; font-size: 10pt; width: 45%"><span style="font: 10pt Times New Roman, Times, Serif">/s/ <span style="font-variant: small-caps">David Ross</span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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<TYPE>EX-2.1
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<DESCRIPTION>EXHIBIT 2.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.1</B></P>

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

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-variant: small-caps">Execution Version</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">December 21, 2020</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>MIDAS MERGER SUB 1
LLC</B></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>CONTENTS</B></FONT></P>

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

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<TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-variant: small-caps"><B>CLAUSE</B></FONT></TD><TD STYLE="text-align: right; width: 50%"><FONT STYLE="font-variant: small-caps"><B>PAGE</B></FONT></TD>
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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

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<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 1 DEFINITIONS</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt; width: 14%">Section 1.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; width: 76%">Definitions.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt; width: 10%">4</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 2 THE TRANSACTIONS</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The Stagwell Restructuring</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The MDC Pre-Redomiciliation Restructuring</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The Redomiciliation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">25</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.04</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The Maxxcom Restructuring</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.05</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">New MDC Incorporation; New MDC Organizational Documents</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.06</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The MDC Merger</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">26</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.07</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The MDC Conversion</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">28</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.08</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The Midas Corporate HoldCo Formation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.09</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">The Stagwell Contribution</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.10</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Withholding Taxes</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 2.11</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Dissent Rights</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 3 CLOSING</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 3.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Closing</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 3.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Stagwell Closing Deliverables</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 3.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">MDC Closing Deliverables</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">30</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 4 REPRESENTATIONS AND WARRANTIES OF MDC</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.01</TD>
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<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Capitalization</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Authorization; No Conflict; Board Recommendation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.04</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Subsidiaries.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.05</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">SEC Documents; Financial Statements and Internal Controls</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">36</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.06</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Absence of Changes</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.07</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Litigation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.08</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Information Supplied</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.09</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">No Undisclosed Liabilities</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">38</TD></TR>

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

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    <TD STYLE="text-align: left; padding-bottom: 3pt; width: 76%">Senior Notes</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt; width: 10%">38</TD></TR>
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    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.11</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Broker&rsquo;s Fees</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">39</TD></TR>
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    <TD STYLE="text-align: right; padding-bottom: 3pt">39</TD></TR>
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    <TD STYLE="text-align: left; padding-bottom: 3pt">Benefit Plans</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.14</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Taxes</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.15</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Environmental Matters</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.16</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Compliance with Laws</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.17</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Title to Properties</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.18</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Intellectual Property</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.19</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Privacy and Data Security</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.20</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Insurance</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.21</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Material Contracts</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">49</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.22</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Customers and Suppliers</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.23</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Certain Business Practices</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.24</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Affiliate Transactions</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.25</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Competition Act</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 4.26</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">No Additional Representations</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 5 REPRESENTATIONS AND WARRANTIES OF STAGWELL</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Organization, Good Standing and Qualification</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Capitalization</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Authorization; No Conflict</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.04</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Subsidiaries.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.05</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Financial Statements; Internal Controls.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.06</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Absence of Changes</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.07</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Litigation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.08</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Information Supplied</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.09</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">No Undisclosed Liabilities</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.10</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Broker&rsquo;s Fees</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.11</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Financing.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.12</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Labor Matters.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">58</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.13</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Benefit Plans</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.14</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Taxes.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">62</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.15</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Environmental Matters</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">64</TD></TR>

</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt; width: 14%">Section 5.16</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; width: 76%">Compliance with Laws</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt; width: 10%">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.17</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Title to Properties.</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.18</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Intellectual Property</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">65</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.19</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Privacy and Data Security</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">67</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.20</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Insurance</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">68</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.21</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Material Contracts</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">68</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.22</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Customers and Suppliers</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.23</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Certain Business Practices</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.24</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Affiliate Transactions</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.25</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Sufficiency of Assets</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.26</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Competition Act</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.27</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Investment Canada Act</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 5.28</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">No Additional Representations</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 6 CONDUCT OF THE BUSINESS</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 6.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Conduct of Business of MDC and the MDC Subsidiaries Pending the Transactions</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 6.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Conduct of Business by the Stagwell Subject Entities Pending the Transactions</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">76</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 7 ADDITIONAL AGREEMENTS</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">79</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Preparation of Combined Proxy Statement/Prospectus; Special Meeting</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">79</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Stock Exchange Listing</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">81</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Tax Matters</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">81</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.04</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Stagwell S-4 Financials</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">84</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.05</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Access; Confidentiality</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">85</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.06</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">No Solicitation; Other Offers</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">86</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.07</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Reasonable Best Efforts; Filings, etc</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.08</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Shareholder Litigation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.09</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Public Statements</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.10</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Notification of Certain Matters</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.11</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Director and Officer Indemnification and Insurance</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.12</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Integration Planning</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">94</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.13</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Stagwell Restructuring</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">94</TD></TR>

</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt; width: 14%">Section 7.14</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; width: 76%">Special Distribution</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt; width: 10%">94</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.15</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Post-Closing New MDC Board and Committee Representation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">95</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.16</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Other Post-Closing Governance Matters</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">95</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.17</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Section 16 Matters</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.18</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">MDC Actions</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.19</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Financing Cooperation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 7.20</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Repayment and Termination of MDC Credit Agreement</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 8 CONDITIONS</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 8.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Conditions to Each Party&rsquo;s Obligations to Effect the Transactions</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 8.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Conditions to Obligations of Stagwell</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 8.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Conditions to Obligations of MDC</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 9 TERMINATION</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">102</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 9.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Termination by Mutual Consent</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">102</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 9.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Termination by Stagwell or MDC</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">102</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 9.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Termination by MDC</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">103</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 9.04</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Termination by Stagwell</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">103</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 9.05</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Effect of Termination</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">104</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 10 SURVIVAL</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">105</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 10.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Survival</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">105</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">Article 11 GENERAL PROVISIONS</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">105</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.01</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Notices</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">105</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.02</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Interpretations</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">107</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.03</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Governing Law; Jurisdiction; Specific Performance; Waiver of Jury Trial</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">107</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.04</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Counterparts; Electronic Transmission of Signatures</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">109</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.05</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Assignment; No Third-Party Beneficiaries</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">109</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.06</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Expenses</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">109</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.07</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Severability</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">109</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.08</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Entire Agreement</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">109</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.09</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Amendment</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">110</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.10</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Waiver</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">110</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.11</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">No Waiver of Privilege</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">110</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; text-align: left; padding-bottom: 3pt">Section 11.12</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt">Disclosure Letters</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">112</TD></TR>


<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 0.375in; width: 14%; text-align: left; padding-bottom: 3pt">Section 11.13</TD>
    <TD STYLE="width: 76%; text-align: left; padding-bottom: 3pt">Financing</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt; width: 10%">112</TD></TR>
</TABLE>
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<P STYLE="margin: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE I&nbsp;&nbsp; [<I>Reserved</I>]</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE II&nbsp;&nbsp; MDC Pre-Redomiciliation Restructuring</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE III&nbsp; Maxxcom Restructuring</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE IV&nbsp;&nbsp; Midas Corporate HoldCo Formation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE V&nbsp;&nbsp; [<I>Reserved</I>]</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE VI&nbsp; SMGH Reorganization</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE VII&nbsp; Sample Net Debt Calculation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE VIII&nbsp; Stagwell Restructuring</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE IX&nbsp; Stagwell Subject Entity EBITDA</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">SCHEDULE IX&nbsp; Stagwell Incentive Awards &ndash; OpCo Common Unit Equivalents</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">EXHIBIT A&nbsp;&nbsp; New MDC Certificate of Incorporation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">EXHIBIT B&nbsp;&nbsp; New MDC Bylaws</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">EXHIBIT C&nbsp; Information Rights Letter Agreement</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">EXHIBIT D&nbsp;&nbsp; A&amp;R OpCo Operating Agreement</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">EXHIBIT E&nbsp; Registration Rights Agreement</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">EXHIBIT F&nbsp; Tax Receivables Agreement</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left; padding-bottom: 3pt">EXHIBIT G&nbsp; MDC Delaware Certificate of Incorporation</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-bottom: 3pt; width: 14%">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; width: 76%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 3pt; width: 10%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS TRANSACTION AGREEMENT
(this &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Agreement</U>&rdquo;</FONT>), dated
as of December 21, 2020, is made by and among Stagwell Media LP, a Delaware limited partnership (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Stagwell</U>&rdquo;</FONT>),
MDC Partners Inc., a Canadian corporation, which shall domesticate to the State of Delaware and become a Delaware corporation prior
to the Closing (as defined below) in accordance with the terms of this Agreement (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>MDC</U></FONT>&rdquo;),
New MDC LLC, a Delaware limited liability company and wholly-owned subsidiary of MDC (&ldquo;<U>New MDC</U>&rdquo;), and Midas
Merger Sub 1 LLC, a Delaware limited liability company and wholly-owned subsidiary of New MDC (&ldquo;<U>Merger Sub</U>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Stagwell,
through its wholly-owned subsidiary Stagwell Marketing Group Holdings LLC, a Delaware limited liability company (&ldquo;<U>SMGH</U>,&rdquo;
and together with its direct and indirect Subsidiaries (as defined below), the &ldquo;<U>Stagwell Subject Entities</U>,&rdquo;
and each, a &ldquo;<U>Stagwell Subject Entity</U>&rdquo;), indirectly owns and operates a portfolio of marketing services companies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, MDC, directly
and indirectly, owns and operates a portfolio of marketing, communications and consulting agencies;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, prior to the
date hereof, (x) MDC formed New MDC and (y) New MDC formed Merger Sub for the sole purpose of engaging in the Transactions (as
defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, subject to
the terms and conditions set forth herein, Stagwell and MDC desire to combine the Stagwell Subject Entities with MDC in a series
of transactions involving the following steps (collectively, the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Transactions</U>&rdquo;</FONT>):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to (A) the Stagwell Contribution, Stagwell will use its reasonable best efforts to undertake the Stagwell Restructuring
(as defined below); and (B) the Redomiciliation, MDC will undertake the MDC Pre-Redomiciliation Restructuring (as defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>At
least three (3) Business Days prior to the Closing, (A) MDC will domesticate to the State of Delaware and become a Delaware
corporation in accordance with Section 388 of the General Corporation Law of the State of Delaware (the
 &ldquo;<U>DGCL</U>&rdquo;) by filing a Certificate of Domestication (as defined below) with the Secretary of State of the
State of Delaware (the &ldquo;<U>Secretary of State</U>&rdquo;) and discontinue as a Canadian corporation pursuant to a
continuance effected in accordance with Section 188 of the <I>Canada Business Corporations Act</I> (the
 &ldquo;<U>CBCA</U>&rdquo;), (B) in connection with such domestication, MDC will (1) adopt a certificate of incorporation in
the form attached hereto as <U>Exhibit G</U> (with such other changes as the parties may mutually agree, the &ldquo;<U>MDC
Delaware Certificate of Incorporation</U>&rdquo;), which shall set forth, among other things, that the holders of the MDC
Delaware Series 6 Shares shall be entitled to vote on the MDC Merger as a single class with the holders of the MDC Delaware
Class A Shares and the MDC Delaware Class B Shares, and file the MDC Delaware Certificate of Incorporation with the Secretary
of State together with the MDC Delaware Certificate of Domestication and (2) adopt bylaws in the same form as the New MDC
Bylaws (as defined below) (with such other changes as parties may mutually agree, the &ldquo;<U>MDC Delaware
Bylaws</U>&rdquo;), and (C) in connection with such domestication, MDC will obtain a certificate of discontinuance from the
director appointed under Section 260 of the CBCA (the transactions described in the foregoing clauses (A), (B) and (C),
collectively, the &ldquo;<U>Redomiciliation</U>&rdquo;);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At least one (1) Business Day after completion of the Redomiciliation and at least two (2) Business Days prior to the Closing,
MDC will undertake the Maxxcom Restructuring (as defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At least one (1) Business Day following the Maxxcom Restructuring and at least one (1) Business Day prior to the Closing,
(A) New MDC shall convert into a Delaware corporation (the &ldquo;<U>New MDC Incorporation</U>&rdquo;) pursuant to the DGCL and
file with the Secretary of State (1) a certificate of conversion to a Delaware corporation and (2) a certificate of incorporation
in the form attached hereto as <U>Exhibit A</U> (with such changes as the parties may mutually agree, the &ldquo;<U>New MDC Certificate
of Incorporation</U>&rdquo;); and (B) MDC will, and will cause New MDC to, adopt the bylaws of New MDC in the form attached hereto
as <U>Exhibit B</U> (with such changes as the parties may mutually agree, the &ldquo;<U>New MDC Bylaws</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately following, and on the same day as, the New MDC Incorporation, Merger Sub will merge with and into MDC, with
MDC surviving as a direct and wholly-owned Subsidiary of New MDC (the &ldquo;<U>MDC Merger</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately following, and on the same day as, the MDC Merger, MDC will effect the MDC Conversion (as defined below) and
convert into a Delaware limited liability company, OpCo (as defined below), pursuant to the Delaware Limited Liability Company
Act (the &ldquo;<U>DLLCA</U>&rdquo;) and the DGCL, and with New MDC as the then-sole member of OpCo, and OpCo will adopt and thereafter
be governed by a limited liability company operating agreement in a form reasonably satisfactory to Stagwell (the &ldquo;<U>Initial
OpCo Operating Agreement</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately following the MDC Conversion, New MDC shall cause OpCo to consummate the Midas Corporate HoldCo Formation (as
defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At least one (1) Business Day following the Midas Corporate HoldCo Formation, at the Closing, Stagwell shall consummate
the Stagwell Contribution (as defined below) in exchange for the Stagwell Contribution Consideration (as defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on the date
hereof, MDC obtained the consent of Stagwell Agency Holdings LLC (&ldquo;<U>SAH</U>&rdquo;), in its capacity as the holder of all
of the issued and outstanding Series 6 convertible preference shares of MDC (the &ldquo;<U>MDC Series 6 Preferred Shares</U>&rdquo;)
pursuant to the Securities Purchase Agreement by and between MDC and SAH, dated as of March 14, 2019, and the articles of amendment,
filed on March 14, 2019 , designating the Series 6 convertible preference shares of MDC (the &ldquo;<U>MDC Series 6 Preferred</U>
Shares&rdquo;), to MDC&rsquo;s entry into the Transactions and certain related waivers (such consent and waivers, the &ldquo;<U>Stagwell
Consent</U>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on the date
hereof, MDC obtained the consent of Broad Street Principal Investments, L.L.C. (&ldquo;<U>Broad Street</U>&rdquo; and together
with its Affiliates, &ldquo;<U>Goldman Sachs</U>&rdquo;), pursuant to the Securities Purchase Agreement by and between MDC and
Broad Street, dated as of February 14, 2017, and the articles of amendment, filed on March 7, 2017, designating the Series 4 convertible
preference shares of MDC (the &ldquo;<U>MDC Series 4 Preferred Shares</U>&rdquo;), to MDC&rsquo;s entry into the Transactions and
certain related waivers, subject to documentation of certain agreed upon terms (such consent and waivers, the &ldquo;<U>Goldman
Consent</U>&rdquo;);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on the date
hereof, MDC obtained the agreement of the holders of a majority in aggregate principal amount of the outstanding Senior Notes (as
defined below), pursuant to those certain consent and support agreements entered into on the date hereof (the &ldquo;<U>Note Consent
Agreements</U>&rdquo;), to, <I>inter alia</I>, deliver a valid consent in respect of the Senior Notes held by each such holder
to certain waivers and amendments to the Senior Notes Indenture (as defined below) relating to the Transactions pursuant to a formal
consent solicitation (the &ldquo;<U>Consent Solicitation</U>&rdquo;, and such consent, the &ldquo;<U>Senior Note Consent</U>&rdquo;)
to be launched by MDC on or after the date hereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on November
13, 2020, Stagwell Marketing Group LLC, a Delaware limited liability company and wholly-owned subsidiary of SMGH (&ldquo;<U>Stagwell
Marketing Group</U>&rdquo;), and certain material direct and indirect domestic subsidiaries of Stagwell Marketing Group entered
into the Second Stagwell Credit Agreement Amendment (as defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on November
13, 2020, Stagwell Marketing Group and certain material direct and indirect domestic subsidiaries of Stagwell Marketing Group entered
into the Term Loan Credit Agreement (as defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on June 25,
2020, Stagwell delivered a preliminary, non-binding letter to the board of directors of MDC (the &ldquo;<U>MDC Board</U>&rdquo;)
proposing to combine the Stagwell Subject Entities and MDC (the &ldquo;<U>Proposed Transaction</U>&rdquo;) and indicating that
the entry into definitive documentation for the Proposed Transaction would be subject to the approval of such definitive documentation
and the Proposed Transaction by a committee of disinterested non-management members of the MDC Board;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the MDC Board
thereafter constituted the MDC Special Committee (as defined below) and vested the MDC Special Committee with the full and exclusive
power and authority of the MDC Board to review strategic alternatives available to MDC and/or maintaining the status quo, and charged
the MDC Special Committee with, among other things, considering, reviewing and evaluating and, if the MDC Special Committee deemed
it appropriate, (A) negotiating the terms and conditions of the Proposed Transaction and (B) retaining advisors to assist the MDC
Special Committee in relation to the Proposed Transaction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the MDC Special
Committee and its financial and legal advisors negotiated the terms and conditions of this Agreement and the Transactions with
Stagwell and its financial and legal advisors;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the MDC Special
Committee unanimously (i) determined that it is in the best interests of MDC and its shareholders (other than Mark Penn, Stagwell,
Goldman and their respective Affiliates (other than MDC and its Subsidiaries) (collectively, the &ldquo;<U>Interested Shareholders</U>&rdquo;)),
and declared it advisable, to recommend that MDC enter into this Agreement and consummate the Transactions, (ii) recommended that
the MDC Board approve the execution, delivery and performance by MDC of this Agreement and the consummation of the Transactions,
and (iii) resolved, subject to the MDC Board approving the execution, delivery and performance by MDC of this Agreement and the
consummation of the Transactions, to recommend to the MDC Board that it recommend the shareholders of MDC approve the Transaction
Resolutions (as defined below);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the MDC
Board, acting upon the unanimous recommendation of the MDC Special Committee, has unanimously (<FONT STYLE="font-family: Times New Roman, Times, Serif">with
Mark Penn, Charlene Barshefsky and Bradley Gross abstaining from voting on, or participating in any deliberations with
respect to the Transactions) </FONT>(i) determined that it is in the best interests of MDC and its shareholders (other than
the Interested Shareholders), and declared it advisable, to enter into this Agreement and consummate the Transactions, (ii)
approved the execution, delivery and performance by MDC of this Agreement and the consummation of the Transactions, and (iii)
resolved to recommend that the shareholders of MDC vote for the Transaction Resolutions; and</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Stagwell
Group, in its capacity as the sole general partner of Stagwell, has (a) determined that it is in the best interests of Stagwell
and its limited partners, and declared it advisable, to enter into this Agreement and (b) approved the execution, delivery and
performance by Stagwell of this Agreement and the consummation of the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the foregoing and the representations, warranties, covenants and agreements contained in this Agreement, and for
other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Stagwell, MDC, New MDC and Merger Sub
hereby agree as follows:</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
1<FONT STYLE="font-size: 10pt"><BR>
DEFINITIONS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used herein, the following terms have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>A&amp;R OpCo
Operating Agreement</U>&rdquo; means the amended and restated limited liability company agreement of OpCo, substantially in the
form attached hereto as <U>Exhibit D</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Affiliate</U>&rdquo;
means, as to any Person, any other Person which, directly or indirectly, controls, or is controlled by, or is under common control
with, such Person. <FONT STYLE="background-color: white">For purposes of this definition, the term &ldquo;control&rdquo; (including
the terms &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;) means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by Contract or otherwise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Ancillary Agreements</U>&rdquo;
means, collectively, the following agreements: (i) the A&amp;R OpCo Operating Agreement, (ii) the Registration Rights Agreement,
(iii) the Tax Receivables Agreement and (iv) the Information Rights Letter Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Anti-Bribery
Law</U>&rdquo; means all and any of the following: the United States Foreign Corrupt Practices Act of 1977, as amended; the UK
Bribery Act 2010; the Organisation For Economic Co-operation and Development Convention on Combating Bribery of Foreign Public
Officials in International Business Transactions and related implementing legislation; and any other applicable anti-bribery or
anti-corruption, related provisions in criminal and anti-competition laws and/or anti-bribery, anti-corruption, campaign finance,
lobbying and/or anti-money laundering laws, including the PRC Criminal Law and the PRC Anti-Unfair Competition Law, the Foreign
Corrupt Practices Act of 1977, as amended, and the Corruption of Foreign Public Officials Act (Canada).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Business Combination
Resolution</U>&rdquo; means the resolutions required to be approved by MDC Shareholders authorizing and approving the steps of
the Transactions required to be authorized or approved by MDC Shareholders, other than the Redomiciliation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Business Day</U>&rdquo;
means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required
by applicable Law to close.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Canadian Tax
Act</U>&rdquo; means the Income Tax Act (Canada), as amended, including the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>CARES Act</U>&rdquo;
means the Coronavirus Aid, Relief, and Economic Security Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Closing Date</U>&rdquo;
means the date on which the Stagwell Contribution occurs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended, and any successor provision of US federal law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Competition Act</U>&rdquo; means
the <I>Competition Act</I>, R.S.C. 1985, c. C-34 as amended, including the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Contract</U>&rdquo; means any
written or oral contract, subcontract, license, sublicense, lease, sublease, agreement, instrument, indenture, purchase order,
note, bond, mortgage, debenture or other legally binding commitment, arrangement or undertaking of any nature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>COVID-19</U>&rdquo;
means SARS-CoV-2 or COVID-19, and any evolutions or mutations thereof or related or associated epidemics, pandemics or disease
outbreaks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>COVID-19 Measures</U>&rdquo;
means any quarantine, &ldquo;shelter in place,&rdquo; &ldquo;stay at home,&rdquo; workforce reduction, social distancing, shut
down, closure, sequester, workplace safety or similar Law, directive, order, guidelines or recommendations promulgated by any industry
group, health organization or any Governmental Entity, including the Centers for Disease Control and Prevention and the World Health
Organization, in each case, in connection with or in response to COVID-19, including the CARES Act and Families First Coronavirus
Response Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Credit Agreement
Liens</U>&rdquo; means Liens arising under, as applicable, the Stagwell Credit Agreement, the MDC Credit Agreement, the Term Loan
Credit Agreement or documents entered into in connection therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Data
Protection Laws</U>&rdquo; means all Laws related to the Processing, privacy, protection or security of Personal Data and all
regulations and guidance issued thereunder, including consumer protection, direct marketing and employee protection Laws, in
each case to the extent they concern privacy or Personal Data protection, including the Federal Trade Commission Act, 15
U.S.C. &sect;&sect; 41&ndash;58; the Gramm-Leach-Bliley Act, 113 Stat. 1338 (&ldquo;<U>Gramm-Leach-Bliley</U>&rdquo;); the
California Consumer Privacy Act, Cal. Civ. Code &sect; 1789.100 et seq.; the Illinois Biometric Information Privacy Act, 740
ILCS 14/1; the Children's Online Privacy Protection Act of 1998, 15 U.S.C. &sect;&sect; 6501&ndash;6505; U.S. state and
territory personal data breach notification laws; the European Union General Data Protection Regulation 2016/679
(&ldquo;<U>GDPR</U>&rdquo;); NY SHIELD Act, N.Y. Gen. Bus. L. Section &sect; 899-BB; the Massachusetts Security Standards,
201 CMR 17; ISO 27001; the US NIST Framework; the EU NIS Directive, EU 2016/1148; the UK Data Protection Act 1998; and the
most recent Payment Card Industry Data Security Standards; the Personal Information Protection and Electronic Documents Act
(Canada); An Act to Promote the Efficiency and Adaptability of the Canadian Economy by Regulating <I>&#8206;Certain
Activities that Discourage Reliance on Electronic Means of Carrying out Commercial &#8206;</I>Activities, and to Amend the
Canadian Radio-television and Telecommunications Commission <I>&#8206;Act, the Competition Act, the Personal Information
Protection and Electronic Documents Act &#8206;</I>and the Telecommunications Act (Canada); the Personal Information
Protection Act (Alberta); the Personal Information Protection Act (British Columbia); and Act respecting the protection of
personal information in the private sector (Quebec); in each case as the same may be amended, restated, amended and restated,
supplemented or modified from time to time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Debt Transactions</U>&rdquo;&nbsp;means,
collectively, the MDC Credit Agreement Termination and the Debt Financing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Dissenting
MDC Shareholder</U>&rdquo;&nbsp;means a registered holder of MDC Common Shares or MDC Preferred Shares, as applicable, who has
duly and validly exercised the Dissent Rights in respect of the Transaction Resolutions (to the extent such Dissent Rights are
required to be provided in by the CBCA in respect of any of the Transaction Resolutions) in strict compliance with the Dissent
Rights and who has not withdrawn or been deemed to have withdrawn such exercise of Dissent Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Dissenting
MDC Shares</U>&rdquo; means the MDC Common Shares or the MDC Preferred Shares, as applicable, held by Dissenting MDC Shareholders
in respect of which such Dissenting MDC Shareholders have given Notice of Dissent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>ERISA</U>&rdquo;
means the Employee Retirement Income Security Act of 1974, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>ERISA Affiliate</U>&rdquo;
means, with respect to any entity, trade or business, any other entity, trade or business that is a member of a group described
in Section 414(b), (c), (m) or (o) of the Code or Section 4001(b)(1) of ERISA that includes the first entity, trade or business,
or that is a member of the same &ldquo;controlled group&rdquo; as the first entity, trade or business pursuant to Section 4001(a)(14)
of ERISA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Export Laws</U>&rdquo;
means all applicable Laws relating to export control, trade embargoes, and customs regulations, and any and all regulations and
orders promulgated or issued under such authority, including the regulations administered by any of the Office of Foreign Assets
Control of the U.S. Department of the Treasury, any other agency of the US government, the United Nations, the European Union or
any member state thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Formal Valuation</U>&rdquo;
means the independent formal valuation required to be obtained in connection with the Transactions pursuant to MI 61-101.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>GAAS</U>&rdquo;
means generally accepted auditing standards in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Governmental
Entity</U>&rdquo; means any nation, state or province or any municipal or other political subdivision thereof, or any agency, commission,
department, board, bureau, minister, tribunal or court, whether national, state, provincial, local, foreign or multinational (to
the extent that the rules, regulations or orders of such Person has the force of Law), exercising executive, legislative, judicial,
taxing, regulatory or administrative functions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>HSR Act</U>&rdquo;
means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Information
Rights Letter Agreement</U>&rdquo; means the letter agreement, to be executed and delivered as of the Closing Date, substantially
in the form attached hereto as <U>Exhibit C</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Intellectual
Property</U>&rdquo; means collectively, all intellectual property rights in any jurisdiction, whether registered or
unregistered, including such rights in and to patents, know-how, trade secrets, inventions, confidential information,
trademarks, service marks, corporate names, trade names, social media accounts, Internet domain names, copyrights and works
of authorship, designs and databases, trade names and software.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Investment
Canada Act</U>&rdquo; means the <I>Investment Canada Act</I>, R.S.C. 1985, c. 28 (1st Supp.), as amended, including the regulations
promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Investment
Canada Act Approval</U>&rdquo; means the satisfaction or deemed satisfaction by the Minister of Canadian Heritage under the Investment
Canada Act that the Proposed Transaction is likely to be of &ldquo;net benefit to Canada&rdquo; for purposes of the Investment
Canada Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Law</U>&rdquo;
means any <FONT STYLE="font-family: Times New Roman, Times, Serif">supranational, national, </FONT>federal, state, provincial,
territorial or local law (statutory, common or otherwise), constitution, treaty, ordinance, code, rule, regulation, order, injunction,
judgment, decree, rule of law or other similar requirement enacted, adopted, or promulgated by a Governmental Entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Lien</U>&rdquo;
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest, right of first refusal, claim, easement,
encroachment or other similar encumbrance in respect of such asset.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Maxxcom</U>&rdquo;
means Maxxcom Inc., a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC 10-K</U>&rdquo;
means MDC&rsquo;s annual report on Form 10-K for the fiscal year ended December 31, 2019 filed on March 15, 2020, as amended by
Amendment No. 1 filed on April 29, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Audited
Financial Statements</U>&rdquo; means the audited consolidated financial statements consisting of the consolidated balance sheets
and the related consolidated statements of operations, and stockholders&rsquo; equity (deficit) and cash flows of MDC and its Subsidiaries,
as of and for the fiscal years ended December 31, 2019 and December 31, 2018 (including, in each case, any related notes thereto
and the related reports of the independent public accountants) included in the MDC SEC Documents prior to the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Balance
Sheet</U>&rdquo; means the audited consolidated balance sheet of MDC as of December 31, 2019 (the &ldquo;<U>MDC Audited Balance
Sheet Date</U>&rdquo;), and the footnotes thereto set forth in the MDC 10-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Benefit
Plan</U>&rdquo; means each &ldquo;employee benefit plan&rdquo; (as defined in Section 3(3) of ERISA), whether or not subject to
ERISA, and each bonus, stock option, stock appreciation right, restricted stock, restricted stock unit, phantom right, incentive
unit, stock purchase, or other stock- or equity-based, profit sharing, savings, disability, incentive, deferred compensation, retirement,
pension, severance, employment, consulting, retention, change in control, medical, vision, dental or other health plans, life insurance,
employee assistance, relocation benefits, post-employment retirement benefits, unemployment benefits, disability or sick leave
benefits, workers&rsquo; compensation benefits, vacation, fringe benefit or other employee benefit or compensation plans, programs,
arrangements, Contracts or policies, in each case, whether funded or unfunded, written or unwritten, insured or self-insured, maintained
or contributed to, or required to be maintained or contributed to, for the benefit of, or relating to, any MDC Participant (or
their beneficiaries or dependents), or with respect to which MDC or any MDC Subsidiary could have any liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Class A
Shares</U>&rdquo; means, prior to the Redomiciliation, the Class A subordinate voting shares, no par value, of MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Class B
Shares</U>&rdquo; means, prior to the Redomiciliation, the Class B multiple voting shares, no par value, of MDC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Common
Shares</U>&rdquo; means, collectively, the MDC Class A Shares and the MDC Class B Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Credit
Agreement</U>&rdquo; means the Second Amended and Restated Credit Agreement, dated as of May&nbsp;3,&nbsp;2016, by and among MDC,
Maxxcom, the subsidiaries of MDC and Maxxcom party thereto, Wells Fargo, as agent, and the lenders from time to time party thereto,
as amended by the Consent and First Amendment to the Second Amended and Restated Credit Agreement, dated as of March 12, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Data Protection
Commitments</U>&rdquo; means (i) MDC and the MDC Subsidiaries&rsquo; data privacy and security policies and notices relating to
Personal Data published on MDC or the MDC Subsidiaries&rsquo; websites or otherwise made available by or on behalf of MDC or the
MDC Subsidiaries to any Person who is not an employee of MDC or the MDC Subsidiaries, (ii) any other public representations (including
representations on MDC and the MDC Subsidiaries&rsquo; websites) relating to MDC or the MDC Subsidiaries&rsquo; Processing of Personal
Data made by or on behalf of MDC or any MDC Subsidiary, (iii) any Contracts between MDC or an MDC Subsidiary, on the one hand,
and a third party, on the other hand, relating to the Processing of Personal Data, and (iv) any privacy choices (including opt-in
and opt-out preferences) provided by or on behalf of MDC or any MDC Subsidiary to any individuals and the associated choices made
by such individuals and communicated to MDC or the MDC Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Delaware
Class A Common Stock</U>&rdquo; means, following the Redomiciliation but prior to the MDC Merger, the Class A common stock, no
par value, of MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Delaware
Class B Common Stock</U>&rdquo; means, following the Redomiciliation but prior to the MDC Merger, the Class B common stock, no
par value, of MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Delaware
Common Stock</U>&rdquo; means, following the Redomiciliation but prior to the MDC Merger, collectively, the MDC Delaware Class
A Common Stock and the MDC Delaware Class B Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Delaware
Preferred Stock</U>&rdquo; means, following the Redomiciliation but prior to the MDC Merger, collectively, the MDC Delaware Series
4 Preferred Stock and the MDC Delaware Series 6 Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Delaware
Series 4 Preferred Stock</U>&rdquo; means, following the Redomiciliation but prior to the MDC Merger, the Series 4 convertible
preferred stock, no par value, of MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Delaware
Series 6 Preferred Stock</U>&rdquo; means, following the Redomiciliation but prior to the MDC Merger, the Series 6 convertible
preferred stock, no par value, of MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Delaware
Stockholder</U>&rdquo; means, following the Redomiciliation but prior to the MDC Merger, the holders of any shares of MDC Delaware
Common Stock or MDC Delaware Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Financing
Arrangements</U>&rdquo; means the 6.50% senior notes due 2024 issued by MDC pursuant to an indenture dated as of March 23, 2016,
as the same may be amended, replaced, supplemented from time to time, and any debt finance arrangements, including further notes
or a bridge loan facility, entered into in accordance with <U>Section 6.01</U> on or prior to the Closing Date in order to refinance
such senior notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Incentive
Award</U>&rdquo; means any stock option, stock appreciation right, restricted stock, growth shares, restricted stock unit or other
equity, equity-based or equity-related award with respect to MDC Common Shares granted pursuant to the MDC Stock Plans or as a
stand-alone award, separate and apart from the MDC Stock Plans.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC IT or Security
Incident</U>&rdquo; means any breach or unintended interruption of the availability, proper functioning, security, confidentiality,
or integrity of MDC IT Systems, or any unauthorized access to or breach, misuse, theft or loss of any Personal Data Processed by
or on behalf of MDC or any of the MDC Subsidiaries or of MDC-Related Confidential Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC IT Systems</U>&rdquo;
means the information and communications technologies used by or on behalf of MDC or the MDC Subsidiaries, including hardware,
software, servers, networks, and associated documentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Material
Adverse Effect</U>&rdquo; means, with respect to MDC, any fact, circumstance, occurrence, event, development, change or condition
(each, an &ldquo;<U>Effect</U>&rdquo;), either individually or together with one or more other contemporaneously existing Effects,
that has been materially adverse to the business, financial condition, assets, Liabilities or results of operation of MDC and the
MDC Subsidiaries, taken as a whole; <I>provided</I>, that, any such Effect (or combination thereof) shall not be considered in
determining whether an MDC Material Adverse Effect has occurred to the extent it results from (A) Effects generally affecting the
economy, the financial or securities markets, or political, legislative or regulatory conditions, in each case in the United States
or elsewhere in the world where MDC or any of the MDC Subsidiaries conducts business, (B) Effects in the industries in which MDC
or any of the MDC Subsidiaries conducts business, (C) any adoption, implementation, promulgation, repeal, modification, reinterpretation
or proposal of any rule, regulation, ordinance, order, protocol or any other Law of or by any national, regional, state or local
Governmental Entity, or market administrator, (D) any changes in GAAP or accounting standards or interpretations thereof, (E) any
hurricane, tornado, flood, earthquake or other weather or natural disaster, (F) any Effects resulting from hostilities or acts
of war (whether or not declared), civil disobedience, terrorism, military actions, geopolitical conditions or any escalation or
worsening of the foregoing, (G) any epidemic, pandemic or disease outbreak (including COVID-19 or any COVID-19 Measures), or other
public health condition, or any other force majeure event, (H) the announcement or the existence of this Agreement or the Transactions
or the compliance with or performance of this Agreement, (I) any taking of any action at the specific written request of Stagwell,
(J) any failure by MDC to meet any financial projections or forecasts or estimates of revenues, earnings or other financial metrics
for any period (provided that the exception in this clause (J) shall not prevent or otherwise affect a determination that any Effect
underlying such failure has resulted in an MDC Material Adverse Effect so long as it is not otherwise excluded by this definition)
or (K) any changes in the share price or trading volume of the MDC Class A Shares or in MDC&rsquo;s credit rating (provided that
the exception in this clause (K) shall not prevent or otherwise affect a determination that any Effect underlying such change has
resulted in an MDC Material Adverse Effect so long as it is not otherwise excluded by this definition)&#894; except, in each case
with respect to subclauses (A) through (G), to the extent that such Effect disproportionately affects MDC and the MDC Subsidiaries,
taken as a whole, relative to other similarly situated companies in the industry in which MDC and the MDC Subsidiaries operate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>MDC Merger Approval</U>&rdquo; means the affirmative
vote, at a duly called and held meeting of the stockholders of MDC or by written consent, of holders of a majority of the voting
power of the MDC Delaware Class A Common Stock, MDC Delaware Class B Common Stock and MDC Delaware Series 6 Preferred Stock, voting
together as a single class, following the Redomiciliation Effective Time, approving the adoption of the Transaction Agreement and
the Transactions, including the MDC Merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>MDC Merger Resolutions</U>&rdquo; means a
resolution that each of MDC and The Stagwell Group LLC (each, a &ldquo;<U>Proxyholder</U>&rdquo;) be granted a proxy, acting
singly, with respect to the holders of MDC Delaware Common Stock and the MDC Delaware Series 6 Preferred Stock to vote in
favor of, or consent to, the approval and adoption of this Agreement and the Transactions, including the MDC Merger, which
proxy (A) shall survive until the earlier of (1) the termination of this Agreement in accordance with its terms and (2) the
effectiveness of a consent voting such shares of MDC Delaware Common Stock and MDC Delaware Series 6 Preferred Stock to
approve and adopt this Agreement and the Transactions and (B) with respect to MDC, shall be granted conditional on MDC, in
its capacity as Proxyholder, irrevocably committing to vote such shares of MDC Delaware Common Stock and MDC Delaware Series
6 Preferred Stock to approve and adopt this Agreement and the Transactions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Participant</U>&rdquo;
means any current or former director, officer, employee, contractor or consultant of MDC or any MDC Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>&ldquo;MDC Pre-Closing
Taxes</U>&rdquo; means any Taxes of MDC or any of its Subsidiaries relating to or attributable to any Pre-Closing Tax Period, including
any Taxes resulting from the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Preferred
Shares</U>&rdquo; means, collectively the MDC Series 4 Preferred Shares and the MDC Series 6 Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC-Related
Confidential Information</U>&rdquo; means any (i) confidential information of MDC or the MDC Subsidiaries, whether held by MDC,
the MDC Subsidiaries or a third-party, and (ii) any confidential information of any third-party that is held by or on behalf of
MDC or the MDC Subsidiaries and as to which MDC or the MDC Subsidiaries has contractual or other legal confidentiality obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC SEC Documents</U>&rdquo;
means all forms, reports, schedules, registration statements, definitive proxy statements and other documents, including all exhibits
thereto, required to be filed by MDC with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Shareholder</U>&rdquo;
means, prior to the Redomiciliation, the holders of any MDC Common Shares or MDC Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Shareholder
Approval</U>&rdquo; means the MDC Special Meeting Approval and the MDC Merger Approval, collectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Special
Meeting Approval</U>&rdquo; means the required affirmative vote, at a duly called and held meeting of MDC Shareholders for the
purpose of approving the Transaction Resolutions, of not less than the following votes cast by MDC Shareholders (present in person
or by proxy at the Special Meeting): (i) in respect of the Redomiciliation Resolution, 66 2/3% of the votes cast by the MDC Shareholders,
voting as a single class; (ii) in respect of the Business Combination Resolutions, 66 2/3% of the votes cast by the holders of
MDC Class A Shares and MDC Class B Shares, voting together as a single class; (iii) in respect of the Transaction Resolutions,
pursuant to MI 61-101, a simple majority of the votes cast by the holders of each of the MDC Class A Shares, MDC Class B Shares,
and each class of outstanding MDC Preferred Shares, in each instance voting separately as a class (unless relief or approval is
obtained from the applicable securities regulatory authorities to permit voting as a single class), excluding the votes cast by
 &ldquo;interested parties&rdquo; for purposes of MI 61-101 or any votes otherwise excluded for purposes of the &ldquo;minority
approval&rdquo; determined pursuant to MI 61-101; (iv) in respect of the NASDAQ Resolution, a majority of the votes cast by the
holders of MDC Class A Shares and MDC Class B Shares, voting together as a single class, (v) in respect of the MDC Merger Resolutions,
by holders of a majority of the voting power represented by the issued and outstanding MDC Delaware Class A Shares, MDC Delaware
Class B Shares and MDC Delaware Series 6 Preferred Stock, voting together as a single class, and (vi) if required in respect of
the Transaction Resolutions, the votes necessary to obtain &ldquo;minority approval&rdquo; as such term is defined in OSC Rule
56-501 - <I>Restricted Shares</I>, unless exemptive relief is obtained from the applicable securities regulatory authorities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Special
Committee</U>&rdquo; means the special committee of the MDC Board comprised of four independent (within the meaning of applicable
securities Laws, including MI 61-101, and NASDAQ rules) directors constituted by the MDC Board in connection with the Proposed
Transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Stock Plans</U>&rdquo;
means the MDC Partners Inc. Stock Appreciation Rights Plan, the MDC Partners Inc. 2005 Stock Incentive Plan, as amended, the MDC
Partners Inc. 2008 Key Partner Incentive Plan, the MDC Partners Inc. 2011 Stock Incentive Plan and the MDC Partners Inc. 2016 Stock
Incentive Plan, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Unaudited
Balance Sheet</U>&rdquo; means the unaudited condensed consolidated balance sheet of MDC and its Subsidiaries as of September 30,
2020 included in the MDC SEC Documents prior to the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MDC Unaudited
Financial Statements</U>&rdquo; means the unaudited condensed consolidated financial statements of MDC and its Subsidiaries consisting
of the MDC Unaudited Balance Sheet and all of the related condensed consolidated statements of income and comprehensive income,
cash flows and equity of MDC and its Subsidiaries as of and for the nine (9) months ended September 30, 2020 (including, in each
case, any related notes thereto), included in the SEC Documents prior to the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>MI 61-101</U>&rdquo;
means Multilateral Instrument 61-101 &ndash; Protection of Minority Security Holders in Special Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>NASDAQ</U>&rdquo;
means The NASDAQ Stock Market LLC, or any successor thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>NASDAQ Resolution</U>&rdquo; means the resolutions
required to be approved by MDC Shareholders authorizing and approving the issuance of (i) the MDC Delaware Series 6 Preferred Shares
and (ii) the New MDC Class C Shares, each in accordance with NASDAQ Listing Rule 5635</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Net Debt</U>&rdquo;
means, as of any date and without duplication, the amount, which may be positive or negative, and which shall be calculated in
accordance with the sample calculation set forth on <U>Schedule VII</U> (including with respect to any line items, adjustments
and/or exclusions contained therein) equal to (i)&nbsp;the sum of, whether matured, unmatured, liquidated, unliquidated, contingent
or otherwise, (A) the principal of, and accrued and unpaid interest in respect of, indebtedness of the Stagwell Subject Entities
for money borrowed under the Stagwell Credit Agreement or the Term Loan Credit Agreement; (B) the book value of all obligations
of the Stagwell Subject Entities as the deferred purchase price of any property, services, assets, securities or business, including
all conditional sale obligations, &ldquo;earn-outs&rdquo; or other contingent consideration of any Stagwell Subject Entities (whether
owed or payable to any seller, equityholder, director, officer, employee or other Person other than, in each case, a minority equityholder
of Targeted Holdings, LLC in connection with a change of control); and (C) all fees, costs and expenses (including fees, costs
and expenses of legal counsel, investment bankers, brokers or other representatives and consultants) incurred by and due from any
of the Stagwell Subject Entities in connection with the negotiation, execution, delivery and consummation of this Agreement, and
which are unpaid as of the Closing, in each instance set forth in (A) and (B), calculated in accordance with GAAP, less (ii)&nbsp;the
sum of (A) the cash and cash equivalents (excluding Restricted Cash) held by the Stagwell Subject Entities and (B) the book value
of any unconsolidated equity interests of the Stagwell Subject Entities in any Person, including Wolfgang, LLC and Finn Partners,
in each case, as of such date and calculated in accordance with GAAP; <I>provided</I>, <I>however, </I>that for purposes of this
definition, the &ldquo;Stagwell Subject Entities&rdquo; shall exclude each of TrueLogic Software LLC and Kettle Solutions, LLC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Class
A Common Stock</U>&rdquo; means, following the Redomiciliation and the MDC Merger, the Class A common stock, no par value, of New
MDC, authorized pursuant to the New MDC Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Class
B Common Stock</U>&rdquo; means, following the Redomiciliation and the MDC Merger, the Class B common stock, no par value, of New
MDC, authorized pursuant to the New MDC Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Class
C Common Stock</U>&rdquo; means, following the Redomiciliation and the MDC Merger, the Class C common stock, no par value, of New
MDC, authorized pursuant to the New MDC Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Common
Stock</U>&rdquo; means, collectively, the New MDC Class A Common Stock, the New MDC Class B Common Stock and the New MDC Class
C Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Pre-Closing
Taxes</U>&rdquo; means (without duplication of any MDC Pre-Closing Taxes) any Taxes of New MDC or any of its Subsidiaries relating
to or attributable to any Pre-Closing Tax Period, including any Taxes resulting from the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Preferred
Stock</U>&rdquo; means, collectively, the New MDC Series 4 Preferred Stock and the New MDC Series 6 Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Series
4 Preferred Stock</U>&rdquo; means, following the Redomiciliation and the MDC Merger, the Series 4 convertible preferred stock,
no par value, of New MDC, authorized pursuant to the New MDC Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>New MDC Series
6 Preferred Stock</U> means, following the Redomiciliation and the MDC Merger, the Series 6 convertible preferred stock, no par
value, of New MDC, authorized pursuant to the New MDC Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Notice of Dissent</U>&rdquo;
means a notice of dissent duly and validly given by a registered holder of MDC Common Shares or MDC Preferred Shares, as applicable,
exercising Dissent Rights as described in <U>Section 2.11</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Official</U>&rdquo;
means any official, employee or representative of, or any other Person acting in an official capacity for or on behalf of, any
Governmental Entity, including any entity owned or controlled by or more Governmental Entities, any political party, party official
or political candidate, or any public international organization, or any family member thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>OpCo</U>&rdquo;
means, immediately following the consummation of the MDC Conversion, the successor in interest to MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>OpCo Common
Units</U>&rdquo; means the common membership interests of OpCo.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>OpCo Series
4 Preferred Units</U>&rdquo; means the Series 4 convertible preferred membership interests of OpCo to be issued in connection with
the MDC Conversion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>OpCo Series
6 Preferred Units</U>&rdquo; means the Series 6 convertible preferred membership interests of OpCo to be issued in connection with
the MDC Conversion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Open Source
Software</U>&rdquo; means any software that is licensed, distributed or conveyed as &ldquo;open source software,&rdquo; &ldquo;free
software,&rdquo; &ldquo;copyleft&rdquo; or under a similar licensing or distribution model, or under a Contract that requires as
a condition of its use, modification or distribution that it, or other software into which such software is incorporated or with
which such software is combined or distributed or that is derived from or links to such software, be disclosed or distributed in
source code form, licensed for the purpose of making derivative works, delivered, conveyed or licensed at no charge or be licensed,
distributed or conveyed under some or all of the terms as such Contract (including software licensed under the GNU General Public
License (GPL), GNU Lesser General Public License (LGPL), Mozilla Public License (MPL), BSD licenses, Microsoft Public License,
Microsoft Reciprocal, Common Public License, Artistic License, Netscape Public License, Sun Community Source License (SCSL), Sun
Industry Standards License (SISL), Apache License and any license listed at www.opensource.org).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Partnership
Audit Rules</U>&rdquo; means Subchapter C of Chapter 63 of the Code and any subsequent amendment (and any Treasury Regulations
or other guidance relating) thereto and, in each case, any analogous provisions of state, local and non-U.S. Law governing the
preparation and filing of Tax Returns, interactions with tax authorities, the conduct and resolution of examinations by tax authorities
and payment of resulting Tax liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Permitted Liens</U>&rdquo;
means (i) Liens reserved against or identified in the MDC Balance Sheet or the Stagwell Balance Sheet, as the case may be, to the
extent so reserved or reflected or described in the notes thereto, (ii) Liens for Taxes not yet due and payable and for which sufficient
reserves have been established in accordance with GAAP, (iii) Credit Agreement Liens; (iv) mechanics, carriers&rsquo;, workmen&rsquo;s,
repairmen&rsquo;s or other like Liens arising or incurred in the ordinary course of business; and (v) those Liens that, individually
or in the aggregate with all other Permitted Liens, do not, and are not reasonably likely to, materially interfere with the use
or value of the properties or assets of MDC and its Subsidiaries or the Stagwell Subject Entities, as the case may be, taken as
a whole.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Person</U>&rdquo;
means an individual, corporation, partnership, joint venture, association, trust, unincorporated organization, limited liability
company or governmental or other entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Personal Data</U>&rdquo;
means any data or information that identifies, relates to, describes, is reasonably capable of being associated with, or could
reasonably be linked, directly or indirectly, with a particular consumer or household, or any other data or information that constitutes
personal data, personally identifiable information, personal information or a similar defined term under any Law relating to privacy,
data protection or data security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Pre-Closing
Tax Period</U>&rdquo; means any taxable period (or portion thereof) ending on or prior to the Closing Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Processing</U>&rdquo;
or &ldquo;<U>Processed</U>&rdquo; means, with respect to data means collected, accessed, recorded, acquired, stored, organized,
altered, adapted, retrieved, disclosed, used, disposed, erased, disclosed, destructed, transferred or otherwise processed, in each
case, whether or not by automated means.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Redomiciliation
Resolution</U>&rdquo; means the resolution of the MDC Shareholders authorizing and approving the Redomiciliation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Registration
Rights Agreement</U>&rdquo; means the registration rights agreement, to be executed and delivered as of the Closing Date, substantially
in the form of <U>Exhibit E</U>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Required MDC
Information</U>&rdquo; means (i) solely to the extent publicly filed, the audited consolidated financial statements for MDC for
the fiscal year ended December 31, 2019, (ii) solely to the extent publicly filed, the unaudited interim consolidated financial
statements of MDC for each fiscal quarter ended subsequent to the date of the latest financial statements delivered pursuant to
clause (i), including the period ending September 30, 2020, (iii) a copy of the plan and forecast (including a projected consolidated
and consolidating balance sheet, income statement and cash flow statement) of MDC for the five-year period following the Closing
in form reasonably satisfactory to the applicable administrative agent, and (iv) a balance sheet of the applicable borrower giving
pro forma effect to the Transactions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Reputation
Defender Entities</U>&rdquo; means, collectively, RepDef Holdings LLC, a Delaware limited liability company, and its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Reputation
Defender Entity Financial Statements</U>&rdquo; means (i) the unaudited consolidated balance sheets and statements of income, cash
flows and stockholders&rsquo; equity of the Reputation Defender Entities as of and for the years ended December 31, 2019 and December
31, 2018 (such balance sheet as of December 31, 2019, the &ldquo;<U>Reputation Defender Balance Sheet</U>&rdquo;), and (ii) the
unaudited consolidated balance sheet and related statements of income, cash flows and stockholders&rsquo; equity of the Reputation
Defender Entities as of and for the nine (9) months ended September 30, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Restricted
Cash</U>&rdquo; means cash and cash equivalents of the Stagwell Subject Entities that would be classified as restricted cash in
accordance with MDC&rsquo;s accounting policies or practices, in effect as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Sanctioned
Person</U>&rdquo; means any person, organization or vessel (i)&nbsp;designated on the OFAC list of Specially Designated Nationals
and Blocked Persons, the Consolidated List of Financial Sanctions Targets maintained by Her Majesty&rsquo;s Treasury or on any
list of targeted persons issued under the Export Law of any other country, (ii)&nbsp;that is, or is part of, a government of a
Sanctioned Territory, (iii)&nbsp;owned or controlled by, or acting on behalf of, any of the foregoing, (iv)&nbsp;located within
or operating from a Sanctioned Territory, or (v)&nbsp;otherwise targeted under any Export Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Sanctioned
Territory</U>&rdquo; means any country or other territory subject to a general export, import, financial or investment embargo
under economic sanctions Laws, which countries and territories, as of the date of this Agreement, include the territory of Crimea,
Cuba, Iran, North Korea, and Syria.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>SEC</U>&rdquo;
means the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Second Stagwell
Credit Agreement Amendment</U>&rdquo; means the Second Amendment to and Waiver Under Credit Agreement, dated as of November 13,
2020, by and among Stagwell Marketing Group, the other loan parties party thereto, the lenders party thereto and JPMorgan Chase
Bank, N.A., as Administrative Agent, which amends the Stagwell Credit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Securities
Act</U>&rdquo; means, as applicable, the Securities Act of 1933, as amended, together with the rules and regulations promulgated
thereunder, and the Securities Act (Ontario) together with all other applicable securities laws, rules, regulations and published
policies thereunder or under the securities laws of any other province or territory of Canada, and all orders, rules, staff-notices,
policies, regulations or similar pronouncements from the Canadian Securities Administrators or any member thereof, as now in effect
or as may be promulgated or amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Securities
Liens</U>&rdquo; means Liens arising out of, under or in connection with (i) applicable securities Laws or (ii) restrictions
on transfer, hypothecation or similar actions contained in any organizational documents of either (A) a Stagwell Subject
Entity which have been provided to MDC prior to the date hereof or (B) MDC or any MDC Subsidiary which have been provided to
Stagwell prior to the date hereof; <I>provided</I>, that the failure to receive any consent required in connection with the
Transactions shall not be deemed to be a Securities Lien hereunder.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Senior Notes
Indenture</U>&rdquo; means&nbsp;the indenture, dated as of March 23, 2016, among MDC, the guarantors party thereto and The Bank
of New York Mellon, as trustee, relating to the issuance by MDC of&nbsp;the Senior Notes, as the same may be amended, restated,
amended and restated, supplemented or modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Senior Notes
Refinancing</U>&rdquo; means a refinancing of the Senior Notes with the proceeds of further notes, debt instruments or any other
sources of funding that is sufficient to refinance in full, and retire, the Senior Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Senior Notes</U>&rdquo;
means MDC&rsquo;s 6.50% senior notes due 2024 issued under the Senior Notes Indenture in the aggregate principal amount of $900
million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Benefit
Plan</U>&rdquo; means each &ldquo;employee benefit plan&rdquo; (as defined in Section 3(3) of ERISA), whether or not subject to
ERISA, and each bonus, stock option, stock appreciation right, restricted stock, restricted stock unit, phantom right, incentive
unit, stock purchase, or other stock- or equity-based, profit sharing, savings, disability, incentive, deferred compensation, retirement,
pension, severance, employment, consulting, retention, change in control, medical, vision, dental or other health plans, life insurance,
employee assistance, relocation benefits, post-employment retirement benefits, unemployment benefits, disability or sick leave
benefits, workers&rsquo; compensation benefits, vacation, fringe benefit or other employee benefit or compensation plans, programs,
arrangements, Contracts or policies, including any plan, program, policy, practice or Contract maintained by a professional employer
organization, in each case, whether funded or unfunded, written or unwritten, insured or self-insured, maintained or contributed
to, or required to be maintained or contributed to, for the benefit of, or relating to, any Stagwell Participant (or their beneficiaries
or dependents), or with respect to which the Stagwell Subject Entities could have any liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<U>Stagwell Contribution Consideration</U>&rdquo;
means 216,250,000 OpCo Common Units (such OpCo Common Units, the &ldquo;<U>Stagwell OpCo Units</U>&rdquo;); <I>provided</I>, <I>however</I>,
that to the extent that one or more of the transactions contemplated by the Stagwell Restructuring shall not have been completed
as of the Closing, the number of OpCo Common Units constituting Stagwell OpCo Units issuable as Stagwell Contribution Consideration
shall be reduced by the sum of (i) the product of (A) a fraction equal to (1) the aggregate Undelivered Stagwell Subject Entity
EBITDA for all Undelivered Stagwell Subject Entity Equity (if any), divided by (2) the amount set forth in the row entitled &ldquo;Total&rdquo;
in the column titled &ldquo;Proportional Ownership&rdquo; in <U>Schedule IX</U>, and (B) the number of shares of OpCo Common Units
that would have otherwise been issued as Stagwell Contribution Consideration but for this proviso (including without duplication
before any reduction pursuant to clause (ii) hereof), and (ii) the aggregate Undelivered Stagwell Incentive Award OpCo Units for
all Undelivered Stagwell Incentive Awards (if any); <I>provided further</I>, <I>however</I>, that the Stagwell Contribution Consideration
shall automatically be adjusted for any share splits, share dividends, reverse splits, share capitalizations, reorganizations,
reclassifications, recapitalizations or similar events effected by MDC or New MDC prior to the Closing in order to give effect
to the intent of the substance of the transactions contemplated hereby).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell
Credit Agreement</U>&rdquo; means the Credit Agreement, dated as of November 18, 2019, by and among Stagwell Marketing Group,
the other loan parties party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, as
amended pursuant to (i) the First Amendment to, Consent under, and Release from Credit Agreement, dated as of December 20,
2019 and (ii) the Second Stagwell Credit Agreement Amendment.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Data
Protection Commitments</U>&rdquo; means (i) Stagwell Subject Entities&rsquo; data privacy and security policies and notices relating
to Personal Data published on the Stagwell Subject Entities&rsquo; websites or otherwise made available by or on behalf of the
Stagwell Subject Entities to any Person who is not an employee of the Stagwell Subject Entities, (ii) any other public representations
(including representations on the Stagwell Subject Entities&rsquo; websites) relating to the Stagwell Subject Entities&rsquo; Processing
of Personal Data made by or on behalf of any of the Stagwell Subject Entities, (iii) any Contracts between any of the Stagwell
Subject Entities, on the one hand, and a third party, on the other hand, relating to the Processing of Personal Data, and (iv)
any privacy choices (including opt-in and opt-out preferences) provided by or on behalf of any of the Stagwell Subject Entities
to any individuals and the associated choices made by such individuals and communicated to the Stagwell Subject Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Digital
Products</U>&rdquo; means Cue and Reputation Defender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Financial
Statements</U>&rdquo; means, collectively, the Stagwell Subject Entity Financial Statements and the Reputation Defender Entity
Financial Statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Incentive
Awards</U>&rdquo; means any stock option, stock appreciation right, restricted stock, growth shares, restricted stock unit, phantom
right, incentive unit or other equity, equity-based or equity-related award with respect to any Stagwell Subject Entity granted
pursuant to any Stagwell Benefit Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Incentive
Plans</U>&rdquo; means any Stagwell Benefit Plan pursuant to which any stock option, stock appreciation right, restricted stock,
restricted stock unit, phantom right, incentive unit or other equity, equity-based or equity-related award with respect to any
Stagwell Subject Entity is granted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell IT
or Security Incident</U>&rdquo; means any breach or unintended interruption of the availability, proper functioning, security,
confidentiality, or integrity of the Stagwell IT Systems or any unauthorized access to or breach, misuse, theft or loss of any
Personal Data Processed by or on behalf of a Stagwell Subject Entity or of Stagwell-Related Confidential Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell IT
Systems</U>&rdquo; means the information and communications technologies used by or on behalf of a Stagwell Subject Entity, including
hardware, software, servers, networks, and associated documentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell
Material Adverse Effect</U>&rdquo; means, with respect to Stagwell, any Effect, either individually or together with one or
more other contemporaneously existing Effects, that has been materially adverse to the business, financial condition, assets,
Liabilities or results of operation of the Stagwell Subject Entities, taken as a whole; <I>provided</I>, that, any such
Effect (or combination thereof) shall not be considered in determining whether a Stagwell Material Adverse Effect has
occurred to the extent it results from (A) Effects generally affecting the economy, the financial or securities markets, or
political, legislative or regulatory conditions, in each case in the United States or elsewhere in the world where any of the
Stagwell Subject Entities conducts business, (B) Effects in the industries in which any of the Stagwell Subject Entities
conducts business, (C) any adoption, implementation, promulgation, repeal, modification, reinterpretation or proposal of any
rule, regulation, ordinance, order, protocol or any other Law of or by any national, regional, state or local Governmental
Entity, or market administrator, (D) any changes in GAAP or accounting standards or interpretations thereof, (E) any
hurricane, tornado, flood, earthquake or other weather or natural disaster, (F) any Effects resulting from hostilities or
acts of war (whether or not declared), civil disobedience, terrorism, military actions, geopolitical conditions or any
escalation or worsening of the foregoing, (G) any epidemic, pandemic or disease outbreak (including COVID-19 or any COVID-19
Measures), or other public health condition, or any other force majeure event, (H) the announcement or the existence of this
Agreement or the Transactions or the compliance with or performance of this Agreement, (I) any taking of any action at the
specific written request of MDC, or (J) any failure by the Stagwell Subject Entities to meet any financial projections or
forecasts or estimates of revenues, earnings or other financial metrics for any period (provided that the exception in this
clause (J) shall not prevent or otherwise affect a determination that any Effect underlying such failure has resulted in a
Stagwell Material Adverse Effect so long as it is not otherwise excluded by this definition)&#894; except, in each case with
respect to subclauses (A) through (G), to the extent that such Effect disproportionately affects the Stagwell Subject
Entities, taken as a whole, relative to other similarly situated companies in the industry in which the Stagwell Subject
Entities operate.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Participant</U>&rdquo;
means any current or former director, officer, employee, contractor or consultant of the Stagwell Subject Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell-Related
Confidential Information&rdquo;</U> means any (a) confidential information of a Stagwell Subject Entity, whether held by a Stagwell
Subject Entity or a third-party, and (b) any confidential information of any third-party that is held by or on behalf of a Stagwell
Subject Entity and as to which a Stagwell Subject Entity has contractual or other legal confidentiality obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Stagwell Subject
Entity Financial Statements</U>&rdquo; means (i) the audited consolidated balance sheets and statements of income, cash flows and
stockholders&rsquo; equity of the Stagwell Subject Entities (excluding, for all purposes, the Reputation Defender Entities) as
of and for the years ended December 31, 2019 (the &ldquo;<U>Stagwell Audited Balance Sheet Date</U>&rdquo;), and December 31, 2018
(including, in each case, any related notes thereto) (such balance sheet as of December 31, 2019, the &ldquo;<U>Stagwell Balance
Sheet</U>&rdquo;), (ii) the unaudited consolidated balance sheet and related statements of income, cash flows and stockholders&rsquo;
equity of the Stagwell Subject Entities (excluding, for all purposes, the Reputation Defender Entities) as of and for the year
ended December 31, 2017, and (iii) the unaudited consolidated balance sheet and related statements of income, cash flows and stockholders&rsquo;
equity of the Stagwell Subject Entities (excluding, for all purposes, the Reputation Defender Entities) as of and for the nine
(9) months ended September 30, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Subsidiary</U>&rdquo;
means, with respect to any Person, another Person, an amount of the voting securities or other voting ownership interests of which
is sufficient, together with any contractual rights, to elect at least a majority of its board of directors or other governing
body (or, if there are no such voting interests, fifty percent (50%) or more of the equity interests of which) is owned directly
or indirectly by such first Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Tax</U>&rdquo;
means (i) any federal, state, provincial, territorial, county, municipal, local, foreign or other tax, import, levy, fee,
tariff, duty or other governmental charge or assessment or escheat payments, or deficiencies thereof, including income,
alternative, minimum, accumulated earnings, personal holding company, franchise, capital stock, net worth, capital, capital
gains, profits, windfall profits, gross receipts, value added, goods and services, harmonized sales, sales, use, excise,
custom duties, land transfer, property transfer, transfer, conveyance, mortgage, registration, stamp, documentary, recording,
premium, severance, environmental, real and personal property, ad valorem, intangibles, rent, occupancy, license,
occupational, employment, unemployment insurance, employer health, social security, employment insurance, Canada and any
other government pension plan contributions or premiums, disability, workers&rsquo; compensation, payroll, health care,
withholding, estimated or other similar tax, (ii) all interest, penalties and additions to tax that may become payable in
respect of amounts of the type described in clause (i) or this clause (ii), and (iii) any liability for the payment of any
amounts of the type described in clauses (i) or (ii) for or to or in respect of any other Person including as a result of
being a member of an affiliated, consolidated, combined or unitary group for any Person or by virtue of any statute
(including under sections 159 and 160 of the Canadian Tax Act, and 1504 of the Code).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Tax Authority</U>&rdquo;
means any Governmental Entity, board, bureau, body, person, department or authority of any United States federal, state or local
jurisdiction or any non&#45;United States jurisdiction, having jurisdiction with respect to any Tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Tax Receivables
Agreement</U>&rdquo; means the tax receivables agreement, to be executed and delivered as of the Closing Date, substantially in
the form attached hereto as <U>Exhibit F</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Tax Return</U>&rdquo;
means any return, estimated tax return, report, declaration, form, claim for refund, registration, notice, designation, election
or information statement (whether in tangible, electronic or other form) relating to Taxes made, prepared, filed or required to
be made, prepared or filed by Law in respect of Taxes, including any schedule or attachment thereto, and including any amendment
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Term Loan Credit
Agreement</U>&rdquo; means the Credit Agreement, dated as of November 13, 2020, by and among Stagwell Marketing Group, the other
loan parties party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Transaction Resolutions</U>&rdquo; means (i) the Redomiciliation
Resolution, (ii) the Business Combination Resolution, (iii) the NASDAQ Resolution and (iv) the MDC Merger Resolution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Treasury Regulations</U>&rdquo;
means the US Treasury Department income tax regulations promulgated under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Undelivered Stagwell Incentive Awards</U>&rdquo; means,
with respect to the transactions contemplated by item 4 of the Stagwell Restructuring, any Stagwell Incentive Award set forth on
<U>Schedule X</U> that has not been cancelled, extinguished or otherwise terminated as of the Closing as had been contemplated
by item 4 of the Stagwell Restructuring set forth on <U>Schedule VIII</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-align: justify; text-indent: 0in">&ldquo;<U>Undelivered
Stagwell Incentive Award OpCo Units</U>&rdquo; means, with respect to any holder of Undelivered Stagwell Incentive Awards, the
aggregate amount of OpCo Common Units set forth opposite such holder&rsquo;s name in the column entitled &ldquo;Shares Allocable
(000&rsquo;s)&rdquo; in <U>Schedule X</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Undelivered
Stagwell Subject Entity EBITDA</U>&rdquo; means, with respect to any Undelivered Stagwell Subject Entity Equity, the portion of
the budgeted EBITDA of the relevant Stagwell Subject Entity attributable to such Undelivered Stagwell Subject Entity Equity for
the twelve months ended December 31, 2020, it being agreed that the budgeted aggregate EBITDA contributed by such Stagwell Subject
Entity for the twelve months ended December 31, 2020 is the amount set forth opposite its name in the column entitled &ldquo;Proportional
Ownership&rdquo; in <U>Schedule IX</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Undelivered
Stagwell Subject Entity Equity</U>&rdquo; means, with respect to the transactions contemplated by items 1 through 3 of the Stagwell
Restructuring, any outstanding equity interest (other than a Stagwell Incentive Award) of a non-wholly owned Stagwell Subject Entity
that has not been acquired as of the Closing as had been contemplated by items 1 through 3 of the Stagwell Restructuring set forth
on <U>Schedule VIII</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&ldquo;<U>Wells Fargo</U>&rdquo;
means Wells Fargo Bank, N.A.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Each of the following terms is defined in the Section set forth opposite such term:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #1D2B4D">
    <TD STYLE="width: 73%; border: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold"><FONT STYLE="color: White">Definition</FONT></TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold"><FONT STYLE="color: White">Defined
    in</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Acquisition Agreement</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(e)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Agreement</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Preamble</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Alternative Proposal</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(h)(i)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Appraisal Shares</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.06(h)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Beneficially Owns</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.16</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Broad Street</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">CBCA</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Certificate of Discontinuance</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.03(a)(iii)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Certificate of Domestication</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.03(a)(i)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Chancery Court</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 11.03(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Change in Recommendation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(e)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Closing</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 3.01</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Closing Conditions</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 3.01</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Combined Proxy Statement/Prospectus</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.08(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Consent Solicitation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Continuing Independent Directors</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.15(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Debt Financing</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.11(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">DGCL</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Dissent Rights</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.11</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">DLLCA</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Effect</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 1.01(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Environmental Claim</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.15(d)</U></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #1D2B4D">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 73%"><FONT STYLE="color: White">Definition</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 27%"><FONT STYLE="color: White">Defined
    in</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; border: Black 1pt solid; padding: 6pt 5.4pt">Environmental Laws</TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.15(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Environmental Permits</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.15(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Goldman Consent</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Goldman Sachs</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Hazardous Material</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.15(e)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Holding Company Formation F-Reorganization Intended Tax Treatment</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.03(a)(iv)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Indemnification Obligations</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.11(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Indemnified Persons</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.11(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Initial OpCo Operating Agreement</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Intellectual Property</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Section 4.18(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Interested Shareholders</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Intervening Event</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(h)(iii)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Intervening Event Change in Recommendation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(g)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Liabilities</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.09</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Maxxcom Restructuring</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Section 2.04</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Board</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Board Recommendation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.01(d)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Certificate of Formation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Section 2.07</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Certificate of Conversion</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Section 2.07</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Credit Agreement Termination</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.20</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Conversion</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Section 2.07</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Counsel</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 11.11(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Disclosure Letter</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Article 4</U></TD></TR>
</TABLE>

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #1D2B4D">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 73%"><FONT STYLE="color: White">Definition</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 27%"><FONT STYLE="color: White">Defined
    in</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; border: Black 1pt solid; padding: 6pt 5.4pt">MDC Effective Time</TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.06(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Financial Advisor</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.11</U></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Governing Documents</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.01(c)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Intellectual Property</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.17</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Delaware Board Approval</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.18(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Delaware Bylaws</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Delaware Certificate of Incorporation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Leased Real Property</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.17(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Leases</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.17(b)</U></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Material Contract</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.21(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Merger</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Recitals</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Merger Certificate of Merger</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.06(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Non-US Plan</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.13(f)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Organizational Documents</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.01(c)</U></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Parties</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 11.11(b)</U></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Reports</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.05(a)</U></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Section 75 Debt</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.13(g)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Series 4 Preferred Shares</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Series 6 Preferred Shares</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Subsidiaries</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.01(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Terminable Breach</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 9.04(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">MDC Termination Amount</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 9.05(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Merger Sub</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #1D2B4D">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 73%"><FONT STYLE="color: White">Definition</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 27%"><FONT STYLE="color: White">Defined
    in</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; border: Black 1pt solid; padding: 6pt 5.4pt">Merger Sub Formation Intended Tax Treatment</TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 8.03(a)(v)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Midas Corporate HoldCo Formation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.08</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Mutual NDA</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.05(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Net Debt Calculation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.14</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">New MDC</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">New MDC Bylaws</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">New MDC Certificate of Incorporation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">New MDC Board</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.15</U></TD></TR>
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    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">New MDC Class C Common Stock</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">New MDC Formation Intended Tax Treatment</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Section 8.03(a)(v)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Note Consent Agreements</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Notice of Change in Recommendation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(f)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">OpCo Common Units</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">OSHA</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.12(g)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Payoff Letter</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.20</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Post-Closing Governance Period</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.15(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Preliminary Registration Statement Filing</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.01(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Preliminary Registration Statement Filing Date</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.01(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Proceedings</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.07</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Proposed Transaction </TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Redomiciliation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Redomiciliation Effective Time</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.03(a)(iv)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Redomiciliation Intended Tax Treatment</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.03(a)(iv)</U></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #1D2B4D">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 73%"><FONT STYLE="color: White">Definition</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 27%"><FONT STYLE="color: White">Defined
    in</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; border: Black 1pt solid; padding: 6pt 5.4pt">Registration Statement</TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.08</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Regulatory Laws</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.07(d)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Representative</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Sarbanes-Oxley Act</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.05(d)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Secretary of State</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Recitals</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Senior Note Consent</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">SMGH</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">SMGH Interest</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.09(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Special Distribution</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.14</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Special Meeting</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.01(d)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Specified MDC SEC Disclosure</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Article 4</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Specified MDC Representations</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 8.02(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Specified Stagwell Representations</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 8.03(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Preamble</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Partnership Audit</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.03(d)(i)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell PCAOB Audited Financials</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.04(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Consent</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Contribution</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.09</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Counsel</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 11.11(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Disclosure Letter</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Article 5</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Group</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Intellectual Property</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.18(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Leases</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.17(b)</U></TD></TR>
</TABLE>

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #1D2B4D">
    <TD STYLE="border: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 73%"><FONT STYLE="color: White">Definition</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt; font-weight: bold; width: 27%"><FONT STYLE="color: White">Defined
    in</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 73%; border: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Marketing Group</TD>
    <TD STYLE="width: 27%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Material Contracts</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.21(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Material Customer</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.22</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Material Supplier</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.22</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Net Debt Cap</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.14</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Net Debt Surplus</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.14</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Organizational Documents</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.01(c)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell OpCo Units</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 1.01(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Parties</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 11.11</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Restructuring</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.13</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Revolver Financing</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.11(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell S-4 Financials</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.04(b)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Subject Entities</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Term Loan Financing</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 5.11(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Stagwell Terminable Breach</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 9.03(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Surviving Corporation</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 2.06(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Superior Proposal</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 7.06(h)(ii)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Termination Date</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 9.02(a)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Transaction Resolutions</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 4.03(e)</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">Transactions</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 6pt 5.4pt">willful and material breach</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 6pt 5.4pt"><U>Section 9.05(d)</U></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">THE TRANSACTIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Stagwell Restructuring</U><FONT STYLE="font-size: 10pt">; Prior to the Closing, Stagwell shall use its reasonable
best efforts to effect the Stagwell Restructuring (as defined below) in accordance with <U>Section 7.13</U>. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The MDC Pre-Redomiciliation Restructuring</U><FONT STYLE="font-size: 10pt">. Prior to the Redomiciliation, MDC shall,
and shall cause its Affiliates to, undertake certain restructuring transactions as described on <U>Schedule II</U> (the &ldquo;<U>MDC
Pre-Redomiciliation Restructuring</U>&rdquo;), provided, however, that the transactions described in Part B of Schedule II may
be completed prior to or after the Closing, in MDC&rsquo;s discretion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Redomiciliation</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the satisfaction, or to the extent legally permitted, waiver of the Closing Conditions (other than the MDC Merger Approval
and those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent
legally permitted, waiver of those conditions at the Closing), and at least three (3) Business Days prior to the Closing, MDC
shall cause the Redomiciliation to become effective, including by:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>filing
with the Secretary of State a certificate of corporate domestication with respect to the Redomiciliation (the &ldquo;<U>Certificate
of Domestication</U>&rdquo;), in form and substance reasonably acceptable to Stagwell, together with the MDC Delaware Certificate
of Incorporation, in each case, in accordance with the provisions hereof and the DGCL;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>completing
and making and procuring all those filings required to be made under the CBCA in connection with the Redomiciliation, including
an application for a letter of satisfaction from Corporations Canada; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>obtaining
a certificate of discontinuance (the &ldquo;<U>Certificate of Discontinuance</U>&rdquo;) from the director appointed under Section
260 of the CBCA; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>immediately following the filing of the Certificate of Domestication and the MDC Delaware Certificate of Incorporation with
the Secretary of State, causing the incorporator of MDC to adopt the MDC Delaware Bylaws as its bylaws until thereafter amended
in accordance with the provisions thereof and the DGCL and appoint the directors of MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In accordance with applicable Law, at the effective time of the Redomiciliation (the &ldquo;<U>Redomiciliation Effective
Time</U>&rdquo;), by virtue of the Redomiciliation, and without any action on the part of any MDC Shareholder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each MDC Class A Share outstanding immediately prior to the Redomiciliation Effective Time (excluding any Dissenting MDC
Shares) shall be converted into one (1) validly issued, fully paid and non-assessable share of MDC Delaware Class A Common Stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>each
MDC Class B Share outstanding immediately prior to the Redomiciliation Effective Time (excluding any Dissenting MDC Shares) shall
be converted into one (1) validly issued, fully paid and non-assessable share of MDC Delaware Class B Common Stock;</P>

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




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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> each MDC Series 4 Preferred Share outstanding immediately prior to the Redomiciliation Effective Time (excluding any Dissenting
MDC Shares) shall be converted into one (1) validly issued, fully paid and non-assessable share of MDC Delaware Series 4 Preferred
Stock; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each MDC Series 6 Preferred Share outstanding immediately prior to the Redomiciliation Effective Time (excluding any Dissenting
MDC Shares) shall be converted into one (1) validly issued, fully paid and non-assessable share of MDC Delaware Series 6 Preferred
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each share certificate that prior to the Redomiciliation represented shares of MDC Class A Shares, MDC Class B Shares, MDC
Series 4 Preferred Shares, and MDC Series 6 Preferred Shares shall thereafter, without any action on the part of any MDC Shareholder,
represent that same number of shares of MDC Delaware Class A Common Stock, MDC Delaware Class B Common Stock, MDC Delaware Series
4 Preferred Stock, and MDC Delaware Series 6 Preferred Stock, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>The
Maxxcom Restructuring</U><FONT STYLE="font-size: 10pt">. At least one (1) Business Day after the completion of the Redomiciliation
and not less than two (2) Business Days prior to the Closing, MDC shall, and shall cause Maxxcom, and its Affiliates to, undertake
certain restructuring transactions as described on <U>Schedule III</U> (such transactions, the &ldquo;<U>Maxxcom Restructuring</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>New
MDC Incorporation; New MDC Organizational Documents</U><FONT STYLE="font-size: 10pt">. At least one (1) Business Day following
the Maxxcom Restructuring and at least one (1) Business Day prior to the Closing, (a) the New MDC Incorporation shall be effected;
and (b) concurrently therewith, New MDC shall (i) adopt and file with the Secretary of State the New MDC Certificate of Incorporation,
providing for, among other things, the authorization of a sufficient number of shares of New MDC Class C Common Stock to accomplish
the issuance contemplated hereunder, which shares will have no economic interest but will have voting rights equal to one vote
per share (voting with the New MDC Class A Common Stock as a single class) and (ii) cause the incorporator of New MDC to adopt
the New MDC Bylaws and appoint directors to the board of directors of New MDC. In connection with the New MDC Incorporation each
unit of New MDC previously held by MDC will be converted into one (1) share of New MDC Class A Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.06<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The MDC Merger</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Immediately
following the New MDC Incorporation, on the terms and subject to the conditions set forth in this Agreement and in accordance
with the DGCL and the DLLCA, (A) the MDC Merger shall be effected, at the MDC Effective Time, Merger Sub shall be merged with
and into MDC, whereupon the separate existence of Merger Sub shall cease, and MDC shall continue as the surviving corporation
in the MDC Merger (the &ldquo;<U>Surviving Corporation</U>&rdquo;) and (B) New MDC will purchase from MDC, and MDC shall sell,
all shares of New MDC Class A Stock held by MDC for an aggregate purchase price of $10 MDC shall, and shall cause Merger Sub and
New MDC to, cause the MDC Merger to become effective, including by:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>filing
with the Secretary of State a certificate of merger for the MDC Merger (the &ldquo;<U>MDC Merger Certificate of
Merger</U>&rdquo;), in form and substance reasonable acceptable to Stagwell, in accordance with the provisions hereof and the
DGCL and the DLLCA, to be filed with the Secretary of State in accordance with the relevant provisions of the DGCL and the
DLLCA; and</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>completing and making all filings required to be made with the SEC and NASDAQ to list the New MDC Class A Common Stock on
NASDAQ.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
MDC Merger shall have the effects set forth in this Agreement and the applicable provisions of the DGCL and the DLLCA and, without
limiting the foregoing, from and after the MDC Effective Time, the Surviving Corporation shall possess all the rights, privileges,
immunities and franchises, of a public as well as a private nature, and shall be subject to all liabilities, obligations and penalties
of MDC and Merger Sub. The MDC Merger shall become effective at the date and time of the filing of the MDC Merger Certificate
of Merger with the Secretary of State, or such later time as may be agreed by the parties hereto and specified in the MDC Merger
Certificate of Merger (such time being the &ldquo;<U>MDC Effective Time</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Unless
and until amended in accordance with applicable Law and the terms of this Agreement, (a) the certificate of incorporation of MDC
as in effect immediately prior to the MDC Effective Time shall be the certificate of incorporation of the Surviving Corporation
and (b) the bylaws of MDC as in effect immediately prior to the MDC Effective Time shall be the bylaws of the Surviving Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
directors of MDC immediately prior to the MDC Effective Time shall continue to be the directors of the Surviving Corporation,
each to hold office in accordance with the certificate of incorporation and bylaws of the Surviving Corporation and until their
respective successors are duly elected and qualified or until each such director&rsquo;s earlier death, resignation or removal,
and the officers of MDC immediately prior to the MDC Effective Time shall continue to be the officers of the Surviving Corporation,
each to hold office in accordance with the certificate of incorporation and bylaws of the Surviving Corporation and until their
respective successors are duly elected and qualified or until each such officer&rsquo;s earlier death, resignation or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In accordance with applicable Law, at the MDC Effective Time, by virtue of the MDC Merger, and without any action on the
part of MDC, Merger Sub or any MDC Delaware Stockholder:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each share of MDC Delaware Class A Common Stock outstanding immediately prior to the MDC Effective Time shall be converted
into the right to receive one (1) validly issued, fully paid and non-assessable share of New MDC Class A Common Stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each share of MDC Delaware Class B Common Stock outstanding immediately prior to the MDC Effective Time (other than Appraisal
Shares) shall be converted into the right to receive one (1) validly issued, fully paid and non-assessable share of New MDC Class
B Common Stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each share of MDC Delaware Series 4 Preferred Stock outstanding immediately prior to the MDC Effective Time (other than
Appraisal Shares) shall be converted into the right to receive one (1) validly issued, fully paid and non-assessable share of New
MDC Series 4 Preferred Stock; and</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> each share of MDC Delaware Series 6 Preferred Stock outstanding immediately prior to the MDC Effective Time (other than
Appraisal Shares) shall be converted into the right to receive one (1) validly issued, fully paid and non-assessable share of New
MDC Series 6 Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
accordance with applicable Law, at the MDC Effective Time, by virtue of the MDC Merger, and without any action part of MDC, Merger
Sub or any MDC Intermediate Stockholder, all of the limited liability company interests of Merger Sub that are outstanding immediately
prior to the MDC Effective Time shall be converted into one (1) validly issued, fully paid and non-assessable share of Class A
Common Stock of the Surviving Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Following
the MDC Effective Time, each holder of MDC Incentive Awards will hold the same number of MDC Incentive Awards as such holder held
immediately prior to the MDC Effective Time, except that the security referenced under or issuable upon exercise or settlement
of such MDC Incentive Award will be New MDC Common Stock (or, as applicable, the cash equivalent) rather than MDC Common Shares
(or, as applicable, the cash equivalent). Except as specifically provided in this <U>Section 2.06(f)</U>, following the MDC Effective
Time, each MDC Incentive Award shall continue to be governed by the same terms and conditions as were applicable to such MDC Incentive
Award immediately prior to the MDC Effective Time. Prior to the MDC Effective Time, MDC shall take commercially reasonable actions,
including obtaining necessary consents and/or amending and/or interpreting any provision of the MDC Incentive Awards, the MDC
Stock Plans or agreements governing the terms and conditions of the MDC Incentive Awards, to effectuate the provisions of this
<U>Section 2.06(f)</U> (including approval of the MDC Board or an authorized committee thereof).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement to the contrary, shares of MDC Delaware Class B Common Stock or MDC Delaware
Preferred Stock that are outstanding immediately prior to the MDC Effective Time and that are held by any holder who has not voted
in favor of the MDC Merger or consented thereto in writing, has not waived appraisal rights in connection with the MDC Merger,
and properly demands appraisal of such shares pursuant to, and in accordance with, Section 262 of the DGCL (&ldquo;<U>Appraisal
Shares</U>&rdquo;) shall not be converted into the right to receive the consideration set forth in <U>Section 2.06(e)</U>, but
instead shall be entitled to only those rights as are granted by Section 262 of the DGCL; <I>provided</I>, <I>however</I>, that
if any such holder shall fail to perfect or otherwise shall waive, withdraw or lose the right to appraisal under Section 262 of
the DGCL, or a court of competent jurisdiction shall determine such holder is not entitled to the relief provided by Section 262
of the DGCL, then the right of such holder to be paid the fair value of such holder&rsquo;s Appraisal Shares under Section 262
of the DGCL shall cease and such Appraisal Shares shall thereupon be deemed to have been converted as of the MDC Effective Time
into, and shall represent only the right to receive, the consideration set forth in <U>Section 2.06(e)</U> upon the surrender of
such shares in the manner provided in this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.07<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>The
MDC Conversion</U><FONT STYLE="font-size: 10pt">. Immediately following the completion of the MDC Merger, (a) New MDC shall
cause MDC to file with the Secretary of State a certificate of conversion (the &ldquo;<U>MDC Certificate of
Conversion</U>&rdquo;) and a certificate of formation (the &ldquo;<U>MDC Certificate of Formation</U>&rdquo;) in accordance
with the DGCL and the DLLCA and convert from a corporation into a Delaware limited liability company, OpCo (the &ldquo;<U>MDC
Conversion</U>&rdquo;) effective as of immediately after the MDC Merger, and pursuant to which (i) all of the outstanding
shares of the Surviving Corporation shall be converted into membership </FONT>interests of MDC OpCo LLC comprised of the OpCo
Series 4 Preferred Units, the OpCo Series 6 Preferred Units and a number of OpCo Common Units equal to the number of
outstanding shares of New MDC Common Stock (calculated on a fully diluted basis, taking into account, without duplication,
(i) each MDC Incentive Award that is or will be outstanding immediately following the Closing and is or will be convertible,
exchangeable or settled into shares of New MDC Common Stock and (ii) shares of New MDC Common Stock issuable as deferred
compensation, &ldquo;earn-outs,&rdquo; earn-in credits or other contingent consideration, but in each case without giving
effect to any conversion of New MDC Series 4 Preferred Stock or New MDC Series 6 Preferred Stock into New MDC Common Stock);
and (b) New MDC, as the sole member of OpCo, will adopt, and OpCo will thereafter be governed by, the Initial OpCo Operating
Agreement until thereafter amended as provided therein or by applicable Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.08<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>The Midas Corporate HoldCo Formation</U><FONT STYLE="font-size: 10pt">. After the MDC Conversion and at least one (1)
Business Day prior to the Stagwell Contribution, New MDC shall, and shall cause its Affiliates to, undertake certain restructuring
transactions as described on <U>Schedule IV</U> (the &ldquo;<U>Midas Corporate HoldCo Formation</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.09<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Stagwell Contribution</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At the Closing, at least one (1) Business Day following the Midas Corporate HoldCo Formation, (i)(A) Stagwell shall contribute
to OpCo, and OpCo shall accept, the issued and outstanding equity interest of SMGH (the &ldquo;<U>SMGH Interest</U>&rdquo;), free
and clear of all Liens (other than Securities Liens and Credit Agreement Liens) and together with all accrued rights and benefits
attached thereto, and immediately thereafter (the &ldquo;<U>Stagwell Contribution</U>&rdquo;); and (B) in exchange therefor, OpCo
shall issue to Stagwell, and Stagwell shall accept, the Stagwell Contribution Consideration, free and clear of all Liens (other
than Securities Liens); and (ii) Stagwell and MDC, as the only members of OpCo, shall adopt, and OpCo shall thereafter be governed
by, the A&amp;R OpCo Operating Agreement until thereafter amended as provided therein or by applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Following the Stagwell Contribution, SMGH and OpCo shall, and shall cause their Affiliates to, undertake certain restructuring
transactions as described on <U>Schedule VI</U> (collectively, the &ldquo;<U>SMGH Reorganization</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>At
the Closing, Stagwell shall contribute to New MDC an aggregate amount of cash equal to $100 in exchange for a number of shares
of New MDC Class C Common Stock equal to the number of Stagwell OpCo Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Withholding Taxes</U><FONT STYLE="font-size: 10pt">. Each of Stagwell, MDC, OpCo and New MDC shall be entitled to deduct
and withhold from the consideration otherwise payable to any Person pursuant to this Agreement such amounts as are required to
be withheld or deducted under the Code, or any applicable provisions of state, local or foreign Tax Law. To the extent that amounts
are so withheld, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Person in
respect of which such deduction and withholding were made.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Dissent
Rights</U><FONT STYLE="font-size: 10pt">. Holders of MDC Common Shares or MDC Preferred Shares may exercise rights of dissent
(&ldquo;<U>Dissent Rights</U>&rdquo;) (in each case, to the extent not waived pursuant to the Stagwell </FONT>Consent or the
Goldman Consent, as applicable) in accordance with the procedures, and subject to the limitations, set out in Section 190 of
the CBCA.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">CLOSING</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Closing</U><FONT STYLE="font-size: 10pt">.
Subject to the terms and conditions of this Agreement, the closing of the Stagwell Contribution (the &ldquo;<U>Closing</U>&rdquo;)
shall take place at the offices of Freshfields Bruckhaus Deringer US LLP, located at 601 Lexington Avenue, 31st Floor, New York,
New York, 10022, or remotely by electronic exchange of executed documents, at 10:00 a.m. (New York City time) on the day that
is five (5) Business Days after the day on which all of the conditions set forth in <U>Article 8</U> (the &ldquo;<U>Closing Conditions</U>&rdquo;)
have been satisfied, or to the extent legally permitted, waived (other than those conditions that by their nature are to be satisfied
at the Closing, but subject to the satisfaction or, to the extent legally permitted, waiver of those conditions at the Closing).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Stagwell
Closing Deliverables</U><FONT STYLE="font-size: 10pt">. At least three (3) Business Days prior to the Closing , Stagwell will
deliver, or cause to be delivered, to MDC or New MDC, in escrow (to be released automatically as of the Closing), the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>membership interest power or other instrument of transfer duly executed in blank with respect to the SMGH Interest;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a certificate, dated as of the Closing Date, signed by a senior executive officer of Stagwell certifying to the effect that
the conditions set forth in each of <U>Section 8.03(a)</U>, <U>Section 8.03(b)</U> and <U>Section 8.03(d)</U> with respect to Stagwell
have been satisfied;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>duly executed counterparts of each of the Ancillary Agreements; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a duly executed IRS Form W-9, Request for Taxpayer Identification Number and Certification, dated as of the Closing Date
that satisfies the requirements of Treasury Regulation Sections 1.1445-2(b)(2)(v) and 1.1446(f)-5(b) with respect to Stagwell.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>MDC
Closing Deliverables</U><FONT STYLE="font-size: 10pt">. At least three (3) Business Days prior to the Closing, MDC or New MDC
will deliver, or cause to be delivered, to Stagwell, in escrow (to be released automatically as of the Closing), the following:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>evidence of shares issued in the name of Stagwell representing the New MDC Class C Common Stock issuable by New MDC pursuant
to <U>Section 2.09</U>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
certificate, dated as of the Closing Date, signed by a senior executive officer of MDC or New MDC certifying to the effect that
the conditions set forth in each of <U>Section 8.02(a)</U>, <U>Section 8.02(b)</U> and <U>Section 8.02(d)</U> have been satisfied;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>true and correct copies of (i) the file-stamped Certificate of Domestication and (ii) the Certificate of Discontinuance,
as finally issued;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>duly
executed counterparts of each of the Ancillary Agreements;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a copy of the Payoff Letter with respect to the MDC Credit Agreement duly executed by each of the parties thereto;</P>

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>either (i) a copy of the Senior Note Consent in the event the Senior Note Consent has been obtained or (ii) in the event
a Senior Notes Refinancing is consummated, an executed letter with respect to the Senior Notes and the Senior Note Indenture in
form and substance customary for such financings from the trustee under the Senior Note Indenture on behalf of the Senior Note
holders, which letter together with any related release documentation shall, among other things include the payoff amount and
provide that guarantees, if any, granted in connection with the Senior Note Indenture shall, upon the payment of the amount set
forth in the letter at or prior to the Closing, be released and terminated; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the MDC Merger Certificate of Merger evidencing the MDC Merger, duly executed, acknowledged and filed with the Secretary
of State.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
4</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">REPRESENTATIONS AND WARRANTIES OF MDC</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in (a) the correspondingly numbered sections of the disclosure letter delivered by MDC to Stagwell at or prior to the execution
and delivery of this Agreement (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>MDC
Disclosure Letter</U></FONT>&rdquo;), but subject to <U>Section 11.12</U>, or (b) the MDC SEC Documents filed with the SEC on or
after January 1, 2019 and publicly available at least one (1) Business Day prior to the date hereof (excluding any disclosure set
forth in any risk factor or &ldquo;forward-looking statements&rdquo; section and any other disclosure to the extent it is a prediction
or forward-looking in nature, the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Specified
MDC SEC Disclosure</U></FONT>&rdquo;) (provided no such disclosure shall be deemed to modify or qualify any of <U>Section 4.01</U>,
<U>Section 4.02</U>, <U>Section 4.03</U>, <U>Section 4.04</U> or <U>Section 4.11</U>), MDC represents and warrants to Stagwell
as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization, Good Standing and Qualification</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
of MDC and its Subsidiaries (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>MDC Subsidiaries</U></FONT>&rdquo;)
is a corporation, limited liability company, limited partnership, partnership or other entity duly organized and validly existing
under the Laws of its respective jurisdiction of organization and has all requisite entity power and authority to own, operate
and lease its properties and assets in the manner in which its properties and assets are currently owned, operated and leased
and to carry on its business as now conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
of MDC and the MDC Subsidiaries is duly qualified and/or licensed, as may be required, to do business and in good standing (where
applicable or recognized) in each of the jurisdictions in which the nature of its business or the character of its owned, leased
or used properties makes such qualification and/or licensing necessary, except where the failure to be so qualified and/or licensed
would not reasonably be expected to have an MDC Material Adverse Effect or prevent, materially delay or materially impair the
ability of MDC, New MDC or Merger Sub to timely consummate the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
copies of the articles of amalgamation, as amended, and bylaws of MDC, each of which are incorporated by reference as an
exhibit to the annual report on the MDC 10-K (the &ldquo;<U>MDC Governing Documents</U>&rdquo;), are complete and correct
copies of such documents in full force and effect on the date of this Agreement, and MDC is not in violation of any of the
provisions thereof. MDC has made available to Stagwell complete and correct copies of each of the MDC Subsidiaries&rsquo;
certificate of incorporation and by-laws or comparable governing documents (together with the MDC Governing Documents, the
 &ldquo;<U>MDC Organizational Documents</U>&rdquo;), in each case as amended to the date of this Agreement, and each as so
delivered is in full force and effect, and no such MDC Subsidiary is in violation in any material respect of any of the
provisions thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Prior
to the Redomiciliation, the authorized share capital of MDC consists of (i) unlimited MDC Class A Shares, (ii) unlimited MDC Class
B Shares, (iii) unlimited preference shares, issuable in series, including (A) 5,000 Series 1 preference shares, (B) 700,000 Series
2 preference shares, (C) an unlimited number of Series 3 preference shares, (D) 95,000 Series 4 preference shares, (E) an unlimited
number of Series 5 preference shares, (F) 50,000 Series 6 preference shares, and (G) an unlimited number of Series 7 preference
shares. As of the close of business on December 17, 2020, there were (1) 73,309,337 MDC Class A Shares issued and outstanding,
(2) 3,743 MDC Class B Shares issued and outstanding, (3) no Series 1 preference shares issued and outstanding; (4) no Series 2
preference shares issued and outstanding; (5) no Series 3 preference shares issued and outstanding; (6) 95,000 Series 4 preference
shares issued and outstanding; (7) no Series 5 preference shares issued and outstanding; (8) 50,000 Series 6 preference shares
issued and outstanding; (9) no Series 7 preference shares issued and outstanding; (10) 3,294,269 MDC Class A Shares underlying
outstanding awards of performance stock units, restricted stock units and awards of restricted stock under the MDC Stock Plans
and MDC Incentive Awards; (11) 2,325,800 outstanding options and stock appreciation rights awards issued under the MDC Stock Plans
and MDC Incentive Awards; and (12) 600,000 MDC Class A Shares reserved for issuance to satisfy deferred acquisition-related obligations.
<U>Section 4.02(a)</U> of the MDC Disclosure Letter sets forth a true, correct and complete list of the MDC Incentive Awards as
of the date hereof, including, with respect to each such award, the name of the holder thereof, the number of MDC Common Shares
subject to each such award and the vesting schedule (including any performance conditions) thereof. After the Redomiciliation,
the authorized share capital of MDC will be as set forth in the MDC Intermediate Certificate of Incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
outstanding MDC Common Shares have been, and all of the New MDC Common Stock required to be issued pursuant to this Agreement
will be, when issued in accordance with and subject to the terms and conditions hereof, duly authorized, validly issued, fully
paid and nonassessable, and are not, or will not be when issued, subject to and were not issued in violation of any pre-emptive
or similar right, purchase option, call or right of first refusal or similar right. All of the shares of capital stock described
in this <U>Section 4.02(b)</U> were issued, or will be issued, in material compliance with applicable Laws (including securities
Laws).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as set forth in this <U>Section 4.02</U>, MDC has not issued any securities, the holders of which have the right to vote with
the shareholders of MDC on any matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as provided in this Agreement or permitted pursuant to <U>Section 6.01(a)</U>, and except as set forth in or contemplated by
this <U>Section 4.02</U> or as reflected under &ldquo;redeemable noncontrolling interests&rdquo; or &ldquo;noncontrolling
interests&rdquo; in the audited consolidated financial statements of MDC set forth in the MDC 10-K, there are no existing
options, units, warrants, calls, pre-emptive (or similar) rights, subscriptions, phantom stock, phantom rights, stock
appreciation rights, restricted stock, restricted stock units, incentive units, earn-in credits or any other equity or
equity-based compensation or any other rights, Contracts, arrangements or commitments of any kind (including shareholders
agreements, voting trusts or similar Contracts) relating to any equity interests of MDC or any MDC Subsidiary or obligating
MDC or any MDC Subsidiary to issue, transfer or sell, or cause to be issued, transferred or sold, any equity interests of MDC
or such MDC Subsidiary or any securities convertible into or exchangeable for such equity interests or similar profit
participation rights, and there are no current outstanding contractual obligations of MDC or any MDC Subsidiary to
repurchase, redeem or otherwise acquire any of its equity interests or any securities convertible into or exchangeable for
such equity interests or similar profit participation rights, in each case other than in relation to obligations to pay
deferred acquisition consideration as set forth in the MDC 10-K.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization; No Conflict; Board Recommendation</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each of MDC, New MDC and Merger Sub has the requisite power and authority to enter into and deliver this Agreement and all
other agreements and documents contemplated hereby to which it is a party and to consummate the Transactions, subject, in the case
of the consummation of the Transactions (other than the MDC Merger), only to receipt of the MDC Special Meeting Approval and, in
the case of the consummation of the MDC Merger, only to receipt of the MDC Merger Approval. The execution and delivery of this
Agreement by MDC, New MDC and Merger Sub, the performance by MDC, New MDC and Merger Sub of its obligations hereunder and the consummation
by MDC, New MDC and Merger Sub of the Transactions have been duly and validly approved by the MDC Board and by the sole member
and manager of each of New MDC and Merger Sub, as applicable. No other corporate, limited liability company or other action on
the part of MDC, New MDC or Merger Sub other than (i) in respect of the MDC Merger only, (1) the MDC Delaware Board Approvals and
the MDC Merger Approval, (2) the approval and authorization by the New MDC Board of the issuance of New MDC Common Stock and New
MDC Preferred Stock in connection with the Transactions following the New MDC Incorporation, and (ii) with respect to all the Transactions,
the MDC Special Meeting Approval, are necessary to authorize the execution, delivery and performance of this Agreement by MDC,
New MDC and Merger Sub and the consummation by MDC, New MDC and Merger Sub of the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement has been duly executed and delivered by MDC, New MDC and Merger Sub and, assuming due authorization, execution and delivery
by Stagwell, constitutes a valid and binding obligation of each of MDC, New MDC and Merger Sub enforceable against it in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar
laws relating to or affecting creditors generally or by general equity principles (regardless of whether such enforceability is
considered in a proceeding in equity or at Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the execution and delivery of this Agreement by MDC, New MDC or Merger Sub, the consummation by MDC, New MDC or Merger Sub
of the Transactions or compliance by MDC, New MDC or Merger Sub with any of the provisions herein will (i) result in a
violation or breach of or conflict with any of the MDC Organizational Documents, (ii) (A) result in a violation or breach of
or conflict with any provisions of, (B) constitute a default (or an event which, with notice or lapse of time or both, would
constitute a default) under, (C) result in the termination or cancellation of, give rise to a right of purchase under, (D)
accelerate the performance required by MDC or any MDC Subsidiaries under, (E) result in a right of termination or
acceleration under, (F) result in the creation of any Lien (other than a Permitted Lien) upon any of the properties or assets
owned or operated by MDC or any MDC Subsidiary under, (G) result in being declared void, voidable, or without further binding
effect under, any of the terms, conditions or provisions of, any Contract to which MDC or any MDC Subsidiary is a party or by
which MDC or any MDC Subsidiary or any of their respective properties or assets may be bound, or (iii) subject to obtaining
or making the consents, approvals, orders, authorizations, registrations, declarations and filings referred to in <FONT STYLE="font-size: 10pt"><U>Section
4.03(g)</U>, violate any Laws applicable to MDC or any of the MDC Subsidiaries or any of their respective properties or
assets, other than any such event described in clause (i) (only with respect to any MDC Subsidiary), (ii) or (iii) which
would not reasonably be expected to have an MDC Material Adverse Effect or prevent, materially delay or materially impair the
ability of MDC, New MDC or Merger Sub to timely consummate the Transactions.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
MDC Special Committee has unanimously (i) determined that it is in the best interests of MDC, and declared it advisable, to recommend
that MDC enter into this Agreement and consummate the Transactions, (ii) recommended that the MDC Board approve the execution,
delivery and performance by MDC of this Agreement and the consummation of the Transactions and (iii) resolved, subject to the
MDC Board approving the execution, delivery and performance by MDC of this Agreement and the consummation of the Transactions,
to recommend the shareholders of MDC approve the Transaction Resolutions. The MDC Board (upon the recommendation of the MDC Special
Committee) has, by resolutions duly adopted by the requisite vote of the directors and not subsequently rescinded or modified
in any way, unanimously (with Mark Penn, Charlene Barshefsky and Bradley Gross abstaining from voting on, or participating in
any deliberations with respect to the Transactions) (i) determined that it is in the best interests of MDC and its shareholders
(other than the Interested Shareholders), and declared it advisable, to enter into this Agreement and consummate the Transactions,
(ii) approved the execution, delivery and performance by MDC of this Agreement and the consummation of the Transactions, and (iii)
resolved to recommend that the shareholders of MDC vote for the Transaction Resolutions. The MDC Special Committee has received
(A) independent legal advice from DLA Piper, (B) from the MDC Financial Advisor an opinion, dated as of the date of this Agreement,
that as of such date and based upon and subject to the limitations and assumptions set forth therein, the percentage ownership
of MDC to be held by the holders of MDC Common Shares upon completion of the Transaction is fair, from a financial point of view,
to the holders of MDC Common Shares (other than the Interested Shareholders) and (C) from the Second MDC Financial Advisor, (a)
an opinion, dated as of the date of this Agreement, that as of such date and based upon and subject to the limitations and assumptions
set forth therein, and such other matters as the Second MDC Financial Advisor considered relevant, the consideration to be paid
by MDC for the Stagwell Subject Entities pursuant to this Agreement is fair, from a financial point of view, to the holders of
MDC Class A Shares (other than Mark Penn, Stagwell, Goldman Sachs and their Affiliates) and (b) the Formal Valuation, in each
case a written copy of which will be provided to Stagwell as soon as practicable after the execution and delivery hereof, solely
for informational purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i) The MDC Special Meeting Approval is the only vote required of the holders of any class or series of MDC capital stock
that shall be necessary to adopt the resolutions providing for the consummation of the Transactions, including the Redomiciliation
Resolution, the Business Combination Resolution and the NASDAQ Resolution, and (ii) the MDC Merger Approval is the only vote required
of the holders of any class or series of MDC or MDC Delaware capital stock that shall be necessary to effect the MDC Merger.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
MDC Board has, and following the Redomiciliation will have, taken all action necessary to exempt under and not make subject
to any takeover Law or other Law that limits or restricts business combinations or the ability to acquire or vote shares: (a)
the execution of this Agreement and (b) the Transactions. The New MDC Certificate of Incorporation will opt out of Section
203 of the DGCL. MDC has no shareholder rights plan, &ldquo;poison pill&rdquo; or similar agreement or arrangement in
effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except for filings, permits, authorizations, consents, approvals and other applicable requirements as may be required under
the Securities Act, the Exchange Act, state securities or blue sky laws, the HSR Act or the Investment Canada Act, and the filing
of (i) the Certificate of Domestication, (ii) the MDC Delaware Certificate of Incorporation, (iii) the MDC Merger Certificate of
Merger, (iv) the New MDC Certificate of Incorporation, (v) the MDC Certificate of Conversion and the certificates of conversion
described in <U>Schedule III</U> in connection with the Maxxcom Restructuring and (vi) the MDC Certificate of Formation with the
Secretary of State and the filings required to be made under the CBCA in connection with the Redomiciliation, no filing with or
notice to, and no permit, authorization, consent or approval of, any Governmental Entity is necessary for the execution and delivery
by MDC of this Agreement or the consummation by MDC of the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Section
4.04(a)</U> of the MDC Disclosure Letter sets forth, as of the date of this Agreement, the name and jurisdiction of organization
of each (i) MDC Subsidiary, (ii) entity (other than the MDC Subsidiaries) in which MDC or any MDC Subsidiary owns any interest,
and (iii) MDC&rsquo;s percentage aggregate direct or indirect record and beneficial ownership of each such entity as of the date
hereof (other than, in the case of this clause (iii), with respect to non-material interests).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
of the outstanding shares of capital stock or other equity securities of, or other ownership interests in, (i) each MDC Subsidiary,
and (ii) each other Person that is a legal entity in which MDC has an equity ownership interest are duly authorized, validly issued,
fully paid up and, in the case of all corporate MDC Subsidiaries, nonassessable (in jurisdictions that recognize such concepts),
and such shares, securities or interests are owned by MDC or by an MDC Subsidiary free and clear of any Liens (other than Securities
Liens and Credit Agreement Liens) or limitations on voting rights. Except as set forth on <U>Section 4.04(b)</U> of the MDC Disclosure
Letter, there are no subscriptions, options, units, warrants, calls, rights, convertible securities, phantom stock, stock appreciation
rights, or any other equity or equity-based compensation or other Contracts relating to the issuance, transfer, sales, delivery,
voting or redemption (including any rights of conversion or exchange under any outstanding security or other instrument) for any
of the capital stock or other equity interests of, or other ownership interests in, any MDC Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
of New MDC and Merger Sub has been formed solely for the purpose of engaging in the Transactions, and, each of New MDC and Merger
Sub has not conducted any business, incurred or guaranteed any indebtedness or any other liabilities or made any investments,
other than those activities incident to its formation or its obligations under this Agreement or the Transactions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">Section
4.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>SEC Documents; Financial Statements and Internal Controls</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC
has filed or furnished, as applicable, (A) its annual report on Form 10-K for the fiscal year ended December 31, 2019, (B) its
quarterly reports on Form 10-Q for its fiscal quarters ended September 30, 2020, June 30, 2020, and March 31, 2020, (C) its proxy
statement relating to the annual meeting of the shareholders of MDC held in 2020, and (D) all other forms, reports, schedules
and other statements required to be filed or furnished by it with the SEC under the Exchange Act or the Securities Act since January
1, 2019 (collectively, as such document may have been supplemented, modified or amended since the initial filing date and together
with all exhibits thereto and information incorporated by reference therein, the &ldquo;<U>MDC Reports</U>&rdquo;). As of its
respective date, and, if amended, as of the date of the last such amendment, each MDC Report complied in all material respects
as to form with the applicable requirements of the Securities Act and the Exchange Act, and any rules and regulations promulgated
thereunder applicable to such MDC Report. As of its respective date, and, if amended, as of the date of the last such amendment,
no MDC Report contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein
or necessary in order to make the statements made therein, in light of the circumstances in which they were made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
MDC Audited Financial Statements and the MDC Unaudited Financial Statements have been prepared in accordance with GAAP applied
on a consistent basis (except as may be indicated in the notes thereto) and present fairly in all material respects the financial
position, results of operations and cash flows of MDC and the MDC Subsidiaries as of the dates and for the respective periods
shown.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As
of the date hereof, (i) there are no outstanding or unresolved comments in comment letters received by MDC from the SEC with respect
to the MDC Reports and (ii) to the knowledge of MDC, none of the MDC Reports is the subject of any ongoing review by the SEC.
Since January 1, 2019, MDC&rsquo;s independent public accounting firm has not informed MDC in writing that it has any material
disagreements with, regarding or pertaining to MDC&rsquo;s accounting policies or practices which are unresolved as of the date
of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With respect to each annual report on Form 10-K, each quarterly report on Form 10-Q and each amendment of any such report
included in the MDC Reports, the principal executive officer and principal financial officer of MDC have made all certifications
(without qualifications or exceptions to the matters certified) required by the Sarbanes-Oxley Act of 2002 (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Sarbanes-Oxley
Act</U></FONT>&rdquo;) and any related rules and regulations promulgated by the SEC, and the statements contained in any such certifications
are complete and correct. As of the date of this Agreement, other than any matters that do not remain the subject of any open or
outstanding inquiry, neither MDC nor its officers have received written notice from the SEC questioning or challenging the accuracy,
completeness or form of such certificates. &ldquo;Principal executive officer&rdquo; and &ldquo;principal financial officer&rdquo;
shall have the meanings given to such terms in the Sarbanes-Oxley Act. To the knowledge of MDC, as of the date hereof, MDC is in
compliance with Section&nbsp;404 of the Sarbanes-Oxley Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC
has established and maintains &ldquo;disclosure controls and procedures&rdquo; (as such term is defined in Rule 13a-15(e) or
15d-15(e) under the Exchange Act); such disclosure controls and procedures are reasonably designed to ensure that all
information (both financial and non-financial) relating to MDC and the MDC Subsidiaries required to be disclosed in
MDC&rsquo;s reports required to be filed with or submitted to the SEC pursuant to the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the rules and forms of the SEC, and that all such information is
accumulated and communicated to MDC&rsquo;s management as appropriate to allow timely decisions regarding required disclosure
and to make the certifications of the chief executive officer and chief financial officer of MDC required under the Exchange
Act with respect to such reports. MDC has disclosed, based on its most recent evaluation of such disclosure controls and
procedures prior to the date of this Agreement, to MDC&rsquo;s auditors and the audit committee of the MDC Board and on <FONT STYLE="font-size: 10pt"><U>Section
4.05(e)</U> of the MDC Disclosure Letter (i) any significant deficiencies and material weaknesses in the design or operation
of internal controls over financial reporting that are reasonably likely to adversely affect in any material respect
MDC&rsquo;s ability to record, process, summarize and report financial information and (ii) any fraud, whether or not
material, that involves management or other employees who have a significant role in MDC&rsquo;s internal control over
financial reporting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During
the past five (5) years, no director or officer of MDC or any MDC Subsidiary, or to the knowledge of MDC, any non-officer employees,
external auditor, external accountant or similar authorized representative of MDC or any MDC Subsidiary, has received or otherwise
been made aware of any material complaint, allegation or claim, whether written or oral, regarding the accounting or auditing
practices, procedures, methodologies or methods of MDC or any MDC Subsidiary or their respective internal accounting controls,
including any complaint, allegation or claim that any of MDC or the MDC Subsidiaries engaged in accounting or auditing practices
that represent a violation of applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC
is in compliance in all material respects with (i) all current listing and corporate governance requirements of NASDAQ and (ii)
all rules, regulations and requirements of the Sarbanes-Oxley Act and the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.06<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Absence
of Changes</U><FONT STYLE="font-size: 10pt">. Since the MDC Audited Balance Sheet Date through the date hereof, (a) there has
not been any MDC Material Adverse Effect, and no event has occurred or circumstance arisen that, in combination with any other
events or circumstances, would reasonably be expected to have or result in an MDC Material Adverse Effect; (b) none of MDC or
any MDC Subsidiary has taken any action, or authorized, approved, committed or agreed to take any action that, if taken between
the date hereof and the Closing Date, would require Stagwell&rsquo;s consent under <U>Section 6.01(b)</U>; and (c) MDC and the
MDC Subsidiaries have conducted their business in the ordinary course of business consistent with past practice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.07<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Litigation</U><FONT STYLE="font-size: 10pt">.
As of the date hereof, there are no suits, actions or legal, administrative, arbitration or other hearings, proceedings or
governmental investigations (&ldquo;<U>Proceedings</U>&rdquo;) pending or, to the knowledge of MDC, threatened against MDC or
any of the MDC Subsidiaries or any of their respective properties or assets or any director, officer or employee of MDC or
any MDC Subsidiary (i) for which MDC or any MDC Subsidiary may be liable that would reasonably be expected to have an MDC
Material Adverse Effect or (ii) that challenges or seeks to prevent, enjoin or otherwise delay the Transactions, and, in each
case, to the knowledge of MDC, there are no presently existing facts or circumstances that would constitute a reasonable
basis therefor. As of the date hereof, there are no judgments, decrees, injunctions, awards or orders of any Governmental
Entity outstanding against MDC or any of the MDC Subsidiaries </FONT>that would reasonably be expected to have an MDC
Material Adverse Effect or prevent, materially delay or materially impair the ability of MDC, New MDC or Merger Sub to timely
consummate the Transactions.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.08<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Information Supplied</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the information supplied or to be supplied by MDC for inclusion or incorporation by reference in (a) New MDC&rsquo;s registration
statement on Form S-4 (the &ldquo;<U>Registration Statement</U>&rdquo;) to be filed jointly by MDC and New MDC in connection with
the Transactions will, at the time the Registration Statement is filed with the SEC and at the time it becomes effective under
the Securities Act, and (b) the proxy statement relating to the Special Meeting to be held in connection with the Transactions
(the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Combined Proxy Statement/Prospectus</U></FONT>&rdquo;)
will, (i) as of the date of its filing, (ii) at the time it becomes effective, (iii) as of the date the Combined Proxy Statement/Prospectus
is mailed to shareholders of MDC, or (iv) at the time of the meeting of shareholders of MDC to be held in connection with the
Transactions, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein
or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The portions of the Combined Proxy Statement/Prospectus supplied by MDC will comply as to form in all material respects
with the provisions of the Exchange Act and the rules and regulations thereunder. No representation or warranty is made by MDC
with respect to information regarding the Stagwell Subject Entities incorporated by reference in the Combined Proxy Statement/Prospectus
or supplied by Stagwell or any of the Stagwell Subject Entities specifically for inclusion in the Combined Proxy Statement/Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.09<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Undisclosed Liabilities</U><FONT STYLE="font-size: 10pt">. MDC and the MDC Subsidiaries do not have any obligation
or liability of any nature (whether accrued, absolute, contingent or otherwise) (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Liabilities</U></FONT>&rdquo;)
required by GAAP to be recognized on a condensed consolidated statement of financial position of MDC, except (a) as reflected,
reserved or disclosed in the financial statements (or the notes thereto) included in the MDC Reports as at and for the year ended
December 31, 2019 or the 9-month period ended September 30, 2020, (b) as incurred since December 31, 2019 in the ordinary course
of business, (c) as incurred in accordance with this Agreement or in connection with the Transactions, (d) that are obligations
to perform pursuant to the terms of any of the MDC Material Contracts or (e) as would not constitute an MDC Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Senior Notes</U><FONT STYLE="font-size: 10pt">. The holders of a majority in aggregate principal amount of the outstanding
Senior Notes have entered into the Note Consent Agreements, and the Note Consent Agreements are, as of the date hereof, in full
force and effect. No other action is required to be taken by MDC in connection with the Senior Notes to prevent the triggering
of any redemption or other similar rights thereunder in connection with the Transactions other than the launch and consummation
of the Consent Solicitation and any actions required to implement the amendments and waivers approved pursuant to the Consent Solicitation,
including the execution of a supplemental indenture.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Broker&rsquo;s
Fees</U><FONT STYLE="font-size: 10pt">. Except for (i) Moelis &amp; Company (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>MDC
Financial Advisor</U></FONT>&rdquo;) and (ii) Canaccord Genuity Corp. (the &ldquo;<U>Second MDC Financial
Advisor</U>&rdquo;), each of which shall be entitled to fees and commissions not in excess of the compensation set forth on <U>Section
4.11</U> of the MDC Disclosure Letter, no agent, broker, Person or firm acting on behalf of MDC or any MDC Subsidiary or
under MDC&rsquo;s or any MDC Subsidiary&rsquo;s authority is or will be entitled to any advisory, commission or
broker&rsquo;s or finder&rsquo;s </FONT>fee or commission from any of the parties hereto in connection with any of the
Transactions. MDC will promptly after the execution of this Agreement provide to Stagwell complete and correct copies of the
engagement letter agreements related to such fees or commissions entered into by and between MDC and the MDC Financial
Advisor or the Second MDC Financial Advisor, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.12<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Labor Matters.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither MDC nor any MDC Subsidiary (i) is a party to any collective bargaining, works council, information and consultation
or other Contracts with any labor organization or union or other employee representative or organization (and no such Contract
is currently being requested by, or is under discussion by management with, any employee, group of employees or others), or (ii)
is obligated by, or subject to, any order of the National Labor Relations Board or other labor board or administration, or any
unfair labor practice decision, or any similar order or decision in any jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as would not reasonably be expected to have an MDC Material Adverse Effect, neither MDC nor any MDC Subsidiary is a party or subject
to any pending or, to the knowledge of MDC, threatened labor or civil rights dispute, controversy or grievance or any unfair labor
practice charge or proceeding with respect to claims of, or obligations of, any employee or group of employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There are no labor unions, works council or other similar representative or organizations, representing or, to MDC&rsquo;s
knowledge, purporting to represent any employees of MDC or the MDC Subsidiaries and neither MDC nor any MDC Subsidiary has received
any notice that any labor representation request is pending or is threatened with respect to any employees of MDC or the MDC Subsidiaries.
Neither MDC nor any MDC Subsidiary is subject to any pending or, to the knowledge of MDC, threatened, strikes, slowdowns, lockouts,
walkouts work stoppages or any other industrial action in any jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as would not reasonably be expected to have an MDC Material Adverse Effect, MDC and each of the MDC Subsidiaries are, and during
the last five (5) years have been, in compliance with all applicable foreign, federal, state and local Laws respecting labor,
employment and employment practices, including terms and conditions of employment, wages and hours, holiday pay, discrimination,
equal pay, disability, workers compensation, wrongful discharge, immigration and occupational safety and health, and there are
no claims, suits, disputes, actions, grievances, audits or investigations or disciplinary actions by any Governmental Entity or
any current or former employee, director, or individual independent contractor of MDC or any MDC Subsidiary pending or, to the
knowledge of MDC, threatened against any MDC or any MDC Subsidiary with respect to the employment or termination of any employee
or individual independent contractor of MDC or any MDC Subsidiary (including with respect to any of the topics referenced in this
<U>Section 4.12(d)</U>). Except as would not reasonably be expected to have an MDC Material Adverse Effect, all individuals who
perform or have performed services for MDC or any MDC Subsidiary have been properly classified under applicable Law as employees
or independent contractors to the extent applicable, and, for employees, as an &ldquo;exempt&rdquo; or &ldquo;nonexempt&rdquo;
employee (within the meaning of the Fair Labor Standards Act and applicable state Law) to the extent applicable. Neither MDC nor
any MDC Subsidiary maintains any leased employees.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, to the knowledge of MDC, in the last
five (5) years, no allegations, claims or reports of sexual or other unlawful harassment or discrimination or retaliation have
been made against (i) any officer or other key employee of MDC or any MDC Subsidiary or (ii) any employee of MDC or any MDC Subsidiary
who is currently at a level of Vice President or above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, neither MDC nor any MDC Subsidiary has,
during the last three (3) years, effectuated a &ldquo;plant closing&rdquo; or &ldquo;mass layoff&rdquo; (each as defined in the
Worker Adjustment and Retraining Notification Act (&ldquo;<U>WARN</U>&rdquo;) or any similar concept under applicable Laws) that
would trigger a notice requirement under WARN or to any Governmental Entity, or taken any other action that would trigger a notice
requirement under any similar state or local Law and no layoffs that could implicate any such applicable Laws are currently contemplated
by MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as would not reasonably be expected to have an MDC Material Adverse Effect, each of MDC and the MDC Subsidiaries (i) is and at
all relevant times has been in compliance with COVID-19 related safety and health Laws and guidance issued and enforced by the
Occupational Safety and Health Administration (&ldquo;<U>OSHA</U>&rdquo;) and the applicable foreign, federal, state or local
Governmental Entity, and with the paid and unpaid leave requirements of the Families First Coronavirus Response Act and any similar
Laws in other jurisdictions; and (ii) to the extent MDC or any MDC Subsidiary has granted employees paid sick leave or paid family
leave under the Families First Coronavirus Response Act or any similar Laws in other jurisdictions, MDC or any such MDC Subsidiary
has taken commercially reasonable efforts to obtain and retain all material documentation required to substantiate eligibility
for the relevant leave and for sick leave or family leave tax credits pursuant to applicable Law to the extent the time limit
to obtain or receive such substantiation has not lapsed. To the extent MDC has knowledge of any MDC or MDC Subsidiary employees
or independent contractors who have tested positive for COVID-19, MDC or any such MDC Subsidiary has taken commercially reasonable
efforts to take all material precautions required under applicable Law with respect to such employees and independent contractors.
MDC and each MDC Subsidiary have used commercially reasonable efforts to document any such diagnosis to the extent required by
laws of OSHA or other applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.13<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefit Plans</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Section
4.13(a)</U> of the MDC Disclosure Letter contains a true, complete and correct list of each material MDC Benefit Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
MDC Benefit Plan has been established, operated, maintained, funded and administered (i) in compliance in all material respects
with all applicable Laws, orders, statutes, regulations and rules issued by a Governmental Entity, including ERISA and the Code,
and with any Contract entered into with a union, works council or labor representative or organization and (ii) in accordance
with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to each material MDC Benefit Plan, MDC has made available to Stagwell copies, to the extent applicable, of: (i) the
current plan and trust documents and the most recent summary plan description and any material modifications with respect
thereto and, with respect to any unwritten MDC Benefit Plan, a written summary of such MDC Benefit Plan, (ii) all amendments
thereto, (iii) the three most recent annual reports (Form 5500 series), (iv) the most recent financial statements, (v) the
most recent Internal Revenue Service determination letter or opinion letter, (vi) all non-routine, written communications
with respect thereto and (vii) <FONT STYLE="font-size: 10pt">any comparable documents with respect to MDC Non-US Plans that
are required to be prepared or filed under the applicable Laws of a non-U.S. jurisdiction.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of MDC, any MDC Subsidiary, or any of their respective ERISA Affiliates has ever maintained or contributed to (or been obligated
to contribute to): (i) a benefit plan that was ever subject to Section&nbsp;412 of the Code or Title IV of ERISA, (ii) a &ldquo;multiemployer
plan&rdquo; (as defined in Section&nbsp;3(37) of ERISA), or (iii) a &ldquo;multiple employer plan&rdquo; as defined in Section&nbsp;210
of ERISA or Section&nbsp;413(c) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each MDC Benefit Plan intended to qualify under Section 401(a) of the Code is the subject of a favorable determination or
opinion letter from the Internal Revenue Service with respect to its qualified status, and to the knowledge of MDC, no facts or
circumstances exist that have jeopardized or would reasonably be expected to jeopardize the qualification of such MDC Benefit Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Each
MDC Benefit Plan that is required to be registered or approved by a foreign Governmental Entity or subject to the Laws of a jurisdiction
outside of the United States or that is otherwise maintained for the benefit of current or former employees or dependents thereof
who perform services or who are employed outside of the United States (each an &ldquo;<U>MDC Non-US Plan</U>&rdquo;), has if required
been registered with, or approved by, and has been maintained in all material respects in good standing with such Governmental
Entity, and in all cases has been maintained in all material respects in compliance with applicable Law and its plan, policy and
trust documents. With respect to each MDC Non-US Plan, the fair market value of the assets of such funded MDC Non-US Plan, the
liability of each insurer for such MDC Non-US Plan funded through insurance or the book reserve established for such MDC Non-US
Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations, as of
the date of this Agreement, with respect to all current and former participants in such MDC Non-US Plan according to the actuarial
assumptions and valuations most recently used to determine employer contributions to such MDC Non-US Plan, and the transactions
contemplated hereby shall not cause such assets or insurance obligations to be less than such benefit obligations. If intended
to qualify for special Tax or other treatment, such MDC Non-US Plan satisfies all requirements for such treatment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
MDC nor any MDC Subsidiary is or has at any time been an &ldquo;employer&rdquo; (for the purpose of sections 38 to 51 of the
United Kingdom Pensions Act 2004) of a UK registered occupational pension scheme which is not a money purchase scheme (both
terms as defined in the Pension Schemes Act 1993), or &ldquo;connected&rdquo; with or an &ldquo;associate&rdquo; (as those
terms are used in the United Kingdom Pensions Act 2004) of such an employer. Neither MDC nor any MDC Subsidiary maintains or
contributes to any plan or arrangement that is a &ldquo;multi-employer scheme&rdquo; as defined in section 75A of the UK
Pensions Act 1995. No contribution notice or financial support direction has been issued by the UK Pensions Regulator under
sections 38 or 43 of the UK Pensions Act 2004 against MDC nor any MDC Subsidiary and there is no fact or circumstance which
may give rise to any such direction or notice to or in respect of MDC or any MDC Subsidiary nor any of their Affiliates or to
Stagwell or any of its Affiliates. None of MDC, any MDC Subsidiary or any of its or their Affiliates has been notified that
it is liable for a debt arising or payable under sections 75 or 75A of the UK Pensions Act 1995 (a &ldquo;<U>Section 75
Debt</U>&rdquo;) and neither the execution and delivery of this Agreement nor the performance of the transactions
contemplated by this Agreement will or may (in either case, either alone or upon the occurrence of any additional or
subsequent events) result in any Section 75 Debt arising or becoming payable by MDC, any of the Stagwell Subject Entities or
any other Person.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All
contributions required to be made prior to the date hereof with respect to any MDC Benefit Plan by applicable Law, any order or
any MDC Benefit Plan document or other contractual undertaking, and all premiums due or payable prior to the date hereof with
respect to any insurance policy funding any MDC Benefit Plan have been timely made or properly accrued in accordance with GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There are no pending or, to the knowledge of MDC, threatened material Proceedings by or on behalf of any MDC Benefit Plan,
any employee or beneficiary covered under any MDC Benefit Plan, any Governmental Entity involving any MDC Benefit Plan, or otherwise
involving any MDC Benefit Plan (other than routine claims for benefits). No MDC Benefit Plan is under audit or is the subject of
an investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation, the U.S.
Securities and Exchange Commission or any other Governmental Entity, in any jurisdiction, nor is any such audit or investigation
pending or, to the knowledge of MDC, threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
MDC Benefit Plan provides post-employment welfare benefits, including life insurance, death or medical benefits, beyond termination
of service or retirement for any participant, or any spouse, dependent or beneficiary of a participant except as may be required
by the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (or any other similar applicable Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, each MDC Benefit Plan that is or was
a nonqualified deferred compensation plan subject to Section 409A of the Code has been maintained and operated in operational and
documentary compliance with Section 409A of the Code and applicable guidance thereunder during the respective time periods in which
such operational or documentary compliance has been required. No Tax penalties or additional Taxes have been imposed or would be
reasonably expected to be imposed on any current or former employee of MDC or any MDC Subsidiary, and no acceleration of Taxes
has occurred or would be reasonably expected to occur with respect to any current or former employee, director or other service
provider of MDC or any MDC Subsidiary, in each case as a result of a failure to comply with Section 409A of the Code. No employee,
director or other service provider of MDC or any MDC Subsidiary is entitled to receive any gross-up or additional payment in connection
with the Tax required by Section 409A or Section 4999 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
the execution nor delivery of this Agreement nor the consummation of the Transactions (either alone or in conjunction with another
event whether contingent or otherwise) will: (i) accelerate the time of payment or vesting of any compensation or benefit, or
trigger any funding of benefits under any MDC Benefit Plan or otherwise; (ii) entitle any current or former employee, director
or other service provider to any payment, compensation or benefit or increase in compensation or benefits under any MDC Benefit
Plan or otherwise; or (iii) result in any breach or violation of or default under or limit any right to amend, modify or terminate
any MDC Benefit Plan.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No amount that will be received (whether in cash or property or the vesting of property), as a result of the execution
of this Agreement or the consummation of the Transactions, by any current or former employee, director or individual service provider
under any MDC Benefit Plan or otherwise would not be deductible by MDC or any MDC Subsidiary by reason of Section&nbsp;280G of
the Code or would be subject to an excise tax under Section&nbsp;4999 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.14<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U><FONT STYLE="font-size: 10pt">. Except as to matters that would not reasonably be expected to have an MDC Material
Adverse Effect:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC
and each of its Subsidiaries (i) has timely filed (taking into account all applicable extensions) all material Tax Returns required
to be filed by it under applicable Law, and all such Tax Returns are true, correct and complete and (ii) has timely paid (or has
had timely paid on its behalf) to the appropriate Governmental Entity all Taxes required to be paid by it, except for those Taxes
being contested in good faith or for which adequate reserves have been established in the financial statements of MDC in accordance
with GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC
and each of its Subsidiaries has (i) withheld and paid all Taxes required to have been withheld and paid prior to the Closing
in connection with amounts paid or owing to any employee, former employee, creditor, customer, supplier, seller or other third
party and (ii) complied with all reporting requirements (including maintenance of required records with respect thereto) with
respect to such payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No claim has ever been made by a Governmental Entity in any jurisdiction where MDC or any of its Subsidiaries does not file
Tax Returns or pay Taxes that MDC or such Subsidiary is required to file Tax Returns or pay Taxes in such jurisdiction, other than
a claim that has been finally resolved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
are no audits, disputes, or administrative or judicial proceedings ongoing or pending, or claims asserted in writing, in respect
of unpaid Taxes of MDC or any of its Subsidiaries, other than any claim that has been resolved. No deficiency for any Taxes has
been assessed or proposed or asserted in writing against MDC or any of its Subsidiaries that has not been resolved and paid in
full.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
are no Liens (other than Permitted Liens) for unpaid Taxes upon any of the assets of MDC or any of its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
MDC nor any of its Subsidiaries is party to any agreement, the principal purpose of which is the allocation, indemnification or
sharing of Taxes other than such an agreement exclusively between or among one or more of MDC and its Subsidiaries. Neither MDC
nor any of its Subsidiaries has any liability for any Tax or any portion of a Tax (or any amount calculated with reference to
any portion of a Tax) of any Person other than MDC or one of its Subsidiaries, including under Treasury Regulations Section 1.1502-6
(or any similar provision of state, local or foreign law) or as transferee or successor. Neither MDC nor any of its Subsidiaries
has been a member of an affiliated group (or similar state, local or foreign filing group) filing a consolidated income or franchise
Tax Return (other than a group the common parent of which is Maxxcom, or after the Redomiciliation, MDC or New MDC, or for which
the statute of limitations on collection of the relevant Tax has expired).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither MDC nor any of its Subsidiaries has engaged in any listed transaction within the meaning of Treasury Regulations
Section 1.6011-4(b)(2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither MDC nor any of its Subsidiaries will be required to include any item of income in, or exclude any item of deduction
from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of (A) any installment
sale or open transaction disposition made on or prior to the Closing Date, (B) any prepaid amount received on or prior to the Closing
Date, (C) any &ldquo;closing agreement,&rdquo; as described in Section 7121 of the Code (or any corresponding provision of state,
local or non-U.S. income tax law) entered into on or prior to the Closing Date, (D) any &ldquo;gain recognition agreement&rdquo;
or &ldquo;domestic use election&rdquo; (or analogous concepts under state, local or foreign income Tax Law); (E) a change in the
method of accounting for a period ending prior to or including the Closing Date; or (F) an election pursuant to Section 965(h)
of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>During
the period beginning two (2) years before the date hereof, neither MDC nor any of its Subsidiaries has been a distributing corporation
or a controlled corporation for purposes of Section 355 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
MDC Subsidiary has filed an election under Treasury Regulations Section 301.9100-22 to apply the Partnership Audit Rules to taxable
years that begin prior to December 31, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither MDC nor any MDC Subsidiary has deferred any payroll Taxes pursuant to the CARES Act or are the beneficiaries of
any other COVID-19 related tax deferral relief of any U.S. state and local Governmental Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Neither
MDC nor any MDC Subsidiary has incurred any loan, directly or indirectly, pursuant to the Paycheck Protection Program, established
by the CARES Act, as amended or supplemented from time to time by interim rules, policy statements, FAQs or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
are no circumstances which exist and would result in, or which have existed and resulted in, section 17 of the Canadian Tax Act
applying to MDC or any of its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
shares of capital stock of MDC are not &ldquo;taxable Canadian property&rdquo; (as defined in the Canadian Tax Act).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.15<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U><FONT STYLE="font-size: 10pt">. Except as to matters that would not reasonably be expected to
have an MDC Material Adverse Effect:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC and each MDC Subsidiary is, and for the past three (3) years has been, in compliance with all applicable orders of any
court, Governmental Entity or arbitration board or tribunal and all applicable federal, state, local and foreign or international
Laws relating to pollution or protection of human health or the environment (including, without limitation, ambient air, surface
water, ground water, land surface or subsurface strata) (collectively &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Environmental
Laws</U></FONT>&rdquo;);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC
and each MDC Subsidiary are in possession of all permits, approvals, licenses and other authorizations by Governmental
Entities required under applicable Environmental Laws (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Environmental
Permits</U></FONT>&rdquo;) and are in compliance with the terms and conditions thereof<FONT STYLE="font-size: 10pt">, and
such Environmental Permits are in full force and effect, free from breach, and will not be adversely affected by the
Transactions;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of MDC or any MDC Subsidiary has entered into any consent decree under any Environmental Law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>There
are no Environmental Claims that are pending or, to the knowledge of MDC, threatened against MDC or any MDC Subsidiary or, to
the knowledge of MDC, against any Person or entity whose liability for any Environmental Claim any of MDC or the MDC Subsidiaries
has or may have retained or assumed either contractually or by operation of Law. &ldquo;<U>Environmental Claim</U>&rdquo; means
any material action, claim, demand or notice alleging liability or noncompliance with or seeking investigation or remediation
of Hazardous Materials under applicable Environmental Law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the knowledge of MDC, there are no past or present specific conditions, events or incidents, including the Release or
presence of any Hazardous Material, which would be reasonably likely to form the basis of any Environmental Claim against MDC or
any of the MDC Subsidiaries or against any Person whose liability for any Environmental Claim any of MDC or the MDC Subsidiaries
has or may have retained or assumed either contractually or by operation of Law. &ldquo;<U>Hazardous Material</U>&rdquo; means
(i) any substance that is or contains asbestos, polychlorinated biphenyls, petroleum or petroleum-derived substances or wastes
or radon gas or (ii) any substance that requires investigation, removal or remediation under any Environmental Law, or is defined,
listed, regulated or identified as hazardous, toxic or words of similar import under any Environmental Laws. &ldquo;<U>Release</U>&rdquo;
means any releasing, disposing, discharging, injecting, spilling, leaking, pumping, dumping, emitting, escaping, emptying, dispersal,
leaching, migration, transporting or placing of Hazardous Materials, including into or upon, any land, soil, surface water, ground
water or air, or otherwise entering into the environment; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC has delivered to, or has otherwise made available for inspection by Stagwell, all material written assessments, audits,
investigation reports, studies, test results or similar environmental documents in the possession of MDC or any MDC Subsidiary
related to environmental, health or safety matters or Hazardous Materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.16<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws</U><FONT STYLE="font-size: 10pt">. Except for non-compliance as would not reasonably be expected
to have an MDC Material Adverse Effect: (a) MDC and the MDC Subsidiaries are, and for the three (3) years prior to the date hereof
have been, in compliance with all applicable Laws; and (b) during the three (3) year period prior to the date hereof, no written
notice, charge, claim, action or assertion has been received by MDC or any MDC Subsidiary or, to MDC&rsquo;s knowledge, filed,
commenced or threatened in writing against MDC or any MDC Subsidiary alleging any such non-compliance. All licenses, permits and
approvals required under such Laws with respect to MDC or the MDC Subsidiaries or their businesses, properties or assets are in
full force and effect, except where the failure to be obtained or to be in full force and effect would not reasonably be expected
to have an MDC Material Adverse Effect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.17<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Properties</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither MDC not any MDC Subsidiary owns any real property.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Section 4.17(b)</U> of the MDC Disclosure Letter sets forth an accurate and complete list of each real property lease,
sublease, license or occupancy Contract pursuant to which MDC or any MDC Subsidiary leases, subleases, licenses or occupies real
property (such properties, the &ldquo;<U>MDC Leased Real Property</U>,&rdquo; and such Contracts, the &ldquo;<U>MDC Leases</U>&rdquo;).
To the knowledge of MDC, all buildings, structures and improvements located on such MDC Leased Real Property are in reasonably
good condition and repair, ordinary wear and tear excepted, except if the failure to meet such standards would not materially
and adversely impair the use of any such real property as currently used by MDC and the MDC Subsidiaries&rsquo; business. To the
knowledge of MDC, MDC or an MDC Subsidiary has a valid and binding leasehold interest in each parcel of MDC Leased Real Property,
free and clear of any material Liens, other than Permitted Liens. To the knowledge of MDC, neither MDC nor any MDC Subsidiary
has subleased, licensed or otherwise granted to a third party any material right to use or occupy all or any portion of the MDC
Leased Real Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC or an MDC Subsidiary has good and valid title to, or in the case of leased properties and assets, valid leasehold interests
in, all of the tangible assets of MDC and the MDC Subsidiaries, except where the failure to have such good and valid title or valid
leasehold interests would not, individually or in the aggregate, reasonably be expected to have an MDC Material Adverse Effect,
in each case free and clear of any Liens, other than Permitted Liens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.18<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intellectual Property</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, to the knowledge of MDC, MDC and the
MDC Subsidiaries own or possess licenses or other valid rights to use all Intellectual Property necessary to carry on their respective
businesses as currently conducted. Except as would not reasonably be expected to have an MDC Material Adverse Effect, to the knowledge
of MDC, the conduct of the businesses of MDC and the MDC Subsidiaries does not, and immediately following the Closing, will not,
materially infringe, misappropriate or otherwise violate, and has not since January 1, 2018, materially infringed, misappropriated
or otherwise violated, the Intellectual Property, moral rights or publicity rights (or other rights to use the names, likeness,
signature, image, voice, personality or biographical information) of others, and, to the knowledge of MDC, no third party is infringing
or, since January 1, 2018, has infringed the Intellectual Property owned or claimed to be owned by MDC or the MDC Subsidiaries
(&ldquo;<U>MDC Intellectual Property</U>&rdquo;). None of MDC or the MDC Subsidiaries has received any notice from any Person claiming
that MDC, such MDC Subsidiary, the conduct of the businesses of MDC or any MDC Subsidiary or any product or service of MDC or any
MDC Subsidiary, as applicable, infringes, violates or misappropriates any Intellectual Property, moral rights or publicity rights
(or other rights to use the names, likeness, signature, image, voice, personality or biographical information).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 4.18(b)</U> of the MDC Disclosure Letter lists (i) all (A) material registered, issued or filed MDC Intellectual
Property and (B) material unregistered trademarks included in the MDC Intellectual Property; and (ii) any challenges to the validity,
enforceability or ownership of any of the material MDC Intellectual Property, including Proceedings before any Governmental Entity
(including the United States Patent and Trademark Office or equivalent authority anywhere in the world) to which MDC or an MDC
Subsidiary is or was, since January 1, 2018, a party and in which claims are or were raised relating to the validity, enforceability
or ownership of any of the material MDC Intellectual Property (other than ordinary course Proceedings relating to any filed but
not yet registered or issued MDC Intellectual Property to which solely the Governmental Entity and MDC or an MDC Subsidiary are
or were parties).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, MDC or an MDC Subsidiary is the sole
and exclusive owner of each item of MDC Intellectual Property, free and clear of any Liens other than Permitted Liens, and, to
the knowledge of MDC, except as would not reasonably be expected to have an MDC Material Adverse Effect, MDC or an MDC Subsidiary
has registered its acquisition or ownership of each item of registered, issued or applied-for MDC Intellectual Property in its
name with the United States Patent and Trademark Office or the applicable equivalent authority anywhere in the world. To the knowledge
of MDC, none of MDC or the MDC Subsidiaries has (i) granted any exclusive license with respect to any material MDC Intellectual
Property to any other Person, (ii) transferred or assigned any material MDC Intellectual Property to any Person,&nbsp;(iii) granted
to any Person any option to any of the foregoing, or (iv) done any act or failed to take any action that could cause the rights
of MDC or the MDC Subsidiaries in any MDC Intellectual Property to enter into the public domain other than in the ordinary course
of business consistent with past practice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Except
as would not reasonably be expected to have an MDC Material Adverse Effect, each (i) current and former employee of MDC or the
MDC Subsidiaries, (ii) current and former consultant or contractor of MDC or the MDC Subsidiaries, and (iii) other Person, in
each case who has been involved in the creation, invention or development of Intellectual Property for or on behalf of MDC or
the MDC Subsidiaries that does not vest initially in MDC or an MDC Subsidiary by operation of law, has executed a binding, valid
and enforceable Contract with MDC or the applicable MDC Subsidiary that conveys to MDC or the applicable MDC Subsidiary any and
all of such Person&rsquo;s right, title and interest in and to, such Intellectual Property. To the knowledge of MDC, since January
1, 2018, no Person has made, or threatened to make, any right, claim, interest or option (including the right to further remuneration
or consideration) with respect to any such material Intellectual Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, to the knowledge of MDC, with respect
to each item of registered, issued or applied-for MDC Intellectual Property, (i)&nbsp;all necessary application, registration,
maintenance and renewal fees have been timely paid to, and all necessary documents and certificates have been timely filed with,
the relevant patent, copyright, trademark or other authorities in the United States or foreign jurisdictions, as the case may be,
for the purposes of maintaining such Intellectual Property rights; and (ii) each such item is subsisting, and except with respect
to applications, valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC and the MDC Subsidiaries have taken commercially reasonable measures to preserve and maintain the confidentiality of,
and otherwise protect against the misuse or misappropriation of, all material MDC-Related Confidential Information. Except as would
not reasonably be expected to have an MDC Material Adverse Effect, to MDC&rsquo;s knowledge, since January 1, 2018, there has been
no unauthorized disclosure, misappropriation or loss of any MDC-Related Confidential Information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.19<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Privacy and Data Security</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, MDC and the MDC Subsidiaries, and to
the knowledge of MDC, all third Persons Processing Personal Data for or on behalf of MDC or any of the MDC Subsidiaries, are in
compliance and, since January 1, 2018, have been in compliance with all Data Protection Laws applicable to the operations of MDC
and the MDC Subsidiaries and all MDC Data Protection Commitments, in each case in all material respects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No investigation or material claim relating to MDC or the MDC Subsidiaries&rsquo; Processing of Personal Data, or relating
to MDC or the MDC Subsidiaries&rsquo; compliance with Data Protection Laws applicable to the operations of MDC and the MDC Subsidiaries
or MDC Data Protection Commitments, is being, or since January 1, 2018 was, made, conducted, prosecuted, litigated, or, to the
knowledge of MDC, threatened by any Governmental Entity or third party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the knowledge of MDC, the execution, delivery and performance of this Agreement will not cause, constitute, or result
in a breach or violation of any Data Protection Laws applicable to the operations of MDC and the MDC Subsidiaries or MDC Data Protection
Commitments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>MDC
and the MDC Subsidiaries have implemented reasonable, and otherwise in accordance with Laws applicable to the operations of MDC
and the MDC Subsidiaries, technical, physical, and organizational measures designed to preserve the availability, proper functioning,
security and integrity of the MDC IT Systems and MDC-Related Confidential Information, and to respond to any MDC IT or Security
Incidents. The MDC IT Systems are adequate for MDC and the MDC Subsidiaries to operate their business as currently conducted in
all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, since January 1, 2018, to the knowledge
of MDC, neither MDC nor any MDC Subsidiary has experienced any material MDC IT or Security Incident.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to have an MDC Material Adverse Effect, MDC and the MDC Subsidiaries have established
and maintain reasonable data backup and disaster recovery plans for the MDC IT Systems of a scope consistent in all material respects
with all applicable industry standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.20<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U><FONT STYLE="font-size: 10pt">. Except as would not reasonably be expected to have an MDC Material Adverse
Effect, all insurance policies maintained by MDC and the MDC Subsidiaries, including fire and casualty, general liability, cybersecurity,
workers&rsquo; compensation and employer liability, directors and officers and other liability policies are in full force and
effect and provide a level of coverage that is reasonably customary in comparison to coverage carried by companies in similar
lines of business as MDC and the MDC Subsidiaries. As of the date hereof, there is no pending claim against such insurance policies
by or in respect of MDC or any MDC Subsidiary as to which the insurers have denied coverage. Except as would not reasonably be
expected to have an MDC Material Adverse Effect, neither MDC nor any MDC Subsidiary is in breach or default under any such insurance
policy, and neither MDC nor any MDC Subsidiary has taken any action or failed to take any action which (including with respect
to the Transactions), with notice or lapse of time or both, would constitute a breach or default, or permit a termination or material
modification of any of the material insurance policies of MDC and the MDC Subsidiaries.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.21<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Material Contracts</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for this Agreement and any agreements filed by MDC with the SEC, <U>Section 4.21(a)</U> of the MDC Disclosure Letter
sets forth a correct and complete list of each of the following Contracts to which, as of the date hereof, MDC or any MDC Subsidiary
is a party or by which MDC or any MDC Subsidiary or any of their respective assets is bound (each such Contract set forth or required
to be set forth on the MDC Disclosure Letter, an &ldquo;<U>MDC Material Contract</U>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any &ldquo;material contract&rdquo; (as such term is defined in Item 601 (b)(10) of Regulation S-K of the SEC);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any partnership or joint venture agreement (other than a partnership agreement constituting an organizational agreement
of a Subsidiary) that is material to MDC and the MDC Subsidiaries, taken as a whole;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except for (A) intercompany transactions among MDC and the MDC Subsidiaries in the ordinary course of business consistent
with past practices and (B) the MDC Credit Agreement and any security documents related thereto, any Contract relating to the borrowing
of money (including any guarantee thereof) or that is a mortgage, security agreement, capital lease or similar agreement, in each
case in excess of $5,000,000 or that creates a Lien other than a Permitted Lien on any material asset of MDC or any MDC Subsidiary;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>other
than any partnership, joint venture or similar arrangement, any Contract that materially limits or purports to materially limit
the ability of MDC and the MDC Subsidiaries, taken as a whole, to compete or engage in any line of business, in any geographic
area or with any Person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>except
for intercompany transactions among MDC and the MDC Subsidiaries in the ordinary course of business consistent with past practices
and any security documents related to the MDC Credit Agreement that will be released in connection with the Closing, any Contract
that includes a license, sublicense or other grant of rights under any Intellectual Property or other intangible asset (whether
as a licensor or a licensee) and contains (A) a payment of $5,000,000 or more per year or (B) a grant of exclusive rights under
material Intellectual Property;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract entered into since January 1, 2018 relating to the sale of any of the assets or properties of MDC or any MDC
Subsidiary in excess of $5,000,000, other than (A) those in respect of which the sale transaction has previously closed, are so
reflected on MDC&rsquo;s financial statements, and do not provide for any continuing material obligations on the part of MDC or
any MDC Subsidiary, or (B) relate to an intercompany transaction among MDC and the MDC Subsidiaries in the ordinary course of business
consistent with past practices;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract entered into since January 1, 2018 relating to the acquisition by MDC or any MDC Subsidiary of any assets
or the capital stock of any other Person in excess of $5,000,000, other than those in respect of which the acquisition has previously
closed, are so reflected on MDC&rsquo;s financial statements and do not provide for any continuing material obligations on the
part of MDC or any MDC Subsidiary;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with respect to an MDC Stock Plan, MDC Incentive Award or MDC Benefit Plan, any Contract that provides for an increase in,
or acceleration of the vesting of any, benefits as a result of the occurrence of any of the Transactions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract (other than an MDC Benefit Plan) under which the Transactions would trigger any change of control, any right
of termination, cancellation or amendment, or any acceleration of any obligation or loss of a benefit;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract that requires aggregate annual payments by or to MDC or any MDC Subsidiary in excess of $10,000,000 or aggregate
payments by or to MDC or any MDC Subsidiary in excess of $10,000,000, other than as set forth in clause (xiv) of this <U>Section
4.21(a)</U>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract that contains (A) exclusivity or similar provisions, (B) non-solicitation provisions, or (C) &ldquo;most favored
nation&rdquo; provisions, in each case that would limit in any material respect, following the Closing, MDC and the MDC Subsidiaries,
taken as a whole, from engaging in their businesses;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract involving any resolution or settlement of any actual or threatened legal proceeding before a Governmental Entity
or that provides for any injunctive or other non-monetary relief or grants a material release;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract with any Governmental Entity; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.75in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract with an MDC Material Customer or an MDC Material Supplier that involves aggregate payments by or to MDC or
any MDC Subsidiary in excess of $1,000,000 during the fiscal year ended December 31, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC has made available to Stagwell correct and complete copies of each MDC Material Contract (including all modifications,
amendments, supplements, annexes and schedules thereto and written waivers thereunder). Each MDC Material Contract is valid and
binding on MDC or an MDC Subsidiary, as the case may be, and, to the knowledge of MDC, each other party thereto, and is in full
force and effect, except for such failures to be valid and binding or to be in full force and effect as would not reasonably be
expected to have an MDC Material Adverse Effect. Neither MDC nor any MDC Subsidiary, nor, to MDC&rsquo;s knowledge, any counterparty
to any MDC Material Contract, has violated or is alleged to have violated any provision of, or committed or failed to perform any
act which, with or without notice, lapse of time or both, would constitute a default under the provisions of any MDC Material Contract,
except in each case for those violations and defaults which would not reasonably be expected to have an MDC Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.22<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Customers and Suppliers</U><FONT STYLE="font-size: 10pt">. <U>Section 4.22(a)</U> of the MDC Disclosure Letter sets
forth a correct and complete list of the top fifteen (15) third-party customers (by annual revenue) of MDC and the MDC Subsidiaries,
taken as a whole, for the fiscal year ended December 31, 2019 (collectively, the &ldquo;<U>MDC Material Customers</U>&rdquo;)
and the amount of consideration paid to MDC and the MDC Subsidiaries by each MDC Material Customer during such fiscal year period.).
<U>Section 4.22(b)</U> of the MDC Disclosure Letter sets forth a correct and complete list of the top ten (10) third-party suppliers
(by annual expenditure) of MDC and the MDC Subsidiaries for the fiscal year ended December 31, 2019 (collectively, the &ldquo;<U>MDC
Material Suppliers</U>&rdquo;) and the amount of consideration paid to each MDC Material Supplier by MDC and the MDC Subsidiaries
during such fiscal year period. Since January 1, 2019 through the date of this Agreement: (i) no MDC Material Customer or MDC
Material Supplier has canceled or otherwise terminated its relationship with MDC or any MDC Subsidiary except as would not reasonably
be expected to be material to the business of MDC and the MDC Subsidiaries, taken as a whole, and (ii) to the knowledge of MDC,
no MDC Material Customer or MDC Material Supplier has threatened to cancel or otherwise terminate its relationship with MDC or
any MDC Subsidiary or its usage of the services of MDC or any MDC Subsidiary, except as would not reasonably be expected to be
material to the business of MDC and the MDC Subsidiaries, taken as a whole.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.23<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Business Practices</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of the date hereof, none of MDC, any MDC Subsidiary, or any director (or other comparable position), officer, employee,
affiliate or agent of the same (acting in such capacity), is in material violation of or has for the three (3) years prior to the
date hereof materially violated any applicable Law, or, to the knowledge of MDC, is under investigation or the subject of any inquiry,
litigation or administrative or enforcement proceedings with respect to or been threatened to be charged with or given notice of
any violation of, any applicable Law, has received a subpoena relating to an investigation or allegations of the same, or is aware
of any conduct that could reasonably give rise to any investigation, inquiry, litigation or administrative or enforcement proceeding
relating to alleged violations of applicable Law at this time or any time in the future. As of the date hereof, there is no judgment,
decree, injunction, rule or order of any arbitrator or Governmental Entity outstanding against MDC or any MDC Subsidiary, or any
director (or other comparable position), officer, employee or agent of the same (acting in such capacity).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither MDC nor any MDC Subsidiaries, nor any director (or other comparable position), officer, employee, affiliate or agent
of the same (acting in such capacity) in connection with the business activities of MDC or any of the MDC Subsidiaries, has, in
any material respect, directly or indirectly:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>made, authorized, offered, or promised any unlawful contribution, gift, bribe, rebate, payoff, influence payment, kickback,
or other payment of value, regardless of form, whether in money, property, or services, to any Official or other Person in violation
of any Anti-Bribery Law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>used any MDC or MDC Subsidiary funds for unlawful contributions, unlawful gifts, unlawful entertainment or other unlawful
expenses relating to political activity;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>established or maintained any unlawful or hidden fund of monies or other assets of MDC or any MDC Subsidiary; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>made, promised or authorized any fraudulent entry on the books or records of MDC or any MDC Subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC and each of the MDC Subsidiaries maintains books, records, and accounts that are readily accessible and available and
that, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets, and maintains a system
of internal accounting controls sufficient to provide reasonable assurances of the same, including that<FONT STYLE="font-size: 10pt">:</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>its transactions are executed, and its funds are expended only in accordance with its management&rsquo;s authorization;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>its transactions are recorded as necessary to permit preparation of its financial statements in conformity with the GAAP;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>access to its assets is permitted only in accordance with its management&rsquo;s authorization; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>its accounting for assets is compared with existing assets at reasonable intervals and action is taken with respect to any
differences</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of MDC and the MDC Subsidiaries are conducted in compliance in all material respects with all applicable
Export Laws and anti-money laundering laws. Neither MDC nor any of the MDC Subsidiaries, nor any director (or other comparable
position), officer, employee, affiliate or agent of the same, or holders of more than ten percent (10%) of the equity interests
in the same (i) is a Sanctioned Person, or (ii) engages in any dealings or transactions with any Sanctioned Person on behalf of
MDC or the MDC Subsidiaries in violation of Export Laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.24<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Affiliate Transactions</U><FONT STYLE="font-size: 10pt">. No officer or director of MDC, or to the knowledge of MDC,
no holder of 10% or more of the equity interests in MDC or any MDC Subsidiary and, to the knowledge of MDC, no immediate family
member of any of such Persons, or, to the knowledge of MDC, any trust, partnership or corporation in which any of such Persons
has or has had an interest is a party to any Contract (other than an MDC Benefit Plan) to which MDC or any MDC Subsidiary is a
party or any of its properties or assets are bound.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.25<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Competition Act</U><FONT STYLE="font-size: 10pt">. MDC and its Affiliates do not have assets in Canada that exceed $200
million or gross revenues from sales in, from or into Canada that exceed $200 million, all as determined in accordance with Part
IX of the Competition Act and the Notifiable Transactions Regulations thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.26<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Additional Representations</U><FONT STYLE="font-size: 10pt">. Except for the representations and warranties contained
in <U>Article 5</U>, MDC acknowledges that neither Stagwell nor any other Person on behalf of Stagwell makes any other express
or implied representation or warranty with respect to Stagwell or any of their respective Affiliates or with respect to any other
information provided to MDC in connection with this Agreement or the Transactions. MDC expressly disclaims reliance on any and
all representations and warranties other than the representations and warranties set forth in <U>Article 5</U>, whether express
or implied.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
5<FONT STYLE="font-size: 10pt"><BR>
REPRESENTATIONS AND WARRANTIES OF STAGWELL</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as set forth
in the correspondingly numbered sections of the disclosure letter delivered by Stagwell to MDC at or prior to the execution and
delivery of this Agreement (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Stagwell
Disclosure Letter</U></FONT>&rdquo;), but subject to <U>Section 11.12</U>, Stagwell represents and warrants to MDC, New MDC and
Merger Sub as follows:</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">Section
5.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Organization, Good Standing and Qualification</U><FONT STYLE="font-size: 10pt; text-decoration: none">.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of Stagwell and the Stagwell Subject Entities is a corporation, limited liability company, limited partnership, partnership
or other entity duly organized and validly existing under the Laws of its respective jurisdiction of organization and has all requisite
entity power and authority to own, operate and lease its properties and assets in the manner in which its properties and assets
are currently owned, operated and leased and to carry on its business as now conducted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of Stagwell and the Stagwell Subject Entities is duly qualified and/or licensed, as may be required, to do business
and in good standing (where applicable or recognized) in each of the jurisdictions in which the nature of its business or the character
of its owned, leased or used properties makes such qualification and/or licensing necessary, except where the failure to be so
qualified and/or licensed would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, or
prevent, materially delay or materially impair the ability of Stagwell to timely consummate the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell has made available to MDC complete and correct copies of each Stagwell Subject Entity&rsquo;s certificate of incorporation
and by-laws or comparable governing documents (the agreements so made available, the &ldquo;<U>Stagwell Organizational Documents</U>&rdquo;),
in each case as amended to the date of this Agreement, and each as so delivered is in full force and effect, and no such Stagwell
Subject Entity is in violation in any material respect of any of the provisions thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately prior to the Closing, the issued and outstanding equity capital of SMGH will consist of one (1) ownership interest
held by Stagwell and there will be no other outstanding equity interests (including any options, warrants or other forms of derivative
equity interests) or other voting or economic interests of SMGH outstanding as of immediately prior to the Closing. <U>Section
5.02(a) </U>of the Stagwell Disclosure Letter sets forth a true, correct and complete list of the Stagwell Incentive Awards as
of the date hereof, including, with respect to each such award, the applicable Stagwell Subject Entity to which such award relates,
the name of the holder thereof, the number of units subject to each such award and the vesting schedule (including any performance
conditions) thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The SMGH Interest and all outstanding capital stock and other interests of the other Stagwell Subject Entities are duly
authorized, validly issued, fully paid and nonassessable, and are not subject to and were not issued in violation of any pre-emptive
or similar right, purchase option, call or right of first refusal or similar right. All of the shares of capital stock and other
interests described in this <U>Section 5.02(b)</U> were issued in material compliance with applicable Laws (including securities
Laws).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth in this <U>Section 5.02</U>, SMGH has not issued any securities, the holders of which have the right
to vote with the equity holders of SMGH on any matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no existing options, units, warrants, calls, pre-emptive (or similar) rights, subscriptions, phantom stock, phantom
rights, stock appreciation rights, restricted stock, restricted stock units, incentive units, earn-in credits or any other equity
or equity-based compensation or any other rights, Contracts, arrangements or commitments of any kind (including shareholders agreements,
voting trusts or similar Contracts) relating to any equity interests of SMGH or any other Stagwell Subject Entity or obligating
SMGH or any other Stagwell Subject Entity to issue, transfer or sell, or cause to be issued, transferred or sold, any equity interests
of such Stagwell Subject Entity or any securities convertible into or exchangeable for such equity interests or similar profit
participation rights, and there are no current outstanding contractual obligations of SMGH or any other Stagwell Subject Entity
to repurchase, redeem or otherwise acquire any of its equity interests or any securities convertible into or exchangeable for
such equity interests or similar profit participation rights, in each case other than in relation to obligations under Stagwell
Incentive Awards.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Stagwell
has made available to MDC true and complete copies of all Stagwell Incentive Plans covering the Stagwell Incentive Awards outstanding
as of the date hereof, the forms of all award agreements evidencing such Stagwell Incentive Awards (and any other award agreement
to the extent there are material variations from the form of agreement, specifically identifying the Person(s) to whom such variant
forms apply).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization; No Conflict</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell has the requisite partnership power and authority to enter into and deliver this Agreement and all other agreements
and documents contemplated hereby to which it is a party and to consummate the Transactions. The execution and delivery of this
Agreement by Stagwell, the performance by Stagwell of its obligations hereunder and the consummation by Stagwell of the Transactions
have been duly and validly approved by the Stagwell Group, in its capacity as the sole general partner of Stagwell, and no other
partnership or other action on the part of Stagwell is necessary to authorize the execution, delivery and performance of this Agreement
by Stagwell and the consummation by Stagwell of the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>This
Agreement has been duly executed and delivered by Stagwell and, assuming due authorization, execution and delivery by MDC, New
MDC and Merger Sub, constitutes a valid and binding obligation of Stagwell, enforceable against it in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws relating to
or affecting creditors generally or by general equity principles (regardless of whether such enforceability is considered in a
proceeding in equity or at Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>None
of the execution and delivery of this Agreement by Stagwell, the consummation by Stagwell of the Transactions or compliance by
Stagwell with any of the provisions herein will (i) result in a violation or breach of or conflict with the limited partnership
agreement of Stagwell or the Stagwell Organizational Documents, (ii) (A) result in a violation or breach of or conflict with any
provisions of, (B) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default)
under, (C) result in the termination or cancellation of, give rise to a right of purchase under, (D) accelerate the performance
required by Stagwell or any Stagwell Subject Entity under, (E) result in a right of termination or acceleration under, (F) result
in the creation of any Lien (other than a Permitted Lien) upon any of the properties or assets owned or operated by Stagwell or
any Stagwell Subject Entity under, (G) result in being declared void, voidable, or without further binding effect under, any of
the terms, conditions or provisions of, any Contract to which Stagwell or any of the Stagwell Subject Entity is a party or by
which Stagwell or any Stagwell Subject Entity or any of their respective properties or assets may be bound, or (iii) subject to
obtaining or making the consents, approvals, orders, authorizations, registrations, declarations and filings referred to in <U>Section
5.03(d)</U>, violate any Laws applicable to Stagwell or any Stagwell Subject Entity or any of their respective properties or assets,
other than any such event described in clause (i) (only with respect to a Stagwell Subject Entity), (ii) or (iii) which would
not reasonably be expected to have a Stagwell Material Adverse Effect or <FONT STYLE="font-size: 10pt">prevent, materially delay
or materially impair the ability of Stagwell to timely consummate the Transactions.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for filings, permits, authorizations, consents, approvals and other applicable requirements as may be required under
the Securities Act, the Exchange Act, state securities or blue sky laws, the HSR Act or the Investment Canada Act, no filing with
or notice to, and no permit, authorization, consent or approval of, any Governmental Entity is necessary for the execution and
delivery by Stagwell of this Agreement or the consummation by Stagwell of the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 5.04(a)</U> of the Stagwell Disclosure Letter sets forth, as of the date of this Agreement, the name and jurisdiction
of organization of each (i) Stagwell Subject Entity, (ii) entity (other than the Stagwell Subject Entities) in which any Stagwell
Subject Entity owns any interest, and (iii) SMGH&rsquo;s percentage aggregate direct or indirect record and beneficial ownership
of each such Stagwell Subject Entity (other than SMGH) as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All of the outstanding shares of capital stock or other equity securities of, or other ownership interests in, (i) each
Stagwell Subject Entity (other than SMGH), and (ii) each other Person that is a legal entity in which SMGH has an equity ownership
interest are duly authorized, validly issued, fully paid up and, in the case of all corporate Stagwell Subject Entities (other
than SMGH), nonassessable (in jurisdictions that recognize such concepts), and such shares, securities or interests are owned by
SMGH or by any other Stagwell Subject Entity free and clear of any Liens (other than Securities Liens and Credit Agreement Liens)
or limitations on voting rights. <U>Section 5.04(b)</U> of the Stagwell Disclosure Letter sets forth a true and correct list as
of the date hereof of (A) each Stagwell Subject Entity, (B) the name of each shareholder or equityholder of each Stagwell Subject
Entity, (C) the percentage of shares or other equity or voting interests of each Stagwell Subject Entity owned by such holder and
(D) all subscriptions, options, units, warrants, calls, rights, convertible securities, phantom stock, stock appreciation rights,
or any other equity or equity-based compensation or other Contracts relating to the issuance, transfer, sales, delivery, voting
or redemption (including any rights of conversion or exchange under any outstanding security or other instrument) for any of the
capital stock or other equity interests of, or other ownership interests in, any Stagwell Subject Entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements; Internal Controls.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell has delivered to MDC complete copies of the Stagwell Subject Entity Financial Statements. The Stagwell Subject
Entity Financial Statements have been prepared in accordance with GAAP applied on a consistent basis (except as may be indicated
in the notes thereto) and present fairly in all material respects the financial position, results of operations and cash flows
of the Stagwell Subject Entities (excluding, for all purposes, the Reputation Defender Entities) as of the dates and for the respective
periods shown.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Stagwell
has delivered to MDC complete copies of the Reputation Defender Entity Financial Statements. The Reputation Defender Entity
Financial Statements have been prepared in accordance with GAAP applied on a consistent basis (except as may be indicated in
the notes thereto) and present fairly in all material respects the financial position, results of operations and cash flows
of the Reputation Defender Entities as of the dates and for the respective periods shown.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell has devised and maintained systems of internal accounting controls which it has applied with respect to the Stagwell
Subject Entities which systems are effective in providing reasonable assurance (i) regarding the reliability of financial reporting
and the preparation of financial statements (including the Stagwell Subject Entity Financial Statements and the Reputation Defender
Financial Statements) in accordance with GAAP, and (ii) that (A)&nbsp;all transactions are executed in accordance with management&rsquo;s
general or specific authorization, (B)&nbsp;all transactions are recorded as necessary to permit the preparation of financial statements
in conformity with GAAP and to maintain proper accountability for items, (C)&nbsp;access to its property and assets is permitted
only in accordance with management&rsquo;s general or specific authorization and (D)&nbsp;recorded accountability for items is
compared with actual levels at reasonable intervals and appropriate action is taken with respect to any differences. There is no
significant deficiency or material weakness in the system of internal accounting controls utilized by the Stagwell Subject Entities
or, to the knowledge of Stagwell, fraud that involves management of the Stagwell Subject Entities or other employees or independent
contractors of the Stagwell Subject Entities who have a role in the preparation of financial statements or internal accounting
controls utilized by the Stagwell Subject Entities. During the past five (5) years, no director or officer of any Stagwell Subject
Entity, or to the knowledge of Stagwell any non-officer employees, external auditor, external accountant or similar authorized
representative of any Stagwell Subject Entity, has received or otherwise been made aware of any material complaint, allegation
or claim, whether written or oral, regarding the accounting or auditing practices, procedures, methodologies or methods of any
Stagwell Subject Entity or their respective internal accounting controls, including any complaint, allegation or claim that any
Stagwell Subject Entity engaged in accounting or auditing practices that represent a violation of GAAP or GAAS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.06<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Changes</U><FONT STYLE="font-size: 10pt">. Since the Stagwell Audited Balance Sheet Date through the date
hereof, (a) there has not been any Stagwell Material Adverse Effect, and no event has occurred or circumstance arisen that, in
combination with any other events or circumstances, would reasonably be expected to have or result in a Stagwell Material Adverse
Effect; (b) no Stagwell Subject Entity has taken any action, or authorized, approved, committed or agreed to take any action that,
if taken between the date hereof and the Closing Date, would require MDC&rsquo;s consent under <U>Section 6.02(b)</U>; and (c)
the Stagwell Subject Entities have conducted their business in the ordinary course of business consistent with past practice.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.07<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Litigation</U><FONT STYLE="font-size: 10pt">.
As of the date hereof, there are no Proceedings pending or, to the knowledge of Stagwell, threatened against any of the
Stagwell Subject Entities or any of their respective properties or assets or any director, officer or employee of any of the
Stagwell Subject Entities (i) for which any of the Stagwell Subject Entities may be liable that would reasonably be expected
to be material to the Stagwell Subject Entities, taken as a whole or (ii) that challenges or seeks to prevent, enjoin or
otherwise delay the Transactions, and, in each case, to the knowledge of Stagwell, there are no presently existing facts or
circumstances that would constitute a reasonable basis therefor. As of the date hereof, there are no judgments, decrees,
injunctions, awards or orders of any Governmental Entity outstanding against any of the Stagwell Subject Entities that would
reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, or prevent, materially delay or
materially impair the ability of Stagwell to timely consummate the Transactions.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.08<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Information Supplied</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the information supplied or to be supplied by Stagwell for inclusion or incorporation by reference in the Combined
Proxy Statement/Prospectus will (i) as of the date of its filing, (ii) at the time it becomes effective, (iii) as of the date the
Combined Proxy Statement/Prospectus is mailed to shareholders of MDC, or (iv) at the time of the meeting of shareholders of MDC
to be held in connection with the Transactions, contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
are made, not misleading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The portions of the Combined Proxy Statement/Prospectus supplied by Stagwell will comply as to form in all material respects
with the provisions of the Exchange Act and the rules and regulations thereunder. No representation or warranty is made by Stagwell
with respect to information regarding MDC or the MDC Subsidiaries incorporated by reference in the Combined Proxy Statement/Prospectus
or supplied by MDC or the MDC Subsidiaries specifically for inclusion in the Combined Proxy Statement/Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.09<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Undisclosed Liabilities</U><FONT STYLE="font-size: 10pt">. The Stagwell Subject Entities do not have any Liabilities
required by GAAP to be recognized on a condensed consolidated statement of financial position of the Stagwell Subject Entities
except (a) as reflected, reserved or disclosed in the Stagwell Financial Statements, (b) as incurred since December 31, 2019 in
the ordinary course of business, (c) as incurred in accordance with this Agreement or in connection with the Transactions, (d)
that are obligations to perform pursuant to the terms of any of the Stagwell Material Contracts, or (e) as would not be material
to the Stagwell Subject Entities, taken as a whole.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Broker&rsquo;s Fees</U><FONT STYLE="font-size: 10pt">. No agent, broker, Person or firm is or will be entitled to any
advisory, commission or broker&rsquo;s or finder&rsquo;s fee or commission from any Stagwell Subject Entity in connection with
any of the Transactions. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financing.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell has delivered to MDC true, accurate and complete copies of (i) the Second Stagwell Credit Agreement Amendment,
pursuant to which, and subject to the terms and conditions of which, the lenders party thereto have committed to lend the amounts
set forth therein to Stagwell Marketing Group effective as of the Closing (such financing, the &ldquo;<U>Stagwell Revolver Financing</U>&rdquo;)
and (ii) the Term Loan Credit Agreement, pursuant to which, and subject to the terms and conditions of which, the lenders party
thereto have committed to lend the amounts set forth therein to Stagwell Marketing Group effective as of the Closing (such financing,
the &ldquo;<U>Stagwell Term Loan Financing</U>,&rdquo; and together with the Stagwell Revolver Financing, the &ldquo;<U>Debt Financing</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>As
of the date of this Agreement, (i) each of the Second Stagwell Credit Agreement Amendment and the Term Loan Credit Agreement
is in full force and effect and has not been withdrawn, rescinded or terminated, or otherwise amended or modified in any
respect and (ii)&nbsp;each of the Second Stagwell Credit Agreement Amendment and the Term Loan Credit Agreement, in the forms
so delivered, constitute a legal, valid and binding obligation of Stagwell Marketing Group and its Subsidiaries, as
applicable, and, to the knowledge of Stagwell, the other parties thereto, enforceable by and against it or them, as the case
may be, in accordance with its terms except as enforceability may be affected by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar Laws relating to or affecting creditors&rsquo; rights generally, and
general equitable principles. Other than as expressly set forth in the Second Stagwell Credit Agreement Amendment or the Term
Loan Credit Agreement, there are no other agreements, side letters, or arrangements relating to the Stagwell Credit Agreement
Amendment or the Term Loan Credit Agreement that could affect the amount, availability or conditionality of the Debt
Financing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As of the date of this Agreement, (i) no lender party to the Stagwell Credit Agreement Amendment or the Term Loan Credit
Agreement has notified Stagwell or any of its Subsidiaries of any inability to, or intention not to, satisfy its obligations under
the Stagwell Credit Agreement Amendment or the Term Loan Credit Agreement, as applicable, or not to provide any portion of the
Debt Financing, (ii) assuming satisfaction of the Closing Conditions, Stagwell has no reason to believe that any of the conditions
to the Second Stagwell Credit Agreement Amendment or the Term Loan Credit Agreement will fail to be satisfied on a timely basis;
and (iii) no default, event of default or drawstop event (however described) under either the Stagwell Credit Agreement Amendment
or the Term Loan Credit Agreement has occurred and there is no event or circumstance which could reasonably be expected to constitute
such a default, event of default or drawstop event which would enable the relevant lenders to refuse to provide funds under either
the Stagwell Credit Agreement Amendment or the Term Loan Credit Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.12<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Labor Matters.</U> <FONT STYLE="font-size: 10pt">(a)No Stagwell Subject Entity (i) is a party to any collective bargaining,
works council, information and consultation or other Contracts with any labor organization or union or other employee representative
or organization (and no such Contract is currently being requested by, or is under discussion by management with, any employee,
group of employees or others), or (ii) is obligated by, or subject to, any order of the National Labor Relations Board or other
labor board or administration, or any unfair labor practice decision, or any similar order or decision in any jurisdiction. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, no Stagwell
Subject Entity is a party or subject to any pending or, to the knowledge of Stagwell, threatened labor or civil rights dispute,
controversy or grievance or any unfair labor practice charge or proceeding with respect to claims of, or obligations of, any employee
or group of employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no labor unions, works council or other similar representative or organizations, representing or, to Stagwell&rsquo;s
knowledge, purporting to represent any employees of the Stagwell Subject Entities and no Stagwell Subject Entity has received any
notice that any labor representation request is pending or is threatened with respect to any employees of the Stagwell Subject
Entities. No Stagwell Subject Entity is subject to any pending or, to the knowledge of Stagwell, threatened, strikes, slowdowns,
lockouts, walkouts, work stoppages or any other industrial action in any jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, the Stagwell Subject
Entities are, and during the last five (5) years have been, in compliance with all applicable foreign, federal, state and
local Laws respecting labor, employment and employment practices, including terms and conditions of employment, wages and
hours, holiday pay, discrimination, equal pay, disability, workers compensation, wrongful discharge, immigration and
occupational safety and health, <FONT STYLE="font-size: 10pt">and there are no claims, suits, disputes, actions, grievances,
audits or investigations or disciplinary actions by any Governmental Entity or any current or former employee, director, or
individual independent contractor of the Stagwell Subject Entities pending or, to the knowledge of Stagwell, threatened
against any Stagwell Subject Entity with respect to the employment or termination of any employee or individual independent
contractor of the Stagwell Subject Entities (including with respect to any of the topics referenced in this <U>Section
5.12(d)</U>). Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole,
all individuals who perform or have performed services for the Stagwell Subject Entities have been properly classified under
applicable Law as employees or independent contractors to the extent applicable, and, for employees, as an
 &ldquo;exempt&rdquo; or &ldquo;nonexempt&rdquo; employee (within the meaning of the Fair Labor Standards Act and applicable
state Law) to the extent applicable. None of the Stagwell Subject Entities maintains any leased employees. </FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, to the knowledge
of Stagwell, in the last five (5) years, no allegations, claims or reports of sexual or other unlawful harassment or discrimination
or retaliation have been made against (i) any officer or other key employee of any Stagwell Subject Entity or (ii) any employee
of the Stagwell Subject Entities who is currently at a level of Vice President or above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, no Stagwell
Subject Entity has, during the last three (3) years, effectuated a &ldquo;plant closing&rdquo; or &ldquo;mass layoff&rdquo; (each
as defined in WARN or any similar concept under applicable Laws) that would trigger a notice requirement under WARN or to any Governmental
Entity, or taken any other action that would trigger a notice requirement under any similar state or local Law and no layoffs that
could implicate any such applicable Laws are currently contemplated by Stagwell.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, each Stagwell
Subject Entity (i) is and at all relevant times has been in compliance with COVID-19 related safety and health Laws and guidance
issued and enforced by OSHA and the applicable foreign, federal, state or local Governmental Entity, and with the paid and unpaid
leave requirements of the Families First Coronavirus Response Act and any similar Laws in other jurisdictions; and (ii) to the
extent any Stagwell Subject Entity has granted employees paid sick leave or paid family leave under the Families First Coronavirus
Response Act or any similar Laws in other jurisdictions, such Stagwell Subject Entity has taken commercially reasonable efforts
to obtain and retain all material documentation required to substantiate eligibility for the relevant leave and for sick leave
or family leave tax credits pursuant to applicable Law to the extent the time limit to obtain or receive such substantiation has
not lapsed. To the extent Stagwell has knowledge of any Stagwell Subject Entity employees or independent contractors who have tested
positive for COVID-19, such Stagwell Subject Entity has taken commercially reasonable efforts to take all material precautions
required under applicable Law with respect to such employees and independent contractors. The Stagwell Subject Entities have used
commercially reasonable efforts to document any such diagnosis to the extent required by laws of OSHA or other applicable Law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">Section
5.13<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Benefit Plans</U><FONT STYLE="font-size: 10pt; text-decoration: none">.
</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 5.13(a)</U> of the Stagwell Disclosure Letter contains a true, complete and correct list of each material Stagwell
Benefit Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Stagwell Benefit Plan has been established, operated, maintained, funded and administered (i) in compliance in all
material respects with all applicable Laws, orders, statutes, regulations and rules issued by a Governmental Entity, including
ERISA and the Code, and with any Contract entered into with a union, works council or labor representative or organization and
(ii) in accordance with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to each material Stagwell Benefit Plan, Stagwell has made available to MDC copies, to the extent applicable,
of: (i) the current plan and trust documents and the most recent summary plan description and any material modifications with respect
thereto and, with respect to any unwritten Stagwell Benefit Plan, a written summary of such Stagwell Benefit Plan, (ii) all amendments
thereto, (iii) the three most recent annual reports (Form 5500 series), (iv) the most recent financial statements, (v) the most
recent Internal Revenue Service determination letter or opinion letter, (vi) all non-routine, written communications with respect
thereto and (vii) any comparable documents with respect to Stagwell Non-US Plans that are required to be prepared or filed under
the applicable Laws of a non-U.S. jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity or any of their respective ERISA Affiliates has ever maintained or contributed to (or been obligated
to contribute to): (i) a benefit plan that was ever subject to Section&nbsp;412 of the Code or Title IV of ERISA, (ii) a &ldquo;multiemployer
plan&rdquo; (as defined in Section&nbsp;3(37) of ERISA), or (iii) a &ldquo;multiple employer plan&rdquo; as defined in Section&nbsp;210
of ERISA or Section&nbsp;413(c) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Stagwell Benefit Plan intended to qualify under Section 401(a) of the Code is the subject of a favorable determination
or opinion letter from the Internal Revenue Service with respect to its qualified status, and to the knowledge of Stagwell, no
facts or circumstances exist that have jeopardized or would reasonably be expected to jeopardize the qualification of such Stagwell
Benefit Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
Stagwell Benefit Plan that is required to be registered or approved by a foreign Governmental Entity or subject to the Laws
of a jurisdiction outside of the United States or that is otherwise maintained for the benefit of current or former employees
or dependents thereof who perform services or who are employed outside of the United States (each a &ldquo;<U>Stagwell Non-US
Plan</U>&rdquo;), has if required been registered with, or approved by, and has been maintained in all material respects in
good standing with such Governmental Entity, and in all cases has been maintained in all material respects in compliance with
applicable Law and its plan, policy and trust documents. With respect to each Stagwell Non-US Plan, the fair market value of
the assets of such funded Stagwell Non-US Plan, the liability of each insurer for such Stagwell Non-US Plan funded through
insurance or the book reserve established for such Stagwell Non-US Plan, together with any accrued contributions, is
sufficient to procure or provide for the accrued benefit obligations, as of the date of this Agreement, with respect to all
current and former participants in such Stagwell Non-US Plan according to the actuarial assumptions and valuations most
recently used to determine employer contributions to such Stagwell Non-US Plan, and the transactions contemplated hereby
shall not cause such assets or insurance obligations to be less than such benefit obligations. If intended to qualify for
special Tax or other treatment, such Stagwell Non-US Plan satisfies all requirements for such treatment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Stagwell Subject Entities is or has at any time been an &ldquo;employer&rdquo; (for the purpose of sections
38 to 51 of the United Kingdom Pensions Act 2004) of a UK registered occupational pension scheme which is not a money purchase
scheme (both terms as defined in the Pension Schemes Act 1993), or &ldquo;connected&rdquo; with or an &ldquo;associate&rdquo; (as
those terms are used in the United Kingdom Pensions Act 2004) of such an employer. None of the Stagwell Subject Entities maintains
or contributes to any plan or arrangement that is a &ldquo;multi-employer scheme&rdquo; as defined in section 75A of the UK Pensions
Act 1995. No contribution notice or financial support direction has been issued by the UK Pensions Regulator under sections 38
or 43 of the UK Pensions Act 2004 against any of the Stagwell Subject Entities and there is no fact or circumstance which may give
rise to any such direction or notice to or in respect of any of the Stagwell Subject Entities nor any of their Affiliates or to
MDC or any of its Affiliates. None of the Stagwell Subject Entities nor any of their Affiliates has been notified that it is liable
for a debt arising or payable under a Section 75 Debt and neither the execution and delivery of this Agreement nor the performance
of the transactions contemplated by this Agreement will or may (in either case, either alone or upon the occurrence of any additional
or subsequent events) result in any Section 75 Debt arising or becoming payable by MDC, any of the Stagwell Subject Entities or
any other Person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All contributions required to be made prior to the date hereof with respect to any Stagwell Benefit Plan by applicable Law,
any order or any Stagwell Benefit Plan document or other contractual undertaking, and all premiums due or payable prior to the
date hereof with respect to any insurance policy funding any Stagwell Benefit Plan have been timely made or properly accrued in
accordance with GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no pending or, to the knowledge of Stagwell, threatened material Proceedings by or on behalf of any Stagwell Benefit
Plan, any employee or beneficiary covered under any Stagwell Benefit Plan, any Governmental Entity involving any Stagwell Benefit
Plan, or otherwise involving any Stagwell Benefit Plan (other than routine claims for benefits). No Stagwell Benefit Plan is under
audit or is the subject of an investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit
Guaranty Corporation, the U.S. Securities and Exchange Commission or any other Governmental Entity, in any jurisdiction, nor is
any such audit or investigation pending or, to the knowledge of Stagwell, threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Benefit Plan provides post-employment welfare benefits, including life insurance, death or medical benefits,
beyond termination of service or retirement for any participant, or any spouse, dependent or beneficiary of a participant except
as may be required by the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (or any other similar applicable Law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, each Stagwell Benefit
Plan that is or was a nonqualified deferred compensation plan subject to Section 409A of the Code has been maintained and
operated in operational and documentary compliance with Section 409A of the Code and applicable guidance thereunder during
the respective time periods in which such operational or documentary compliance has been required. No Tax penalties or
additional Taxes have been imposed or would be reasonably expected to be imposed on any current or former employee of any
Stagwell Subject Entity, and no acceleration of Taxes has occurred or would be reasonably expected to occur with respect to
any current or former employee, director or other service provider of any Stagwell Subject Entity, in each case as a result
of a failure to comply with Section 409A of the Code. No employee, director or other service provider of any Stagwell Subject
Entity is entitled to receive any gross-up or additional payment in connection with the Tax required by Section 409A or
Section 4999 of the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the execution nor delivery of this Agreement nor the consummation of the Transactions (either alone or in conjunction
with another event whether contingent or otherwise) will: (i) accelerate the time of payment or vesting of any compensation or
benefit, or trigger any funding of benefits under any Stagwell Benefit Plan or otherwise; (ii) entitle any current or former employee,
director or other service provider to any payment, compensation or benefit or increase in compensation or benefits under any Stagwell
Benefit Plan or otherwise; or (iii) result in any breach or violation of or default under or limit any right to amend, modify or
terminate any Stagwell Benefit Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No amount that will be received (whether in cash or property or the vesting of property), as a result of the execution of
this Agreement or the consummation of the Transactions, by any current or former employee, director or individual service provider
under any Stagwell Benefit Plan or otherwise would not be deductible by any Stagwell Subject Entity by reason of Section&nbsp;280G
of the Code or would be subject to an excise tax under Section&nbsp;4999 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.14<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) All material Tax Returns required by Law to be filed by a Stagwell Subject Entity (or in which a Stagwell Subject Entity
is required to be included) have been timely filed (taking into account all applicable extensions), and all such Tax Returns are
true, correct and complete in all material respects, (ii) all Taxes with respect to each Stagwell Subject Entity have been timely
paid to the appropriate Governmental Entity and each Stagwell Subject Entity has timely paid (or has had timely paid on its behalf)
all material Taxes required to be paid by it, except for those Taxes being contested in good faith or for which adequate reserves
have been established in the financial statements of the Stagwell Subject Entities in accordance with GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Stagwell Subject Entities have (i) withheld and paid all material Taxes required to have been withheld and paid prior
to the Closing in connection with amounts paid or owing to any employee, former employee, creditor, customer, supplier, seller
or other third party and (ii) complied with all material reporting requirements (including maintenance of required records with
respect thereto) with respect to such payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No claim has ever been made by a Governmental Entity in any jurisdiction where a Stagwell Subject Entity does not file Tax
Returns or pay Taxes that such Stagwell Subject Entity is required to file Tax Returns or pay Taxes in such jurisdiction, other
than a claim that has been finally resolved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>There
are no material audits, disputes, or administrative or judicial proceedings ongoing or pending, or claims asserted in
writing, in respect of material unpaid Taxes of any Stagwell Subject Entity, other than any claim that has been resolved. No
deficiency for any Taxes has been assessed or proposed or asserted in writing against any Stagwell Subject Entity that has
not been resolved and paid in full.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no material Liens (other than Permitted Liens) for unpaid Taxes upon any of the assets of any Stagwell Subject
Entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity is party to any material agreement, the principal purpose of which is the allocation, indemnification
or sharing of Taxes other than such an agreement exclusively between or among any Stagwell Subject Entities. No Stagwell Subject
Entity has any liability for any Tax or any portion of a Tax (or any amount calculated with reference to any portion of a Tax)
of any Person other than a Stagwell Subject Entity, including under Treasury Regulations Section 1.1502-6 (or any similar provision
of state, local or foreign law) or as transferee or successor, and no Stagwell Subject Entity has been a member of an affiliated
group (or similar state, local or foreign filing group) filing a consolidated income or franchise Tax Return (other than a group
the common parent of which is a Stagwell Subject Entity or for which the statute of limitations on collection of the relevant Tax
has expired).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity has engaged in any listed transaction within the meaning of Treasury Regulations Section 1.6011-4(b)(2).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity will be required to include any material item of income in, or exclude any material item of deduction
from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of (A) any installment
sale or open transaction disposition made on or prior to the Closing Date, (B) any prepaid amount received on or prior to the Closing
Date, (C) any &ldquo;closing agreement,&rdquo; as described in Section 7121 of the Code (or any corresponding provision of state,
local or non-U.S. income tax law) entered into on or prior to the Closing Date, (D) any &ldquo;gain recognition agreement&rdquo;
or &ldquo;domestic use election&rdquo; (or analogous concepts under state, local or foreign income Tax Law); (E) a change in the
method of accounting for a period ending prior to or including the Closing Date; or (F) an election pursuant to Section 965(h)
of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the period beginning two (2) years before the date hereof, no Stagwell Subject Entity has been a distributing corporation
or a controlled corporation for purposes of Section 355 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity has filed an election under Treasury Regulations Section 301.9100-22 to apply the Partnership
Audit Rules to taxable years that begin prior to December 31, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity has deferred any payroll Taxes pursuant to the CARES Act or are the beneficiaries of any other
COVID-19 related tax deferral relief of any U.S. state and local Governmental Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity has incurred any loan, directly or indirectly, pursuant to the Paycheck Protection Program, established
by the CARES Act, as amended or supplemented from time to time by interim rules, policy statements, FAQs or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Section 5.14(a)</U> of the Stagwell Disclosure Letter includes a list of each Stagwell Subject Entity together with
each such Stagwell Subject Entity&rsquo;s classification for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.15<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Matters</U><FONT STYLE="font-size: 10pt">. Except as to matters that would not reasonably be expected to
be material to the Stagwell Subject Entities, taken as a whole:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Stagwell Subject Entities is, and for the past three (3) years has been, in compliance with all applicable Environmental
Laws;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Stagwell Subject Entities is in possession of all Environmental Permits and is in compliance with the terms
and conditions thereof, and such Environmental Permits are in full force and effect, free from breach, and will not be adversely
affected by the Transactions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity has entered into any consent decree under any Environmental Law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no Environmental Claims that are pending or, to the knowledge of Stagwell, threatened against any Stagwell Subject
Entity or, to the knowledge of Stagwell, against any Person or entity whose liability for any Environmental Claim any of the Stagwell
Subject Entities has or may have retained or assumed either contractually or by operation of Law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the knowledge of Stagwell, there are no past or present specific conditions, events or incidents, including the Release
or presence of any Hazardous Material, which would be reasonably likely to form the basis of any Environmental Claim against any
Stagwell Subject Entity or against any Person whose liability for any Environmental Claim any of the Stagwell Subject Entities
has or may have retained or assumed either contractually or by operation of Law; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell has delivered to, or has otherwise made available for inspection by MDC, all material written assessments, audits,
investigation reports, studies, test results or similar environmental documents in the possession of any Stagwell Subject Entity
related to environmental, health or safety matters or Hazardous Materials.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.16<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws</U><FONT STYLE="font-size: 10pt">. Except for non-compliance as would not reasonably be expected
to be material to the Stagwell Subject Entities, taken as a whole: (a) the Stagwell Subject Entities are, and for the three (3)
years prior to the date hereof have been, in compliance with all applicable Laws; and (b) during the three (3) year period prior
to the date hereof, no written notice, charge, claim, action or assertion has been received by any Stagwell Subject Entity or,
to Stagwell&rsquo;s knowledge, filed, commenced or threatened in writing against any Stagwell Subject Entity alleging any such
non-compliance. All licenses, permits and approvals required under such Laws with respect to the Stagwell Subject Entities or their
businesses, properties or assets are in full force and effect, except where the failure to be obtained or to be in full force and
effect would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.17<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Properties.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Stagwell Subject Entity owns any real property.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Section
5.17(b)</U> of the Stagwell Disclosure Letter sets forth an accurate and complete list of each real property lease, sublease,
license or occupancy Contract pursuant to which any Stagwell Subject Entity leases, subleases, licenses or occupies real
property (such properties, the &ldquo;<U>Stagwell Leased Real Property,</U>&rdquo; and such Contracts, the &ldquo;<U>Stagwell
Leases</U>&rdquo;). To the knowledge of Stagwell, all buildings, structures and improvements located on such Stagwell Leased
Real Property are in reasonably good condition and repair, ordinary wear and tear excepted, except if the failure to meet
such standards would not materially and adversely impair the use of any such real property as currently used by the Stagwell
Subject Entities&rsquo; business. To the knowledge of Stagwell, a Stagwell Subject Entity has a valid and binding leasehold
interest in each parcel of Stagwell Leased Real Property, free and clear of any material Liens, other than Permitted Liens.
To the knowledge of Stagwell, no Stagwell Subject Entity has subleased, licensed or otherwise granted to a third party any
material right to use or occupy all or any portion of the Stagwell Leased Real Property.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Stagwell Subject Entity has good and valid title to, or in the case of leased properties and assets, valid leasehold interests
in, all of the tangible assets of the Stagwell Subject Entities, except where the failure to have such good and valid title or
valid leasehold interests would not, individually or in the aggregate, reasonably be expected to be material to the Stagwell Subject
Entities, taken as a whole, in each case free and clear of any Liens, other than Permitted Liens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.18<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intellectual Property</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, to the knowledge
of Stagwell, the Stagwell Subject Entities own or possess licenses or other valid rights to use all Intellectual Property necessary
to carry on their respective businesses as currently conducted. Except as would not reasonably be expected to be material to the
Stagwell Subject Entities, taken as a whole, to the knowledge of Stagwell, the conduct of the businesses of the Stagwell Subject
Entities does not, and immediately following the Closing, will not, materially infringe, misappropriate or otherwise violate, and
has not since January 1, 2018, materially infringed, misappropriated or otherwise violated, the Intellectual Property, moral rights
or publicity rights (or other rights to use the names, likeness, signature, image, voice, personality or biographical information)
of others, and, to the knowledge of Stagwell, no third party is infringing or, since January 1, 2018, has infringed the Intellectual
Property owned or claimed to be owned by any Stagwell Subject Entity (&ldquo;<U>Stagwell Intellectual Property</U>&rdquo;). None
of the Stagwell Subject Entities has received any notice from any Person claiming that any Stagwell Subject Entity, the conduct
of the business of any Stagwell Subject Entity or any product or service of any Stagwell Subject Entity, as applicable, infringes,
violates or misappropriates any Intellectual Property, moral rights or publicity rights (or other rights to use the names, likeness,
signature, image, voice, personality or biographical information).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Section
5.18(b)</U> of the Stagwell Disclosure Letter lists (i) all (A) material registered, issued or filed Stagwell Intellectual
Property, (B) material unregistered trademarks included in the Stagwell Intellectual Property and (C) the Stagwell Digital
Products; and (ii) any challenges to the validity, enforceability or ownership of any of the material Stagwell Intellectual
Property, including Proceedings before any Governmental Entity (including the United States Patent and Trademark Office or
equivalent authority anywhere in the world) to which a Stagwell Subject Entity is or was, since January 1, 2018, a party and
in which claims are or were raised relating to the validity, enforceability or ownership of any of the material Stagwell
Intellectual Property (other than ordinary course Proceedings relating to any filed but not yet registered or issued Stagwell
Intellectual Property to which solely the Governmental Entity and a Stagwell Subject Entity are or were parties).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, a Stagwell
Subject Entity is the sole and exclusive owner of each item of Stagwell Intellectual Property, free and clear of any Liens other
than Permitted Liens, and, to the knowledge of Stagwell, except as would not reasonably be expected to have a Stagwell Material
Adverse Effect, a Stagwell Subject Entity has registered its acquisition or ownership of each item of registered, issued or applied-for
Stagwell Intellectual Property in its name with the United States Patent and Trademark Office or the applicable equivalent authority
anywhere in the world. To the knowledge of Stagwell, no Stagwell Subject Entity has (i) granted any exclusive license with respect
to any material Stagwell Intellectual Property to any other Person, (ii) transferred or assigned any material Stagwell Intellectual
Property to any Person,&nbsp;(iii) granted to any Person any option to any of the foregoing, or (iv) done any act or failed to
take any action that could cause the rights of any Stagwell Subject Entity in any Stagwell Intellectual Property to enter into
the public domain other than in the ordinary course of business consistent with past practice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, each (i) current
and former employee of a Stagwell Subject Entity, (ii) current and former consultant or contractor of a Stagwell Subject Entity,
and (iii) other Person, in each case who has been involved in the creation, invention or development of Intellectual Property for
or on behalf of a Stagwell Subject Entity that does not vest initially in a Stagwell Subject Entity by operation of law, has executed
a binding, valid and enforceable Contract with the applicable Stagwell Subject Entity that conveys to the applicable Stagwell Subject
Entity any and all of such Person&rsquo;s right, title and interest in and to, such Intellectual Property. To the knowledge of
Stagwell, since January 1, 2018, no Person has made, or threatened to make, any right, claim, interest or option (including the
right to further remuneration or consideration) with respect to any such material Intellectual Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, to the knowledge
of Stagwell, with respect to each item of registered, issued or applied-for Stagwell Intellectual Property, (i)&nbsp;all necessary
application, registration, maintenance and renewal fees have been timely paid to, and all necessary documents and certificates
have been timely filed with, the relevant patent, copyright, trademark or other authorities in the United States or foreign jurisdictions,
as the case may be, for the purposes of maintaining such Intellectual Property rights; and (ii)&nbsp;each such item is subsisting,
and except with respect to applications, valid and enforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Stagwell Subject Entities have taken commercially reasonable measures to preserve and maintain the confidentiality of,
and otherwise protect against the misuse or misappropriation of, all material Stagwell-Related Confidential Information. Except
as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, to Stagwell&rsquo;s knowledge,
since January 1, 2018, there has been no unauthorized disclosure, misappropriation or loss of any Stagwell-Related Confidential
Information.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>To
the knowledge of Stagwell, and except as would not reasonably be expected to be material to the Stagwell Subject Entities,
taken as a whole, the Stagwell Subject Entities have not used Open Source Software in any manner that would, with respect to
any software used in connection with the Stagwell Digital Products (i) require its disclosure or distribution in source code
form, (ii) require the licensing thereof for the purpose of making derivative works or (iii) prohibit charging a royalty or
other fee for the distribution thereof. To the knowledge of Stagwell, and except as would not reasonably be expected to be
material to the Stagwell Subject Entities, taken as a whole, with respect to any Open Source Software that is used by the
Stagwell Subject Entities in connection with the Stagwell Digital Products, the Stagwell Subject Entities are in compliance
with all applicable licenses with respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the knowledge of Stagwell, and except as would not reasonably be expected to be material to the Stagwell Subject Entities,
taken as a whole, except as set forth in <U>Section 5.18(h)</U> of the Stagwell Disclosure Letter, none of the Stagwell Subject
Entities has been a party to any source code escrow agreement requiring the deposit or licensing of source code incorporated or
embodied in the Stagwell Digital Products (other than any open source license) for the benefit of or to any third party, and neither
the execution of this Agreement nor the consummation of the Transactions will result in any requirement on any Stagwell Subject
Entities (or, after the Closing, New MDC or any of its Affiliates) to (x) disclose or deliver any such source code to any Person
or (y) deposit such source code into escrow or release any such source code that is currently deposited in an escrow.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the knowledge of Stagwell, n<FONT STYLE="font-family: Times New Roman, Times, Serif">one of the Stagwell Digital Products:
(i) contains any bug, defect or error that materially affects the use, functionality or performance of the Stagwell Digital Products,
other than those discovered and corrected or in the process of being corrected in the normal course of any Stagwell Subject Entity&rsquo;s
software maintenance procedures or (ii) currently fails to operate or comply, in any material respect, with any applicable warranty,
specifications or contractual commitment relating to the use, functionality or performance of the Stagwell Digital Products (or
any software therein).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.19<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Privacy and Data Security</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, the Stagwell
Subject Entities, and to the knowledge of Stagwell, all third Persons Processing Personal Data for or on behalf of the Stagwell
Subject Entities, are in compliance and, since January 1, 2018, have been in compliance with all Data Protection Laws applicable
to the operations of the Stagwell Subject Entities and all Stagwell Data Protection Commitments, in each case in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No investigation or material claim relating to any Stagwell Subject Entity&rsquo;s Processing of Personal Data, or relating
to any Stagwell Subject Entity&rsquo;s compliance with Data Protection Laws applicable to the operations of the Stagwell Subject
Entities or Stagwell Data Protection Commitments, is being, or since January 1, 2018 was, made, conducted, prosecuted, litigated,
or, to the knowledge of Stagwell, threatened by any Governmental Entity or third party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the knowledge of Stagwell, the execution, delivery and performance of this Agreement will not cause, constitute, or result
in a breach or violation of any Data Protection Laws applicable to the operations of the Stagwell Subject Entities or Stagwell
Data Protection Commitments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> The Stagwell Subject Entities have implemented reasonable, and otherwise in accordance with Laws applicable to the operations
of the Stagwell Subject Entities, technical, physical, and organizational measures designed to preserve the availability, proper
functioning, security and integrity of the Stagwell IT Systems and Stagwell-Related Confidential Information, and to respond to
any Stagwell IT or Security Incidents. The Stagwell IT Systems are adequate for the Stagwell Subject Entities to operate their
business as currently conducted in all material respects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, since January
1, 2018, to the knowledge of Stagwell, no Stagwell Subject Entity has experienced any material Stagwell IT or Security Incident.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, the Stagwell
Subject Entities have established and maintain reasonable data backup and disaster recovery plans for the Stagwell IT Systems of
a scope appropriate for the size and complexity of the Stagwell Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.20<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Insurance</U><FONT STYLE="font-size: 10pt">.
Except as would not reasonably be expected to be material to the Stagwell Subject Entities, taken as a whole, all insurance policies
maintained by the Stagwell Subject Entities, including fire and casualty, general liability, cybersecurity, workers&rsquo; compensation
and employer liability, directors and officers and other liability policies are in full force and effect and provide a level of
coverage that is reasonably customary in comparison to coverage carried by companies in similar lines of business as the Stagwell
Subject Entities. As of the date hereof, there is no pending claim against such insurance policies by or in respect of the Stagwell
Subject Entities as to which the insurers have denied coverage. Except as would not reasonably be expected to be material to the
Stagwell Subject Entities, taken as a whole, none of the Stagwell Subject Entities is in breach or default under any such insurance
policy, and none of the Stagwell Subject Entities has taken any action or failed to take any action which (including with respect
to the Transactions), with notice or lapse of time or both, would constitute a breach or default, or permit a termination or material
modification of any of the material insurance policies of the Stagwell Subject Entities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.21<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Material Contracts</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except for this Agreement, <U>Section 5.21(a)</U> of the Stagwell Disclosure Letter sets forth a correct and complete list
of each of the following Contracts to which, as of the date hereof, any Stagwell Subject Entity is a party or by which any Stagwell
Subject Entity or any of their respective assets is bound (each such Contract set forth or required to be set forth on the Stagwell
Disclosure Letter, a &ldquo;<U>Stagwell Material Contract</U>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any partnership or joint venture agreement (other than a partnership agreement constituting an organizational agreement
of a Subsidiary) that is material to the Stagwell Subject Entities, taken as a whole;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>except
for (A) intercompany transactions among the Stagwell Subject Entities in the ordinary course of business consistent with past
practices and (B) the Stagwell Credit Agreement, the Term Loan Credit Agreement and any security documents related thereto,
any Contract relating to the borrowing of money (including any guarantee thereof) or that is a mortgage, security agreement,
capital lease or similar agreement, in each case in excess of $5,000,000 or that creates a Lien other than a Permitted Lien
on any material asset of any Stagwell Subject Entity;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>other
than any partnership, joint venture or similar arrangement, any Contract that materially limits or purports to materially limit
the ability of the Stagwell Subject Entities, taken as a whole, to compete or engage in any line of business, in any geographic
area or with any Person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>except
for intercompany transactions among the Stagwell Subject Entities in the ordinary course of business consistent with past practices
and any security documents related to the Stagwell Credit Agreement or the Term Loan Credit Agreement, any Contract that includes
a license, sublicense or other grant of rights under any Intellectual Property or other intangible asset (whether as a licensor
or a licensee) and contains (A) a payment of $5,000,000 or more per year or (B) a grant of exclusive rights under material Intellectual
Property;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any Contract entered into since January 1, 2018 relating to the sale of any of the assets or properties of the Stagwell
Subject Entities in excess of $5,000,000, other than (A) those in respect of which the sale transaction has previously closed,
are so reflected on the Stagwell Financial Statements, and do not provide for any continuing material obligations on the part of
the Stagwell Subject Entities, or (B) relate to an intercompany transaction among the Stagwell Subject Entities in the ordinary
course of business consistent with past practices;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any Contract entered into since January 1, 2018 relating to the acquisition by any Stagwell Subject Entity of any assets
or the capital stock of any other Person in excess of $5,000,000, other than those in respect of which the acquisition has previously
closed, are so reflected on the Stagwell&rsquo;s Financial Statements and do not provide for any continuing material obligations
on the part of the Stagwell Subject Entities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>with respect to a Stagwell Incentive Plan or Stagwell Benefit Plan, any Contract that provides for an increase in, or acceleration
of the vesting of any, benefits as a result of the occurrence of any of the Transactions;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Contract (other than a Stagwell Benefit Plan) under which the Transactions would trigger any change of control, any right of termination,
cancellation or amendment, or any acceleration of any obligation or loss of a benefit;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any Contract that requires aggregate annual payments by or to any Stagwell Subject Entity in excess of $10,000,000 or aggregate
payments by or to any Stagwell Subject Entity in excess of $10,000,000, other than as set forth in clause (xiii) of this <U>&#8206;Section
5.21(a)</U>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Contract that contains (A) exclusivity or similar provisions, (B) non-solicitation provisions, or (C) &ldquo;most favored nation&rdquo;
provisions, in each case that would limit in any material respect, following the Closing, the Stagwell Subject Entities, taken
as a whole, from engaging in their businesses;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> any Contract involving any resolution or settlement of any actual or threatened legal proceeding before a Governmental
Entity or that provides for any injunctive or other non-monetary relief or grants a material release;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract with any Governmental Entity; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Contract with a Stagwell Material Customer or a Stagwell Material Supplier that involves aggregate payments by or to
any Stagwell Subject Entity in excess of $1,000,000 during the fiscal year ended December 31, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell has made available to MDC correct and complete copies of each Stagwell Material Contract (including all modifications,
amendments, supplements, annexes and schedules thereto and written waivers thereunder). Each Stagwell Material Contract is valid
and binding on a Stagwell Subject Entity, as the case may be, and, to the knowledge of Stagwell, each other party thereto, and
is in full force and effect, except for such failures to be valid and binding or to be in full force and effect as would not reasonably
be expected to be material to the Stagwell Subject Entities, taken as a whole. Neither a Stagwell Subject Entity, nor, to Stagwell&rsquo;s
knowledge, any counterparty to any Stagwell Material Contract, has violated or is alleged to have violated any provision of, or
committed or failed to perform any act which, with or without notice, lapse of time or both, would constitute a default under the
provisions of any Stagwell Material Contract, except in each case for those violations and defaults which would not reasonably
be expected to be material to the Stagwell Subject Entities, taken as a whole.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.22<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Customers and Suppliers</U><FONT STYLE="font-size: 10pt">. <U>Section 5.22(a)</U> of the Stagwell Disclosure Letter sets
forth a correct and complete list of the top fifteen (15) third-party customers (by annual revenue) of the Stagwell Subject Entities,
taken as a whole, for the fiscal year ended December 31, 2019 (collectively, the &ldquo;<U>Stagwell Material Customers</U>&rdquo;)
and the amount of consideration paid to the Stagwell Subject Entities by each Stagwell Material Customer during such fiscal year
period. <U>Section 5.22(b)</U> of the Stagwell Disclosure Letter sets forth a correct and complete list of the top ten (10) third-party
suppliers (by annual expenditure) of the Stagwell Subject Entities for each of the fiscal year ended December 31, 2019 (collectively,
the &ldquo;<U>Stagwell Material Suppliers</U>&rdquo;) and the amount of consideration paid to each Stagwell Material Supplier by
the Stagwell Subject Entities during such period. Since January 1, 2019 through the date of this Agreement: (i) no Stagwell Material
Customer has canceled or otherwise terminated its relationship with the Stagwell Subject Entities except as would not reasonably
be expected to be material to the business of the Stagwell Subject Entities, taken as a whole, and (ii) to the knowledge of Stagwell,
no Stagwell Material Customer or Stagwell Material Supplier has threatened to cancel or otherwise terminate its relationship with
the Stagwell Subject Entities or its usage of the services of the Stagwell Subject Entities except as would not reasonably be expected
to be material to the business of the Stagwell Subject Entities, taken as a whole.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.23<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Business Practices</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>As
of the date hereof, none of the Stagwell Subject Entities, or any director (or other comparable position), officer, employee,
affiliate or agent of the same (acting in such capacity), is in material violation of or has for the three (3) years prior to
the date hereof materially violated any applicable Law, or, to the knowledge of Stagwell, is under investigation or the
subject of any inquiry, litigation or administrative or enforcement proceedings with respect to or been threatened to be
charged with or given notice of any violation of, any applicable Law, has received a subpoena relating to an investigation or
allegations of the same, or is aware of any conduct that could reasonably give rise to any investigation, inquiry, litigation
or administrative or enforcement proceeding relating to alleged violations of applicable Law at this time or any time in the
future. As of the date hereof, there is no judgment, decree, injunction, rule or order of any arbitrator or Governmental
Entity outstanding against the Stagwell Subject Entities, or any director (or other comparable position), officer, employee
or agent of the same (acting in such capacity).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Stagwell Subject Entities, nor any director (or other comparable position), officer, employee, affiliate or
agent of the same (acting in such capacity) in connection with the business activities of the Stagwell Subject Entities, has, in
any material respect, directly or indirectly:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>made, authorized, offered, or promised any unlawful contribution, gift, bribe, rebate, payoff, influence payment, kickback,
or other payment of value, regardless of form, whether in money, property, or services, to any Official or other Person in violation
of any Anti-Bribery Law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>used
any Stagwell Subject Entity funds for unlawful contributions, unlawful gifts, unlawful entertainment or other unlawful expenses
relating to political activity;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>established or maintained any unlawful or hidden fund of monies or other assets of the Stagwell Subject Entities; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>made, promised or authorized any fraudulent entry on the books or records of the Stagwell Subject Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Stagwell Subject Entities maintains books, records, and accounts that are readily accessible and available and
that, in reasonable detail, accurately and fairly reflect its transactions and dispositions of its assets, and maintains a system
of internal accounting controls sufficient to provide reasonable assurances of the same, including that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>its transactions are executed, and its funds are expended only in accordance with its management&rsquo;s authorization;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>its transactions are recorded as necessary to permit preparation of its financial statements in conformity with the GAAP;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>access to its assets is permitted only in accordance with its management&rsquo;s authorization; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>its accounting for assets is compared with existing assets at reasonable intervals and action is taken with respect to any
differences.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of the Stagwell Subject Entities are conducted in compliance in all material respects with all applicable
Export Laws and anti-money laundering laws. Neither the Stagwell Subject Entities, nor any director (or other comparable position),
officer, employee affiliate or agent of the same, or holders of more than ten percent (10%) of the equity interests in the same
(i) is a Sanctioned Person, or (ii) engages in any dealings or transactions with any Sanctioned Person on behalf of the Stagwell
Subject Entities in violation of Export Laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">Section
5.24<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Affiliate Transactions</U><FONT STYLE="font-size: 10pt">. No officer or director of Stagwell or any Stagwell
Subject Entity, or to the knowledge of Stagwell, no holder of equity interests in Stagwell or any Stagwell Subject Entity and,
to the knowledge of Stagwell, no immediate family member of any of such Persons, or, to the knowledge of Stagwell, any trust,
partnership or corporation in which any of such Persons has or has had an interest is a party to any Contract (other than a Stagwell
Benefit Plan) to which any Stagwell Subject Entity is a party or any of its properties or assets are bound.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.25<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sufficiency of Assets</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Stagwell Subject Entities comprise all of the operating Subsidiaries of Stagwell.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The properties, assets and rights of the Stagwell Subject Entities include all properties, assets and rights (i) used or
held for use in connection with the conduct of the business of Stagwell and its Subsidiaries and (ii)&nbsp;necessary and sufficient
for the continued conduct of the business of Stagwell and its Subsidiaries after the Closing, in all material respects, in substantially
the same manner as conducted immediately prior to the Closing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.26<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Competition Act</U><FONT STYLE="font-size: 10pt">. Stagwell and its Affiliates do not have assets in Canada that exceed
$200 million or gross revenues from sales in, from or into Canada that exceed $200 million, all as determined in accordance with
Part IX of the Competition Act and the Notifiable Transactions Regulations thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.27<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Canada Act</U><FONT STYLE="font-size: 10pt">. Stagwell is a &ldquo;trade agreement investor&rdquo; within
the meaning of the Investment Canada Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.28<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Additional Representations</U><FONT STYLE="font-size: 10pt">. Except for the representations and warranties contained
in <U>Article 4</U>, Stagwell acknowledges that neither MDC, nor any other Person on behalf of MDC, makes any other express or
implied representation or warranty with respect to MDC or any of its Affiliates or with respect to any other information provided
to Stagwell in connection with this Agreement or the Transactions. Stagwell expressly disclaims reliance on any and all representations
and warranties other than the representations and warranties set forth in <U>Article 4</U>, whether express or implied.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
6<FONT STYLE="font-size: 10pt"><BR>
CONDUCT OF THE BUSINESS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conduct of Business of MDC and the MDC Subsidiaries Pending the Transactions</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>MDC
covenants and agrees that, from the date hereof until the earlier of the termination of this Agreement in accordance with its
terms and the Closing, except (i) as set forth on <U>Section 6.01(a)</U> of the MDC Disclosure Letter, (ii) as Stagwell may
consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), (iii) as otherwise required by
applicable Laws, (iv) in connection with any COVID-19 Measure or (v) as otherwise expressly required or contemplated by this
Agreement (including pursuant to <U>Section 7.18</U>, the Debt Transactions or the Transactions, including the
Redomiciliation, the Pre-Redomiciliation Restructuring, the Maxxcom Restructuring, the MDC Merger, the MDC Conversion, the
Midas Corporate HoldCo Formation and the Stagwell Contribution), the businesses of MDC and the MDC Subsidiaries shall be
conducted only in the ordinary course of business consistent with past practice, and MDC shall, and shall, to the extent
permitted under the applicable organizational documents, cause each MDC Subsidiary to, use its reasonable best efforts to
maintain its assets and preserve intact its business and operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without limiting the generality of <U>Section 6.01(a)</U>, MDC covenants and agrees that, from the date hereof until the
earlier of the termination of this Agreement in accordance with its terms and the Closing, except (i) as set forth on <U>Section
6.01(b)</U> of the MDC Disclosure Letter, (ii) as Stagwell may consent in writing (such consent not to be unreasonably withheld,
conditioned or delayed), (iii) as otherwise required by applicable Laws, (iv) in connection with any COVID-19 Measure or (v) as
otherwise expressly required or contemplated by this Agreement (including pursuant to <U>Section 7.18</U>, the Debt Transactions
or the Transactions, including the Redomiciliation, the Pre-Redomiciliation Restructuring, the Maxxcom Restructuring, the MDC Merger,
the MDC Conversion, the Midas Corporate HoldCo Formation and the Stagwell Contribution), MDC shall not directly or indirectly,
and shall, to the extent permitted under the applicable organizational documents, cause the MDC Subsidiaries not to, do any of
the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>adopt or propose any change in its certificate of incorporation or by-laws or other applicable governing instruments;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other than with respect to direct or indirect wholly-owned Subsidiaries, merge or consolidate with any other Person, or
restructure, reorganize or completely or partially liquidate or otherwise enter into any agreements providing for the sale, lease,
pledge, assignment or other disposition of their respective material assets, operations or business;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>acquire any corporation, partnership or other business organization or division thereof or collection of assets constituting
all or substantially all of a business or business unit, whether by merger or consolidation, purchase of substantial assets or
equity interest or any other manner, from any other Person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>issue, sell, pledge, dispose of, grant, transfer, encumber, or authorize the issuance, sale, pledge, disposition, grant,
transfer or encumbrance of, any shares of capital stock, or securities convertible or exchangeable into or exercisable for any
shares of such capital stock, or any options, units, warrants, phantom stock, stock appreciation rights, or any other equity or
equity-based compensation or other rights of any kind to acquire any shares of such capital stock or such convertible or exchangeable
securities; <I>provided</I>, that this <U>Section 6.01(b)(iv)</U> shall not apply to the issuance of any units or shares upon the
exercise or settlement of any MDC Incentive Awards outstanding as of the date hereof or granted after the date hereof in the ordinary
course of business consistent with past practice (so long as (A) at no point shall the aggregate number of units or shares granted
pursuant to any such MDC Incentive Awards exceed the aggregate number of units or shares granted pursuant to MDC Incentive Awards
in the relevant grant cycle in the prior year and (B) no MDC Incentive Awards may be granted to members of the MDC Board pursuant
to this proviso to <U>Section 6.01(b)(iv)</U>);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>create
or incur any Lien securing indebtedness for borrowed money (other than a Lien currently provided for under the MDC Credit
Agreement, any Permitted Lien and/or the grant of any cash collateral in respect of letters of credit issued in respect of,
or otherwise securing, ordinary course operating liabilities) on any assets having a value in excess of $5,000,000 in the
aggregate;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any loans, advances, capital contributions to or investments in any Person, other than between or among MDC and one
or more MDC Subsidiaries, in each case greater than $5,000,000 or make any guarantees;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>declare, set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with
respect to any of its capital stock (except for declared dividends paid by any direct or indirect wholly-owned MDC Subsidiary to
MDC or any other direct or indirect wholly-owned MDC Subsidiary) or enter into any Contract with respect to the voting of its capital
stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reclassify, split, combine, subdivide or redeem, purchase or otherwise acquire, directly or indirectly, any of its capital
stock or securities convertible or exchangeable into or exercisable for any shares of its capital stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>incur any indebtedness for borrowed money (which, for the avoidance of doubt, shall not include obligations in respect of
cash-collateralized letters of credit issued in respect of, or other grants of cash collateral securing, ordinary course operating
liabilities), other than between or among MDC and one or more MDC Subsidiaries, or guarantee such indebtedness of another Person,
or issue or sell any debt securities or warrants or other rights to acquire any debt security, except for (A) indebtedness for
borrowed money incurred in the ordinary course of business consistent with past practice and (B) guarantees incurred in compliance
with this <U>Section 6.01(b)</U>;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make or authorize any capital expenditure in excess of $5,000,000 in the aggregate,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) enter into any Contract that would have been classified as an MDC Material Contract pursuant to Section 4.21(a)(xi)
had it been entered into prior to the date of this Agreement or (B) enter into any Contract that would have been classified as
an MDC Material Contract pursuant to any other clause of Section 4.21(a) had it been entered into prior to the date of this Agreement
other than in the case of this clause (B), (1) in the ordinary course of business consistent with past practice or (2) Contracts
with existing or new clients;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any material changes with respect to material accounting policies or procedures, except as required by changes in applicable
Law or GAAP;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>settle any suit, action, litigation or other proceeding (A) for an amount in excess of $5,000,000 individually or $10,000,000
in the aggregate or (B) in a manner that would impose any material restrictions on its assets, operations or businesses or result
in any injunction or equitable relief against MDC or any MDC Subsidiary (or, following the Closing, any Stagwell Subject Entity);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>modify or amend in any material respect, grant a material waiver under or terminate any MDC Material Contract other than
in the ordinary course of business consistent with past practice;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> (A) change in any material respect any material method of accounting for Tax purposes; (B) enter into any agreement with
any Governmental Entity (including a &ldquo;closing agreement&rdquo; under Code Section 7121) with respect to any material Tax
or material Tax Returns (other than in the ordinary course of business); (C) surrender a right to a material Tax refund; (D) change
an accounting period with respect to any material Tax; (E) file an amended Tax Return; (F) change or revoke any material election
with respect to Taxes; (G) make any material election with respect to Taxes that is inconsistent with past practice; (H) file any
Tax Return that is inconsistent with past practice; or (I) consent to any extension or waiver of the limitations period applicable
to any material Tax claim or assessment (other than in the ordinary course of business);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>transfer, sell, lease, license, mortgage, pledge, divest, abandon, allow to lapse, cancel, fail to renew, fail to continue
to prosecute, protect or defend or otherwise dispose of any material tangible or intangible assets (including Intellectual Property),
licenses, operations, rights, product lines, businesses or interests therein, including the capital stock of any Subsidiary, except
in connection with services provided in the ordinary course of business and sales or other dispositions of obsolete or worn-out
assets, except for sales, leases, licenses, divestitures, cancellations, abandonments, lapses, expirations or other dispositions
of assets with a fair market value not in excess of $5,000,000 in the aggregate and, with respect to licenses of Intellectual Property,
except for (A) any Contract for Open Source Software and (B) non-exclusive licenses that are commercially available &ldquo;off-the-shelf&rdquo;
licenses or granted to or by service providers or to or by customers in which the grant of Intellectual Property is incidental
to other performance under such Contracts and entered into in the ordinary course of business consistent with past practice;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>except as required to comply with applicable Data Protection Laws, materially modify any privacy policies, notices or statements
in a manner that (A) limits the ability or right of MDC or any MDC Subsidiary to share or transfer data in connection with the
Transactions, or (B) limits MDC&rsquo;s or any MDC Subsidiary&rsquo;s (or following the Closing, any Stagwell Subject Entity&rsquo;s)
use of the data;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(A)
except to the extent required by any MDC Benefit Plan as in effect on the date of this Agreement, grant any loan to or materially
increase the compensation or benefits of any MDC Participant, other than in the ordinary course of business consistent with past
practice, (B) amend, adopt, establish, agree to establish, enter into or terminate any collective bargaining agreement or other
labor union contract, (C) take any action to fund or in any other way secure the payment of compensation or benefits under any
MDC Benefit Plan, or (D) hire any new employee, except for the hire of employees in the ordinary course of business consistent
with past practice (including to fill vacancies) where such hiring does not relate to an employee with an annual base salary in
excess of $500,000;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>change in any material respect any policies or procedures for or timing of the collection of accounts receivable (or any
other trade receivables), payment of accounts payable (or any other trade payables), billing of its customers, pricing and payment
terms, cash collections, cash payments or terms with suppliers, in each case, other than changes required by suppliers, vendors
and service providers or otherwise occurring in the ordinary course of business;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> amend, terminate or allow to lapse any material licenses; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>agree, authorize or commit to do any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conduct of Business by the Stagwell Subject Entities Pending the Transactions</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell covenants and agrees that, from the date hereof until the earlier of the termination of this Agreement in accordance
with its terms and the Closing, except (i) as set forth on <U>Section 6.02(a)</U> of the Stagwell Disclosure Letter, (ii) as MDC
may consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), (iii) as otherwise required by applicable
Laws, (iv) in connection with any COVID-19 Measure or (v) as otherwise expressly required or contemplated by this Agreement (including
pursuant to the Debt Transactions, the Stagwell Restructuring or the Transactions, including the Redomiciliation, the Pre-Redomiciliation
Restructuring, the Maxxcom Restructuring, the MDC Merger, the MDC Conversion, the Midas Corporate HoldCo Formation and the Stagwell
Contribution), the businesses of the Stagwell Subject Entities shall be conducted only in the ordinary course of business consistent
with past practice, and Stagwell shall, to the extent permitted under the applicable organizational documents, cause each of the
Stagwell Subject Entities to use its reasonable best efforts to maintain its assets and preserve intact its business and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without limiting the generality of <U>Section 6.01(a)</U>, Stagwell covenants and agrees that, from the date hereof until
the earlier of the termination of this Agreement in accordance with its terms and the Closing, except (i) as set forth on <U>Section
6.02(b)</U> of the Stagwell Disclosure Letter, (ii) as MDC may consent in writing (such consent not to be unreasonably withheld,
conditioned or delayed), (iii) as otherwise required by applicable Laws, (iv) in connection with any COVID-19 Measure or (v) as
otherwise expressly required or contemplated by this Agreement (including pursuant to the Debt Transactions, the Stagwell Restructuring
or the Transactions, including the Redomiciliation, the Pre-Redomiciliation Restructuring, the Maxxcom Restructuring, the MDC Merger,
the MDC Conversion, the Midas Corporate HoldCo Formation and the Stagwell Contribution), Stagwell shall, to the extent permitted
under the applicable organizational documents, cause the Stagwell Subject Entities not to do any of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>adopt or propose any change in its certificate of incorporation or by-laws or other applicable governing instruments;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>other
than with respect to direct or indirect wholly-owned Subsidiaries, merge or consolidate with any other Person, or restructure,
reorganize or completely or partially liquidate or otherwise enter into any agreements providing for the sale, lease, pledge,
assignment or other disposition of their respective material assets, operations or business;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>acquire any corporation, partnership or other business organization or division thereof or collection of assets constituting
all or substantially all of a business or business unit, whether by merger or consolidation, purchase of substantial assets or
equity interest or any other manner, from any other Person;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>issue,
sell, pledge, dispose of, grant, transfer, encumber, or authorize the issuance, sale, pledge, disposition, grant, transfer or
encumbrance of, any shares of capital stock, or securities convertible or exchangeable into or exercisable for any shares of
such capital stock, or any options, units, warrants, phantom stock, stock appreciation rights, or any other equity or
equity-based compensation or other rights of any kind to acquire any shares of such capital stock or such convertible or
exchangeable securities<FONT STYLE="font-size: 10pt">;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>create
or incur any Lien securing indebtedness for borrowed money (other than a Lien currently provided for under the Stagwell Credit
Agreement or the Term Loan Credit Agreement, any Permitted Lien and/or the grant of any cash collateral in respect of letters
of credit issued in respect of, or otherwise securing, ordinary course operating liabilities) on any assets having a value in
excess of $5,000,000 in the aggregate;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>make any loans, advances, capital contributions to or investments in any Person, other than between or among one or more
Stagwell Subject Entities, in each case greater than $5,000,000 or make any guarantees (other than pursuant to the Debt Transactions);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>declare,
set aside, make or pay any dividend or other distribution, payable in cash, stock, property or otherwise, with respect to any
of its capital stock (except for declared dividends paid by any direct or indirect wholly-owned Subsidiary of Stagwell to SMGH
or any other direct or indirect wholly-owned Subsidiary of SMGH and the declaration and payment of cash dividends by SMGH or any
of its Subsidiaries to Stagwell so long as such cash dividends would not cause the Stagwell Net Debt Condition to fail to be satisfied
at the Closing) or enter into any Contract with respect to the voting of its capital stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reclassify, split, combine, subdivide or redeem, purchase or otherwise acquire, directly or indirectly, any of its capital
stock or securities convertible or exchangeable into or exercisable for any shares of its capital stock;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>incur any indebtedness for borrowed money (which, for the avoidance of doubt, shall not include obligations in respect of
cash-collateralized letters of credit issued in respect of, or other grants of cash collateral securing, ordinary course operating
liabilities), other than between or among one or more Stagwell Subject Entities, or guarantee such indebtedness of another Person,
or issue or sell any debt securities or warrants or other rights to acquire any debt security, except for (A) indebtedness for
borrowed money incurred in the ordinary course of business consistent with past practice not to exceed $5,000,000 in the aggregate,
(B) guarantees incurred in compliance with this <U>Section 6.02(b)</U> and (C) incurrence of indebtedness that would not cause
the Stagwell Net Debt Condition to fail to be satisfied at the Closing;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make or authorize any capital expenditure in excess of $5,000,000 in the aggregate,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>enter into any Contract that would have been a Stagwell Material Contract had it been entered into prior to this Agreement
other than (i) in the ordinary course of business consistent with past practice or (ii) Contracts with existing or new clients;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any material changes with respect to material accounting policies or procedures, except as required by changes in applicable
Law or GAAP;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> settle any suit, action, litigation or other proceeding (A) for an amount in excess of $5,000,000 individually or $10,000,000
in the aggregate or (B) in a manner that would impose any material restrictions on its assets, operations or businesses or result
in any injunction or equitable relief against any Stagwell Subject Entity (or, following the Closing, MDC or any MDC Subsidiary);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>modify or amend in any material respect, grant a material waiver under or terminate any Stagwell Material Contract other
than in the ordinary course of business consistent with past practice;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) change in any material respect any material method of accounting for Tax purposes; (B) enter into any agreement with
any Governmental Entity (including a &ldquo;closing agreement&rdquo; under Code Section 7121) with respect to any material Tax
or material Tax Returns (other than in the ordinary course of business); (C) surrender a right to a material Tax refund; (D) change
an accounting period with respect to any material Tax; (E) file an amended Tax Return; (F) change or revoke any material election
with respect to Taxes; (G) make any material election with respect to Taxes that is inconsistent with past practice; (H) file any
Tax Return that is inconsistent with past practice; or (I) consent to any extension or waiver of the limitations period applicable
to any material Tax claim or assessment (other than in the ordinary course of business);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>transfer, sell, lease, license, mortgage, pledge, divest, abandon, allow to lapse, cancel, fail to renew, fail to continue
to prosecute, protect or defend or otherwise dispose of any material tangible or intangible assets (including Intellectual Property),
licenses, operations, rights, product lines, businesses or interests therein, including the capital stock of any Subsidiary, except
in connection with services provided in the ordinary course of business and sales or other dispositions of obsolete or worn-out
assets, except for sales, leases, licenses, divestitures, cancellations, abandonments, lapses, expirations or other dispositions
of assets with a fair market value not in excess of $5,000,000 in the aggregate and, with respect to licenses of Intellectual Property,
except for (A) any Contract for Open Source Software and (B) non-exclusive licenses that are commercially available &ldquo;off-the-shelf&rdquo;
licenses or granted to or by service providers or to or by customers in which the grant of Intellectual Property is incidental
to other performance under such Contracts and entered into in the ordinary course of business consistent with past practice;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xvii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except as required to comply with applicable Data Protection Laws, materially modify any privacy policies, notices or statements
in a manner that (A) limits the ability or right of the Stagwell Subject Entities to share or transfer data in connection with
the Transactions, or (B) limits any Stagwell Subject Entity&rsquo;s (or, following the Closing, MDC&rsquo;s or any MDC Subsidiary&rsquo;s)
use of the data;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xviii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(A)
except to the extent required by any Stagwell Benefit Plan as in effect on the date of this Agreement, grant any loan to or
materially increase the compensation or benefits of any Stagwell Participant, other than in the ordinary course of business
consistent with past practice, (B) amend, adopt, establish, agree to establish, enter into or terminate any collective
bargaining agreement or other labor union contract, (C) take any action to fund or in any other way secure the payment of
compensation or benefits under any Stagwell Benefit Plan, or (D) hire any new employee, except for the hire of employees in
the ordinary course of business consistent with past practice (including to fill vacancies) where such hiring does not relate
to an employee with an annual base salary in excess of $300,000;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xix)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>change in any material respect any policies or procedures for or timing of the collection of accounts receivable (or any
other trade receivables), payment of accounts payable (or any other trade payables), billing of its customers, pricing and payment
terms, cash collections, cash payments or terms with suppliers, in each case, other than changes required by suppliers, vendors
and service providers or otherwise occurring in the ordinary course of business;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xx)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>amend, terminate or allow to lapse any material licenses; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(xxi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>agree, authorize or commit to do any of the foregoing.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
7<FONT STYLE="font-size: 10pt"><BR>
ADDITIONAL AGREEMENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preparation of Combined Proxy Statement/Prospectus; Special Meeting</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As promptly as reasonably practicable after the date hereof, MDC shall cause to be prepared and, as promptly as reasonably
practicable after the delivery by Stagwell to MDC of the Stagwell S-4 Financials in accordance with <U>Section 7.03(d)(i)</U>,
filed in preliminary form with the SEC the Registration Statement containing the Combined Proxy Statement/Prospectus (such filing,
the &ldquo;<U>Preliminary Registration Statement Filing</U>,&rdquo; and the date of such filing, the &ldquo;<U>Preliminary Registration
Statement Filing Date</U>&rdquo;). MDC shall use its reasonable best efforts to have the Registration Statement declared effective
under the Securities Act as promptly as practicable after such filing and to keep the Registration Statement effective as long
as necessary to consummate the Transactions and the other transactions contemplated hereby. MDC shall use its reasonable best efforts
to obtain any approvals required under any applicable state securities Laws in connection with the issuance of shares of New MDC
Common Stock and New MDC Preferred Stock in connection with the Redomiciliation, the MDC Merger and the other Transactions (including
shares issuable under any MDC Stock Plans) (provided that in no event shall New MDC be required to qualify to do business in any
jurisdiction in which MDC is not now so qualified or file a general consent to service of process).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
of Stagwell and MDC shall obtain and furnish the information concerning itself, its Affiliates, directors, officers and (to
the extent reasonably available) equityholders and such other matters as may be reasonably necessary or advisable to be
included in the Registration Statement. Prior to filing with the SEC, MDC will make available to Stagwell drafts of the
Registration Statement and any other documents to be filed with the SEC, both preliminary and final, and drafts of any
amendment or supplement to the Registration Statement or such other document and will provide Stagwell with a reasonable
opportunity to review and comment on such drafts (and shall consider such comments in good faith). MDC will advise Stagwell
as promptly as practicable after it receives notice thereof, of (i) the time when the Registration Statement has been filed,
(ii) the completion of the SEC&rsquo;s review of the Registration Statement or the SEC&rsquo;s intention not to review the
Registration Statement, (iii) the filing of any supplement or amendment to the Registration Statement and (iv) any comments,
written or oral, from the SEC or its staff relating to the Registration Statement, including requests for additional
information. MDC shall provide Stagwell with copies of all written correspondence and a summary of all material oral
communications between it, on the one hand, and the SEC and its staff, on the other hand, relating to the Registration
Statement. MDC shall cooperate and provide Stagwell with a reasonable opportunity to review and comment (and shall consider
any such comments in good faith) on any substantive correspondence (including responses to SEC comments) with the SEC and its
staff.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject in all instances to <U>Section 7.06</U> and <U>Article 9</U>, as promptly as practicable after the effectiveness
of the Registration Statement, and in accordance with the MDC Organizational Documents and applicable Law, MDC shall cause the
Combined Proxy Statement/Prospectus to be mailed to MDC&rsquo;s shareholders, and if necessary or required by applicable Law, after
the definitive Combined Proxy Statement/Prospectus has been mailed, promptly circulate amended, supplemented or supplemental proxy
materials and, if required in connection therewith, re-solicit proxies or written consents, as applicable. If at any time prior
to the receipt of the MDC Special Meeting Approval, the officers and directors of Stagwell or MDC discover any information which,
in light of the circumstances under which it is made, is false or misleading with respect to a material fact or omits to state
a material fact necessary to make the statements made in the Combined Proxy Statement/Prospectus or Registration Statement not
misleading, then such party shall immediately notify the other party of such misstatements or omissions, and an appropriate amendment
or supplement describing such information shall promptly be prepared and filed with the SEC and to the extent required by applicable
Law. MDC shall promptly transmit to MDC&rsquo;s shareholders an amendment or supplement to the Registration Statement and/or Combined
Proxy Statement/Prospectus containing such information. MDC will also inform Stagwell, promptly after MDC receives written notice
thereof, of the time of the issuance of any stop order or the suspension of the qualification of the New MDC Class A Common Stock
or the New MDC Class B Common Stock for offering or sale in any jurisdiction, or of the initiation or written threat of any proceeding
for any such purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Subject
in all instances to <U>Section 7.06</U> and <U>Article 9</U>, MDC shall, in accordance with the MDC Organizational Documents
and applicable Law, take all actions to establish a record date (which will be as soon as practicable and advisable after the
date hereof) for, duly call, give notice of, convene, and hold a special meeting of the MDC&rsquo;s shareholders (the
 &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Special Meeting</U></FONT>&rdquo;),
for the purpose of securing the MDC Special Meeting Approval, and shall not submit any other proposal to MDC&rsquo;s
shareholders in connection with the Special Meeting without the prior written consent of Stagwell, not to be unreasonably
withheld, conditioned or delayed. Except as provided in <U>Section 7.06</U>, and unless this Agreement has been validly
terminated in accordance with <U>Article 9</U>, MDC shall use its reasonable best efforts to solicit from MDC&rsquo;s
shareholders proxies in favor of the Transactions and to take all other action necessary or advisable to secure the MDC
Special Meeting Approval and the MDC Merger Approval. Unless this Agreement has been validly terminated in accordance with <U>Article
9</U>, and subject in all instances to <U>Section 7.06</U>, as promptly as possible following the date upon which the
Registration Statement becomes effective, MDC shall convene and hold the Special Meeting (on a date selected by MDC in
consultation with Stagwell). Without limiting the generality of the foregoing, but subject in all instances to <U>Section
7.06</U> and the termination rights set forth in <U>Article 9</U>, MDC&rsquo;s obligations pursuant to the first three
sentences of this <U>Section 7.01(d)</U> shall not be affected by (i) the commencement, public proposal, public disclosure or
communication to MDC of any Alternative Proposal or (ii) the withdrawal or modification by the MDC Board (upon the
recommendation of the MDC Special Committee) of the MDC Board Recommendation (as defined below) or the MDC Board&rsquo;s
approval of this Agreement or the Transactions. Unless this Agreement has been validly terminated in accordance with <FONT STYLE="font-size: 10pt"><U>Article
9</U>, once the Special Meeting has been called and noticed, (i) MDC shall not postpone or adjourn the Special Meeting
without the consent of Stagwell (other than to the extent necessary for the absence of a quorum or to allow reasonable
additional time for the filing and mailing of any supplemental or amended disclosure which the MDC Special Committee has
determined in good faith after consultation with its outside legal counsel is necessary under applicable Law and for such
supplemental or amended disclosure to be disseminated and reviewed by MDC&rsquo;s shareholders prior to the Special Meeting; <I>provided</I>,
that no such postponement or adjournment shall delay the Special Meeting by more than thirty (30) days from the initially
scheduled date; and (ii) MDC shall postpone the Special Meeting if Stagwell requests such postponement or adjournment in
order to permit the solicit of additional proxies in favor of the Transaction Resolutions, in which case, MDC shall, subject
to <U>Section 7.06</U>, use its reasonable best efforts during any such postponement or adjournment to solicit and obtain
such proxies in favor of the adoption of the Transaction Resolutions as soon as reasonably practicable. Except to the extent
permitted by, and subject to the termination rights set forth in <U>Article 9</U> and the procedures set forth in <U>Section
7.06(f)</U> and <U>Section 7.06(g)</U>, (i) the Combined Proxy Statement/Prospectus shall (x) state that the MDC Board (upon
the recommendation of the MDC Special Committee) has unanimously (with Mark Penn, Charlene Barshefsky and Bradley Gross
abstaining from voting on, or participating in any deliberations with respect to the Transactions) determined that this
Agreement and the Transactions are advisable and in the best interests of MDC and its shareholders (other than the Interested
Shareholders) and (y) include the recommendation of the MDC Board (upon the recommendation of the MDC Special Committee) that
the shareholders of MDC vote for the Transaction Resolutions (such recommendation described in this clause (y), the
 &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>MDC Board
Recommendation</U></FONT>&rdquo;) and (ii) neither the MDC Board nor the MDC Special Committee shall withdraw, amend or
modify, or publicly propose or resolve to withdraw, amend or modify, in a manner adverse to Stagwell, the MDC Board
Recommendation. MDC shall ensure that the Combined Proxy Statement/Prospectus includes the full text of (A) the opinions of
the financial advisors referred to in <U>Section 4.03(d)</U> and summary thereof and (B) the Formal Valuation and a summary
thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Exchange Listing</U><FONT STYLE="font-size: 10pt">. MDC shall use its reasonable best efforts to cause the shares
of New MDC Class A Common Stock to be issued in connection with the Redomiciliation, the MDC Merger and the other Transactions
(including shares issuable under any MDC Stock Plans and pursuant to the Exchange Agreement) to be approved for listing on NASDAQ
at or prior to the MDC Effective Time, subject to official notice of issuance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Matters</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intended Tax Treatment</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to the Redomiciliation, this Agreement is intended to constitute a &ldquo;plan of reorganization&rdquo; within the meaning
of Treasury Regulation Section 1.368-2(g) and the parties hereto adopt it as such.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With respect to the New MDC Incorporation, the MDC Merger and the MDC Conversion (taken together, the &ldquo;<U>Holding
Company Formation F Reorganization</U>&rdquo;), this Agreement is intended to constitute a &ldquo;plan of reorganization&rdquo;
within the meaning of Treasury Regulation Section 1.368-2(g) and the parties hereby adopt it as such.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> With respect to the Stagwell Contribution, the contribution of the SMGH Interest by Stagwell to OpCo in exchange for the
Stagwell Contribution Consideration is intended to constitute the formation of a new partnership and an exchange described in Section
721 of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For U.S. federal, state and local tax purposes, the Parties intend that: (A) the Redomiciliation be treated as a reorganization
within the meaning of Section 368(a)(1)(F) of the Code (the &ldquo;<U>Redomiciliation Intended Tax Treatment</U>&rdquo;); (B) the
formation of New MDC be disregarded for U.S. federal income tax purposes, and until the New MDC Incorporation, New MDC be treated
as a disregarded entity for U.S. federal income tax purposes (the &ldquo;<U>New MDC Formation Intended Tax Treatment</U>&rdquo;);
(C) Merger Sub be treated as a disregarded entity for U.S. federal income tax purposes (the &ldquo;<U>Merger Sub Formation Intended
Tax Treatment</U>&rdquo;); (D) the Holding Company Formation F Reorganization be treated as a reorganization within the meaning
of Section 368(a)(1)(F) of the Code (the &ldquo;<U>Holding Company Formation F Reorganization Intended Tax Treatment</U>&rdquo;);
and (E) the Stagwell Contribution be treated as a contribution to a newly formed partnership and an exchange described in Section
721 of the Code (the &ldquo;<U>Stagwell Contribution Intended Tax Treatment</U>&rdquo;). Each of the Parties will treat the Redomiciliation,
the formation of New MDC and Merger Sub, the Holding Company Formation F Reorganization and the Stagwell Contribution in accordance
with the Redomiciliation Intended Tax Treatment, the New MDC Formation Intended Tax Treatment, the Merger Sub Formation Intended
Tax Treatment, the Holding Company Formation F Reorganization Intended Tax Treatment or the Stagwell Contribution Intended Tax
Treatment (as applicable) for all U.S. federal, state and local tax purposes and will not take an inconsistent position on any
Tax Return except as may be required by applicable law after a final determination. The Parties will not take (or fail to take)
any action which action (or failure to act) would reasonably be expected to cause the Redomiciliation, the formation of New MDC
and Merger Sub, the Holding Company Formation or the Stagwell Contribution to fail to qualify for the Redomiciliation Intended
Tax Treatment, the Holding Company Formation F Reorganization Intended Tax Treatment, the New MDC Formation Intended Tax Treatment,
the Merger Sub Formation Intended Tax Treatment or the Stagwell Contribution Intended Tax Treatment (as applicable).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Between the date hereof and the Closing Date, except as set forth on Section 7.03(b) of the Stagwell Disclosure Letter,
Stagwell shall prepare, or cause to be prepared, all Tax Returns that (1) solely include one or more Subsidiaries of Stagwell and
(2) are not filed or required to be filed with or as part of any other Tax Return of any consolidated, affiliated, combined, unitary
or other Tax group that includes Stagwell or any of its Affiliates (other than a group that consists solely of Stagwell and any
of its Subsidiaries) for any Tax period which are required to be filed on or before the Closing Date (taking extensions into account)
using accounting methods, principles and positions consistent with those used for prior Tax periods, unless a change is required
by applicable Law or regulation, and all such Tax Returns shall be timely filed and all related Taxes paid on or before the Closing
Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>MDC Tax Liabilities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The parties hereto acknowledge that, following the MDC Conversion, OpCo shall own all of the assets of MDC, and OpCo shall
assume and become liable for all of the liabilities of MDC, including any MDC Pre-Closing Taxes. To the maximum extent permitted
under applicable Law, OpCo shall timely pay or cause to be paid (including by causing any applicable Subsidiary of OpCo to pay)
to the applicable Tax Authority, any MDC Pre-Closing Tax or New MDC Pre-Closing Tax that is due after the Closing Date as and
when required by Law, whether such MDC Pre-Closing Tax or New MDC Pre-Closing Tax may be levied against OpCo, such Subsidiary,
MDC or New MDC under applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In
any case where applicable Law does not permit OpCo or one of its Subsidiaries to satisfy any MDC Pre-Closing Tax or New MDC Pre-Closing
Tax described in <U>Section 7.03(c)(i)</U> in full, and New MDC is required under applicable Law to satisfy such Tax, upon written
request of New MDC, OpCo shall promptly and timely, and in no event later than two (2) Business Days prior to the due date of
the relevant Tax, distribute to New MDC such amounts as necessary for New MDC to satisfy such MDC Pre-Closing Tax or New MDC Pre-Closing
Tax (as applicable). New MDC shall use any funds distributed to it pursuant to this <U>Section 7.03(c)(ii)</U> for the sole purpose
of satisfying such MDC Pre-Closing Tax or New MDC Pre-Closing Tax (as applicable). To the extent the amounts distributed to New
MDC pursuant to this <U>Section 7.03(c)(ii)</U> exceed New MDC&rsquo;s actual liability for such MDC Pre-Closing Tax or New MDC
Pre-Closing Tax, or New MDC receives a cash refund of an MDC Pre-Closing Tax or New MDC Pre-Closing Tax with respect to which
it has previously received a distribution from OpCo pursuant to this <U>Section 7.03(c)(ii)</U>, New MDC agrees to contribute
such excess or cash refund (net of any expenses incurred in securing such refund), as applicable, to OpCo for no additional consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
parties hereto each covenant and agree to take any action necessary or appropriate to enable OpCo and New MDC (or any of their
Subsidiaries) to comply with its respective obligations under this <U>Section 7.03</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell and OpCo will join in filing an election in accordance with Treasury Regulations Section 1.245A-5(e)(3)(i)) to
close the Tax year of each Stagwell Subject Entity that is a controlled foreign corporation within the meaning of Section 957 of
the Code immediately before the Closing and shall cooperate in the preparation and filing of the statement required pursuant to
Treasury Regulations Section 1.245A-5(e)(3)(i)(D). If requested by MDC or New MDC, Stagwell and OpCo will join in filing an election
in accordance with Treasury Regulations Section 1.245A-5(e)(3)(i)) to close the Tax year of each MDC Subsidiary identified in the
request that is a controlled foreign corporation within the meaning of Section 957 of the Code immediately before the Closing and
shall cooperate in the preparation and filing of the statement required pursuant to Treasury Regulations Section 1.245A-5(e)(3)(i)(D).
In each case, it is intended that this Agreement will constitute a binding agreement between Stagwell and OpCo as required by Treasury
Regulations Section 1.245A-5(e)(3)(i)(C)(2).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Partnership Audits</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Stagwell shall promptly notify MDC or, after the Closing, New MDC, following receipt of any notice of any Tax audit, examination,
or similar proceeding, and any administrative or judicial proceeding involving any Stagwell Subject Entity with respect to any
Pre-Closing Tax Period pursuant to the Partnership Audit Rules (any such proceeding, a &ldquo;<U>Stagwell Partnership Audit</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>With
respect to any Stagwell Partnership Audit commenced prior to the Closing, Stagwell shall use commercially reasonable efforts to
make or cause to be made a timely election under Section 6226 of the Code (or similar provisions of state, local or non-U.S. Law)
at Stagwell&rsquo;s sole cost and expense, and, if such election has not been made by the Closing Date with respect to such a
Stagwell Partnership Audit or if any Stagwell Partnership Audit is commenced after the Closing, the Parties hereby agree to use
commercially reasonable efforts to make or cause to be made (including by taking such actions as necessary to cause OpCo or any
of its Subsidiaries after the Closing to make) such election on a timely basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stagwell S-4 Financials</U><FONT STYLE="font-size: 10pt">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As promptly as reasonably practicable following the date hereof, Stagwell shall use its reasonable best efforts to deliver
to MDC the audited financial statements of the Stagwell Subject Entities required under the Securities Act to be included in the
Registration Statement contained in the Combined Proxy Statement/Prospectus, which financial statements shall include audited financial
statements of the Stagwell Subject Entities for the year ended December 31, 2019, including a balance sheets, statement of income
and statement of cash flow, prepared in accordance with GAAP, together with all related notes and schedules thereto, accompanied
by an audit report of Stagwell&rsquo;s independent auditor (collectively, the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Stagwell
PCAOB Audited Financials</U></FONT>&rdquo;); and (b) the unaudited financial statements of the Stagwell Subject Entities required
under the Securities Act to be included in the Registration Statement, which financial statements shall include (i) unaudited financial
statements of the Stagwell Subject Entities for the years ended December 31, 2018 and December 21, 2017, including in each case
balance sheets, statements of income and statements of cash flows, prepared in accordance with GAAP, together with all related
notes and schedules thereto, and (ii) unaudited financial statements of the Stagwell Subject Entities for the nine months ended
September 30, 2020, including a balance sheet, statement of income and statement of cash flows (but excluding related notes and
schedules thereto (the unaudited financial statements in clauses (i) and (ii), together with the Stagwell PCAOB Audited Financials,
the &ldquo;<U>Stagwell S-4 Financials</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As soon as available but in any event within seventy-five (75) days after December 31, 2020 (provided, that if after reasonable
best efforts the audited consolidated balance sheet of the Stagwell Subject Entities as of December 31, 2020 and the related audited
statements of income, cash flows and stockholders&rsquo; equity for the year ended December 31, 2020 cannot be completed in such
period, the foregoing period shall be extended by an additional fifteen (15) days), Stagwell shall deliver, or cause to be delivered,
to MDC an audited consolidated balance sheet of the Stagwell Subject Entities as of December 31, 2020 and the related audited statements
of income, cash flows and stockholders&rsquo; equity for the year ended December 31, 2020, including the notes thereto, in each
case, audited by Stagwell&rsquo;s independent auditor.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> As soon as available but in any event within forty-five (45) days after the end of each fiscal quarter beginning on or
after January 1, 2021 and ending prior to the Closing, Stagwell shall deliver, or cause to be delivered, to MDC an unaudited consolidated
balance sheet of the Stagwell Subject Entities and the related unaudited statements of income, cash flows and stockholders&rsquo;
equity for the period from the beginning of the fiscal quarter to the end of such fiscal quarter, and all such statements shall
be prepared in accordance with GAAP (except for the absence of footnotes and subject to changes resulting from year-end audit adjustments).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Access; Confidentiality</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date hereof until the Closing and subject to the requirements of applicable Laws, MDC shall (i) give to Stagwell
and its Representatives reasonable access during normal business hours to the offices, properties, personnel, books, records, work
papers and other documents and information relating to MDC and the MDC Subsidiaries, (ii) furnish to Stagwell and its Representatives
such financial and operating data and other information as Stagwell may reasonably request, and (iii) instruct its and its Subsidiaries&rsquo;
Representatives to cooperate reasonably with Stagwell in its investigation of MDC and the MDC Subsidiaries. Nothing in this <U>Section
7.05(a)</U> shall require MDC or any of the MDC Subsidiaries to disclose any information that would cause a risk of a loss of privilege
to MDC or any of its Subsidiaries. Notwithstanding this <U>Section 7.05(a)</U>, no party nor its Representatives shall have the
right to conduct environmental sampling on any of the properties owned or operated by the other party or its Subsidiaries. Any
investigation pursuant to this <U>Section 7.05(a)</U> shall be conducted in such manner as not to interfere unreasonably with the
conduct of the business of MDC or the MDC Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From the date hereof until the Closing and subject to the requirements of applicable Laws, Stagwell shall (i) give to MDC
and its Representatives reasonable access during normal business hours to the offices, properties, personnel, books, records, work
papers and other documents and information relating to the Stagwell Subject Entities, (ii) furnish to MDC and its Representatives
such financial and operating data and other information as MDC may reasonably request, and (iii) instruct its and its Subsidiaries&rsquo;
Representatives to cooperate reasonably with MDC in its investigation of the Stagwell Subject Entities. Nothing in this <U>Section
7.05(b)</U> shall require Stagwell or any of the Stagwell Subject Entities to disclose any information that would cause a risk
of a loss of privilege to Stagwell or any of the Stagwell Subject Entities. Notwithstanding this <U>Section 7.05(b)</U>, no party
nor its Representatives shall have the right to conduct environmental sampling on any of the properties owned or operated by the
other party or its Subsidiaries. Any investigation pursuant to this <U>Section 7.05(b)</U> shall be conducted in such manner as
not to interfere unreasonably with the conduct of the business of Stagwell or the Stagwell Subject Entities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of Stagwell and MDC acknowledges that the information provided to it and its Representatives in connection with this
Agreement and the Transactions is subject to the terms of the Mutual Nondisclosure Agreement between Stagwell and MDC, dated as
of July 21, 2020 (as amended or modified from time to time, the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Mutual
NDA</U></FONT>&rdquo;). The terms of the Mutual NDA are hereby incorporated by reference. The Mutual NDA shall terminate at the
Closing.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">Section
7.06<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Solicitation; Other Offers</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From and after the date of this Agreement, MDC shall, and shall cause its Subsidiaries and its and their respective directors,
officers, members, employees, representatives, agents, attorneys, consultants, contractors, accountants, financial advisors and
other advisors (each, a &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Representative</U></FONT>&rdquo;),
to (i) immediately cease and terminate, and cause to be ceased and terminated, all discussions and negotiations with any other
Person (other than Stagwell or its Affiliates) regarding any Alternative Proposal (as defined below) or any inquiry, expression
of interest, proposal, offer or request for information that would reasonably be expected to lead to or result in an Alternative
Proposal, (ii) terminate access by any other Person (other than Stagwell or its Affiliates) to any physical or electronic data
room or other access to data or information of MDC, in each case relating to, or in connection with, any Alternative Proposal or
any inquiry, expression of interest, proposal, offer or request for information that would reasonably be expected to lead to or
result in an Alternative Proposal, (iii) promptly request that each Person that has received confidential information in connection
with any Alternative Proposal or any inquiry, expression of interest, proposal, offer or request for information that would reasonably
be expected to lead to or result in an Alternative Proposal return to MDC or destroy all confidential information heretofore furnished
to such Person by or on behalf of MDC and its Subsidiaries and (iv) enforce, and not waive or modify or release or permit the release
of any Person from, any confidentiality, non-solicitation, no-hire, standstill or similar agreement entered into or amended in
respect of any Alternative Proposal or any inquiry, expression of interest, proposal, offer or request for information that would
reasonably be expected to lead to or result in an Alternative Proposal unless the MDC Special Committee or the MDC Board concludes
in good faith, after consultation with its outside legal counsel, that a failure to take any action described in this clause (iv)
would be inconsistent with its fiduciary duties under applicable Law. It is agreed that any violation of the restrictions set forth
in this <U>Section 7.06(a)</U> by any Representative of MDC or its Subsidiaries shall constitute a breach of this <U>Section 7.06</U>
by MDC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From and after the date of this Agreement, except as expressly permitted by <U>Section 7.06(c)</U>, MDC shall not, and shall
cause its Subsidiaries and its and their respective Representatives not to, directly or indirectly, (i) solicit, initiate, assist
or knowingly encourage or facilitate (including by way of furnishing confidential information), or engage in discussions or negotiations
regarding, any inquiry, expression or interest, request for information, proposal or offer which constitutes or would be reasonably
expected to lead to an Alternative Proposal, or the making or consummation thereof, (ii) enter into any letter of intent, memorandum
of understanding, agreement in principle or similar Contract with any Person (other than Stagwell or its Affiliates) for, constituting
or otherwise relating to an Alternative Proposal or that would reasonably be expected to lead to or result in an Alternative Proposal,
(iii) approve, endorse or recommend any Alternative Proposal or (iv) resolve or agree to do any of the foregoing. It is agreed
that any material violation of the restrictions set forth in this <U>Section 7.06(b)</U> by any Representative (other than Mark
Penn or any other Person acting at his express direction, in each instance, directly or indirectly) of MDC or its Subsidiaries
shall constitute a breach of this <U>Section 7.06</U> by MDC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Notwithstanding
anything to the contrary contained in <U>Section 7.06(a)</U> and <U>Section 7.06(b)</U>, MDC and its Representatives shall be
entitled, prior to obtaining the MDC Special Meeting Approval, to furnish information regarding MDC or any of its
Subsidiaries to, or engage in discussions or negotiations with, any Person in response to an unsolicited, bona fide, written
proposal with respect to an Alternative Proposal that is submitted to MDC or its Representatives by or on behalf of such
Person (for so long as such Alternative Proposal has not been withdrawn) if (i) none of MDC, its Subsidiaries or its or their
respective Representatives shall have materially breached the provisions set forth in this <FONT STYLE="font-size: 10pt"><U>Section
7.06</U> with respect to such Person, (ii) the MDC Special Committee or the MDC Board shall have determined, in its good
faith judgment, after consultation with its financial advisor and outside legal counsel, that the proposal constitutes or is
reasonably likely to lead to a Superior Proposal, and (ii) the MDC Special Committee or the MDC Board shall have determined,
in its good faith judgment, after consultation with outside legal counsel, that the failure to take such action would be
inconsistent with its fiduciary duties under applicable Law; <I>provided</I>, that MDC may not enter into negotiations or
discussions or furnish any information in connection with any such Alternative Proposal to any such Person without entering
into a confidentiality agreement with such Person, which confidentiality agreement shall contain terms no less favorable to
MDC than those contained in the Mutual NDA and an executed copy of which shall be provided promptly (and in any event within
twenty-four (24) hours) to Stagwell. Stagwell shall be entitled to receive notification of the identity of such Person
promptly (and in any event prior to MDC&rsquo;s furnishing information to the Person making such Alternative Proposal or its
Representatives). MDC shall provide or make available to Stagwell any non-public information concerning MDC or any of its
Subsidiaries (to the extent not previously provided or made available to Stagwell) concurrently with it being made available
to the Person making such Alternative Proposal or its Representatives.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC agrees that it shall notify Stagwell promptly (and in any event within twenty-four (24) hours of receipt) if any inquiry,
expression of interest, request for non-public information, proposal or offer related to an Alternative Proposal, or that would
be reasonably expected to lead to an Alternative Proposal, is received by, or any such discussions or negotiations are sought to
be initiated or continued with, MDC, its Subsidiaries or any of its or their respective Representatives. Such notice shall be provided
in writing and shall provide a reasonably detailed summary of the material terms and conditions of any such inquiry, expression
of interest, request for non-public information, proposal or offer (including the identity of the Person making such inquiry, expression
of interest, request for non-public information, proposal or offer, together with copies of any related documentation). Thereafter,
MDC shall keep Stagwell reasonably informed, on a reasonably current basis, of all material developments regarding the status of,
and material changes to the terms and conditions of, any such inquiry, expression of interest, request for non-public information,
proposal or offer and any such discussions of negotiations. Nothing contained in this Agreement shall prevent the MDC Board or
the MDC Special Committee from making or causing MDC to make a customary &ldquo;stop, look and listen&rdquo; communication after
the commencement of an Alternative Proposal pursuant to Rule 14e-2 under the Exchange Act or Rule 14d-9(f) under the Exchange Act,
in each instance, without such action being considered a Change in Recommendation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Except
as permitted by <U>Section 7.06(f)</U> or <U>Section 7.06(g)</U>, neither the MDC Board nor the MDC Special Committee shall
(i) (A) withdraw (or qualify or modify in any manner adverse to Stagwell), or publicly propose to withdraw (or qualify or
modify in any manner adverse to Stagwell), the MDC Board Recommendation or the MDC Special Committee Recommendation, (B)
recommend, adopt, or approve, or propose publicly to recommend, adopt, or approve any Alternative Proposal, (C) fail to
include the MDC Board Recommendation or the MDC Special Committee Recommendation in the Combined Proxy Statement/Prospectus
or (D) resolve, publicly propose or agree to do any of the foregoing (any action described in this clause (i) being referred
to as a &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Change in
Recommendation</U></FONT>&rdquo;) or (ii) (A) recommend, adopt or approve, or propose publicly to recommend, adopt or
approve, or allow MDC or any of its Subsidiaries to execute or enter into, any letter of intent, memorandum of understanding,
agreement in principle, merger agreement, acquisition agreement, option agreement, or other similar Contract constituting or
related to, an Alternative Proposal or that would require MDC to abandon, terminate or fail to consummate the Transactions
(other than a confidentiality agreement referred to in <FONT STYLE="font-size: 10pt"><U>Section 7.06(c)</U>) (an &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Acquisition
Agreement</U></FONT>&rdquo;) or (B) resolve, agree or propose to do any of the foregoing.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement to the contrary, if, prior to obtaining the MDC Special Meeting Approval, the
MDC Special Committee or the MDC Board determines in good faith (after consultation with its outside legal counsel and financial
advisors) that (x) the failure to do so would be inconsistent with its fiduciary duties under applicable Law, and (y) an Alternative
Proposal constitutes a Superior Proposal, then the MDC Special Committee or the MDC Board, as applicable, may (i) terminate this
Agreement pursuant to <U>Section 9.03(b)</U> and cause MDC to enter into an Acquisition Agreement with respect to such Superior
Proposal or (ii) make a Change in Recommendation with respect to such Superior Proposal, but in the case of the foregoing clauses
(i) and (ii), (A) only if such Superior Proposal has not resulted, directly or indirectly, from a material breach of its or MDC&rsquo;s
obligations pursuant to this <U>Section 7.06</U>, and (B) only if (1) MDC provides at least five (5) Business Days&rsquo; written
notice to Stagwell (a &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Notice of Change
in Recommendation</U></FONT>&rdquo;) advising Stagwell that the MDC Special Committee or the MDC Board intends to take such action,
specifying (x) a summary of the material terms and conditions of such Superior Proposal, (y) the identity of the Person making
such Superior Proposal and providing copies of all relevant documents relating to such Superior Proposal that MDC has received
from such Person or its Representatives, including a copy of the most current proposed Acquisition Agreement (if any) (it being
understood and agreed that any amendment to the financial terms or other material terms of such Superior Proposal shall require
a new Notice of Change in Recommendation and restart the notice period and require compliance with the requirements of this <U>Section
7.06(f)</U>); (2) during a period of five (5) Business Days following Stagwell&rsquo;s receipt of a Notice of Change in Recommendation
(or, in the event of a new Notice of Change in Recommendation as a result of any such amendment, an extension of three (3) additional
Business Days), if requested by Stagwell, MDC and its Representatives shall have negotiated with Stagwell and its Representatives
in good faith to make such revisions or adjustments proposed by Stagwell to the terms and conditions of this Agreement as would
enable the MDC Board or the MDC Special Committee to proceed with its recommendation of this Agreement and the Transactions and
not to make such Change in Recommendation; and (3) if applicable, at the end of such applicable 5- or 3-Business Day period, the
MDC Board or MDC Special Committee, after considering in good faith any such revisions or adjustments to the terms and conditions
of this Agreement that Stagwell, prior to the expiration of such applicable period, shall have offered in writing, continues to
determine in good faith (after consultation with its outside legal counsel and financial advisors) that (x) the failure to do so
would be inconsistent with its fiduciary duties under applicable Law, and (y) any such Alternative Proposal continues to constitute
a Superior Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Other
than in connection with an Alternative Proposal, the MDC Special Committee or the MDC Board may, at any time prior to, but
not after, obtaining the MDC Special Meeting Approval, make a Change in Recommendation in response to an Intervening Event
(an &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Intervening Event Change in
Recommendation</U></FONT>&rdquo;), if the MDC Special Committee or the MDC Board, as applicable, determines in good faith
(after consultation with its outside legal counsel and financial advisors) that the failure to do so would be inconsistent
with its fiduciary duties under applicable Law; <I>provided</I>, that: (A) Stagwell shall have received written notice from
MDC of the MDC Special Committee&rsquo;s or the MDC Board&rsquo;s intention to make an Intervening Event Change in
Recommendation at least five (5) Business Days prior to the taking of such action by the MDC Special Committee or the MDC
Board, which notice shall specify the facts and circumstances of the applicable Intervening Event in reasonable detail, (B)
during such period and prior to making an Intervening Event Change in Recommendation, if requested by Stagwell, MDC and its
Representatives shall have negotiated in good faith with Stagwell and its Representatives regarding any revisions or
adjustments proposed by Stagwell to the terms and conditions of this Agreement as would enable the MDC Special Committee or
the MDC Board, as applicable, to proceed with its recommendation of this Agreement and the Transactions and not make such
Intervening Event Change in Recommendation and (C) the MDC Special Committee or the MDC Board may make an Intervening Event
Change in Recommendation only if the MDC Special Committee or the MDC Board, as applicable, after considering in good faith
any revisions or adjustments to the terms and conditions of this Agreement that Stagwell shall have, prior to the expiration
of the 5-Business Day period, offered in writing, continues to determine in good faith (after consultation with its outside
legal counsel and financial advisors) that failure to make an Intervening Event Change in Recommendation would be
inconsistent with its fiduciary duties under applicable Law.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As used in this Agreement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT STYLE="font-weight: normal">&ldquo;<U>Alternative Proposal</U></FONT></FONT>&rdquo; shall mean any bona fide proposal or
offer from any Person or group of Persons (within the meaning of Section 13(d) of the Exchange Act, but expressly excluding Stagwell
or any of its Affiliates or any group of which Stagwell is a member) providing for, in a single transaction or series of related
transactions (A) a merger, reorganization, consolidation, share exchange, business combination, recapitalization, liquidation,
dissolution or any similar transaction or series of transactions involving MDC pursuant to which any such Person or group of Persons
would own or control, directly or indirectly, twenty percent (20%) or more of the voting power of MDC immediately following such
transaction, or (B) a direct or indirect purchase or acquisition of twenty percent (20%) or more of the assets or businesses of
MDC and its Subsidiaries (including any Subsidiary of MDC whose business constitutes twenty percent (20%) or more of the net revenues,
net income or assets of MDC and its Subsidiaries, taken as a whole).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT STYLE="font-weight: normal">&ldquo;<U>Superior
Proposal</U>&rdquo;</FONT></FONT> shall mean any Alternative Proposal (provided, that for purposes of this definition,
references to &ldquo;twenty percent (20%)&rdquo; in the definition of &ldquo;Alternative Proposal&rdquo; shall be deemed to
be references to &ldquo;(fifty percent (50%)&rdquo;) which (A) the MDC Special Committee or the MDC Board determines in its
good faith judgment, after consultation with its outside legal counsel and financial advisors, would, if consummated, result
in a transaction more favorable to MDC&rsquo;s shareholders than the Transactions (including any bona fide written offer or
proposal made by Stagwell in response to such Alternative Proposal or otherwise, in accordance with the time periods set
forth in this <U>Section 7.06</U>), taking into account all the terms and conditions of such Alternative Proposal and this
Agreement (including any conditions to and expected timing of consummation thereof, and all legal, financial and regulatory
aspects of such Alternative Proposal and this Agreement), (B) is not subject to any financing or due diligence conditionality
and (C) is reasonably capable of being completed on the terms proposed.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Intervening Event</U></FONT>&rdquo;
shall mean any material Effect or combination of Effects arising after the date of this Agreement that (A) was not known to or
reasonably foreseeable by the MDC Special Committee or MDC Board as of the date of this Agreement, (B) did not result from or arise
out of the announcement or pendency of, or any action required to be taken (or to be refrained from being taken) pursuant to this
Agreement (including pursuant to <U>Section 7.07</U>) and (C) does not relate to (1) any Alternative Proposal or Superior Proposal,
(2) any fluctuation in the market price or trading volume of the MDC Class A Shares, or (3) MDC or the Stagwell Subject Entities
meeting, failing to meet or exceeding projections; <I>provided</I>, <I>however</I>, that the occurrence of any such Effect or combination
of such Effects contemplated by the immediately preceding clause (C) shall not prevent or otherwise affect a determination that
an Intervening Event has occurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.07<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Reasonable Best Efforts; Filings, etc</U><FONT STYLE="font-size: 10pt">. Subject to the terms and conditions set forth
in this Agreement, including the limitations set forth in <U>Section 7.07(c)</U>, each of the parties hereto shall (and shall cause
its Subsidiaries to) use its reasonable best efforts (subject to, and in accordance with, applicable Law) to take promptly, or
to cause to be taken, all actions, and to do promptly, or to cause to be done, and to assist and to cooperate with the other parties
in doing, all things necessary, proper or advisable under applicable Laws (including Regulatory Laws) to consummate and make effective
the Transactions, including (i) the obtaining of all necessary actions or nonactions, waivers, authorizations, expirations or terminations
of waiting periods, advance rulings, no-action letters, clearances, consents and approvals from Governmental Entities and the making
of all necessary registrations and filings and the taking of all steps as may be necessary, including undertaking to Her Majesty
the Queen in right of Canada to carry out specific agreed upon reasonable undertakings as a condition of the allowance of the Proposed
Transaction by the Minister of Canadian Heritage under the Investment Canada Act, to obtain an approval, allowance or waiver from,
or to avoid an action or proceeding by, any Governmental Entity, (ii) the obtaining of all necessary consents, approvals or waivers
from third parties (provided that, for the avoidance of doubt, any failure to obtain a consent, approval or waiver from a third
party shall not constitute a failure of any of the conditions set forth in <U>Section 8.02(b)</U> or <U>Section 8.03(b)</U> to
be satisfied on the Closing Date), (iii) the defending of any Proceedings, whether judicial or administrative, challenging this
Agreement or the consummation of the Transactions and (iv) the execution and delivery of any additional instruments reasonably
necessary to consummate the Transactions. In addition, no party hereto shall knowingly take any action after the date hereof that
would reasonably be expected to delay, hinder or otherwise obstruct the consummation of the Closing, including any action that
delays the obtaining of, or results in not obtaining, any permission, approval or consent from any Governmental Entity or other
Person required to be obtained prior to the Closing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 7.07(b)</U> and the other terms and conditions herein provided and without limiting the foregoing,
Stagwell and MDC shall (and shall cause their respective Subsidiaries to):</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>make
their respective required filings (and filings considered by the parties to be advisable after consulting with, and
considering in good faith the views of, each other) under the HSR Act, the Investment Canada Act and any other applicable
Regulatory Laws (and the parties shall bear equal responsibility for all filing fees incident thereto), which filings shall
be made as promptly as practicable (and, in the case of the HSR Act, not later than ten (10) Business Days after the date
hereof), and thereafter shall make any other required submissions under the HSR Act, the Investment Canada Act or other such
Laws as promptly as possible; without limiting the generality of the foregoing, each party shall use its reasonable best
efforts to respond to and comply as promptly as practicable with any request for information regarding the Transactions from
any Governmental Entity charged with enforcing, applying, administering, or investigating any Regulatory Law;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>use their reasonable best efforts to cooperate with one another in (A) determining which filings are required to be made
prior to the Closing with, and which consents, approvals, advance rulings, no-action letters, permits or authorizations are required
to be obtained prior to the Closing from, Governmental Entities in connection with the execution and delivery of this Agreement,
and the consummation of the Transactions and (B) timely making all such filings;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly notify each other of any communication concerning this Agreement or the Transactions to that party from any Governmental
Entity, it being understood that correspondence, filings and communications received from any Governmental Entity shall be immediately
provided to the other party upon receipt, subject in appropriate cases to appropriate confidentiality agreements to limit disclosure
to outside lawyers and consultants;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not participate or agree to participate in any meeting or substantive discussion (including any discussion relating to the
antitrust merits, any potential remedies, commitments or undertakings, the timing of any waivers, consents, approvals, permits,
orders or authorizations, and any agreement regarding the timing of consummation of the Transactions) with any Governmental Entity
relating to any filings or investigation concerning this Agreement or the Transactions unless it consults with the other party
and its Representatives in advance and invites the other party&rsquo;s Representatives to attend, subject in appropriate cases
to appropriate confidentiality agreements to limit disclosure to outside lawyers and consultants, unless the Governmental Entity
prohibits such attendance;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly furnish the other party, subject in appropriate cases to appropriate confidentiality agreements to limit disclosure
to outside lawyers and consultants, with draft copies prior to submission to a Governmental Entity, with reasonable time and opportunity
to comment and consult, of all correspondence and communications (and memoranda setting forth the substance thereof) that they,
their Affiliates or their respective Representatives intend to submit to any Governmental Entity; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>promptly furnish the other party, subject in appropriate cases to appropriate confidentiality agreements to limit disclosure
to outside lawyers and consultants, with such necessary information and reasonable assistance as such other party and its Affiliates
may reasonably request in connection with their preparation of necessary filings, registrations or submissions of information to
any Governmental Entity, including, without limitation, any filings necessary or appropriate under the provisions of Regulatory
Laws.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> MDC shall not make any offer, acceptance or counter-offer to or otherwise engage in negotiations or discussions with any
Governmental Entity with respect to any proposed timing extension, settlement, consent decree, commitment or remedy, or, in the
event of litigation, discovery, admissibility of evidence, timing or scheduling, except as specifically requested by or agreed
with Stagwell. Each party hereto shall use its reasonable best efforts to provide the other parties hereto full and effective support
in all material respects in all such investigations, litigation, negotiations and discussions to the extent requested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary contained in this Agreement, (i) neither Stagwell nor MDC shall, nor shall it permit
any of its Subsidiaries to, without the prior written consent of the other party, divest or hold separate or otherwise take or
commit to take any action that limits its freedom with respect to, or its ability to retain, any of the respective businesses,
product lines or assets of the Stagwell Subject Entities, on the one hand, or MDC and its Subsidiaries, on the other hand, as applicable,
(ii) neither Stagwell nor MDC, nor any of their respective Affiliates, shall be required to divest or hold separate (or agree to
divest or hold separate), or otherwise take or commit to take any action that limits its freedom with respect to, or its ability
to retain, any of the respective businesses, product lines or assets of the Stagwell Subject Entities, on the one hand, or MDC
and its Subsidiaries, on the other hand, as applicable, and (iii) neither Stagwell nor MDC, nor any of their respective Affiliates,
shall be required to commence and/or defend any suit, action or other proceeding before any court or other applicable Governmental
Entity to resolve any objections arising under Regulatory Laws that a Governmental Entity may have to the Transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Agreement, &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Regulatory
Laws</U></FONT>&rdquo; means the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission
Act, as amended, the Investment Canada Act, and all other federal, state or foreign statutes, treaties, rules, regulations, orders,
decrees, administrative and judicial doctrines and other applicable Laws, including any antitrust, competition or trade regulation
laws, that are designed or intended to prohibit, restrict or regulate actions having the purpose or effect of monopolization or
restraint of trade or lessening competition through merger or acquisition or any Laws with respect to foreign investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.08<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Litigation</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC shall promptly (and in any event within twenty-four (24) hours) notify Stagwell in writing of, and shall give Stagwell
the opportunity to participate fully and actively in, but not control, the defense or settlement of any claim or litigation against
or otherwise involving MDC and/or any of its directors or officers relating to this Agreement or the Transactions; <I>provided</I>,
<I>however</I>, that no compromise or full or partial settlement of any such claim or litigation shall be agreed to by MDC without
Stagwell&rsquo;s consent (not to be unreasonably withheld, conditioned or delayed).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Stagwell
shall promptly (and in any event within twenty-four (24) hours) notify MDC in writing of, and shall give MDC the opportunity
to participate fully and actively in, but not control, the defense or settlement of any claim or litigation against or
otherwise involving Stagwell and/or any of its directors or officers relating to this Agreement or the Transactions; <I>provided</I>, <I>however</I>,
that no compromise or full or partial settlement of any such claim or litigation shall be agreed to by Stagwell without
MDC&rsquo;s consent (not to be unreasonably withheld, conditioned or delayed) to the extent it would reduce or be binding on
the assets or operations of the Stagwell Subject Entities following the Closing.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.09<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Public Statements</U><FONT STYLE="font-size: 10pt">. Except for any public disclosure made by MDC or Stagwell in connection
with any of the actions or events contemplated by <U>Section 7.06</U>, Stagwell and MDC shall consult with each other prior to
issuing, and provide each other with the reasonable opportunity to review and comment upon, any public announcement, statement
or other disclosure with respect to this Agreement or the Transactions and shall not issue any such public announcement or statement
prior to such consultation, except as may be required by Law or any listing agreement with a national securities exchange or trading
market (and then, to the extent permitted, only after consulting with the other party prior to making any such required disclosure);
<I>provided</I>, that each of Stagwell and MDC may make any public statements in response to questions by the press, analysts,
investors or those attending industry conferences or analyst or investor conference calls, so long as such statements are consistent
with (and not materially expansive of) previous public announcements, statements or other disclosure made jointly by Stagwell and
MDC. The parties agree that the initial press release to be issued with respect to the Transactions shall be in the form heretofore
agreed by the parties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notification of Certain Matters</U><FONT STYLE="font-size: 10pt">. Each of Stagwell and MDC shall promptly notify the
other party in writing of (i) any notice or other communication received by such party or any of its Subsidiaries, or to the knowledge
of such party, any of their respective Representatives, from any Person alleging that the consent, approval, permission of or waiver
from such party is or may be required in connection with the Transactions; (ii) knowledge of the commencement or threat of commencement
of any action, suit, litigation or other legal proceeding by or before any Governmental Entity with respect to the Transactions
(and shall keep the other party informed as to the status of any such action, suit, litigation or other legal proceeding or threat)
(iii) any notice or other communication received by such party or any of its Subsidiaries, or any of their respective Representatives,
from any Governmental Entity in connection with the Transactions; and (iv) any fact, event or circumstance known to it that would
be reasonably likely to result in the failure of any of the Closing Conditions to be capable of being satisfied prior to the Termination
Date; <I>provided</I>, that the failure to deliver any notice pursuant to this <U>Section 7.10</U> shall not be considered in determining
whether the Closing Conditions have been satisfied.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Director and Officer Indemnification and Insurance</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All rights to indemnification existing in favor of the current or former directors, officers and employees of MDC and its
Subsidiaries (the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Indemnified Persons</U></FONT>&rdquo;)
as provided in the MDC Organizational Documents or under indemnification agreements between Indemnified Persons and MDC and its
Subsidiaries, in each case as in effect as of the date of this Agreement with respect to matters occurring prior to the Closing
(the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Indemnification Obligations</U></FONT>&rdquo;)
shall survive the Transactions and shall continue in full force and effect as obligations of New MDC for a period of not less than
six (6) years after the Closing unless otherwise required by applicable Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Following
the Closing, New MDC shall maintain director and officer liability insurance policies providing comparable coverage to New
MDC&rsquo;s existing directors&rsquo; and officers&rsquo; liability insurance and fiduciary liability insurance through and
including the date six (6) years after the Closing with respect to claims arising from facts or events that existed or
occurred prior to or at the Closing (including in connection with this Agreement or the transactions or actions contemplated
hereby); <I>provided</I>, that in no event shall New MDC be required to expend an amount pursuant to this <U>Section
7.11(b)</U> in excess of three hundred percent (300%) of the current annual premium paid by MDC for its existing coverage in
the aggregate and if such comparable coverage cannot be obtained by paying an aggregate premium equal to or below three
hundred percent (300%) of the current annual premium, New MDC shall only be required to maintain as much coverage as can be
maintained by paying an aggregate premium equal to three hundred percent (300%) of such amount.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This <U>Section 7.11</U> shall survive the consummation of the Transactions and is intended to benefit, and shall be enforceable
by each Indemnified Person (notwithstanding that such Persons are not parties to this Agreement) and their respective heirs and
legal representatives. The indemnification provided for herein shall not be deemed exclusive of any other rights to which an Indemnified
Person is entitled, whether pursuant to Law, Contract or otherwise. If MDC or any of its successors or assigns (i) subsequently
consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity resulting
from such consolidation or merger or (ii) subsequently transfers all or substantially all of its properties and assets to any Person,
then, and in each such case, proper provision shall be made so that the successors and assigns of MDC, as the case may be, shall
assume the applicable obligations set forth in this <U>Section 7.11</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.12<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Integration Planning</U><FONT STYLE="font-size: 10pt">. After the date hereof and prior to the Closing Date, Stagwell
and MDC shall establish procedures, subject to applicable Law, reasonably acceptable to both parties by which the parties will
confer on a regular and continued basis regarding the general status of the ongoing operations of the Stagwell Subject Entities
and MDC, respectively, and reasonably necessary integration planning matters and communicate and consult with specific persons
to be identified by each party to the other with respect to the foregoing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.13<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stagwell Restructuring</U><FONT STYLE="font-size: 10pt">. Prior to the Closing, Stagwell shall use its reasonable
best efforts to effect certain restructuring transactions described in <U>Schedule VIII</U>, pursuant to which Stagwell would (a)
acquire the outstanding equity interests of the non-wholly owned Stagwell Subject Entities set forth therein and (b) cancel, extinguish
or otherwise terminate the Stagwell Incentive Awards set forth therein (such transactions, collectively, the &ldquo;<U>Stagwell
Restructuring</U>&rdquo;). Stagwell shall keep MDC reasonably involved in any process and communications relating to the Stagwell
Restructuring and shall consider in good faith any comments of MDC regarding the proposed terms of the Stagwell Restructuring.
</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.14<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Special
Distribution</U><FONT STYLE="font-size: 10pt">. Stagwell covenants and agrees that, pursuant to the Stagwell Contribution,
the Stagwell Subject Entities shall be contributed with no greater than $260 million in the aggregate of Net Debt (such
amount, the &ldquo;<U>Stagwell Net Debt Cap</U>,&rdquo; and such requirement, the &ldquo;<U>Stagwell Net Debt
Condition</U>&rdquo;). To the extent that the Stagwell Subject Entities hold an aggregate amount of Net Debt less than the
Stagwell Net Debt Cap (the difference between the Stagwell Net Debt Cap and such amount, the &ldquo;<U>Stagwell Net Debt
Surplus</U>&rdquo;) at such time, Stagwell shall be permitted to cause Stagwell Marketing Group to make a one-time draw under
the Stagwell Credit Agreement in an amount no greater than the Stagwell Net Debt Surplus, which amount Stagwell may cause to
be paid as a distribution to Stagwell prior to the Stagwell Contribution (such distribution, the &ldquo;<U>Special
Distribution</U>&rdquo;). At least three (3) Business Days prior to the Closing, Stagwell shall provide MDC with a good-faith
calculation of its Net Debt (the &ldquo;<U>Net Debt Calculation</U>&rdquo;), together with reasonably detailed supporting
documentation as well as an accounting of any payments or distributions to be made pursuant to this <U>Section 7.14</U>. For
the avoidance of doubt, the parties hereto shall not be obligated to consummate the Transactions until Stagwell has
reasonably demonstrated that the Stagwell Net Debt Condition will be satisfied at the Closing. MDC shall </FONT>be entitled
to comment on and request reasonable changes to the Net Debt Calculation, and Stagwell shall consider in good faith any
changes MDC proposes to the Net Debt Calculation.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.15<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Post-Closing New MDC Board and Committee Representation</U><FONT STYLE="font-size: 10pt">. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the consummation of the MDC Merger, MDC shall cause all directors, other than the three MDC directors to be identified
by the MDC Special Committee following the date hereof but prior to the Closing (such persons, the &ldquo;<U>Continuing Independent
Directors</U>&rdquo;), Bradley Gross and Mark Penn, to resign and shall take all requisite action such that the four (4) directors
identified by Stagwell no later than five (5) Business Days following the effectiveness of the Registration Statement be appointed
to the board of directors of New MDC (the &ldquo;<U>New MDC Board</U>&rdquo;) (effective as of Closing), to serve until their respective
successors are duly elected and qualified or until each such director&rsquo;s earlier death, resignation or removal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the fiduciary duties of the New MDC Board, New MDC shall cause the Continuing Independent Directors to be nominated
as part of New MDC&rsquo;s proposed slate of directors at the next two annual meetings of New MDC stockholders following the Closing
(the &ldquo;<U>Post-Closing Governance Period</U>&rdquo;). From and after the Post-Closing Governance Period, for so long as (x)
Stagwell Beneficially Owns more than 10% of the then-issued and outstanding voting securities of New MDC, (y) Stagwell has nominated
directors constituting a majority of the New MDC Board, or (z) Stagwell has the contractual right to appoint a majority of the
New MDC Board, New MDC shall have at least three (3) independent directors (to the extent required under applicable SEC and NASDAQ
rules).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the fiduciary duties of the New MDC Board, New MDC shall cause the Continuing Independent Directors to constitute
all of the members of New MDC&rsquo;s Audit Committee and Compensation Committee for the Post-Closing Governance Period; <I>provided</I>,
that if any Continuing Independent Director&rsquo;s service as a director ceases during the Post-Closing Governance Period as a
result of such director&rsquo;s death, retirement or resignation, any vacancy on such committees may be filled by any other New
MDC director then-serving on the New MDC Board selected by the other Continuing Independent Director(s) who are qualified to serve
on such committees under applicable SEC and NASDAQ rules. All other committee representation will be determined by the post-Closing
New MDC Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.16<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Post-Closing Governance Matters</U><FONT STYLE="font-size: 10pt">. The parties hereby agree that, for so long as
(x) Stagwell Beneficially Owns more than 10% of the then-issued and outstanding voting securities of New MDC, (y) Stagwell has
nominated directors constituting a majority of the New MDC Board, or (z) Stagwell has the contractual right to appoint a majority
of the New MDC Board:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any related-party transaction by and between New MDC or any of the MDC Subsidiaries, on the one hand, and Stagwell or its
Affiliates (other than New MDC and the MDC Subsidiaries), on the other hand, will require the approval of a majority of the independent
directors then-serving on the New MDC Board; <I>provided</I>, that, for the avoidance of doubt, any amendment or modification of
(i) solely to the extent they relate to any right, power or preference unique to Stagwell or its Affiliates (other than New MDC
and the MDC Subsidiaries), the New MDC Certificate of Incorporation or the New MDC Bylaws; (ii) any Ancillary Agreement; or (iii)
this Agreement, including <U>Section 7.15</U> and this <U>Section 7.16</U>, shall each be considered such a related-party transaction;
and</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> any proposed business combination following the Closing by and between New MDC, on the one hand, and Stagwell or any of
its Affiliates (other than New MDC and any of the MDC Subsidiaries), on the other hand, shall require (i) approval from a &ldquo;majority
of the minority&rdquo; of New MDC stockholders, and (ii) the creation of a special committee of the post-Closing New MDC Board
comprised solely of independent and disinterested directors with authority similar to that of the MDC Special Committee. For the
avoidance of doubt, the foregoing requirement shall not apply to any business combination solely among direct or indirect Subsidiaries
(other than OpCo) of New MDC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this <U>Section 7.16</U>, &ldquo;<U>Beneficially Owns</U>&rdquo; shall mean the beneficial ownership (as
defined in Rule 13d-3 under the Exchange Act) of Stagwell, but shall expressly exclude any shares held directly by any of its limited
partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.17<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Section 16 Matters</U><FONT STYLE="font-size: 10pt">. Prior to the Closing, each of Stagwell and MDC shall use all reasonable
efforts, including in accordance with the interpretive guidance set forth by the SEC, to cause any dispositions of MDC Common Shares
(including derivative securities with respect to MDC Common Shares) or acquisitions of New MDC Common Stock (including derivative
securities with respect to New MDC Common Stock) resulting from the Transactions by each officer or director who is or will be
subject to the reporting requirements of Section 16(a) of the Exchange Act, to be exempt under Rule 16b-3 promulgated under the
Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.18<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>MDC Actions</U><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC shall take all actions within its power to take, and cause its Affiliates to take, all actions necessary to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>cause each of New MDC and Merger Sub to consummate the Transactions on the terms and subject to the conditions set forth
in this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ensure that, prior to Closing, each of New MDC and Merger Sub shall not conduct any business, incur or guarantee any indebtedness
or any other liabilities or make any investments, other than those activities incident to its obligations under this Agreement
or the Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC covenants and agrees to take all actions necessary to immediately (and in any event within twelve (12) hours) following
the completion of the Redomiciliation, (i) cause the sole incorporator of MDC to appoint and elect one or more directors following
the Redomiciliation Effective Time to the extent no such director or directors shall have been named in the MDC Delaware Certificate
of Incorporation, (ii) immediately following the appointment and election of such directors, approve and declare advisable this
Agreement and the Transactions, including the MDC Merger, by all necessary corporate or other action in accordance with the DGCL
(other than the MDC Merger Approval) (the actions described in the foregoing clauses (i) and (ii) collectively, the &ldquo;<U>MDC
Delaware Board Approval</U>&rdquo;) and to take all other actions necessary or advisable to permit and facilitate the obtaining
of the MDC Merger Approval immediately following the effectiveness of the MDC Delaware Board Approval and (iii) deliver to Stagwell
evidence reasonably satisfactory to Stagwell that the MDC Delaware Board Approval have been obtained and such other actions have
been taken. For the avoidance of doubt MDC shall have the sole authority to designate the sole incorporator referenced in the foregoing
sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> MDC or New MDC shall pay all fees and take any actions contemplated by or necessary for the effectiveness of the Senior
Note Consent or a Senior Notes Refinancing, whichever shall be the case, as of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.19<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financing Cooperation</U><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC shall, and shall cause each of its Subsidiaries to, use its respective reasonable best efforts to provide such cooperation
in connection with obtaining the Debt Financing as may be reasonably requested by Stagwell, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>preparing and furnishing Stagwell and any lenders, as promptly as practicable, all Required Information within MDC&rsquo;s
possession and all other financial and other pertinent information and disclosures regarding MDC and the MDC Subsidiaries as may
reasonably be requested by Stagwell for use in connection with the Debt Financing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>causing such senior officers of MDC as MDC may reasonably consider appropriate to participate in a reasonable number of
lender meetings, rating agency presentations and due diligence meetings at reasonable times and upon reasonable advance notice;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> cooperating with Stagwell&rsquo;s legal counsel in connection with the preparation of customary legal opinions required
of Stagwell and provided by Stagwell&rsquo;s legal counsel in connection with the Debt Financing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>providing such assistance as Stagwell may reasonably request in obtaining any corporate credit and family ratings from any
ratings agencies contemplated by the Second Stagwell Credit Agreement Amendment or the Term Loan Credit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>assisting in the preparation of, and, on or following Closing executing and delivering customary financing documents, including
joinder, guarantee and collateral documents and other certificates and documents by OpCo and MDC Subsidiaries as may be required
by the Second Stagwell Credit Agreement Amendment or the Term Loan Credit Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>on or following Closing, facilitating the pledging of collateral for the Debt Financing (including delivery of original
stock certificates and original stock powers of MDC&rsquo;s Subsidiaries on the Closing Date in connection with the Debt Financing
to the extent available to MDC);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with effect from Closing, taking all ministerial company actions requested by Stagwell to permit the consummation of the
Debt Financing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>providing all customary documentation and other information about MDC and its Subsidiaries requested in writing by the finance
parties in respect of the Debt Financing that relates to applicable &ldquo;know your customer&rdquo; and anti-money laundering
rules and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Stagwell
shall, and shall cause each of the Stagwell Subject Entities to, use its respective reasonable best efforts to provide such
cooperation in connection with (i) obtaining the MDC Financing Arrangements, and (ii) the accession of the Stagwell Subject
Entities to the MDC Financing Arrangements as may be reasonably requested by MDC, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>preparing and furnishing MDC, as promptly as practicable, all financial and other pertinent information and disclosures
regarding Stagwell and the Stagwell Subject Entities as may reasonably be requested by MDC for use in connection with the MDC Financing
Arrangements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>causing such senior officers of Stagwell as Stagwell may reasonably consider appropriate to participate in a reasonable
number of lender meetings, rating agency presentations and due diligence meetings at reasonable times and upon reasonable advance
notice in connection with the MDC Financing Arrangements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>cooperating with MDC&rsquo;s legal counsel in connection with the preparation of customary legal opinions required of MDC
and provided by MDC&rsquo;s legal counsel in connection with the MDC Financing Arrangements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>assisting in the preparation of, and, on or following Closing executing and delivering customary financing documents, including
joinder, guarantee and collateral documents and other certificates and documents by the Stagwell Subject Entities as may be required
by the documentation in respect of the MDC Financing Arrangements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with effect from Closing, taking all ministerial company actions requested by MDC to permit the consummation of the MDC
Financing Arrangements; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>providing all customary documentation and other information about the Stagwell Subject Entities requested in writing by
the lenders or other finance parties in respect of the MDC Financing Arrangements that relates to applicable &ldquo;know your customer&rdquo;
and anti-money laundering rules and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing in this <U>&#8206;Section 7.19</U> shall require MDC, Stagwell, or any of their Subsidiaries (each, a &ldquo;<U>Providing
Party</U>&rdquo;) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of MDC or its Subsidiaries, provide to Stagwell or, in the case of Stagwell or the Stagwell Subject Entities,
provide to MDC, or any other person, documentation or other information in respect of which MDC or Stagwell, as applicable, or
any of their respective Subsidiaries owes a duty of confidentiality to a person other than the other party, that is privileged,
or that MDC or Stagwell, as applicable, reasonably considers to be commercially or competitively sensitive;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>take any action that is inconsistent with applicable Law or obligations to which the Providing Party is a party (including,
in the case of MDC and its Subsidiaries, the MDC Credit Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>take any action that has effect (including in respect of the incurrence of any obligations) prior to Closing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>take any action or provide any documentation or other information the taking or provision of which reasonably interferes
with the ongoing operations of the Providing Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Stagwell shall, on demand, reimburse MDC for all reasonable and documented out-of-pocket costs and expenses incurred by
MDC and its Subsidiaries in connection with their respective obligations pursuant to <U>&#8206;Section 7.19(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC shall, on demand, reimburse Stagwell for all reasonable and documented out-of-pocket costs and expenses incurred by
Stagwell and its Subsidiaries in connection with their respective obligations pursuant to &#8206;<U>Section 7.19(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7.20<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Repayment and Termination of MDC Credit Agreement</U><FONT STYLE="font-size: 10pt">. MDC shall, and shall cause its Subsidiaries
to, deliver all notices, cooperate with Stagwell and take all other actions reasonably requested by Stagwell to facilitate the
termination at or prior to the Closing of all commitments in respect of the MDC Credit Agreement, the repayment in full on or prior
to the Closing Date of all obligations in respect of the indebtedness under the MDC Credit Agreement, and the release on or as
soon as reasonably practicable thereafter of any Liens securing all such indebtedness and guarantees in connection therewith (such
transactions, collectively, the &ldquo;<U>MDC Credit Agreement Termination</U>&rdquo;). In furtherance and not in limitation of
the foregoing, MDC shall, and shall cause its Subsidiaries to, use reasonable best efforts and shall cooperate with Stagwell to
obtain and deliver to Stagwell at least five (5) Business Days prior to the Closing Date an executed payoff letter with respect
to the MDC Credit Agreement (the &ldquo;<U>Payoff Letter</U>&rdquo;), in form and substance customary for financings of the type
to which the Payoff Letter relates, from Wells Fargo on behalf of the lenders to whom such indebtedness is owed, which Payoff Letter
together with any related release documentation shall, among other things include the payoff amount and provide that Liens (and
guarantees), if any, granted in connection with the MDC Credit Agreement relating to the assets, rights and properties of MDC and
its Subsidiaries securing such indebtedness shall, upon the payment of the amount set forth in the Payoff Letter at or prior to
the Closing, be released and terminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
8<FONT STYLE="font-size: 10pt"><BR>
CONDITIONS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Each Party&rsquo;s Obligations to Effect the Transactions</U><FONT STYLE="font-size: 10pt">. The obligations
of each party to effect the Closing are subject to the satisfaction or, to the extent permitted by applicable Law, the waiver on
or prior to the Closing Date of each of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shareholder Approval</U>. (i) With respect to the Transactions other than the MDC Merger, the MDC Special Meeting Approval
shall have been duly obtained in accordance with the CBCA, the MDC Organizational Documents and the rules and requirements of NASDAQ
and the SEC; and (ii) with respect to the MDC Merger only, the MDC Delaware Board Approval and the MDC Merger Approval shall have
been duly obtained in accordance with the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Antitrust/Competition</U>. Any waiting period (and any extension thereof) applicable to the consummation of the Transactions
under the HSR Act and any agreement with the US Federal Trade Commission or the US Department of Justice not to consummate the
Transactions shall have expired or been terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Canada Act</U>. The Investment Canada Act Approval shall have been obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>No Injunctions or Restraints</U>. There shall be no Law, injunction, judgment, order or decree of any Governmental Entity
of competent jurisdiction that is in effect which temporarily or permanently prohibits or enjoins the consummation of the Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>NASDAQ Listing</U>. The shares of New MDC Class A Common Stock to be issued in connection with the Transactions (including
any such shares issuable pursuant to the A&amp;R OpCo Operating Agreement) shall have been approved for listing on NASDAQ, subject
to official notice of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Debt Transactions</U>. The Debt Transactions shall have been completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Goldman Consent and Stagwell Consent</U>. The Goldman Consent and the Stagwell Consent shall not have been modified or
rescinded and shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Senior Note Consent or Senior Note Refinancing</U>. Either (i) the Senior Note Consent shall have been obtained and shall
remain in full force and effect or (ii) MDC, with the prior consent of Stagwell, shall have consummated a Senior Note Refinancing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Obligations of Stagwell</U><FONT STYLE="font-size: 10pt">. The obligations of Stagwell to effect the Closing
are further subject to the satisfaction or, to the extent permitted by applicable Law, the waiver by Stagwell on or prior to the
Closing Date of each of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. (i) The representations and warranties of MDC set forth in <U>Section 4.02(a)</U>,
<U>Section 4.02(d)</U> (but solely as it relates to MDC and not any MDC Subsidiary) and <U>Section 4.06(a)</U> shall be true and
correct in all respects (other than, in the case of <U>Section 4.02(a)</U> and <U>Section 4.02(d)</U>, for any <I>de minimis</I>
inaccuracies) as of the date of this Agreement and as of the Closing Date as though made on and as of such date (except to the
extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties
shall be so true and correct as of such earlier date only), (ii) the representations and warranties of MDC set forth in <U>Section
4.01(a)</U>, <U>Section 4.01(b)</U>, <U>Section 4.02(b)</U>, <U>Section 4.02(c)</U>, <U>Section 4.02(d)</U> (but solely to the
extent that it relates to the MDC Subsidiaries and not MDC), <U>Section 4.03</U> (other than clauses (c) and (g) thereof), and
<U>Section 4.11</U> (such Sections, together with the Sections referred to in the immediately preceding clause (i), the &ldquo;<U>Specified
MDC Representations</U>&rdquo;) shall be true and correct (without giving effect to any limitation as to materiality or &ldquo;MDC
Material Adverse Effect&rdquo; set forth therein) in all material respects as of the date of this Agreement and as of the Closing
Date as though made on and as of such date (except to the extent such representations and warranties expressly relate to an earlier
date, in which case such representations and warranties shall be so true and correct as of such earlier date only), and (iii) the
representations and warranties of MDC set forth in this Agreement (other than the Specified MDC Representations) shall be true
and correct (without giving effect to any limitation as to materiality or &ldquo;MDC Material Adverse Effect&rdquo; set forth therein)
as of the date of this Agreement and as of the Closing Date as though made as of such date (except to the extent such representations
and warranties expressly relate to an earlier date, in which case such representations and warranties shall be so true and correct
as of such earlier date only), except where the failure of such representations and warranties to be so true and correct individually
or in the aggregate has not had, and would not reasonably be expected to have, an MDC Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <U>Performance of Obligations of MDC</U>. MDC shall have performed in all material respects all obligations required to
be performed or complied with by it under this Agreement on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Deliverables</U>. Stagwell shall have received each of the closing deliverables, as applicable, contemplated
by <U>Section 3.03</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No MDC Material Adverse Effect</U>. Since the date of this Agreement, there shall not have occurred and be continuing
any Effect which, individually or in the aggregate, has had or would reasonably be expected to have an MDC Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Obligations of MDC</U><FONT STYLE="font-size: 10pt">. The obligations of MDC to effect the Closing are
further subject to the satisfaction or, to the extent permitted by applicable Law, the waiver by MDC on or prior to the Closing
Date of each of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties</U>. (i) The representations and warranties of Stagwell set forth in <U>Section 5.02(a)</U>,
<U>Section 5.02(d)</U> (but solely as it relates to SMGH and not any other Stagwell Subject Entity) and <U>Section 5.06(a)</U>
shall be true and correct in all respects (other than, in the case of <U>Section 5.02(a)</U> and <U>Section 5.02(d)</U>, for any
<I>de minimis</I> inaccuracies) as of the date of this Agreement and as of the Closing Date as though made on and as of such date
(except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations
and warranties shall be so true and correct as of such earlier date only), (ii) the representations and warranties of Stagwell
set forth in <U>Section 5.01(a)</U>, <U>Section 5.01(b)</U>, <U>Section 5.02(b)</U>, <U>Section 5.02(c)</U>, <U>Section 5.02(d)</U>
(but solely as it relates to the Stagwell Subject Entities other than SMGH), <U>Section 5.03</U> (other than clauses (c) and (d)),
and <U>Section 5.10</U> (such Sections in this clause (ii), together with the Sections referred to in the immediately preceding
clause (i), the &ldquo;<U>Specified Stagwell Representations</U>&rdquo;) shall be true and correct (without giving effect to any
limitation as to materiality or &ldquo;Stagwell Material Adverse Effect&rdquo; set forth therein) in all material respects as of
the date of this Agreement and as of the Closing Date as though made on and as of such date (except to the extent such representations
and warranties expressly relate to an earlier date, in which case such representations and warranties shall be so true and correct
as of such earlier date only), and (iii) the representations and warranties of Stagwell set forth in this Agreement (other than
the Specified Stagwell Representations) shall be true and correct (without giving effect to any limitation as to materiality or
 &ldquo;Stagwell Material Adverse Effect&rdquo; set forth therein) as of the date of this Agreement and as of the Closing Date as
though made as of such date (except to the extent such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties shall be so true and correct as of such earlier date only), except where the failure of
such representations and warranties to be so true and correct individually or in the aggregate has not had, and would not reasonably
be expected to have, a Stagwell Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Performance of Obligations of Stagwell</U>. Stagwell shall have performed in all material respects all obligations required
to be performed or complied with by it under this Agreement on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Closing Deliverables</U>. MDC shall have received each of the closing deliverables contemplated by <U>Section 3.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Stagwell Material Adverse Effect</U>. Since the date of this Agreement, there shall not have occurred and be continuing
any Effect which, individually or in the aggregate, has had or would reasonably be expected to have a Stagwell Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stagwell Restructuring</U>. Either (i) Stagwell shall have provided MDC with copies of legal documentation reasonably
satisfactory to MDC evidencing the completion of the Stagwell Restructuring on the terms set forth in <U>Schedule VIII</U>, or
(ii) in the event the Stagwell Restructuring shall not have been completed on the terms set forth in <U>Schedule VIII</U>, Stagwell
shall have delivered written notice to MDC of its agreement that the Stagwell Contribution Consideration be reduced for all purposes
hereunder in accordance with the proviso to the definition thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
9<FONT STYLE="font-size: 10pt"><BR>
TERMINATION</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination by Mutual Consent</U><FONT STYLE="font-size: 10pt">. This Agreement may be terminated and the Transactions
may be abandoned at any time prior to the Closing, whether before or after the MDC Shareholder Approval has been obtained, by mutual
written consent of Stagwell and MDC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination by Stagwell or MDC</U><FONT STYLE="font-size: 10pt">. This Agreement may be terminated at any time prior
to the Closing, whether before or after the MDC Shareholder Approval has been obtained, by either Stagwell or MDC upon written
notice to the other if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Closing Date shall not have occurred by 5:00 pm (New York City time) on the date that is the nine (9) month anniversary
of the date of this Agreement (such date or such later date, if any, as is provided in the proviso of this <U>Section 9.02(a)</U>,
the &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal"><U>Termination Date</U></FONT>&rdquo;),
and the party seeking to terminate this Agreement pursuant to this <U>Section 9.02(a)</U> shall not have materially breached its
representations, warranties or covenants under this Agreement in any manner that shall have proximately caused the failure to consummate
the Transactions on or before the Termination Date; <I>provided</I>, that in the event that any of the conditions set forth in
<U>Section 8.01(b)</U> (<I>Antitrust/Competition</I>), <U>Section 8.01(c)</U> (<I>Investment Canada Act</I>) or <U>Section 8.01(d)</U>
(<I>No Injunctions or Restraints</I>) (to the extent related to the waiting periods and clearances that are the subject of <U>Section
8.01(b)</U> or <U>Section 8.01(c)</U>) shall not have been satisfied on or before the Termination Date because of the failure to
obtain the approvals described in <U>Section 8.01(b)</U> (<I>Antitrust/Competition</I>) or <U>Section 8.01(c)</U> (<I>Investment
Canada Act</I>) but all of the other conditions set forth in <U>Section 8.01</U> have been satisfied, then either Stagwell or MDC
may extend the Termination Date, on one or more occasions, by notice delivered to the other parties, until 5:00 pm (New York City
time) to a date no later than the twelve (12) month anniversary of the date of this Agreement, in which case the Termination Date
shall be deemed for all purposes to be the latest of such dates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Law, injunction, judgment, order or decree having the effects set forth in <U>Section 8.01(c)</U> (<I>No Injunctions
or Restraints</I>) shall be in effect and shall have become permanent final and nonappealable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the MDC Special Meeting Approval shall not have been obtained upon a vote taken at the Special Meeting (including any adjournment
or postponement thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">Section
9.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination by <FONT STYLE="font-size: 10pt">MDC</FONT></U><FONT STYLE="font-size: 10pt">. This Agreement may
be terminated at any time prior to the Closing by MDC if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell shall have breached or failed to perform any of its representations, warranties, covenants or other agreements
contained in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set forth in
<U>Section 8.03(a)</U> or <U>Section 8.03(b)</U>, and (ii) is incapable of being satisfied or cured by Stagwell prior to the Termination
Date or, if capable of being satisfied or cured, is not satisfied or cured by Stagwell within thirty (30) calendar days following
receipt of written notice from MDC of such breach or failure to perform (&ldquo;<U>Stagwell Terminable Breach</U>&rdquo;); <I>provided</I>,
that MDC is not then in MDC Terminable Breach of any representation, warranty, covenant or other agreement by MDC contained in
this Agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to the receipt of the MDC Special Meeting Approval, the MDC Board or the MDC Special Committee shall have approved,
and MDC is concurrently entering into, an Acquisition Agreement in accordance with <U>Section 7.06(f)</U>, provided that MDC shall
have complied in all material respects with <U>Section 7.06</U>, and shall have paid (or shall concurrently pay) the fee due under
<U>Section 9.05</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination by Stagwell</U><FONT STYLE="font-size: 10pt">. This Agreement may be terminated at any time prior to the
Closing by Stagwell if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC shall have breached or failed to perform any of its representations, warranties, covenants or other agreements contained
in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set forth in <U>Section
8.02(a)</U> or <U>Section 8.02(b)</U>, and (ii) is incapable of being satisfied or cured by MDC prior to the Termination Date or,
if capable of being satisfied or cured, is not satisfied or cured by MDC within thirty (30) calendar days following receipt of
written notice from Stagwell of such breach or failure to perform (&ldquo;<U>MDC Terminable Breach</U>&rdquo;); <I>provided</I>,
that Stagwell is not then in Stagwell Terminable Breach of any representation, warranty, covenant or other agreement by Stagwell
contained in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) a Change in Recommendation (whether in respect of a Superior Proposal or an Intervening Event Change in Recommendation)
has occurred or (ii) a tender or exchange offer that constitutes an Alternative Proposal shall have been commenced (or thereafter
amended in any material respect) and MDC shall not have communicated to the shareholders of MDC, within ten Business Days after
the commencement of such tender or exchange offer (or such amendment), a statement disclosing that the MDC Board or MDC Special
Committee recommends rejection of such tender or exchange offer and reaffirming the MDC Board Recommendation or MDC Special Committee
Recommendation, as applicable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MDC shall have committed a willful and material breach of any of its obligations under <U>Section 7.01(d)</U> or <U>Section
7.06</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stagwell shall not have received evidence reasonably satisfactory to Stagwell, within twenty-four (24) hours following the
completion of the Redomiciliation, of the adoption and approval of the MDC Delaware Board Approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-decoration: none">Section
9.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effect of Termination</U><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>this Agreement is terminated by MDC pursuant to <U>Section 9.03(b)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>this Agreement is terminated by Stagwell pursuant to <U>Section 9.04(b)</U>, <U>Section 9.04(c)</U> or <U>Section 9.04(d)</U>;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(A) (1) an Alternative Proposal shall have been made or communicated to MDC, the MDC Board or the MDC Special Committee
or any Person shall have publicly announced an Alternative Proposal, and (2) such Alternative Proposal has not been publicly withdrawn
in good faith prior to the event giving rise to termination, (B) this Agreement is terminated by MDC or Stagwell pursuant to <U>Section
9.02(c)</U>, and (C) within twelve (12) months after the date this Agreement is terminated, MDC enters into a definitive agreement
with respect to, or consummates, any Alternative Proposal (which need not be the same Alternative Proposal described in clause
(A) above);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">then in any such event, MDC shall pay to
Stagwell the amount of $5,855,000 in cash (the &ldquo;<U>MDC Termination Amount</U>&rdquo;), in consideration for the disposition
of Stagwell&rsquo;s rights under this Agreement (as and to the extent set forth herein), it being understood that in no event shall
MDC be required to pay the MDC Termination Amount on more than one occasion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this
<U>Section 9.05</U>, the term &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Alternative
Proposal&rdquo;</FONT> shall have the meaning set forth in <U>Section 7.06(h)(i)</U>, except that all references to &ldquo;twenty
percent (20%)&rdquo; therein shall be deemed to be references to &ldquo;fifty percent (50%).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any payment required to be made pursuant to <U>clause (i)</U> of <U>Section 9.05(a)</U> shall be made to Stagwell prior
to or concurrently with such termination by MDC; any payment required to be made pursuant to <U>clause (ii)</U> of <U>Section 9.05(a)</U>
shall be made to Stagwell promptly (and, in any event, within three (3) Business Days) following the termination giving rise to
such payment; and any payment required to be made pursuant to <U>clause (iii)</U> of <U>Section 9.05(a)</U> shall be made to Stagwell
promptly (but in no event later than the consummation of such Alternative Proposal); and in each case such payment shall be made
by wire transfer of immediately available funds to the account details of Stagwell provided in writing by Stagwell to MDC for such
purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that MDC shall fail to pay the MDC Termination Amount required pursuant to this <U>Section 9.05</U> when due,
such amount shall accrue interest for the period commencing on the date such amount became past due, at a rate equal to the rate
of interest publicly announced by Citibank N.A., in the City of New York from time to time during such period, as such bank&rsquo;s
Prime Lending Rate. In addition, if MDC shall fail to pay such amount when due, MDC shall also pay to Stagwell all of Stagwell&rsquo;s
costs and expenses (including attorneys&rsquo; fees) incurred in connection with efforts to collect such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>MDC
acknowledges that the MDC Termination Amount and the other provisions of this <U>Section 9.05</U> are an integral part of
this Agreement and the Transactions and that, without these agreements, Stagwell would not enter into this Agreement. MDC
acknowledges that the MDC Termination Amount is not a penalty, but rather a reasonable amount in consideration for the
disposition of Stagwell&rsquo;s rights under this Agreement (as and to the extent set forth herein). Notwithstanding anything
to the contrary in this Agreement, the parties agree that in circumstances where payment of the MDC Termination Amount is
required hereunder, upon such payment, the payment of any such MDC Termination Amount in accordance with this <FONT STYLE="font-size: 10pt"><U>Section
9.05</U>, shall be the exclusive remedy of Stagwell, as the case may be, for (i) any loss suffered as a result of the failure
of the Transactions to be consummated and (ii) any other losses, damages, obligations or liabilities suffered relating to or
arising out of this Agreement and the Transactions, except, in each case, in the event of actual fraud (involving scienter)
or any willful and material breach prior to such termination &nbsp;(it being understood that, without limiting the foregoing,
in the case of fraud or a willful and material breach, any prior payment of the MDC Termination Amount shall be taken into
account when determining any remedies). For purposes of this Agreement, &ldquo;<U>willful and material breach</U>&rdquo;
shall mean a material breach that is a consequence of an act or a failure to take such act by the breaching party with the
knowledge that the taking of such act (or the failure to take such act) would cause a material breach of this
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Agreement is terminated in accordance with <U>Article 9</U>, this Agreement shall forthwith become null and void
and, except as set forth in this <U>Section 9.05</U>, there shall be no liability or obligation on the part of Stagwell, MDC or
their respective Affiliates or Representatives, provided that (i) <U>Article 1</U>, <U>Section 7.05(c)</U>, this <U>Section 9.05</U>
and <U>Article 11</U> will survive termination hereof and (ii) no party shall be relieved from any liabilities or damages as a
result of actual fraud (involving scienter) or any willful and material breach by any party of any of such party&rsquo;s representations,
warranties, covenants or other agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
10<FONT STYLE="font-size: 10pt"><BR>
SURVIVAL</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival</U><FONT STYLE="font-size: 10pt">. None of the representations and warranties contained in this Agreement or
in any instrument delivered pursuant to this Agreement shall survive the Closing. No covenant or agreement contained in this Agreement
shall survive the Closing except to the extent any such covenant or agreement by its terms contemplates performance following the
Closing, in which case such covenant or agreement shall survive until fully performed in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
11<FONT STYLE="font-size: 10pt"><BR>
GENERAL PROVISIONS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U><FONT STYLE="font-size: 10pt">. Each notice, request, demand or other communication under this Agreement shall
be in writing and shall be deemed to have been duly given, delivered or made as follows: (a) if delivered by hand, when delivered&#894;
(b) if sent by facsimile transmission before 5:00 p.m. on a Business Day in the delivery location, when transmitted and receipt
is confirmed&#894; (c) if sent by facsimile transmission after 5:00 p.m. on a Business Day in the delivery location or on a day
other than a Business Day and receipt is confirmed, on the following Business Day&#894; (d) if sent via an overnight international
courier service, the Business Day after being delivered to such courier&#894; and (e) if sent by email, when sent, provided that
(i) the subject line of such email states that it is a notice delivered pursuant to this Agreement and (ii) the sender of such
email does not receive a written notification of delivery failure. All notices and other communications hereunder shall be delivered
to the address, facsimile number or email address set forth beneath the name of such party below (or to such other address, facsimile
number or email address as such party shall have specified in a written notice given to the other parties hereto): </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to Stagwell:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Stagwell Media LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">1808 I Street, NW, 6th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Washington DC 20006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention: Ryan Greene</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email: ryan@stagwellgroup.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">Freshfields Bruckhaus Deringer US
LLP<BR>
601 Lexington Avenue, 31<SUP>st</SUP> Floor<BR>
New York, NY 10022<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethan A. Klingsberg<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul M. Tiger<BR>
Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 277-4033<BR>
Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ethan.klingsberg@freshfields.com<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;paul.tiger@freshfields.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to MDC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">MDC Partners Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">One World Trade Center, Floor 65</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">New York, NY 10007</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Ross</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dross@mdc-partners.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">with a copy (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">Cleary Gottlieb Steen &amp; Hamilton
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">1 Liberty Pl</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">New York, NY 10006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly R. Spoerri</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 225-3999</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;kspoerri@cgsh.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">with copies (which shall not constitute
notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">DLA Piper LLP (US)<BR>
1251 Avenue of the Americas, 25<SUP>th</SUP> Floor<BR>
New York, NY 10020<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher P. Giordano<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jon Venick<BR>
Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(917) 778-8680<BR>
(917) 778-8651<BR>
Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;christopher.giordano@us.dlapiper.com<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jon.venick@us.dlapiper.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section
11.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Interpretations</U><FONT STYLE="font-size: 10pt">.
When a reference is made in this Agreement to an Article, Section, Schedule, Disclosure Letter, Annex or Exhibit, such
reference shall be to an Article, Section, Schedule, </FONT>Disclosure Letter, Annex or Exhibit to this Agreement unless
otherwise indicated. The words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo; when used herein
shall be deemed in each case to be followed by the words &ldquo;without limitation.&rdquo; Any references in this Agreement
to &ldquo;the date hereof&rdquo; refers to the date of execution of this Agreement. All references to &ldquo;CAD$&rdquo;
refer to Canadian dollars. The table of contents and headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. References to &ldquo;this Agreement,&rdquo;
 &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; and &ldquo;hereunder&rdquo; refer to this Agreement as a whole and not to any
particular provision of this Agreement and include any schedules, disclosure letters, annexes, exhibits or other attachments
to this Agreement. The MDC Disclosure Letter, the Stagwell Disclosure Letter and all annexes and schedules hereto are hereby
incorporated in and made a part of this Agreement as if set forth in full herein. All terms defined in this Agreement shall
have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise
defined therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of
such terms and to the masculine as well as to the feminine and neuter genders of such term. Any agreement, instrument or
other document or any Law defined or referred to herein or in any agreement or instrument that is referred to herein means
such agreement, instrument, other document or Law as from time to time amended, modified or supplemented, including (in the
case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor
statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to
its permitted successors and assigns. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement with the assistance of counsel and other Representatives and, in the event an ambiguity or question of intent or
interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement
or interim drafts of this Agreement. Any references in this Agreement: (a) to the &ldquo;knowledge&rdquo; of MDC shall mean
the actual knowledge of the individuals identified in <FONT STYLE="font-size: 10pt"><U>Section 11.02(a)</U> of the MDC
Disclosure Letter; and (b) to the &ldquo;knowledge&rdquo; of Stagwell shall mean the actual knowledge of the individuals
identified in <U>Section 11.02(b)</U> of the Stagwell Disclosure Letter. Whenever the phrase &ldquo;made available,&rdquo;
 &ldquo;delivered&rdquo; or words of similar import are used herein, it shall mean the document was (i) (A) with respect to
Stagwell, available for viewing in the &ldquo;Project Midas&rdquo; electronic data room hosted by IntraLinks, Inc., or (B)
with respect to MDC, available for viewing in the &ldquo;Project Metro II&rdquo; electronic data room hosted by Datasite, in
each case as such site existed on or before the date that is one (1) Business Day prior to the date hereof at 11:59 PM
Eastern Time, or (ii) otherwise made available (electronically or otherwise) in written form to the relevant party or its
Representatives prior to the execution and delivery of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Jurisdiction; Specific Performance; Waiver of Jury Trial</U><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING
EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD
CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE, EXCEPT TO THE EXTENT THE LAWS OF THE PROVINCE
OF ONTARIO ARE MANDATORILY APPLICABLE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>All
actions arising out of, relating to or in connection with this this Agreement or any of the Transactions shall be heard and
determined exclusively in the Court of Chancery of the State of Delaware (the &ldquo;<U>Chancery Court</U>&rdquo;) and any
state appellate court therefrom within the State of Delaware (or if, but only if, the Chancery Court lacks subject matter
jurisdiction, any other state or federal court located in the State of Delaware and any appellate court therefrom). Each of
the parties hereto (i) irrevocably submits itself to the personal jurisdiction of the Chancery Court or, if, but only if, the
Chancery Court lacks subject matter jurisdiction, any other state or federal court located in the State of Delaware and any
appellate court therefrom with respect to any dispute arising out of, relating to or in connection with this Agreement or any
of the Transactions, (ii) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any action
or proceeding arising out of, relating to or in connection with this Agreement or any of the Transactions, any claim that it
is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the action or proceeding arising out of, relating to or in connection with this Agreement or
any of the Transactions is brought in an inconvenient forum, that the venue of the action or proceeding arising out of,
relating to or in connection with this Agreement or any of the Transactions is improper, or that this Agreement or any of the
Transactions may not be enforced in or by the above-named courts, and (iii) agrees that it will not bring any action arising
out of, relating to or in connection with this Agreement or any of the Transactions in any court other than the courts of the
State of Delaware, as described above. Nothing in this <FONT STYLE="font-size: 10pt"><U>Section 11.03</U> shall prevent any
party from bringing an action or proceeding in any jurisdiction to enforce any judgment of the Chancery Court or any other
state or federal court located in the State of Delaware or any appellate court therefrom, as applicable. Each of the parties
hereto hereby agrees that service of any process, summons, notice or document by U.S. registered mail to the respective
addresses set forth in <U>Section 11.01</U> shall be effective service of process for any suit or proceeding in connection
with this Agreement or any of the Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached and that monetary damages, even if available,
would be not be an adequate remedy therefor. Each party agrees that, in the event of any breach or threatened breach by any other
party of any covenant or obligation contained in this Agreement, the non-breaching party shall be entitled, prior to the valid
termination of this Agreement (in addition to any other remedy that may be available to it whether in law or equity, including
monetary damages), to (i) a decree or order of specific performance to enforce the observance and performance of such covenant
or obligation, and (ii) an injunction restraining such breach or threatened breach, in each case, without the posting of any bond
or other security. In circumstances where the parties are obligated to consummate the Transactions and the Transactions have not
been consummated (other than as a result of the other party&rsquo;s refusal to close in violation of this Agreement), each of the
parties expressly acknowledges and agrees that the other party and its stockholders shall have suffered irreparable harm, that
monetary damages will be inadequate to compensate such other party and its equityholders, and that such other party on behalf of
itself and its equityholders shall be entitled to enforce specifically the breaching party&rsquo;s obligation to consummate the
Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>EACH
PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT AND ANY OF THE TRANSACTIONS IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH
RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATING TO <FONT STYLE="text-transform: uppercase">or in
connection with</FONT> THIS AGREEMENT OR ANY OF THE TRANSACTIONS. EACH OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT
(i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH SUCH PARTY HAS
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS IN THIS <FONT STYLE="font-size: 10pt; text-transform: uppercase"><U>Section</U></FONT><U> <FONT STYLE="font-size: 10pt">11.03(d)</FONT></U><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts; Electronic Transmission of Signatures</U><FONT STYLE="font-size: 10pt">. This Agreement may be executed
in any number of counterparts and by different parties hereto in separate counterparts, and delivered by means of electronic mail
transmission or otherwise, each of which when so executed and delivered shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignment; No Third-Party Beneficiaries</U><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement and all of the provisions hereto shall be binding upon and inure to the benefit of, and be enforceable by,
the parties hereto and their respective successors and permitted assigns, but, except as set forth in <U>Section 7.18</U>, neither
this Agreement nor any of the rights, interests or obligations set forth herein shall be assigned by any party hereto without the
prior written consent of the other parties hereto and any purported assignment without such consent shall be void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing in this Agreement shall be construed as giving any Person, other than the parties hereto and their heirs, successors,
legal representatives and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.06<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U><FONT STYLE="font-size: 10pt">. Except as otherwise specifically provided herein, each party hereto shall
bear its own expenses in connection with this Agreement and the Transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.07<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U><FONT STYLE="font-size: 10pt">. If any provision of this Agreement shall be held to be illegal, invalid
or unenforceable under any applicable Law, then such contravention or invalidity shall not invalidate the entire Agreement. Such
provision shall be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such modification
shall render it legal, valid and enforceable, then this Agreement shall be construed as if not containing the provision held to
be invalid, and the rights and obligations of the parties hereto shall be construed and enforced accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.08<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U><FONT STYLE="font-size: 10pt">. This Agreement (including the annexes, exhibits and letters hereto)
and the Mutual NDA constitute the entire agreement, and supersede all other prior agreements and understandings (both written and
oral), among the parties hereto with respect to the subject matter hereof and thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section
11.09<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Amendment</U><FONT STYLE="font-size: 10pt">.
This Agreement may be amended by the parties hereto (in the case of MDC, acting upon the recommendation of the MDC Special
Committee) at any time, whether before or </FONT>after approval of this Agreement and the Transactions by the shareholders of
MDC; <I>provided</I>, that after any such approval by the shareholders of MDC, no amendment shall be made without the further
approval of such shareholders except as permitted by Law; <I>provided</I>, <I>further</I>, that from and after the Closing, <FONT STYLE="font-size: 10pt"><U>Section
7.15</U> or <U>Section 7.16</U> may only be amended in accordance with <U>Section 7.16(a)</U>. This Agreement (including the
MDC Disclosure Letter and the Stagwell Disclosure Letter) may not be amended except by an instrument in writing signed on
behalf of each of the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver</U><FONT STYLE="font-size: 10pt">. Any failure of any of the parties to comply with any obligation, representation,
warranty, covenant, agreement or condition herein may be waived at any time prior to the Closing by any of the parties entitled
to the benefit thereof only by a written instrument signed by each such party granting such waiver, but such waiver or failure
to insist upon strict compliance with such obligation, representation, warranty, covenant, agreement or condition shall not operate
as a waiver of, or estoppel with respect to, any subsequent or other failure. For the avoidance of doubt, any waiver by MDC shall
require the prior approval of the MDC Special Committee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Waiver of Privilege</U><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>From
and after the Closing, in any dispute or action arising out of, relating to or in connection with this Agreement, any of the
Ancillary Agreements, the Transactions or any of the other transactions contemplated hereby or thereby, Stagwell, together
with all of its Affiliates and Representatives from and after the Closing and the respective successors and assigns of
Stagwell and such Affiliates and Representatives (collectively, the &ldquo;<U>Stagwell Parties</U>&rdquo;), shall have the
right, at their election, to retain the firms of Freshfields Bruckhaus Deringer US LLP, Freshfields Bruckhaus Deringer LLP,
McCarthy T&eacute;trault LLP or any other external or internal counsel of Stagwell or any of its Subsidiaries that has
advised Stagwell or any Stagwell Subject Entity in connection with this Agreement, the Ancillary Agreements, the Transactions
or any of the other transactions contemplated hereby or thereby (collectively, the &ldquo;<U>Stagwell Counsel</U>&rdquo;) to
represent it in such matter, and MDC hereby irrevocably waives any objection and consent, and, following the Closing, shall
cause the Stagwell Subject Entities and each of its and their respective Subsidiaries to irrevocably waive any objection and
consent, on its own behalf and on behalf of its successors and assigns, to any such representation in any such matter and the
communication by any Stagwell Counsel to the Stagwell Parties in connection with any such representation of any fact known to
any Stagwell Counsel arising by reason of such counsel&rsquo;s prior representation of the Stagwell Parties, the Stagwell
Subject Entities and their respective Affiliates and Representatives, as applicable. MDC hereby irrevocably acknowledges and
agrees, and shall cause the Stagwell Subject Entities and each of its and their respective Subsidiaries to irrevocably
acknowledge and agree, on its own behalf and on behalf of its successors and assigns, that all communications between the
Stagwell Subject Entities and their respective Representatives and Stagwell Counsel made in connection with the negotiation,
preparation, execution, delivery and closing under, or any dispute or action arising under or in connection with, this
Agreement, any Ancillary Agreement, the Transactions or any of the other transactions contemplated hereby or thereby, which,
immediately prior to the Closing, would be deemed to be privileged communications between the Stagwell Subject Entities and
Stagwell Counsel and would not be subject to disclosure to New MDC in connection with any process relating to a dispute
arising under or in connection with, this Agreement, any Ancillary Agreement, the Transactions or any of the other
transactions contemplated hereby or thereby, or otherwise, shall, from and after the Closing, be deemed to be privileged
communications between the Stagwell Parties and Stagwell Counsel, and neither New MDC, the Stagwell Subject Entities nor any
other Person acting or purporting to act on behalf of or through any of them shall, from and after the Closing, attempt to
access, or possess (including by virtue of the Transactions or any of the other transactions contemplated by this Agreement
or any of the Ancillary Agreements) any right of access to, any work product of Stagwell Counsel, or any other information,
materials or documents in the possession of Stagwell Counsel, or any communications between Stagwell Counsel and any of the
Stagwell Subject Entities or otherwise seek to obtain the same by any process, including in each case on the grounds that the
privilege attaching to such work product, information, materials, documents or communications belongs to any Person other
than the Stagwell Parties. Other than as explicitly set forth in this <FONT STYLE="font-size: 10pt"><U>Section 11.11(a)</U>,
the parties acknowledge that any attorney-client, attorney work product, common interest, joint defense and any other
available privilege attaching as a result of legal counsel representing the Stagwell Subject Entities prior to the Closing
shall survive the Closing and continue to be a privilege of the Stagwell Subject Entities and not the Stagwell Parties after
the Closing. Notwithstanding anything to the contrary in this <U>Section 11.11(a)</U>, in the event that a dispute arises
following the Closing between New MDC and any of its Affiliates, on the one hand, and any third party who is not a party to
this Agreement and not affiliated with, employed by or otherwise a Representative of Stagwell or its Subsidiaries on the
other hand, (a) the Stagwell Subject Entities may assert the attorney-client privilege to prevent disclosure of their
communications with Stagwell Counsel to such third party and (b) Stagwell shall not waive its privilege retained hereunder in
connection with such dispute with such third party without the prior written consent of New MDC. Stagwell, for itself and on
behalf of Stagwell Counsel, acknowledges this <U>Section 11.11(a)</U> does not apply to any communications of the Stagwell
Subject Entities with Stagwell Counsel other than those made in connection with the negotiation, preparation, execution,
delivery and closing under, or any dispute or action arising under or in connection with, this Agreement, any Ancillary
Agreement, the Transactions or any of the other transactions contemplated hereby or thereby, and accordingly the Stagwell
Subject Entities retain any privilege that may attach to such communications in accordance with applicable Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>From
and after the Closing, in any dispute or action arising out of, relating to or in connection with this Agreement, any of the
Ancillary Agreements, the Transactions or any of the other transactions contemplated hereby or thereby, New MDC and OpCo,
together with all of their respective Affiliates (including the MDC Subsidiaries) and Representatives from and after the
Closing and the respective successors and assigns of MDC and such Affiliates and Representatives (collectively, the
 &ldquo;<U>MDC Parties</U>&rdquo;), shall have the right, at their election, to retain the firms of DLA Piper LLP (US), DLA
Piper (Canada) LLP, and/or Cleary Gottlieb Steen &amp; Hamilton LLP, or any other external or internal counsel of MDC or any
MDC Subsidiary that has advised MDC or any MDC Subsidiary in connection with this Agreement, the Ancillary Agreements, the
Transactions or any of the other transactions contemplated hereby or thereby (collectively, the &ldquo;<U>MDC
Counsel</U>&rdquo;) to represent it in such matter, and Stagwell hereby irrevocably waives any objection and consent, and,
following the Closing, shall cause each of its and their respective Subsidiaries to irrevocably waive any objection and
consent, on its own behalf and on behalf of its successors and assigns, to any such representation in any such matter and the
communication by any MDC Counsel to the MDC Parties, in connection with any such representation of any fact known to any MDC
Counsel arising by reason of such counsel&rsquo;s prior representation of the MDC Parties and their respective Affiliates and
Representatives, as applicable. Stagwell hereby irrevocably acknowledges and agrees, and shall cause each of its Subsidiaries
to irrevocably acknowledge and agree, on its own behalf and on behalf of its successors and assigns, that all communications
between the MDC Parties (other than the Stagwell Subject Entities) and their respective Representatives and MDC Counsel made
in connection with the negotiation, preparation, execution, delivery and closing under, or any dispute or action arising
under or in connection with, this Agreement, any Ancillary Agreement, the Transactions or any of the other transactions
contemplated hereby or thereby, which, immediately prior to the Closing, would be deemed to be privileged communications
between the MDC Parties (other than the Stagwell Subject Entities) and MDC Counsel, and would not be subject to disclosure to
Stagwell in connection with any process relating to a dispute arising under or in connection with, this Agreement, any
Ancillary Agreement, the Transactions or any of the other transactions contemplated hereby or thereby, or otherwise, shall,
from and after the Closing, be deemed to be privileged communications between the MDC Parties (other than the Stagwell
Subject Entities) and MDC Counsel, and neither Stagwell nor any other Person acting or purporting to act on behalf of or
through any of them shall, from and after the Closing, attempt to access, or possess (including by virtue of the Transactions
or any of the other transactions contemplated by this Agreement or any of the Ancillary Agreements) any right of access to,
any work product of MDC Counsel, or any other information, materials or documents in the possession of MDC Counsel, or any
communications between MDC Counsel and any of the MDC Parties (other than the Stagwell Subject Entities) or otherwise seek to
obtain the same by any process, including in each case on the grounds that the privilege attaching to such work product,
information, materials, documents or communications belongs to any Person other than the MDC Parties (other than the Stagwell
Subject Entities).&nbsp; Notwithstanding anything to the contrary in this <FONT STYLE="font-size: 10pt"><U>Section
11.11(b)</U>, in the event that a dispute arises following the Closing between Stagwell and any of its Affiliates, on the one
hand, and any third party who is not a party to this Agreement and not affiliated with, employed by or otherwise a
Representative of MDC or New MDC, on the other hand, (a) New MDC, the MDC Subsidiaries (other than the Stagwell Subject
Entities) or New MDC, as applicable, may assert the attorney-client privilege to prevent disclosure of their communications
with MDC Counsel, to such third-party and (b) MDC shall not waive its privilege retained hereunder in connection with such
dispute with such third party without the prior written consent of Stagwell. MDC, for itself and on behalf of MDC Counsel,
acknowledges this <U>Section 11.11(b)</U> does not apply to any communications of MDC with MDC Counsel, other than those made
in connection with the negotiation, preparation, execution, delivery and closing under, or any dispute or action arising
under or in connection with, this Agreement, any Ancillary Agreement, the Transactions or any of the other transactions
contemplated hereby or thereby, and accordingly MDC retains any privilege that may attach to such communications in
accordance with applicable Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section
11.12<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U>Disclosure
Letters</U><FONT STYLE="font-size: 10pt">. Any disclosure contained in the MDC Disclosure Letter or the Stagwell Disclosure
Letter with reference to any section or subsection of this Agreement shall be deemed to apply to any other section or
subsection of the MDC Disclosure Letter or Stagwell Disclosure Letter, respectively, where the relevance of such disclosure
is reasonably apparent on its face (without reference to any additional information, investigation or documentation). The
mere inclusion of any item in the MDC Disclosure Letter as an exception to a representation or warranty of MDC in this
Agreement or the Stagwell Disclosure Letter as an exception to a representation or warranty of Stagwell in this Agreement,
shall not be deemed to be an admission that such item is a material exception, fact, event or circumstance, or that such
item, individually or in the aggregate, has had or is reasonably expected to have, an MDC Material </FONT>Adverse Effect or a
Stagwell Material Adverse Effect, as applicable, or trigger any other materiality qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11.13<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financing</U><FONT STYLE="font-size: 10pt">. Each of Stagwell, on behalf of itself, and each Stagwell Party and MDC,
on behalf of itself, and each MDC Party hereby: (a) agrees that any Proceeding, whether in law or in equity, whether in contract
or in tort or otherwise, involving the Debt Financing Sources, arising out of or relating to, this Agreement, the Debt Financing
or any of the agreements entered into in connection with the Debt Financing or any of the transactions contemplated hereby or thereby
or the performance of any services thereunder, shall be subject to the exclusive jurisdiction of any federal or state court in
the Borough of Manhattan, New York, New York, and any appellate court thereof and each party hereto irrevocably submits itself
and its property with respect to any such Proceeding to the exclusive jurisdiction of such court, and agrees not to bring or support
any such Proceeding against any Debt Financing Source in any forum other than such courts, (b) agrees that any such Proceeding
shall be governed by the laws of the State of New York (without giving effect to any conflicts of law principles that would result
in the application of the laws of another state), except as otherwise provided in any agreement relating to the Debt Financing,
(c) knowingly, intentionally and voluntarily waives to the fullest extent permitted by applicable law trial by jury in any Proceeding
brought against the Debt Financing Sources in any way arising out of or relating to, this Agreement or the Debt Financing Sources,
(d) agrees that none of the Debt Financing Sources will have any liability to any Stagwell Party or MDC Party (as applicable) relating
to or arising out of this Agreement or the Debt Financing (subject to the last sentence of this <U>Section 11.13</U>, and (e) agrees
that the Debt Financing Sources are express third party beneficiaries of, and may enforce, any of the provisions of this <U>Section
11.13</U> and that this <U>Section 11.13</U> may not be amended without the written consent of the Debt Financing Sources. Notwithstanding
the foregoing, nothing in this <U>Section 11.13</U> shall in any way limit or modify the rights and obligations of MDC or Stagwell
under this Agreement or any Debt Financing Source&rsquo;s obligations to MDC or Stagwell, as applicable, under the MDC Commitment
Letter, the Term Loan Credit Agreement or the Second Stagwell Credit Agreement Amendment, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[<I>The remainder of
this page has been intentionally left blank; the next page is the signature page.]</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MDC PARTNERS INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Ross</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Ross</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;General Counsel &amp; EVP, Strategy and Corporate Development</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>STAGWELL MEDIA LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By: The Stagwell Group LLC, its General Partner</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Mark Penn</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 0pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left">Name: Mark Penn</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Title: &nbsp;&nbsp;Manager of The Stagwell Group LLC, the General Partner of Stagwell Media LP</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW MDC LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Ross</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Ross</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;General Counsel &amp; EVP, Strategy and Corporate Development</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MIDAS MERGER SUB 1 LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ David Ross</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Ross</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;General Counsel &amp; EVP, Strategy and Corporate Development</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 0pt 3in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<!-- Field: Split-Segment; Name: a13 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT A<BR>
<BR>
New MDC Certificate of Incorporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXHIBIT B<BR>
<BR>
New MDC Bylaws</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXHIBIT C<BR>
<BR>
Information Rights Letter Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[<I>To be dated the Closing Date</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MDC Partners Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: [&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD><U>Information and Access Rights; Sharing of Information; Confidentiality</U>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
the Transaction Agreement, dated as of [&bull;], 2020 (the &ldquo;<U>Transaction Agreement</U>&rdquo;), by and among Stagwell Media
LP, a Delaware limited partnership (&ldquo;<U>Stagwell Media</U>&rdquo;), MDC Partners Inc., a Canadian corporation which domesticated
to the State of Delaware and converted into a Delaware limited liability company prior to the date hereof (the &ldquo;<U>OpCo</U>&rdquo;),
New MDC LLC, a Delaware limited liability company, and Midas Merger Sub 1 LLC, a Delaware limited liability company, pursuant to which, among other things, MDC Partners Inc., a Delaware
corporation (the &ldquo;<U>Company</U>&rdquo;), became the managing member of OpCo. Capitalized terms used and not defined in this
letter agreement shall have the meanings given to them in the Transaction Agreement. As used herein, (i) the &ldquo;<U>Stagwell
Parties</U>&rdquo; means, collectively, Stagwell Media, Stagwell Agency Holdings LLC, a Delaware limited liability company, the
Stagwell Group LLC, a Delaware limited liability company, and (except as provided in Section 4) Mark J. Penn; and (ii) the &ldquo;<U>Parties</U>&rdquo;
means, collectively, the Stagwell Parties and the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Parties agree as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information
Rights</U>. For so long as the Stagwell Parties &ldquo;beneficially own&rdquo; (as such term is defined in Rule 13d-3 under the
Exchange Act) more than 10% of the then issued and outstanding voting securities of the Company, the Company shall provide to each
Stagwell Party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;quarterly
financial statements as soon as reasonably practicable after they become available, but no later than the earlier of (i) forty-five
(45) days after the end of each of the first three (3) quarters of each fiscal year of the Company and (ii) the applicable filing
deadlines under SEC rules, prepared in accordance with GAAP as in effect from time to time, which such financial statements shall
include the consolidated balance sheet of the Company and its Subsidiaries and the related consolidated statements of operations,
changes in shareholders&rsquo; equity and cash flows; <U>provided</U>, that this requirement shall be deemed to have been satisfied
if, on or prior to such date, the Company files its quarterly report on Form 10-Q for the applicable fiscal quarter with the SEC;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;annual
financial statements audited by a nationally recognized accounting firm as soon as reasonably practicable after they become
available, but no later than the earlier of (i) ninety (90) days after the end of each fiscal year of the Company and (ii)
the applicable filing deadline under SEC rules, prepared in accordance with GAAP as in effect from time to time, which such
audited financial statements shall include the consolidated balance sheet of the Company and its Subsidiaries and the related
consolidated statements of operations, changes in shareholders&rsquo; equity and cash flows; <U>provided</U>, that this
requirement shall be deemed to have been satisfied if, on or prior to such date, the Company files its annual report on Form
10-K for the applicable fiscal year with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Access
Rights</U>. For so long as the Stagwell Parties, collectively, &ldquo;beneficially own&rdquo; more than 10% of the then issued
and outstanding voting securities of the Company, the Company shall (a) give to the Stagwell Parties and their respective Representatives
reasonable access during normal business hours to the offices, properties, personnel, books, records, work papers and other documents
and information relating to the Company and its Subsidiaries (<U>provided</U> that the Stagwell Parties must request access at
least forty-eight (48) hours in advance) and (b) furnish to the Stagwell Parties and their respective Representatives such financial
and operating data and other information as the Stagwell Parties may reasonably request. Nothing in this Section 2 shall require
the Company or any of its Subsidiaries to disclose any information (i) that would cause a risk of a loss of privilege to the Company
or any of its Subsidiaries, (ii) that would cause the Company or any of its Subsidiaries to be in violation of any applicable law,
or (iii) which relates to specific events, occurrences or circumstances with respect to which there is an actual conflict of interest
between the Stagwell Parties and the Company (as reasonably determined in good faith by the general counsel of the Company). If
the Company or any of its Subsidiaries does not provide or cause its Representatives to provide such access or such information
in reliance on the immediately preceding sentence, the Company shall give notice to the applicable Stagwell Party of the fact that
it is withholding such information or documents pursuant to such sentence, and thereafter the Company and the applicable Stagwell
Party shall reasonably cooperate to cause such access or information to be provided in a manner that would not reasonably be expected
to waive the applicable privilege, violate applicable law or relate to an actual conflict of interest, as applicable. Notwithstanding
this Section 2, none of the Stagwell Parties nor any of their respective Representatives shall have the right to conduct environmental
sampling on any of the properties owned or operated by the Company or its Subsidiaries. Any access pursuant to this Section 2 shall
be conducted in such manner as not to interfere unreasonably with the conduct of the business of the Company or its Subsidiaries.
The Stagwell Parties shall be responsible for, and shall reimburse the Company for, any reasonable, documented, out-of-pocket fees
and expenses incurred directly in connection with the permitting of access or the preparation and provision of any information
pursuant to this Section 2 to the extent that such information would not otherwise have been prepared by the Company but for the
need to fulfill its obligations under this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Sharing
of Information</U>. Individuals associated with the Stagwell Parties may from time to time serve on the board of directors of
the Company or equivalent governing bodies of the Company&rsquo;s Subsidiaries. The Company, on behalf of itself and its
Subsidiaries, recognizes that such individuals: (a) will from time to time receive non-public information concerning the
Company and its Subsidiaries&#894; and (b) may (subject to the obligation to maintain the confidentiality of such information
in accordance with this letter agreement) share such information with Stagwell Related Parties (as defined below). Such
sharing will be for the dual purpose of facilitating support to such individuals in their capacity as directors (or members
of the governing body of any Subsidiary) and enabling the Stagwell Parties, as equityholders of the Company, to evaluate the
Company&rsquo;s performance and prospects. The Company, on behalf of itself and its Subsidiaries, irrevocably consents to
such sharing and agrees that such individuals, provided they comply with the confidentiality obligations herein, shall not
be, or shall not be deemed to be, in breach of any duties (fiduciary or otherwise) otherwise applicable to such individuals
in connection with the exercise of the rights granted in this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>.
Except as otherwise agreed to by the&nbsp;Company, each Stagwell Party agrees that it will keep confidential and will not disclose,
divulge or use for any purpose other than to monitor its investment in the&nbsp;Company&nbsp;and its Subsidiaries (and, with respect
to a Stagwell Party who is an employee of the&nbsp;Company&nbsp;or its Subsidiaries, in the ordinary course of such Stagwell Party&rsquo;s
employment in compliance with the terms of such&nbsp;Stagwell Party&rsquo;s&nbsp;employment agreement (if any) and any applicable
policies of the&nbsp;Company&nbsp;and its Subsidiaries relating to disclosure of confidential information), any confidential information
obtained from the&nbsp;Company&nbsp;pursuant to the terms of this&nbsp;letter agreement, unless such confidential information (a)
is known or becomes known to the public in general (other than as a result of a breach of this&nbsp;Section 4&nbsp;by such Stagwell
Party or its controlled Affiliates), (b) is or has been independently developed or conceived by such Stagwell Party without use
of the&nbsp;Company&rsquo;s confidential information or (c) is or has been made known or disclosed to such Stagwell Party by a
third party (other than a controlled&nbsp;Affiliate&nbsp;of such Stagwell Party) without, to such Stagwell Party&rsquo;s knowledge,
a breach of any obligation of&nbsp;confidentiality&nbsp;such third party may have to the&nbsp;Company;&nbsp;<U>provided</U>,&nbsp;that
a Stagwell Party may disclose confidential information (i) to its Representatives to the extent necessary to obtain their services
in connection with monitoring its investment in the&nbsp;Company,&nbsp;provided&nbsp;that such Stagwell Party directs such Representatives
to comply with the&nbsp;confidentiality&nbsp;obligations set forth in this Section 4, (ii) to any (A) controlled Affiliate of such
Stagwell Party or (B) partner or member of such Stagwell Party (but solely to the extent consistent with such Stagwell Party&rsquo;s
historical practices and subject to appropriate confidentiality arrangements) (the Persons identified in clauses (A) and (B), the
 &ldquo;<U>Stagwell Related Parties</U>&rdquo;), in each case in the ordinary course of its business, provided that any such Stagwell
Related Party is subject to a customary obligation to keep such information confidential, (iii) upon the routine request of any
governmental or regulatory body having authority to regulate any such Stagwell Party that relates specifically to the Company or
(iv) as may otherwise be required by law, provided, in the case of each of clauses (iii) and (iv), that such Stagwell Party provides
notice to the Company of such request or requirement (to the extent practicable) and undertakes reasonable effort to minimize the
extent of any such required disclosure (including by cooperating with any effort by the Company to obtain confidential treatment
of any information to be produced in response thereto). Each of the Stagwell Parties agree to be responsible for any breach of
this Section 4 by any Stagwell Related Party or any of its or their Representatives. Notwithstanding anything in this Section 4
to the contrary, for so long as Mark J. Penn is an officer or director of the Company, he shall not be considered a &ldquo;Stagwell
Related Party&rdquo; for purposes of this Section 4, it being understood that his duties of confidentiality to the Company shall
be determined solely by reference to any applicable employment agreement he has entered into with the Company or its Subsidiaries
and to the extent provided under applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.
Sections 12.03 (<I>Governing Law; Jurisdiction; Specific Performance; Waiver of Jury Trial</I>), 12.04 (<I>Counterparts; Electronic
Transmission of Signatures</I>), 12.05(a) (<I>Assignment</I>); 12.06 (<I>Expenses</I>) 12.07 (<I>Severability</I>), 12.09 (<I>Amendment</I>),
12.10 (<I>Waiver</I>) and Section 12.11 (<I>No Waiver of Privilege</I>) of the Transaction Agreement shall apply, <I>mutatis mutandis</I>,
to this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you agree with the
foregoing, please execute and return to us the enclosed counterpart to this letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">STAGWELL MEDIA LP</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">STAGWELL GROUP LLC</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">STAGWELL AGENCY HOLDINGS
    LLC</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: bold 10pt Times New Roman, Times, Serif">MARK J. PENN</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page
to Information Side Letter]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I></I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Accepted and agreed: </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="1" STYLE="font: bold 10pt Times New Roman, Times, Serif">MDC PARTNERS INC. &nbsp;</TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Letter Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXHIBIT D<BR>
<BR>
A&amp;R OpCo Operating Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Page; Sequence: 129 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Split-Segment; Name: a14 -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LIMITED LIABILITY COMPANY AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[MIDAS OPCO HOLDINGS LLC]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DATED AS OF [&bull;]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THE LIMITED LIABILITY
COMPANY INTERESTS IN [MIDAS OPCO HOLDINGS LLC] HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
 &ldquo;<B><I>SECURITIES ACT</I></B>&rdquo;), THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES LAWS, AND ARE
BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MUST
BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME
EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES
LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS
AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGER AND THE APPLICABLE MEMBER (EACH AS DEFINED HEREIN). SUCH INTERESTS ALSO
MAY BE SUBJECT TO RESTRICTIONS ON TRANSFER PURSUANT TO A REGISTRATION RIGHTS AGREEMENT. DATED AS OF [&bull;], BY AND AMONG [PUBCO]
AND THE HOLDERS PARTY THERETO. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE
REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: bold 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%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE I</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DEFINITIONS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; width: 6%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 1.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Definitions</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 1.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Interpretive Provisions</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE II</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ORGANIZATION OF THE LIMITED
    LIABILITY COMPANY</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Formation</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Filings</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amended and Restated Limited
    Liability Company Agreement</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registered Office; Registered
    Agent</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.6.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Principal Place of Business</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.7.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Purpose; Powers</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.8.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Term</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 2.9.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tax Treatment</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE III</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>UNITS; CAPITAL CONTRIBUTIONS;
    MEMBERS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>13</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 3.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Authorized Units; General Provisions
    With Respect to Units</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 3.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Voting Rights</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 3.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Capital Contributions</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 3.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Issuance of Additional Units
    or Interests; Exchanges and Repurchases; Recapitalizations</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 3.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other Matters</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 3.6.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exchange Right of Members</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 3.7.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rights of the Preferred Units</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE IV</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CAPITAL ACCOUNTS; ALLOCATIONS
    OF PROFITS AND LOSSES</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>23</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 4.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Capital Accounts</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 4.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Profits and Losses</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 4.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Special Allocations</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 4.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Allocations for Tax Purposes
    in General</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 4.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Other Allocation Rules</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE V</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DISTRIBUTIONS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>26</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 5.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Distributions</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 5.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tax Distributions</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 5.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Distribution Upon Withdrawal</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE VI</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MANAGEMENT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>27</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The Manager; Fiduciary Duties</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Officers</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Warranted Reliance by Officers
    on Others</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Indemnification</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Maintenance of Insurance or
    Other Financial Arrangements</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.6.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Resignation of Manager; Vacancy</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
</TABLE>

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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.7.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No Inconsistent Obligations</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 6.8.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation; Certain Costs
    and Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE VII</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ROLE OF MEMBERS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>30</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 7.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rights or Powers</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 7.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Voting</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 7.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Various Capacities</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 7.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Withdrawal of PubCo</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 7.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Reclassification Events of PubCo</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">31</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 7.6.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investment Opportunities</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 7.7.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Limitation of Liability and
    Duties of Members</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE VII</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TRANSFERS OF INTERESTS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>33</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 8.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Restrictions on Transfer</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 8.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Notice of Transfer</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">33</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 8.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Transferee Members</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 8.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Legend</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE IX</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ACCOUNTING</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>34</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 9.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Books of Account</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 9.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tax Elections</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">34</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 9.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tax Returns</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 9.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Partnership Representative</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 9.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Withholding Tax Payments and
    Obligations</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">36</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE X</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>DISSOLUTION AND TERMINATION</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>37</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 10.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Liquidating Events</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 10.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Procedure</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 10.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rights of Members</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 10.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Notices of Dissolution</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 10.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Reasonable Time for Winding
    Up</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 10.6.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No Deficit Restoration</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 10.7.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Distributions In Kind</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE XI</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>GENERAL</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>39</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.1.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amendments; Waivers</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.2.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Further Assurances</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.3.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Successors and Assigns</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.4.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Entire Agreement</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.5.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rights of Members Independent</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.6.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Governing Law; Jurisdiction;
    Specific Performance; Waiver of Jury Trial</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.7.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Headings</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.8.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Counterparts</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.9.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Notices</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">41</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.10.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Representation By Counsel; Interpretation</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.11.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Severability</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.12.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Expenses</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section 11.13.</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No Third-Party Beneficiaries</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT A</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>MEMBERS, EFFECTIVE TIME CAPITAL
    ACCOUNT BALANCE AND INTERESTS</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>44</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT B</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>FORM OF JOINDER AGREEMENT</B></FONT></TD>
    <TD STYLE="padding-bottom: 3pt; padding-left: -0.125in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;45</B></FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LIMITED LIABILITY COMPANY AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[MIDAS OPCO HOLDINGS LLC]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT (as amended, supplemented or restated from time to time, this &ldquo;<B><I>Agreement</I></B>&rdquo;) of [MIDAS
OPCO HOLDINGS LLC], a Delaware limited liability company (the &ldquo;<B><I>Company</I></B>&rdquo;), is made and entered into as
of [&bull;], by and among the Company, [NEW MDC INC.], a Delaware corporation (&ldquo;<B><I>PubCo</I></B>&rdquo;), as a member
and in its capacity as the initial Manager, Stagwell Media LP, a Delaware limited partnership (&ldquo;<B><I>Stagwell</I>&rdquo;</B>),
[STAGWELL FAF] and each Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act.
Capitalized terms used herein and not otherwise defined have the respective meanings set forth in <U>Section 1.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company was formed pursuant
to a certificate of conversion and a certificate of formation filed in the office of the Secretary of State of the State of Delaware
on [&bull;] (the &ldquo;<B><I>Certificate of Formation</I></B>&rdquo;) and was originally governed by the Limited Liability Company
Agreement of the Company, dated as of [&bull;] (the &ldquo;<B><I>Existing LLC Agreement</I></B>&rdquo;), by and between the Company
and PubCo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, on [&bull;], Stagwell, MDC Partners
Inc., a Canadian corporation which domesticated as a Delaware corporation prior to the date hereof and converted into the Company
pursuant to a certificate of conversion filed in the office of the Secretary of State of the State of Delaware (the &ldquo;<B><I>Certificate
of Conversion</I></B>&rdquo;), PubCo and [Merger Sub LLC]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>,
a Delaware limited liability company (together with Stagwell, the Company and PubCo, the &ldquo;<B><I>Transaction Agreement Parties</I></B>&rdquo;),
entered into that certain Transaction Agreement (as amended, modified or supplemented from time to time, the &ldquo;<B><I>Transaction
Agreement</I></B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Transaction Agreement Parties
have effected or agreed to effect the Transactions (as defined in the Transaction Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the parties hereto desire to continue
the Company and to amend and restate the Existing LLC Agreement in its entirety and enter into this Agreement in order to, <I>inter
alia</I>, (i) reflect the addition of Stagwell as a Member of the Company, (ii) provide for the management, operation and governance
of the Company, and (iii) set forth their respective rights and obligations as Members in the Company generally; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, this Agreement shall supersede
the Initial LLC Agreement in its entirety as of the date&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW THEREFORE, in consideration of the mutual
covenants and agreements contained herein, and other good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound, the parties hereby agree as follows, effective as of the Effective Time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
I</B></FONT><B><BR>
DEFINITIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Definitions</U></B><FONT STYLE="font-size: 10pt">. As used in this Agreement and the Schedules and Exhibits attached
to this Agreement, the following definitions shall apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><SUP>1</SUP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Note
to Draft</U>: Entity names to be finalized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Act</I></B>&rdquo;
means the Delaware Limited Liability Company Act, 6 Del. C. &sect; 18-101, et seq., as amended from time to time (or any corresponding
provisions of succeeding law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Action</I></B>&rdquo;
means any <FONT STYLE="font-size: 10pt">suit, action or legal, administrative, arbitration or other hearings, proceedings or governmental
investigations</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Adjusted
Capital Account Deficit</I></B>&rdquo; means, with respect to any Member, the deficit balance, if any, in such Member&rsquo;s Capital
Account at the end of any Fiscal Year, with the following adjustments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c),
as well as any addition thereto pursuant to the next to last sentences of the Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5)
after taking into account thereunder any changes during such Fiscal Year in Company Minimum Gain and in the minimum gain attributable
to any Member Nonrecourse Debt; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This definition of Adjusted Capital Account
Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Affiliate</I></B>&rdquo;
means, as to any Person, any other Person which, directly or indirectly, controls, or is controlled by, or is under common control
with, such Person; <I>provided</I>, that for purposes of this Agreement, (i) no Member shall be deemed an Affiliate of the Company
or any of its Subsidiaries and (ii) none of the Company or any of its Subsidiaries shall be deemed an Affiliate of any Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Agreement</I></B>&rdquo;
has the meaning given to such term in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Assumed
Tax Liability</I></B>&rdquo; means, with respect to PubCo as of any Tax Distribution Date, an amount equal to the product of (a)
the Assumed Tax Rate and (b) the estimated or actual taxable income of the Company, as determined for federal income tax purposes,
allocated to PubCo pursuant to <U>Article IV</U> for the Tax period (or portion thereof) to which the Assumed Tax Liability relates
(to the extent not previously taken into account in determining the Assumed Tax Liability and determined as though PubCo were a
corporation which earned solely the items of income, gain, deduction, loss, and/or credit allocated to such taxable periods (or
portions thereof)), as reasonably determined by the Manager in good faith; <I>provided</I>, that (i) any adjustments by reason
of Sections 734 or 743 of the Code shall not be taken into account and (ii) without duplication of amounts otherwise taken into
account, any adjustment to the taxable income or liabilities of the Company allocated to PubCo under applicable Law with respect
to any Tax period (or portion thereof) ending on or prior to the Tax period (or portion thereof) to which the Assumed Tax Liability
relates shall be treated as taxable income allocated to PubCo in the Tax Period (or portion thereof) to which the Assumed Tax Liability
relates to the extent such adjustment results in an increase in PubCo&rsquo;s actual tax liability with respect to such Tax period;
provided, however, that Assumed Tax Liability shall not take into account taxable income of the Company allocated to PubCo with
respect to expenses of the Manager that are reimbursed by the Company in section 6.8, to the extent that such expenses are deductible
by PubCo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Assumed
Tax Rate</I></B>&rdquo; means, for any taxable period, the highest marginal effective rate of federal, state, local and non-U.S.
income tax applicable to PubCo for such taxable period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>beneficially
own</I></B>&rdquo; and &ldquo;<B><I>beneficial owner</I></B>&rdquo; shall be as defined in Rule 13d-3 of the rules promulgated
under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Black-Out
Period</I></B>&rdquo; means any &ldquo;black-out&rdquo; or similar period under PubCo&rsquo;s policies covering trading in PubCo&rsquo;s
securities to which the applicable Exchanging Member is subject, which period restricts the ability of such Exchanging Member to
immediately resell shares of Class A Common Stock to be delivered to such Exchanging Member in connection with an Exchange Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Business
Day</I></B>&rdquo; means a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by applicable Law to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Capital
Account</I></B>&rdquo; means, with respect to any Member, the Capital Account maintained for such Member in accordance with <U>Section
4.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Capital
Contributions</I></B>&rdquo; means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property
(other than cash) contributed to the Company by such Member. Any reference to the Capital Contributions of a Member will include
the Capital Contributions made by a predecessor holder of such Member&rsquo;s Units to the extent the Capital Contribution was
made in respect of Units Transferred to such Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Cash Election</I></B>&rdquo;
has the meaning given to such term in <U>Section 3.6(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Cash Election
Amount</I></B>&rdquo; means, with respect to a particular Exchange, an amount of cash equal to the value of the shares of Class
A Stock that would be received in such Exchange as of the date of receipt by the Company of the Exchange Notice with respect to
such Exchange pursuant to <U>Section 3.6</U> (the &ldquo;<B><I>Valuation Date</I></B>&rdquo;), decreased by any distributions received
by the Exchanging Member with respect to the Common Units that are the subject of the Exchange following the date of receipt by
the Company of the Exchange Notice where the record date for such distribution was after the date of receipt of such Exchange Notice.
For this purpose, the value of a share of Class A Stock shall equal the greater of (a) the volume weighted average price of a share
of Class A Stock for the ten trading days ending on the last trading day immediately prior to the Valuation Date and (b) the Fair
Market Value of such shares as of the close of business on the last trading day immediately prior to the Valuation Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Cash Election
Notice</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Certificate
of Conversion</I></B>&rdquo; has the meaning given to such term in the recitals of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Certificate
of Formation</I></B>&rdquo; has the meaning given to such term in the recitals of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Change
of Control Exchange Date</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(j)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Chancery
Court</I></B>&rdquo; has the meaning given to such term in <U>Section 11.6(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Class
A Stock</I></B>&rdquo; means, as applicable, (a) the Class A Common Stock, no par value, of PubCo or (b) following any consolidation,
merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or
cash or other property that becomes payable in consideration for the Class A Stock or into which the Class A Stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Class
B Stock</I></B>&rdquo; means, as applicable, (a) the Class B Common Stock, no par value, of PubCo or (b) following any consolidation,
merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or
cash or other property that becomes payable in consideration for the Class B Stock or into which the Class B Stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Class
C Stock</I></B>&rdquo; means, as applicable, (a) the Class C Common Stock, no par value, of PubCo or (b) following any consolidation,
merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or
cash or other property that becomes payable in consideration for the Class C Stock or into which the Class C Stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Code</I></B>&rdquo;
means the Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Commission</I></B>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Common
Unit</I></B>&rdquo; means a Unit having the rights and obligations specified with respect to the Common Units in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Company</I></B>&rdquo;
has the meaning given to such term in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Company
Indemnitees</I></B>&rdquo; has the meaning given to such term in <U>Section 6.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Company
Minimum Gain</I></B>&rdquo; has the meaning of &ldquo;partnership minimum gain&rdquo; set forth in Treasury Regulations Sections
1.704-2(b)(2) and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with
the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property
subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with
reference to such Gross Asset Value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Contract</I></B>&rdquo;
means any written or oral contract, subcontract, license, sublicense, lease, sublease, agreement, instrument, indenture, purchase
order, note, bond, mortgage, debenture or other legally binding commitment, arrangement or undertaking of any nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>control</I></B>&rdquo;
(including the terms &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by Contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Depreciation</I></B>&rdquo;
means, for each Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for
federal income tax purposes with respect to an asset for such Fiscal Year, except that with respect to any property the Gross Asset
Value of which differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation
shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization,
or other cost recovery deduction for such Fiscal Year bears to such beginning adjusted basis; <I>provided, however</I>, that if
the adjusted basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation with
respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected
by the&nbsp;Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>DGCL</I></B>&rdquo;
means the General Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of succeeding
law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Effective
Time</I></B>&rdquo; means the Effective Time as defined in the Transaction Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Effective
Time Capital Account Balance</I></B>&rdquo; means, with respect to any Member, the positive Capital Account balance of such Member
as of the Effective Time, the amount or deemed value of which is set forth on <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Eligible
PubCo Offer Securities</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(k)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Equity
Plan</I></B>&rdquo; means any stock or equity purchase plan, restricted stock or equity plan or other similar equity compensation
plan now or hereafter adopted by PubCo or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Equity
Securities</I></B>&rdquo; means (a) with respect to a partnership, limited liability company or similar Person, any and all units,
interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well
as debt or equity instruments convertible, exchangeable or exercisable into any such units, interests, rights or other ownership
interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated)
of capital stock, including all common stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing,
including any debt instrument convertible or exchangeable into any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ERISA</I></B>&rdquo;
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Exchange</I></B>&rdquo;
has the meaning given to such term in <U>Section 3.6(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Exchange
Act</I></B>&rdquo; means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same
may be amended from time to time (or any corresponding provisions of succeeding&nbsp;law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Exchange
Date</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(f)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Exchange
Notice</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Exchange
Right</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Exchanging
Member</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Existing
LLC Agreement</I></B>&rdquo; has the meaning given to such term in the recitals of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Fair Market
Value</I></B>&rdquo; means the fair market value of any property based on the amount the Company would receive in an all cash sale
of such property in an arm&rsquo;s-length transaction with an unaffiliated third party, with neither party having compulsion to
buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination
of Fair Market Value, as such amount is determined by the Manager (or if pursuant to <U>Article X</U>, the Winding-Up Person) in
its good faith judgment using information and data reasonably pertinent thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Fiscal
Year</I></B>&rdquo; means the fiscal year of the Company, which shall end on December 31 of each calendar year unless, for federal
income tax purposes, another taxable year is required. The Company shall have the same fiscal year for federal income tax purposes
and for accounting purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>GAAP</I></B>&rdquo;
means generally acceptable accounting principles at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Governmental
Entity</I></B>&rdquo; means any nation, state or province or any municipal or other political subdivision thereof, or any agency,
commission, department, board, bureau, minister, tribunal or court, whether national, state, provincial, local, foreign or multinational
(to the extent that the rules, regulations or orders of such Person has the force of Law), exercising executive, legislative, judicial,
taxing, regulatory or administrative functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Gross
Asset Value</I></B>&rdquo; means, with respect to any asset, the asset&rsquo;s adjusted basis for federal income tax purposes,
except as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair Market Value of
such asset as of the date of such contribution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of
the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in
exchange for more than a <I>de minimis</I> Capital Contribution to the Company or in exchange for the performance of more than
a <I>de minimis</I> amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of
more than a <I>de minimis</I> amount of Company assets as consideration for an interest in the Company; (iii) the liquidation of
the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(<I>g</I>)(1); (iv) the acquisition of an interest
in the Company by any new or existing Member upon the exercise of a noncompensatory option (including the conversion of a Preferred
Unit) in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(<I>s</I>); or (v) any other event to the extent determined
by the Manager to be permitted and necessary to properly reflect Gross Asset Values in accordance with the standards set forth
in Treasury Regulations Section 1.704-1(b)(2)(iv)(<I>q</I>); <U>provided</U>, <U>however</U>, that adjustments pursuant to clauses
(i), (ii) and (iv) above shall be made only if the Manager reasonably determines that such adjustments are necessary or appropriate
to reflect the relative economic interests of the Members in the Company. If any noncompensatory options are outstanding upon the
occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its
properties in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(<I>f</I>)(1) and 1.704-1(b)(2)(iv)(<I>h</I>)(2);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value
of such asset on the date of such distribution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis
of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into
account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(<I>m</I>) and subsection (<U>f)</U>
in the definition of &ldquo;Profits&rdquo; or &ldquo;Losses&rdquo; below or <U>Section 4.3(g)</U>; <I>provided</I>, <I>however</I>,
that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Manager determines
that an adjustment pursuant to subsection (<U>b)</U> of this definition is necessary or appropriate in connection with a transaction
that would otherwise result in an adjustment pursuant to this subsection <U>(d)</U>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to subsections <U>(a)</U>, <U>(b)</U>
or <U>(d)</U> of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation
taken into account with respect to such asset for purposes of computing Profits, Losses and other items allocated pursuant to <U>Article
IV</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Imputed
Underpayment Amount</I></B>&rdquo; has the meaning given to such term in <U>Section 9.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Indebtedness</I></B>&rdquo;
means (a) all indebtedness for borrowed money (including capitalized lease obligations, sale-leaseback transactions or other similar
transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar instrument,
(c) notes payable and (d) lines of credit and any other agreements relating to the borrowing of money or extension of credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Interest</I></B>&rdquo;
means the entire interest of a Member in the Company, including the Units and all of such Member&rsquo;s rights, powers and privileges
under this Agreement and the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Joinder</I></B>&rdquo;
means a joinder to this Agreement substantially in the form of <U>Exhibit B</U> to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Law</I></B>&rdquo;
means any federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code
or order of any Governmental Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Liability</I></B>&rdquo;
means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued,
liquidated or unliquidated and whether due or to become due, regardless of when asserted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Lien</I></B>&rdquo;
means, with respect to any asset, (a)&nbsp;any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b)&nbsp;the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c)&nbsp;in the case of securities, any purchase option, call or similar right of a third party with respect
to such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Liquidating
Events</I></B>&rdquo; has the meaning given to such term in <U>Section 10.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Loss</I></B>&rdquo;
means any and all losses, damages, claims, costs and expenses, interest, awards, judgments and penalties (including reasonable
attorneys&rsquo; fees and expenses, but excluding any allocation of corporate overhead, internal legal department costs and other
internal costs and expenses).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Majority
Members</I></B>&rdquo; means the members (which may include PubCo) holding not less than a majority of the Units then outstanding;
<I>provided</I>, that if as of any date of determination, a majority of the Units are held by PubCo or any Affiliate controlled
by PubCo, the &ldquo;Majority Members&rdquo; shall mean PubCo together with the Members holding at least a majority of the then
outstanding Units not held by PubCo or its controlled Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Manager</I></B>&rdquo;
has the meaning given to such term in <U>Section 6.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Member</I></B>&rdquo;
means any Person that executes this Agreement as a Member, and any other Person admitted to the Company as an additional or substituted
Member, that has not made a disposition of such Person&rsquo;s entire&nbsp;Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Member
Minimum Gain</I></B>&rdquo; has the meaning ascribed to &ldquo;partner nonrecourse debt minimum gain&rdquo; set forth in Treasury
Regulations Section 1.704-2(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Member
Nonrecourse Debt</I></B>&rdquo; has the meaning of &ldquo;partner nonrecourse debt&rdquo; set forth in Treasury Regulations Section
1.704-2(b)(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Member
Nonrecourse Deductions</I></B>&rdquo; has the meaning of &ldquo;partner nonrecourse deductions&rdquo; set forth in Treasury Regulations
Sections 1.704-2(i)(1) and 1.704-2(i)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>National
Securities Exchange</I></B>&rdquo; means an exchange registered with the Commission under the Exchange&nbsp;Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Nonrecourse
Deductions</I></B>&rdquo; has the meaning given to such term in Treasury Regulations<BR>
Section 1.704-2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B><I>Nonrecourse Liability</I></B>&rdquo;
has the meaning given to such term in Treasury Regulations<BR>
Section 1.704-2(b)(3).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Officer</I></B>&rdquo;
means each Person designated as an officer of the Company pursuant to and in accordance with the provisions of <U>Section 6.2</U>,
subject to any resolution of the Manager appointing such Person as an officer or relating to such appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Partnership
Representative</I></B>&rdquo; means the &ldquo;partnership representative&rdquo; as defined in Code Section&nbsp;6223(a) and as
appointed in <U>Section 9.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Permitted
Transferee</I></B>&rdquo; means, with respect to any Member, (a) any successor entity of such Member owned and controlled solely
by the same Persons that own and control such Member prior to such Transfer; (b) with respect to Stagwell[ and Stagwell&rsquo;s
pooling vehicle] only, an Affiliate, general partner or limited partner of such Member or a holder, as of immediately prior to
the closing of the Transactions, of a Stagwell Incentive Award (as defined in the Transaction Agreement) or other equity interest
in a Stagwell Subject Entity, (c) a trust established by or for the benefit of a Member of which only such Member and his or her
immediate family members are beneficiaries; (d) any Person established for the benefit of, and beneficially owned solely by, an
entity Member or the sole individual direct or indirect owner of an entity Member; and (e) upon an individual Member&rsquo;s death,
an executor, administrator or beneficiary of the estate of the deceased Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Person</I></B>&rdquo;
means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization
or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Plan Asset
Regulations</I></B>&rdquo; means the regulations issued by the U.S. Department of Labor at Section&nbsp;2510.3-101 of Part 2510
of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Preferred
Unit</I></B>&rdquo; has the meaning given to such term in <U>Section 3.7</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;<B><I>Prime Rate</I></B>&rdquo; means,
on any date of determination, a rate per annum equal to the rate of interest most recently published by The Wall Street Journal
as the &ldquo;prime rate&rdquo; at large U.S. money center banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Proceeding</I></B>&rdquo;
has the meaning given to such term in <U>Section 6.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Profits</I></B>&rdquo;
or &ldquo;<B><I>Losses</I></B>&rdquo; means, for each Fiscal Year, an amount equal to the Company&rsquo;s taxable income or loss
for such Fiscal Year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following
adjustments (without duplication):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any income or gain of the Company that is exempt from federal income tax and not otherwise taken into account in computing
Profits or Losses shall be added to such taxable income or loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(<I>i</I>), and not otherwise taken into account in computing Profits
or Losses, shall be subtracted from such taxable income or&nbsp;loss;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection <U>(b)</U> or (<U>c)</U> or the
definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases
the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company
asset) from the disposition of such asset and shall, except to the extent allocated pursuant to <U>Section 4.3</U>, be taken into
account for purposes of computing Profits or&nbsp;Losses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>gain or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for federal
income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the
adjusted tax basis of such asset differs from its Gross Asset Value;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant
to Treasury Regulations Section 1.704-1(b)(2)(iv)(<I>m</I>)(4), to be taken into account in determining Capital Account balances
as a result of a distribution other than in liquidation of a Member&rsquo;s interest in the Company, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment
decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any items of income, gain, loss or deduction which are specifically allocated pursuant to the provisions of <U>Section 4.3</U>
shall not be taken into account in computing Profits or Losses for such Fiscal Year, but such items available to be specially allocated
pursuant to <U>Section 4.3</U> will be determined by applying rules analogous to those set forth in subparagraphs (<U>a)</U> through
(<U>f)</U> above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>PubCo</I></B>&rdquo;
has the meaning given to such term in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>PubCo
Change of Control</I></B>&rdquo; means (a) any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as such terms are used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries,
and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan), other
than Stagwell, [Stagwell FAF] and one or more of their respective Permitted Transferees, becomes the &ldquo;beneficial owner&rdquo;
(as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed
to have &ldquo;beneficial ownership&rdquo; of all Equity Securities that such person or group has the right to acquire (such right,
an &ldquo;option right&rdquo;), whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of 40% or more of the Equity Securities of PubCo entitled to vote for members of the board of directors or equivalent
governing body of PubCo on a fully-diluted basis, (and taking into account all such Equity Securities that such person or group
has the right to acquire pursuant to any option right); (b) PubCo shall cease to control the Company; (c) PubCo, Stagwell, [Stagwell
FAF] and any or all of their Permitted Transferees, individually or collectively, shall cease to own, directly or indirectly,
free and clear of all Liens or other encumbrances 65% of the outstanding voting Equity Securities of the Company; (d) the occupation
at any time of a majority of the seats (other than vacant seats) on the board of directors of PubCo by Persons who were neither
(i) directors of PubCo as of immediately following the Closing (as defined in the Transaction Agreement) nor (ii) nominated, appointed,
or approved by the board of directors of PubCo; (e) the acquisition of direct or indirect control of the Company by any Person
or group other than PubCo or Stagwell, [Stagwell FAF] and one or more of their Permitted Transferees; or (f) the Company shall
cease to own, directly or indirectly, free and clear of all Liens or other encumbrances, the outstanding voting Equity Securities
of the Guarantors (as defined in the Term Loan Credit Agreement) owned at the time of the Closing (except as otherwise permitted
herein), in each case, on a fully diluted basis (or, in the case of any Guarantor acquired after the Closing, at the time of the
acquisition of such Guarantor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>PubCo
Common Stock</I></B>&rdquo; means all classes and series of common stock of PubCo, including the Class A Stock and the Class B
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>PubCo
Offer</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(k)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Reclassification
Event</I></B>&rdquo; means any of the following: (a) any reclassification or recapitalization of PubCo Common Stock (other than
a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination or any transaction subject to <U>Section 3.4(d)</U>), (b) any merger, consolidation or other combination involving
PubCo, or (c) any sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of PubCo to
any other Person, in each of clauses (a), (b) or (c), as a result of which holders of PubCo Common Stock shall be entitled to receive
cash, securities or other property for their shares of PubCo Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Registration
Rights Agreement</I></B>&rdquo; means the Registration Rights Agreement, dated as of [&bull;], by and among PubCo, Stagwell and
the other Holders party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Regulatory
Allocations</I></B>&rdquo; is defined in <U>Section 4.3(h)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Retraction
Notice</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Securities
Act</I></B>&rdquo; means the Securities Act of 1933, and the rules and regulations promulgated thereunder, as the same may be amended
from time to time (or any corresponding provisions of succeeding&nbsp;law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
4 Certificate of Designations</I></B>&rdquo; means the Certificate of Designations of PubCo, filed with the Secretary of State
of the State of Delaware on [&bull;], as the same may be amended, restated, modified or supplemented from time to time in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
4 Preferred Unit</I></B>&rdquo; a Unit having the rights and obligations specified with respect to the Series 4 Preferred Units
in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
4 Preferred Stock</I></B>&rdquo; means the Series 4 Convertible Preferred Stock of PubCo, the rights and preferences of which are
set forth in the Series 4 Certificate of Designations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
4 Preferred Stock Liquidation Payment</I></B>&rdquo; means the amount to be paid by PubCo pursuant to the Series 4 Certificate
of Designations in respect of the Series 4 Preferred Stock with respect to any liquidation, dissolution or winding up of the affairs
of PubCo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
6 Certificate of Designations</I></B>&rdquo; means the Certificate of Designations of PubCo, filed with the Secretary of State
of the State of Delaware on [&bull;], as the same may be amended, restated, modified or supplemented from time to time in accordance
with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
6 Preferred Stock</I></B>&rdquo; means the Series 6 Convertible Preferred Stock of PubCo, the rights and preferences of which are
set forth in the Series 6 Certificate of Designations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
6 Preferred Unit</I></B>&rdquo; means a Unit having the rights and obligations specified with respect to the Series 6 Preferred
Units in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Series
6 Preferred Stock Liquidation Payment</I></B>&rdquo; means the amount to be paid by PubCo pursuant to the Series 6 Certificate
of Designations in respect of the Series 6 Preferred Stock with respect to any liquidation, dissolution or winding up of the affairs
of PubCo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Stagwell</I></B>&rdquo;
has the meaning given to such terms in the preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Subsidiary</I></B>&rdquo;
means, with respect to any Person, another Person, an amount of the voting securities or other voting ownership interests of which
is sufficient, together with any contractual rights, to elect at least a majority of its board of directors or other governing
body (or, if there are no such voting interests, 50 percent or more of the equity interests of which) is owned directly or indirectly
by such first Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Tax Distribution
Date</I></B>&rdquo; means any date that is two Business Days prior to the date on which estimated federal income tax payments are
required to be made by calendar year corporate taxpayers and the due date for federal income tax returns of corporate calendar
year taxpayers (without regard to extensions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Term Loan
Credit Agreement</I></B>&rdquo; means the Credit Agreement, dated as of November 13, 2020, by and among Stagwell Marketing Group
LLC, the other loan parties party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Transaction
Agreement</I></B>&rdquo; has the meaning given to such term in the recitals of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Transaction
Agreement Parties</I></B>&rdquo; has the meaning given to such term in the recitals of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Transfer</I></B>&rdquo;
means any voluntary or involuntary, direct or indirect (whether through a change of control of the Transferor or any Person that
controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of Law or otherwise), transfer,
sale, pledge or hypothecation or other disposition. The terms &ldquo;Transferee,&rdquo; &ldquo;Transferor,&rdquo; &ldquo;Transferred,&rdquo;
and other forms of the word &ldquo;Transfer&rdquo; shall have the correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Transfer
Agent</I></B>&rdquo; has the meaning given to such term in <U>Section 3.6(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Treasury
Regulations</I></B>&rdquo; means the regulations promulgated under the Code by the United States Department of the Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Underwritten
Offering</I></B>&rdquo; has the meaning given to such term in the Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Unit</I></B>&rdquo;
means a unit representing a fractional part of the Interests of a Member and includes a Common&nbsp;Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Unit Register</I></B>&rdquo;
has the meaning given to such term in <U>Section 3.1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Winding-Up
Person</I></B>&rdquo; has the meaning given to such term in <U>Section 10.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Withholding
Payment</I></B>&rdquo; has the meaning given to such term in <U>Section 9.5(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Interpretive Provisions</U></B><FONT STYLE="font-size: 10pt">. For all purposes of this Agreement, except as otherwise
expressly provided or unless the context otherwise requires:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the terms defined in <U>Section 1.1</U> have the meanings assigned to them in <U>Section 1.1</U> and are applicable to the
singular as well as the plural forms of such terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all accounting terms not otherwise defined herein have the meanings assigned under GAAP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.) dollars and all
payments hereunder shall be made in United States dollars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article
or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>whenever the words &ldquo;include&rdquo;, &ldquo;includes&rdquo; or &ldquo;including&rdquo; are used in this Agreement,
they shall be deemed to be followed by the words &ldquo;without limitation&rdquo;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;or&rdquo; is not exclusive;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of similar import, when used
in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
II</B></FONT><B><BR>
ORGANIZATION OF THE LIMITED LIABILITY COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Formation</U></B><FONT STYLE="font-size: 10pt">. The Company has been formed as a limited liability company pursuant
to the provisions of the Act by the filing of the Certificate of Conversion and the Certificate of Formation in accordance with
the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Filings</U></B><FONT STYLE="font-size: 10pt">. The Members shall execute such further documents (including amendments
to the Certificate of Formation) and take such further action as is appropriate to comply with the requirements of Law for the
formation or operation of a limited liability company in Delaware and in all states and other jurisdictions where the Company may
conduct its business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Amended and Restated Limited Liability Company Agreement</U></B><FONT STYLE="font-size: 10pt">. The Company, the Manager
and the Members hereby execute this Agreement for the purpose of continuing the affairs of the Company and the conduct of its business
in accordance with the provisions of the Act. The Company, the Manager and the Members hereby agree that during the term of the
Company set forth in <U>Section 2.8</U>, the rights and obligations of the Members and the Manager with respect to the Company
will be determined in accordance with the terms and conditions of this Agreement and the Act. On any matter on which this Agreement
is silent, the Act shall control. No provision of this Agreement shall be in violation of the Act and, to the extent any provision
of this Agreement is in violation of the Act, such provision shall be void and of no effect to the extent of such violation without
affecting the validity of the other provisions of this Agreement. Where the Act provides that a provision of the Act shall apply
 &ldquo;unless otherwise provided in a limited liability company agreement&rdquo; or words of similar effect, the provisions of
this Agreement shall in each instance control. It is expressly agreed that this Agreement does not provide for contractual appraisal
rights pursuant Section 18-210 of the Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Name</U></B><FONT STYLE="font-size: 10pt">. The name of the Company is &ldquo;[MIDAS OPCO HOLDINGS LLC]&rdquo; and
all business of the Company shall be conducted in such name or, in the discretion of the Manager, under any other&nbsp;name.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Registered Office; Registered Agent</U></B><FONT STYLE="font-size: 10pt">. The location of the registered office of
the Company in the State of Delaware is [&bull;]. The registered agent of the Company for service of process at such address is
[&bull;]. The Manager may from time to time change the Company&rsquo;s registered office and registered agent in the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Principal Place of Business</U></B><FONT STYLE="font-size: 10pt">. The principal place of business of the Company
shall be located in such place as is determined by the Manager from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Purpose; Powers</U></B><FONT STYLE="font-size: 10pt">. The nature of the business or purposes to be conducted or promoted
by the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the Act. The
Company shall have the power and authority to take any and all actions and engage in any and all activities necessary, appropriate,
desirable, advisable, ancillary or incidental to the accomplishment of the foregoing purpose.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Term</U></B><FONT STYLE="font-size: 10pt">. The term of the Company commenced on the date of filing of the Certificate
of Formation with the office of the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely.
The Company may be dissolved and its affairs wound up only in accordance with <U>Article X</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Tax Treatment</U></B><FONT STYLE="font-size: 10pt">. It is the intent of the Members that the Company be operated
in a manner consistent with its treatment as a partnership for federal and applicable state income tax purposes, and that each
Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner
consistent with such treatment. None of the Company, the Manager or any Member shall (a) file or cause the Company to file any
entity classification election to treat the Company as an association taxable as a corporation for U.S. federal tax purposes, nor
(b) shall file any tax returns or otherwise take a tax or financial reporting position in a manner inconsistent with the treatment
of the Company as a partnership for federal and applicable state income tax purposes unless otherwise required after a final determination
(within the meaning of Section 1313(a) of the Code). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
III</B></FONT><B><BR>
UNITS; CAPITAL CONTRIBUTIONS; MEMBERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Authorized Units; General Provisions With Respect to Units<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Interests in the Company shall be represented by Units, or such other Equity Securities of the Company, in each case as
the Manager may establish in its discretion in accordance with the terms and subject to the restrictions hereof. Subject to the
provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity
Securities as the Manager shall determine in accordance with <U>Section 3.4</U>. Each authorized Unit may be issued pursuant to
such agreements and in exchange for such Capital Contributions or other consideration as the Manager shall approve, including pursuant
to options and warrants. The Company may reissue any Units that have been repurchased or acquired by the Company. <U>Exhibit A</U>
sets forth the Members and the number and class of Units held by each of them at the Effective Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Initially, none of the Units will be represented by certificates. If the Manager determines that it is in the interest of
the Company to issue certificates representing the Units, certificates will be issued and the Units will be represented by those
certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes
of the Uniform Commercial Code. Nothing contained in this <U>Section 3.1(b)</U> shall be deemed to authorize or permit any Member
to Transfer its Units except as otherwise permitted under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall maintain as part of its books and records a register (the &ldquo;<B><I>Unit Register</I></B>&rdquo;) with
respect to all Units issued by the Company. The Unit Register shall set forth the name of each Member and the number of Units held
by each Member. All Transfers of Units validly made in accordance with <U>Article VIII</U> shall be recorded in the Unit Register.
The names of the Members and the number of Units held by each Member as they appear in the Unit Register shall be the official
record of the Members for all purposes. Absent manifest error in the Unit Register, the Company shall be entitled to rely exclusively
on record ownership of Units as shown in the Unit Register for all purposes and shall be entitled to recognize the registered holder
of Units as shown in the Unit Register as the holder of record of such Units and the Member with respect to the Interest represented
thereby for all purposes; <U>provided</U><I>, </I><U>however</U>, that the Company shall treat the record owner of any certificate
representing Units as the holder of the Units evidenced thereby unless and until such Units have been Transferred in accordance
with this Agreement. At the Effective Time, <U>Exhibit A</U> shall constitute the Unit Register. From and after the Effective Time,
subject to the foregoing provisions of this <U>Section 3.1(c)</U>, the Company may maintain the Unit Register in such form as the
Manager shall determine from time to time, and any changes in the information set forth in the Unit Register shall not require
any amendment or other change to <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Voting Rights</U></B><FONT STYLE="font-size: 10pt">. No Member has any voting rights except with respect to those
matters specifically reserved for a Member vote under the Act and for matters expressly requiring the vote or approval of Members
under this Agreement. Except as otherwise required by the Act, each Unit will entitle the holder thereof to one vote on all matters
to be voted on by the Members; <I><U>provided</U></I>, that notwithstanding anything to the contrary herein, the Common Units held
by Stagwell or any Transferee thereof shall have no voting rights except as expressly set forth in this Agreement. Except as otherwise
expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters
to be approved by the Members.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Capital Contributions<FONT STYLE="font-size: 10pt">.</FONT></U></B><FONT STYLE="font-size: 10pt"> At the Effective
Time, after giving effect to the Transactions, each Member as of the Effective Time shall have made or shall be deemed to have
made Capital Contributions equal to such Member&rsquo;s Effective Time Capital Account Balance set forth on <U>Exhibit A</U>. Except
for PubCo as provided in <U>Section 3.4</U> and <U>Section 3.6</U> (or, for the avoidance of doubt, as required by <U>Section 8.03(c)</U>
of the Transaction Agreement), no Member shall be required to make additional Capital Contributions. Furthermore, except in connection
with issuances of Equity Securities by PubCo as provided herein, PubCo shall not issue, sell or Transfer any of its Equity Securities,
and PubCo shall not issue, sell or Transfer any of its Equity Securities to any Person other than PubCo.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Issuance of Additional Units or Interests; Exchanges and Repurchases; Recapitalizations<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>From and after the Effective Time to the extent required by <U>Section 3.4(b)</U>, the Manager may authorize and create,
and cause the Company to issue, additional Units or other Equity Securities in the Company (including creating preferred interests
or other classes or series of securities having such rights, preferences and privileges as determined by the Manager) solely to
the extent they are in the aggregate substantially equivalent to a class of Equity Securities of PubCo; <U>provided</U>, that following
the Effective Time, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person
shall have executed a Joinder and all other documents, agreements or instruments deemed necessary or desirable in the discretion
of the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time after the Effective Time PubCo issues a share of its Class A Stock or any other Equity Security of PubCo
(other than shares of Class C Stock), (i) the Company shall issue to PubCo one Common Unit (if PubCo issues a share of Class A
Stock), or such other Equity Security of the Company (if PubCo issues Equity Securities other than Class A Stock) corresponding
to the Equity Securities issued by PubCo, and with substantially the same rights to dividends and distributions (including distributions
upon liquidation) and other economic rights as those of such Equity Securities of PubCo and (ii) the net proceeds received by PubCo
with respect to the corresponding share of Class A Stock or other Equity Security, if any, shall be concurrently transferred to
the Company by PubCo; <U>provided</U>, <U>however</U>, that if PubCo issues any shares of Class A Stock in order to purchase or
fund the purchase from a Member of a number of Common Units (and correspondingly cancels shares of Class C Stock) equal to the
number of shares of Class A Stock so issued, then the Company shall not issue any new Common Units in connection therewith and
PubCo shall not be required to transfer such net proceeds to the Company. Notwithstanding the foregoing, this <U>Section 3.4(b)</U>
shall not apply to (i) the issuance and distribution to holders of shares of PubCo Common Stock of rights to purchase Equity Securities
of PubCo under a &ldquo;poison pill&rdquo; or similar shareholders rights plan (it being understood that upon exchange of Common
Units for Class A Stock, such Class A Stock will be issued together with a corresponding right) or (ii) the issuance under the
Equity Plans of any warrants, options or other rights to acquire Equity Securities of PubCo or rights or property that may be converted
into or settled in Equity Securities of PubCo, but shall in the foregoing cases apply to the issuances of Equity Securities of
PubCo in connection with the exercise or settlement of such rights, warrants, options or other rights or property. Except pursuant
to <U>Section 3.6</U>, (x) the Company may not issue any additional Units to PubCo or any of its Subsidiaries unless substantially
simultaneously PubCo or such Subsidiary issues or sells an equal number of shares of PubCo&rsquo;s Class A Stock to another Person,
and (y) the Company may not issue any other Equity Securities of the Company to PubCo or any of its Subsidiaries unless substantially
simultaneously PubCo or such Subsidiary issues or sells, to another Person, an equal number of shares of a new class or series
of Equity Securities of PubCo or such Subsidiary with substantially the same rights to dividends and distributions (including distributions
upon liquidation) and other economic rights as those of such Equity Securities of the Company. Notwithstanding anything contained
herein to the contrary, the Company shall only be able to issue additional Units or other Equity Interests in the Company to Persons
and on the terms and conditions provided for in <U>Section 3.1</U>, <U>Section 3.3</U>, and <U>Section 3.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither PubCo nor any of its Subsidiaries may redeem, repurchase or otherwise acquire (i) any shares of Class A Stock (including
upon forfeiture of any unvested shares of Class A Stock) unless substantially simultaneously the Company redeems, repurchases or
otherwise acquires from PubCo or such Subsidiary an equal number of Common Units for the same price per security or (ii) any other
Equity Securities of PubCo unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from PubCo
or such Subsidiary an equal number of Equity Securities of the Company of a corresponding class or series with substantially the
same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such
Equity Securities of PubCo for the same price per security. Except pursuant to <U>Section 3.6</U>, the Company may not redeem,
repurchase or otherwise acquire (A) any Common Units from PubCo or any of its Subsidiaries unless substantially simultaneously
PubCo or such Subsidiary redeems, repurchases or otherwise acquires an equal number of shares of Class A Stock for the same price
per security from holders thereof, or (B) any other Equity Securities of the Company from PubCo or any of its Subsidiaries unless
substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires for the same price per security
an equal number of Equity Securities of PubCo of a corresponding class or series with substantially the same rights to dividends
and distributions (including distribution upon liquidation) and other economic rights as those of such Equity Securities of PubCo.
Notwithstanding the foregoing, to the extent that any consideration payable by PubCo in connection with the redemption or repurchase
of any shares of Class A Stock or other Equity Securities of PubCo or any of its Subsidiaries consists (in whole or in part) of
shares of Class A Stock or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless
exercise of an option or warrant), then the redemption or repurchase of the corresponding Common Units or other Equity Securities
of the Company shall be effectuated in an equivalent manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not in any manner effect any subdivision (by any stock split, stock dividend, reclassification, recapitalization
or otherwise) or combination (by reverse stock split, reclassification, recapitalization or otherwise) of the outstanding Units
unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Common Stock, with corresponding
changes made with respect to any other exchangeable or convertible securities. PubCo shall not in any manner effect any subdivision
(by any stock split, stock dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
recapitalization or otherwise) of the outstanding PubCo Common Stock unless accompanied by an identical subdivision or combination,
as applicable, of the outstanding Units, with corresponding changes made with respect to any other exchangeable or convertible
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Other Matters<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Member shall be entitled to demand or receive a return on or of its Capital Contributions or withdraw from the Company,
except as expressly provided in this Agreement. Under circumstances requiring a return of any Capital Contributions, no Member
has the right to receive property other than cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions
or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as
a Member, except as otherwise provided in or contemplated by this&nbsp;Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as expressly
set forth in this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether to the
Company, to any of the other Members, to the creditors of the Company, or to any other third party, for any debt or Liability of
the Company, whether arising in Contract, tort or otherwise, solely by reason of being a Member of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in its Capital Account,
to lend any funds to the Company or to make any additional contributions or payments to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be obligated for the repayment of any Capital Contributions of any&nbsp;Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Exchange Right of Members<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Members, other than PubCo, Merger Sub 3 and any other wholly owned subsidiary of PubCo that becomes a Member
following the date hereof, shall be entitled to exchange with the Company (an &ldquo;<B><I>Exchange</I></B>&rdquo;), at any time
and from time to time, any or all of such Member&rsquo;s Common Units (together with the transfer and surrender to PubCo of an
equal number of shares of Class C Stock) for an equivalent number (subject to adjustment as provided in <U>Section 3.6(g)</U>)
of shares of Class A Stock or, at the Company&rsquo;s election validly made in accordance with <U>Section 3.6(d)</U>, cash equal
to the Cash Election Amount calculated with respect to such Exchange (the &ldquo;<B><I>Exchange Right</I></B>&rdquo;). For the
avoidance of doubt, upon the Exchange of all Common Units held by a Member, such Member shall cease to be a Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Notwithstanding Section 3.6(a), no Member may exercise its Exchange Right prior to the date
that is six (6) months after the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to exercise the Exchange Right, a Member (the &ldquo;<B><I>Exchanging Member</I></B>&rdquo;) shall provide written
notice (the &ldquo;<B><I>Exchange Notice</I></B>&rdquo;) to the Company and PubCo, stating the number of Common Units (together
with the transfer and surrender of an equal number of shares of Class C Stock) the Exchanging Member elects to have the Company
redeem. If the Common Units to be redeemed (along with the shares of Class C Stock to be transferred and surrendered) are represented
by a certificate or certificates, the Exchanging Member shall also present and surrender the certificate or certificates representing
such Common Units and shares of Class C Stock during normal business hours at the principal executive offices of the Company, or
if any agent for the registration or transfer of Class A Stock is then duly appointed and acting (the &ldquo;<B><I>Transfer Agent</I></B>&rdquo;),
at the office of the Transfer Agent with respect to such Class A Stock. If required by PubCo, any certificate for Common Units
and shares of Class C Stock surrendered in connection with an Exchange shall be accompanied by instruments of transfer, in form
reasonably satisfactory to PubCo and the Transfer Agent, duly executed by the Exchanging Member or the Exchanging Member&rsquo;s
duly authorized representative. An Exchange Notice may specify that the Exchange is to be contingent (including as to timing) upon
the consummation of a purchase by another Person (whether in a tender or exchange offer, an Underwritten Offering or otherwise)
of the shares of Class A Stock for which the Common Units and shares of Class C Stock are redeemable, or contingent (including
as to timing) upon the closing of an announced merger, consolidation or other transaction or event in which the shares of Class
A Stock would be exchanged or converted or become exchangeable for or convertible into cash or other securities or property; provided
that the foregoing shall not apply to any Exchange for which the Company has made a valid Cash Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon receipt of an Exchange Notice, the Company shall be entitled to elect (a &ldquo;<B><I>Cash Election</I></B>&rdquo;)
to settle the Exchange by delivery to the Exchanging Member, in lieu of the applicable number of shares of Class A Stock that would
be received in such Exchange, an amount of cash equal to the Cash Election Amount for such Exchange; <I>provided</I>, <I>however</I>,
that notwithstanding anything to the contrary in this Agreement, the Company shall not be entitled to make a Cash Election if such
Cash Election would reasonably be expected to (i) require the Company or any of its Subsidiaries to incur Indebtedness or (ii)
prevent the Company of any of its Subsidiaries from repaying any amounts due or intended to be paid in connection with outstanding
Indebtedness as previously contemplated by the board of directors of PubCo, in either case, in the twelve (12) months following
receipt of the relevant Exchange Notice. In order to make a Cash Election with respect to an Exchange, the Company must provide
written notice (the &ldquo;<B><I>Cash Election Notice</I></B>&rdquo;) of such election to the Exchanging Member prior to 5:00 pm,
New York time, on the first Business Day after the date on which the Exchange Notice shall have been received by the Company and
PubCo. If the Company fails to provide a Cash Election Notice prior to such time, it shall not be entitled to make a Cash Election
with respect to such Exchange. The Exchanging Member may retract its Exchange Notice by giving written notice (the &ldquo;<B><I>Retraction
Notice</I></B>&rdquo;) to the Company (with a copy to PubCo) at any time prior to 5:00 pm, New York time, on the first Business
Day after delivery of the Cash Election Notice. The timely delivery of a Retraction Notice shall terminate the Exchanging Member&rsquo;s,
the Company&rsquo;s and PubCo&rsquo;s rights and obligation under this <U>Section 3.6</U> arising from the retracted Exchange Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary in <U>Section 3.6(c)</U> or <U>3.6(d)</U>, in the event the Company fails to timely
make a valid Cash Election in connection with an Exchange, an Exchanging Member shall be entitled, at any time prior to the consummation
of the Exchange, to revoke its Exchange Notice or delay the consummation of an Exchange if any of the following conditions exists:
(i) any registration statement pursuant to which the resale of the Class A Stock to be registered for such Exchanging Member at
or immediately following the consummation of the Exchange shall have ceased to be effective pursuant to any action or inaction
by the Commission or no such resale registration statement has yet become effective; (ii) PubCo shall have failed to cause any
related prospectus to be supplemented by any required prospectus supplement necessary to effect such Exchange; (iii) PubCo shall
have exercised its right to defer, delay or suspend the filing or effectiveness of the registration statement and such deferral,
delay or suspension shall affect the ability of such Exchanging Member to have the resale of its Class A Stock registered at or
immediately following the consummation of the Exchange; (iv) PubCo shall have disclosed to such Exchanging Member (after receiving
consent of such Exchanging Member) or such Exchanging Member otherwise receives as a result of any officer or director of such
Exchanging Member also acting as an officer or director of PubCo any material non-public information concerning PubCo or its Subsidiaries,
taken as a whole, the receipt of which results in the Exchanging Member being prohibited or restricted from selling Class A Stock
at or immediately following the Exchange without disclosure of such information (and PubCo does not permit disclosure); (v) any
stop order relating to the registration statement pursuant to which the Class A Stock was to be registered by such Exchanging Member
at or immediately following the Exchange shall have been issued by the Commission; (vi) there shall be in effect an injunction,
a restraining order or decree of any nature of any Governmental Entity that restrains or prohibits the Exchange; (vii) PubCo shall
have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall
have affected the ability of such Exchanging Member to consummate the resale of the Class A Stock to be received upon such Exchange
pursuant to an effective registration statement; or (viii) the Exchange Date would occur three (3) Business Days or less prior
to, or during, a Black-Out Period. If an Exchanging Member delays the consummation of an Exchange pursuant to this <U>Section 3.6(e)</U>,
(A) the Exchange Date shall occur on the third Business Day following the date on which the conditions giving rise to such delay
cease to exist (or such earlier date as PubCo, the Company and Exchanging Member may mutually agree in&nbsp;writing) and (B) notwithstanding
anything to the contrary in <U>Section 3.6(d)</U>, the Exchanging Member may retract its Exchange Notice by giving a Retraction
Notice to the Company (with a copy to PubCo) at any time prior to 5:00 pm, New York time, on the first Business Day following the
date on which the conditions giving rise to such delay cease to exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company has not made a valid Cash Election, then as promptly as practicable after the receipt of the Exchange Notice
and the surrender to the Company of the certificate or certificates, if any, representing such Common Units and shares of Class
C Stock (but in any event by the Exchange Date, as defined below), PubCo shall issue and contribute to the Company, and the Company
shall deliver to the Exchanging Member, or on the Exchanging Member&rsquo;s written order, the number of shares of Class A Stock
issuable upon the Exchange (in book-entry or certificated form, as determined by PubCo, and with such legends as may be required
in accordance with applicable Law), and the Company shall deliver such surrendered Common Units and shares of Class C Stock to
PubCo in exchange for no additional consideration. If the Company has made a valid Cash Election, then as promptly as practicable
after the receipt of the Exchange Notice (but in no event more than two (2) Business Days after receipt of the Exchange Notice),
PubCo shall contribute to the Company the cash consideration the Exchanging Member is entitled to receive in the Exchange and,
upon surrender to the Company of the certificate or certificates, if any, representing such Common Units and shares of Class C
Stock, the Company shall deliver to the Exchanging Member as directed by the Exchanging Member by wire transfer of immediately
available funds the Cash Election Amount payable upon the Exchange, and the Company shall deliver such surrendered Common Units
and shares of Class C Stock to PubCo for no additional consideration. Each Exchange shall be deemed to have been effected on (i)
the Business Day after the date on which the Exchange Notice shall have been received by the Company, PubCo or the Transfer Agent,
as applicable (subject to receipt by the Company, PubCo or the Transfer Agent, as applicable, within three Business Days thereafter
of any required instruments of transfer as aforesaid) if the Company has not made a valid Cash Election with respect to such Exchange
or (y) if the Company has made a valid Cash Election with respect to such Exchange, the first Business Day on which the Company
has available funds to pay the Cash Election Amount (but in no event more than two (2) Business Days after receipt of the Exchange
Notice), or (ii) such later date specified in or pursuant to the Exchange Notice (such date identified in clause (i) or (ii), as
applicable, the &ldquo;<B><I>Exchange Date</I></B>&rdquo;). If the Company has not made a valid Cash Election, and the Person or
Persons in whose name or the shares of Class A Stock shall be issuable upon such Exchange as aforesaid shall be deemed to have
become, on the Exchange Date, the holder or holders of record of the shares represented thereby. Notwithstanding anything herein
to the contrary and in addition to the rights set forth in <U>Section 3.6(d)</U>, unless the Company has made a valid Cash Election
(and the Exchanging Member has failed to timely deliver a Retraction Notice in accordance with <U>Section 3.6(d)</U>), any Exchanging
Member may retract or amend an Exchange Notice, in whole or in part, prior to the effectiveness of the applicable Exchange, at
any time prior to 5:00 p.m., New York, New York time, on the Business Day immediately preceding the Exchange Date (or any such
later time as may be required by applicable Law) by delivery of a written notice of retraction to the Company (with a copy to PubCo),
specifying (1) the numbers of the withdrawn Common Units and shares of Class B Stock (and the applicable certificate numbers therefor,
if certificated), (2) if any, the number of Common Units and shares of Class C Stock as to which the Exchange Notice remains in
effect and (3) if the Exchanging Member so determines, a new Exchange Date or any other new or revised information permitted in
an Exchange Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If (i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the
shares of Class A Stock are converted or changed into another security, securities or other property, or (ii) PubCo shall, by dividend
or otherwise, distribute to all holders of the shares of Class A Stock evidences of its Indebtedness or assets, including securities
(including shares of Class A Stock and any rights, options or warrants to all holders of the shares of Class A Stock to subscribe
for or to purchase or to otherwise acquire shares of Class A Stock, or other securities or rights convertible into, exchangeable
for or exercisable for shares of Class A Stock) but excluding any cash dividend or distribution as well as any such distribution
of Indebtedness or assets received by PubCo from the Company in respect of the Units, then upon any subsequent Exchange, each Member
shall be entitled to receive the amount of such security, securities or other property that such Member would have received if
such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization,
other similar transaction dividend or other distribution, taking into account any adjustment as a result of any subdivision (by
any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse
split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective
time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there
is any reclassification, reorganization, recapitalization or other similar transaction in which the shares of Class A Stock are
converted or changed into another security, securities or other property, or any dividend or distribution (other than an excluded
dividend or distribution, as described above), this <U>Section 3.6</U> shall continue to be applicable, <I>mutatis mutandis</I>,
with respect to such security or other property.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PubCo shall at all times keep authorized and available, solely for the purpose of issuance upon an Exchange, such number
of shares of Class A Stock that shall be issuable upon the Exchange of all outstanding Common Units and shares of Class C Stock;
<U>provided</U>, that nothing contained herein shall be construed to preclude PubCo from satisfying its obligations with respect
of an Exchange by delivery of shares of Class A Stock that are held in the treasury of PubCo. PubCo covenants that all shares of
Class A Stock that shall be issued upon an Exchange shall, upon issuance thereof, be validly issued, fully paid and non-assessable.
In addition, for so long as the shares of Class A Stock are listed on a National Securities Exchange, PubCo shall use its reasonable
best efforts to cause all shares of Class A Stock issued upon an Exchange to be listed on such National Securities Exchange at
the time of such issuance.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless otherwise required by applicable Law, each Exchange shall be treated for federal (and applicable state and local)
income tax purposes as an exchange with PubCo of the Exchanging Member&rsquo;s Common Units for shares of Class A Stock or cash,
as applicable, for purposes of Section 743 and other applicable Sections of the Code. The issuance of shares of Class A Stock upon
an Exchange shall be made without charge to the Exchanging Member for any stamp or other similar tax in respect of such issuance;
<U>provided</U>, <U>however</U>, that if any such shares are to be issued in a name other than that of the Exchanging Member, then
the Person or Persons in whose name the shares are to be issued shall pay to PubCo the amount of any tax that may be payable in
respect of any transfer involved in such issuance or shall establish to the satisfaction of PubCo that such tax has been paid or
is not payable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with a PubCo Change of Control, PubCo shall have the right to require each Member (other than PubCo, Merger
Sub 3 and any other wholly owned subsidiary of PubCo that becomes a Member following the date hereof) to effect an Exchange of
all but not less than all of such Member&rsquo;s Common Units and cancel a corresponding number of such Member&rsquo;s shares of
Class C Stock in exchange for an equal number of newly issued shares of Class A Common Stock. Any Exchange pursuant to this <U>Section
3.6(j)</U> shall be effective immediately prior to the consummation of the PubCo Change of Control (and, for the avoidance of doubt,
shall not be effective if such PubCo Change of Control is not consummated) (the date of such effectiveness, the &ldquo;<B><I>Change
of Control Exchange Date</I></B>&rdquo;). From and after the Change of Control Exchange Date, (i) the Common Units and shares of
Class C Stock subject to such Exchange shall be deemed to have been transferred to PubCo on the Change of Control Exchange Date
and (ii) such Member shall cease to have any rights with respect to such Common Units and shares of Class C Stock subject to such
Exchange (other than the right to receive shares of Class A Common Stock pursuant to such Exchange). PubCo shall provide written
notice of an expected PubCo Change of Control transaction to all Members within the earlier of (x) five (5) Business Days following
the execution of the definitive agreement with respect to such PubCo Change of Control and (y) ten (10) Business Days before the
proposed date upon which the contemplated PubCo Change of Control is to be effected, indicating in such notice such information
as may reasonably describe the PubCo Change of Control transaction, subject to applicable Law, including the date of execution
of such definitive agreement or such proposed effective date, as applicable, the amount and type of consideration to be paid for
shares of Class A Stock in the PubCo Change of Control, and any election with respect to types of consideration that a holder of
shares of Class A Stock, as applicable, shall be entitled to make in connection with such PubCo Change of Control. Following the
delivery of such notice and on or prior to the Change of Control Exchange Date, the Members shall take all actions reasonably requested
by PubCo to effect such Exchange, including taking any action and delivering any document required pursuant to <U>Section 3.6(c)</U>
to effect such Exchange.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that a tender offer, share exchange offer, issuer bid, take-over bid, merger, recapitalization or similar transaction
with respect to shares of Class A Stock (a &ldquo;<B><I>PubCo Offer</I></B>&rdquo;) is proposed by PubCo or is proposed to PubCo
or its stockholders and approved by the board of directors of PubCo or is otherwise effected or to be effected with the consent
or approval of the board of directors of PubCo, each Member (other than PubCo, Merger Sub 3 and any other wholly owned subsidiary
of PubCo that becomes a Member following the date hereof) shall be permitted to participate in such PubCo Offer by delivery of
a contingent Exchange Notice in accordance with the last sentence of <U>Section 3.6(c)</U> with respect to its Common Units and
shares of Class C Stock (other than with respect to any Common Units or shares of Class C Stock to which the Company exercised
its right to require any such Member to effect an Exchange pursuant to <U>Section 3.6(i)</U> in connection with a PubCo Change
of Control) (the &ldquo;<B><I>Eligible PubCo Offer Securities</I></B>&rdquo;). In the case of a PubCo Offer proposed by PubCo,
PubCo will use its reasonable best efforts expeditiously and in good faith to take all such actions and do all such things as are
necessary or desirable to enable and permit the Members (other than PubCo, Merger Sub 3 and any other wholly owned subsidiary of
PubCo that becomes a Member following the date hereof) to participate in such PubCo Offer with respect to such Eligible PubCo Offer
Securities to the same extent or on an economically equivalent basis as the holders of shares of PubCo without discrimination;
<U>provided</U>, that without limiting the generality of this sentence, PubCo will use its reasonable best efforts expeditiously
and in good faith to ensure that such Members may participate in each such PubCo Offer with respect to such Eligible PubCo Offer
Securities without being required to cause the Exchange of Common Units and cancellation of shares of Class C Stock (or, if so
required, to ensure that any such Exchange shall be effective only upon, and shall be conditional upon, the closing of such PubCo
Offer and only to the extent necessary to tender or deposit to PubCo Offer in accordance with the last sentence of <U>Section 3.6(c)</U>,
or, as applicable, to the extent necessary to exchange the Eligible PubCo Offer Securities being repurchased).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Exchange shall impair the right of the Exchanging Member to receive any distributions payable on the Common Units so
redeemed in respect of a record date that occurs prior to the Exchange Date for such Exchange. For the avoidance of doubt, no Exchanging
Member, or a Person designated by an Exchanging Member to receive shares of Class A Stock, shall be entitled to receive, with respect
to the same fiscal quarter, distributions or dividends both on Common Units redeemed from such Exchanging Member and on shares
of Class A Stock received by such Exchanging Member, or other Person so designated, if applicable, in such Exchange, unless the
Company makes more than one distribution during any given fiscal quarter.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Rights of the Preferred Units</U></B><FONT STYLE="font-size: 10pt">. The Company intends that (x) the rights, preferences
and privileges of the Series 4 Preferred Units issued to PubCo, subject to <U>Section 5.2(a)</U>, mirror the rights, preferences
and privileges of the Series 4 Preferred Stock issued by PubCo, and that at all times the ratio between the number of outstanding
Series 4 Preferred Units and the number of outstanding shares of Series 4 Preferred Stock be maintained at 1:1, and (y) the rights,
preferences and privileges of the Series 6 Preferred Units issued to PubCo, subject to <U>Section 5.2(a)</U>, mirror the rights,
preferences and privileges of the Series 6 Preferred Stock issued by PubCo, and that at all times the ratio between the number
of outstanding Series 6 Preferred Units and the number of outstanding shares of Series 6 Preferred Stock be maintained at 1:1.
Accordingly, the terms and provisions of this <U>Section 3.7</U> shall be construed in accordance with such intent, and (x) to
the extent there is a conflict between the rights, preferences and privileges of the Series 4 Preferred Units under this Agreement
and the rights, preferences and privileges of the Series 4 Preferred Stock under the Series 4 Certificate of Designations, the
terms of the Series 4 Certificate of Designations shall control, and (y) to the extent there is a conflict between the rights,
preferences and privileges of the Series 6 Preferred Units under this Agreement and the rights, preferences and privileges of the
Series 6 Preferred Stock under the Series 6 Certificate of Designations, the terms of the Series 6 Certificate of Designations
shall control. Subject to the foregoing, the Series 4 Preferred Units and the Series 6 Preferred Units (collectively, the &ldquo;<B><I>Preferred
Units</I></B>&rdquo;) shall have the following rights, preferences and privileges and shall be subject to the following duties
and obligations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends or Other Distributions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 4 Preferred Units</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event PubCo is required to declare a Dividend (as defined in the Series 4 Certificate of Designations), on or before
the date such Dividend is to be paid, the Manager shall cause the Company to make a distribution of cash to PubCo in respect of
the Series 4 Preferred Units in an amount equal to the amount to be paid by PubCo in respect of such Dividend, which distribution
shall be, for the avoidance of doubt, in addition to any amounts distributable to PubCo pursuant to <U>Section 5.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent the holders of the Series 4 Preferred Stock are entitled to participate in any dividends or distributions
(whether in cash or other property, but not including dividends or distributions of Class A Stock or other PubCo Equity Securities
addressed in <U>Section 3.7(a)(i)(C)</U> to holders of Class A Stock, the Manager shall cause the Company to make a distribution
of cash or other property, as applicable, to PubCo in respect of the Series 4 Preferred Units in an amount and type equal to the
amount to be paid by PubCo to the holders of the Series 4 Preferred Stock, which distribution shall be in addition to any amounts
distributable to PubCo with respect to Series 4 Preferred Units pursuant to <U>Section 5.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent the holders of the Series 4 Preferred Stock are entitled to participate in any dividends or distributions
of Class A Stock or other PubCo Equity Securities to holders of Class A Stock, consistent with <U>Section 3.4(b)</U>, the Manager
shall cause the Company to issue to PubCo a number of Common Units or such other Equity Security of the Company, as applicable,
equal to the number of shares of Class A Common Stock or other PubCo Equity Security, as applicable, being issued by PubCo to the
holders of the Series 4 Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 6 Preferred Units</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event PubCo is required to declare a Dividend (as defined in the Series 6 Certificate of Designations), on or before
the date such Dividend is to be paid, the Manager shall cause the Company to make a distribution of cash to PubCo in respect of
the Series 6 Preferred Units in an amount equal to the amount to be paid by PubCo in respect of such Dividend, which distribution
shall be, for the avoidance of doubt, in addition to any amounts distributable to PubCo pursuant to <U>Section 5.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent the holders of the Series 6 Preferred Stock are entitled to participate in any dividends or distributions
(whether in cash or other property, but not including dividends or distributions of Class A Stock or other PubCo Equity Securities
addressed in Section <U>3.7(a)(ii)(C))</U> to holders of Class A Stock, the Manager shall cause the Company to make a distribution
of cash or other property, as applicable, to PubCo in respect of the Series 6 Preferred Units in an amount and type equal to the
amount to be paid by PubCo to the holders of the Series 6 Preferred Stock, which distribution shall be in addition to any amounts
distributable to PubCo with respect to Series 6 Preferred Units pursuant to <U>Section 5.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent the holders of the Series 6 Preferred Stock are entitled to participate in any dividends or distributions
of Class A Stock or other PubCo Equity Securities to holders of Class A Stock, consistent with <U>Section 3.4(b)</U>, the Manager
shall cause the Company to issue to PubCo a number of Common Units or such other Equity Security of the Company, as applicable,
equal to the number of shares of Class A Common Stock or other PubCo Equity Security, as applicable, being issued by PubCo to the
holders of the Series 6 Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liquidation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 4 Preferred Stock</U>. In the event PubCo is required to make a Series 4 Preferred Stock Liquidation Payment in
cash or other property (other than Equity Securities of the Company), on or before the related date fixed for the liquidation,
dissolution or winding up of the affairs of PubCo, the Manager shall cause the Company to make a distribution of cash or other
property, as applicable, to PubCo in respect of the Series 4 Preferred Units in an amount equal to the amount to be paid by PubCo
in respect of such Series 4 Preferred Stock Liquidation Payment, which distribution shall be in addition to any amounts distributable
to PubCo with respect to Series 4 Preferred Units pursuant to <U>Section 5.2(a)</U>, and/or <U>Section 10.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 6 Preferred Stock</U>. In the event PubCo is required to make a Series 6 Preferred Stock Liquidation Payment in
cash or other property (other than Equity Securities of the Company), on or before the related date fixed for the liquidation,
dissolution or winding up of the affairs of PubCo, the Manager shall cause the Company to make a distribution of cash or other
property, as applicable, to PubCo in respect of the Series 6 Preferred Units in an amount equal to the amount to be paid by PubCo
in respect of such Series 6 Preferred Stock Liquidation Payment, which distribution shall be in addition to any amounts distributable
to PubCo with respect to Series 6 Preferred Units pursuant to <U>Section 5.2(a)</U>, and/or <U>Section 10.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 4 Preferred Stock</U>. Consistent with <U>Section 3.4(b)</U> and <U>(c)</U>, each time that a share of Series
4 Preferred Stock is converted into one or more shares of Class A Stock, an equal number of Series 4 Preferred Units shall automatically
be cancelled in exchange for (without any further action of the Company or PubCo) the issuance to PubCo of a number of Common Units
at the same conversion ratio as applied to the conversion of the Series 4 Preferred Stock into Class A Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 6 Preferred Stock</U>. Consistent with <U>Section 3.4(b)</U> and <U>(c)</U>, each time that a share of Series
6 Preferred Stock is converted into one or more shares of Class A Stock, an equal number of Series 6 Preferred Units shall automatically
be cancelled in exchange for (without any further action of the Company or PubCo) the issuance to PubCo of a number of Common Units
at the same conversion ratio as applied to the conversion of the Series 6 Preferred Stock into Class A Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 4 Preferred Stock</U>. Consistent with <U>Section 3.4(b)</U> and <U>(c)</U>, each time that PubCo is required
to redeem a share of Series 4 Preferred Stock pursuant to Section 7 of the Series 4 Certificate of Designations, the Company shall
redeem an equal number of Series 4 Preferred Units from PubCo in exchange for the same consideration that is to be paid by PubCo
in the redemption of the Series 4 Preferred Stock, which shall be in addition to any amounts distributable to PubCo (for further
distribution to PubCo) with respect to Series 4 Preferred Units pursuant to <U>Section 5.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Series 6 Preferred Stock</U>. Consistent with <U>Section 3.4(b)</U> and <U>(c)</U>, each time that PubCo is required
to redeem a share of Series 6 Preferred Stock pursuant to Section 7 of the Series 6 Certificate of Designations, the Company shall
redeem an equal number of Series 6 Preferred Units from PubCo in exchange for the same consideration that is to be paid by PubCo
in the redemption of the Series 6 Preferred Stock, which shall be in addition to any amounts distributable to PubCo with respect
to Series 6 Preferred Units pursuant to <U>Section 5.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting</U>. Except as otherwise required by the Act or other applicable law or in <U>Section 11.1</U>, holders of Preferred
Units shall not be entitled to any vote on matters submitted to the Members for approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exceptions</U>. Notwithstanding any other provision of this <U>Section 3.7</U>, no distribution, redemption or conversion
shall be effected to the extent such distribution, redemption or conversion would render the Company insolvent or violate applicable
law or any material restrictions contained in any agreement to which the Company is a party as of the Effective Date (without giving
effect to any amendments of such agreement after the Effective Date). The Manager shall not approve, and the Company shall not
make, any distribution pursuant to this <U>Section 3.7</U> at any time that PubCo is not permitted or required to make a dividend
or make a liquidating distribution in respect of junior securities pursuant to the Series 4 Certificate of Designations or the
Series 6 Certificate of Designations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
IV</B></FONT><B><BR>
CAPITAL ACCOUNTS; ALLOCATIONS OF PROFITS AND LOSSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Capital Accounts</U></B><FONT STYLE="font-size: 10pt">. A Capital Account shall be maintained for each Member in accordance
with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the
other provisions of this Agreement. For this purpose, the Company may (in the discretion of the Partnership Representative), upon
the occurrence of the events specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts
in accordance with the rules of such Treasury Regulations and Treasury Regulations Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation
of Company property. The Capital Account balance of each of the Members as of the Effective Time is its respective Effective Time
Capital Account Balance set forth on <U>Exhibit A</U>. Thereafter, each Member&rsquo;s Capital Account shall be (a) increased by
(i) allocations to such Member of Profits pursuant to <U>Section 4.2</U> and any other items of income or gain allocated to such
Member pursuant to <U>Section 4.3</U>, (ii) the amount of additional cash or the initial Gross Asset Value of any asset (net of
any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member,
and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations
to such Member of Losses pursuant to <U>Section 4.2</U> and any other items of deduction or loss allocated to such Member pursuant
to the provisions of <U>Section 4.3</U>, (ii) the amount of any cash or the Gross Asset Value of any asset (net of any Liabilities
assumed by the Company and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases
allowed or required by Treasury Regulations Section&nbsp;1.704-1(b)(2)(iv). In the event of a Transfer of Units made in accordance
with this Agreement, the Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the
Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(<I>l</I>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Profits and Losses</U></B><FONT STYLE="font-size: 10pt">. After giving effect to the allocations under <U>Section
4.3</U>, Profits and Losses (and, to the extent determined by the Partnership Representative to be necessary and appropriate to
achieve the resulting Capital Account balances described below, any allocable items of income, gain, loss, deduction or credit
includable in the computation of Profits and Losses) for each Fiscal Year shall be allocated among the Members during such Fiscal
Year in a manner such that, after giving effect to the special allocations set forth in <U>Section 4.3</U> and all distributions
through the end of such Fiscal Year, the Capital Account balance of each Member, immediately after making such allocation, is,
as nearly as possible, equal to (i) the amount such Member would receive pursuant to <U>Section 10.2(b)</U> if all assets of the
Company on hand at the end of such Fiscal Year were sold for cash equal to their Gross Asset Values, all Liabilities of the Company
were satisfied in cash in accordance with their terms (limited with respect to each Nonrecourse Liability to the Gross Asset Value
of the assets securing such Liability), and all remaining or resulting cash was distributed, in accordance with <U>Section 10.2(b)</U>,
to the Members immediately after making such allocation, minus (ii) such Member&rsquo;s share of Company Minimum Gain and Member
Minimum Gain, computed immediately prior to the hypothetical sale of assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Special Allocations<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Members on a pro rata basis in accordance
with the number of Units owned by each Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Member Nonrecourse Deductions for any Fiscal Year shall be specially allocated to the Member who bears economic risk
of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance
with Treasury Regulations Section 1.704-2(i). If more than one Member bears the economic risk of loss for such Member Nonrecourse
Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members according
to the ratio in which they bear the economic risk of loss. This <U>Section 4.3(b)</U> is intended to comply with the provisions
of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided in Treasury Regulation Section 1.704-2(f), notwithstanding any other provision of this Agreement
to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year (or if there was a net decrease in Company
Minimum Gain for a prior Fiscal Year and the Company did not have sufficient amounts of income and gain during prior Fiscal Years
to allocate among the Members under this <U>Section 4.3(c)</U>), each Member shall be specially allocated items of Company income
and gain for such Fiscal Year in an amount equal to such Member&rsquo;s share of the net decrease in Company Minimum Gain during
such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). Allocations pursuant to the previous sentence
shall be made in proportion to the respective amounts required to be allocated to each Member in accordance with Treasury Regulation
Sections 1.704-2(f)(6) and 1.704-2(j)(2). This section is intended to constitute a minimum gain chargeback under Treasury Regulations
Section 1.704-2(f) and shall be interpreted consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided in Treasury Regulation Section 1.704-2(i)(4), notwithstanding any other provision of this Agreement
except <U>Section 4.3(c)</U>, if there is a net decrease in Member Minimum Gain during any Fiscal Year (or if there was a net decrease
in Member Minimum Gain for a prior Fiscal Year and the Company did not have sufficient amounts of income and gain during prior
Fiscal Years to allocate among the Members under this <U>Section 4.3(d)</U>), each Member shall be specially allocated items of
Company income and gain for such year in an amount equal to such Member&rsquo;s share of the net decrease in Member Minimum Gain
(as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). Allocations pursuant to the previous sentence shall be
made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be allocated
shall be determined in accordance with Treasury Regulation Sections&nbsp;1.704-2(i)(4) and 1.704-2(j)(2). This section is intended
to constitute a partner nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be
interpreted consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision hereof to the contrary except <U>Section 4.3(c)</U> and <U>Section 4.3(d)</U>, in the event
any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury
Regulations Section 1.704-1(b)(2)(ii)(<I>d</I>), resulting in, or increasing, an Adjusted Capital Account Deficit for such Member,
items of Company income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for
the Fiscal Year) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital
Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this <U>Section 4.3(e)</U> shall
be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided
for in this <U>Article IV</U> have been tentatively made as if this <U>Section 4.3(e)</U> were not in this Agreement. This <U>Section
4.3(e)</U> is intended to constitute a qualified income offset under Treasury Regulations Section&nbsp;1.704-1(b)(2)(ii)<I>(d)</I>
and shall be interpreted consistently therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Member has an Adjusted Capital Account Deficit at the end of any Fiscal Year that is in excess of the sum of (i)
the amount that such Member is obligated to restore and (ii) the amount that the Member is deemed to be obligated to restore pursuant
to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated
items of Company income, gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this
<U>Section 4.3(f)</U> shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit in
excess of such sum after all other allocations provided for in this <U>Article IV</U> have been made as if <U>Section 4.3(e)</U>
and this <U>Section 4.3(f)</U> were not in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(<I>m</I>)(2) or 1.704-1(b)(2)(iv)<I>(m)</I>(4), to be taken
into account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member&rsquo;s
Interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated
to the Members in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)<I>(m)</I>(2) if such section applies or to the
Member to whom such distribution was made if Treasury Regulations Section 1.704-1(b)(2)(iv)<I>(m)</I>(4) applies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The allocations set forth in <U>Section 4.3(a)</U> through <U>Section 4.3(g)</U> (the &ldquo;<B><I>Regulatory Allocations</I></B>&rdquo;)
are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other
provision of this <U>Article IV</U> (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future
Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss and deduction among the Members
so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member
should be equal to the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred.
This <U>Section 4.3(h)</U> is intended to minimize to the extent possible and to the extent necessary any economic distortions
which may result from application of the Regulatory Allocations and shall be interpreted in a manner consistent therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Manager may, in its reasonable discretion, cause the Company to make allocations of items of gross income and gain to
the holders of Preferred Units to the extent necessary to cause, after taking into account distributions with respect to Preferred
Units, and allocations to be made pursuant to <U>Section 4.2</U>, Capital Account balances attributable to Preferred Units, to
be, as nearly as possible, equal to amounts distributable with respect to Preferred Units pursuant to <U>Section 10.2(b)(iii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Allocations for Tax Purposes in General<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided in this <U>Section 4.4</U>, each item of income, gain, loss and deduction of the Company for
federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under <U>Section
4.2</U> and <U>Section 4.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying
the principles of Code Section 704(c) to changes in Gross Asset Values)<I>, </I>items of income, gain, loss and deduction with
respect to any Company property having a Gross Asset Value that differs from such property&rsquo;s adjusted federal income tax
basis shall, solely for federal income tax purposes, be allocated among the Members to account for any such difference using the
methods determined by the Manager to be appropriate and in accordance with the applicable Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any (i) recapture of Depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations
Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions (taking into account the effect of
allocations under Code Section 704(c)), and (ii) recapture of credits shall be allocated to the Members in accordance with applicable
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Allocations pursuant to this <U>Section 4.4</U> are solely for purposes of federal, state and local taxes and shall not
affect or in any way be taken into account in computing any Member&rsquo;s Capital Account or share of Profits, Losses, other items
or distributions pursuant to any provision of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, as a result of an exercise of a noncompensatory option to acquire an interest in the Company (including a conversion
of any Preferred Units), a Capital Account reallocation is required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3),
the Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Other Allocation Rules<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Members are aware of the income tax consequences of the allocations made by this <U>Article IV</U> and the economic
impact of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by the provisions
of this <U>Article IV</U> in reporting their share of Company income and loss for income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have been Transferred
shall be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year during which each was recognized
as the owner of such interest; <I>provided</I>, <I>however</I>, that this allocation must be made in accordance with a method permissible
under Code Section 706 and the Treasury Regulations thereunder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Members&rsquo; proportionate shares of the &ldquo;excess nonrecourse liabilities&rdquo; of the Company, within the meaning
of Treasury Regulations Section 1.752-3(a)(3), shall be allocated to the Members in any manner determined by the Manager and permissible
under the Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
V</B></FONT><B><BR>
DISTRIBUTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Distributions<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions</U>. To the extent permitted by applicable Law and hereunder, distributions to Members may be declared
by the Manager out of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions)
as the Manager shall determine using such record date as the Manager may designate; such distribution shall be made to the Members
as of the close of business on such record date on a pro rata basis in accordance with the number of Units owned by each Member
(except that repurchases or exchanges made in accordance with <U>Section 3.4(c)</U> or payments made in accordance with <U>Section
6.4</U> need not be on a pro rata basis) in accordance with the number of Units owned by each Member as of the close of business
on such record date; <U>provided</U>, <U>however</U>, that the Company shall have the obligation to make distributions pursuant
to <U>Section 6.4</U>; and provided further that, notwithstanding any other provision herein to the contrary, no distributions
shall be made to any Member to the extent such distribution would render the Company insolvent and <U>provided further</U>, that
no distribution shall be made to the holders of Common Units pursuant to this <U>Section 5.1(a)</U> in respect thereof unless and
until all distributions to the holders of Preferred Units have been made in accordance with <U>Section 3.7</U>. For purposes of
the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Promptly following
the designation of a record date and the declaration of a distribution pursuant to this <U>Section 5.1</U>, the Manager shall give
notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors</U>. For purposes of determining the amount of distributions, each Member shall be treated as having made
the Capital Contributions and as having received the Distributions made to or received by its predecessors in respect of any of
such Member&rsquo;s Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions In-Kind</U>. Except as otherwise provided in this Agreement, any distributions may be made in cash or in
kind, or partly in cash and partly in kind, as determined by the Manager. To the extent that the Company distributes property in-kind
to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such property for purposes
of <U>Section 5.1(a)</U> and such property shall be treated as if it were sold for an amount equal to its Fair Market Value. Any
resulting gain or loss shall be allocated to the Member&rsquo;s Capital Accounts in accordance with <U>Section 4.2</U> and <U>Section
4.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Tax Distributions<FONT STYLE="font-size: 10pt">.</FONT></U></B><FONT STYLE="font-size: 10pt"> If the amounts distributed
to the Members pursuant to <U>Section 5.1(a)</U> of this Agreement during a calendar year as of each Tax Distribution Date with
respect to such calendar year are less than the amount that would be distributed pursuant to this <U>Section 5.2</U>, then on each
Tax Distribution Date, the Company shall, subject to the availability of funds and to any restrictions contained in any agreement
to which the Company is bound, make distributions</FONT>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to PubCo in an amount equal to all of PubCo&rsquo;s Assumed Tax Liability attributable to the estimated or actual taxable
income of the Company, as determined for federal income tax purposes, allocated to PubCo pursuant to Article IV with respect to
its Preferred Units during the Fiscal Year or other taxable period to which the tax-related distribution under this <U>Section
5.2</U> relates; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the Members on a pro rata basis in accordance with the number of Common Units owned by each Member in an amount sufficient
to cause PubCo to receive an aggregate distribution with respect to its Common Units equal to PubCo&rsquo;s remaining Assumed Tax
Liability (after the distribution under <U>Section 5.2(a)</U>) during the Fiscal Year or other taxable period to which the tax-related
distribution under this <U>Section 5.2</U> relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Distribution Upon Withdrawal</U></B><FONT STYLE="font-size: 10pt">. No withdrawing Member shall be entitled to receive
any distribution or the value of such Member&rsquo;s Interest in the Company as a result of withdrawal from the Company prior to
the liquidation of the Company, except as specifically provided in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
VI</B></FONT><B><BR>
MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>The Manager; Fiduciary Duties<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall be managed by a single manager (as such term is defined in the Act) (the &ldquo;<B><I>Manager</I></B>&rdquo;).
Except as otherwise required by Law or for matters in which the vote or approval of any Member is specifically required under this
Agreement, (i) the Manager shall have full and complete charge of all affairs of the Company, (ii) the management and control of
the Company&rsquo;s business activities and operations shall rest exclusively with the Manager, and the Manager shall make all
decisions regarding the business, activities and operations of the Company (including the incurrence of costs and expenses) in
its sole discretion without the consent of any other Member and (iii) the Members (in their capacity as such) shall not participate
in the control, management, direction or operation of the activities or affairs of the Company and shall have no power to act for
or bind the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Manager may be any Person (other than a syndicate or group that would be deemed to be a person under Section 13(d)(3)
of the Exchange Act) and may, but need not be, a Member. PubCo shall be the initial Manager as of the Effective Time and shall
serve as the Manager from and after the Effective Time until a successor Manager is duly appointed by PubCo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with the performance of its duties as the Manager of the Company, the Manager acknowledges that it will owe
to the Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation if it were a member of the
board of directors of such a corporation and the Members were stockholders of such corporation. The parties acknowledge that PubCo,
as the initial Manager and for so long as it continues to be the Manager, will take action through its board of directors, and
that the members of PubCo&rsquo;s board of directors will owe comparable fiduciary duties to the stockholders of PubCo.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Officers<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Manager may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company
or the performance of services for or on behalf of the Company, and the Manager may delegate to any such Persons such authority
to act on behalf of the Company as the Manager may from time to time deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise set forth herein, the [President], if appointed by the Manager in its discretion, will be responsible
for the general and active management of the business of the Company and its Subsidiaries and will see that all orders of the Manager
are carried into effect. The [President] will report to the Manager and have the general powers and duties of management usually
vested in the office of [President] of a corporation organized under the DGCL, subject to the terms of this Agreement, and will
have such other powers and duties as may be prescribed by the Manager or this Agreement. The [President] will have the power to
execute bonds, mortgages and other Contracts requiring a seal, under the seal of the Company, except where required or permitted
by Law to be otherwise signed and executed, and except where the signing and execution thereof will be expressly delegated by the
Manager to some other Officer or agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as set forth herein, the Manager may appoint Officers at any time, and the Officers may include one or more vice
presidents, a secretary, one or more assistant secretaries, a chief financial officer, a general counsel, a treasurer, one or more
assistant treasurers, a chief operating officer, an executive chairman, and any other officers that the Manager deems appropriate.
Except as set forth herein, the Officers will serve at the pleasure of the Manager, subject to all rights, if any, of such Officer
under any Contract of employment. Any individual may hold any number of offices, and an Officer may, but need not, be a Member
of the Company. The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined
from time to time by the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Officer may be removed, either with or without cause, by the Manager. Any Officer may resign at any time by giving written
notice to the Manager. Any resignation will take effect at the date of the receipt of that notice or at any later time specified
in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make
it effective. Any resignation is without prejudice to the rights, if any, of the Company under any Contract to which the Officer
is a party or under applicable Law. A vacancy in any office because of death, resignation, removal, disqualification or any other
cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Warranted Reliance by Officers on Others</U></B><FONT STYLE="font-size: 10pt">. In exercising their authority and
performing their duties under this Agreement, the Officers shall be entitled to rely on information, opinions, reports, or statements
of the following persons or groups unless they have actual knowledge concerning the matter in question that would cause such reliance
to be unwarranted:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>one or more employees or other agents of the Company or in subordinates whom the Officer reasonably believes to be reliable
and competent in the matters presented; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be within such person&rsquo;s
professional or expert competence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Indemnification</U></B><FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the limitations and conditions provided in this <U>Section 6.4</U>, each Person who was or is made a party or
is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or arbitrative (each, a &ldquo;<B><I>Proceeding</I></B>&rdquo;), or any appeal in such a Proceeding
or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact he, she or it, or a Person of which
he, she or it is the legal representative, is or was a Member (or an Affiliate thereof), the Manager or an Officer (each, a &ldquo;<B><I>Company
Indemnitee</I></B>&rdquo;), in each case, shall be indemnified by the Company to the fullest extent permitted by applicable Law,
as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment
permits the Company to provide broader indemnification rights than such Law permitted the Company to provide prior to such amendment)
against all judgment, penalties (including excise and similar taxes and punitive damages), fines, settlement and expenses (including
attorneys&rsquo; fees and expenses) actually incurred by such Company Indemnitee in connection with such Proceeding, appeal, inquiry
or investigation, if such Company Indemnitee acted in good faith and in a manner such person reasonably believed to be in or not
opposed to the best interests of the Company, and, with respect to a criminal proceeding, having had no reasonable cause to believe
such Company Indemnitee&rsquo;s conduct was unlawful. Expenses incurred by a Company Indemnitee who was, is or is threatened to
be made a named defendant or respondent in a Proceeding shall be paid by the Company in advance of the final disposition of the
Proceeding upon receipt of an undertaking by or on behalf of such Company Indemnitee to repay such amount if it shall ultimately
be determined that he, she or it is not entitled to be indemnified by the Company. Indemnification under this Section 6.4 shall
continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder. The
rights granted pursuant to this <U>Section 6.4</U> shall be deemed contract rights, and no amendment, modification or repeal of
this <U>Section 6.4</U> shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings,
appeals, inquiries or investigations arising prior to any amendment, modification or repeal. It is expressly acknowledged that
the indemnification provided in this <U>Section 6.4</U> could involve indemnification for negligence or under theories of strict
liability. The right to indemnification and the advancement of expenses conferred in this <U>Section 6.4</U> shall not be exclusive
of any other rights which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the Manager or
otherwise and such rights shall continue as to a Company Indemnitee who has ceased to be a director, manager, officer, employee
or agent and shall inure to the benefit of the Company Indemnitee&rsquo;s heirs, estate, executors, administrators and legal representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall indemnify PubCo for any MDC Pre-Closing Tax and New MDC Pre-Closing Tax (each, as defined in the Transaction
Agreement), and shall make such payments to any applicable tax authority or PubCo, as contemplated by Section 8.03(c) of the Transaction
Agreement; provided, for clarity, no amount shall be payable to PubCo under this Section 6.4(b) to the extent the MDC Pre-Closing
Tax or New MDC Pre-Closing Tax, as the case may be, has been paid by the Company directly to the applicable tax authority or the
adjustments giving rise to such MDC Pre-Closing Tax or New MDC Pre-Closing Tax, as the case may be, have been taken into account
in clause (y) of the proviso to the definition of Assumed Tax Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Maintenance of Insurance or Other Financial Arrangements</U></B><FONT STYLE="font-size: 10pt">. In compliance with
applicable Law, the Company (with the approval of the Manager) may purchase and maintain insurance or make other financial arrangements
on behalf of any Person who is or was a Member, employee or agent of the Company or the Manager, or at the request of the Company
is or was serving as a manager, director, officer, employee or agent of another limited liability company, corporation, partnership,
joint venture, trust or other enterprise, for any Liability asserted against such Person and Liability and expenses incurred by
such Person in such Person&rsquo;s capacity as such, or arising out of such Person&rsquo;s status as such, whether or not the Company
has the authority to indemnify such Person against such Liability and expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Resignation of Manager; Vacancy</U></B><FONT STYLE="font-size: 10pt">. The Manager may resign as the Manager at any
time; <U>provided</U>, <U>however</U>, that no (i) such resignation or removal shall be effective until a successor Manager has
been duly appointed by PubCo, and (ii) PubCo shall not resign as the Manager for so long as PubCo is a&nbsp;Member. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Inconsistent Obligations</U></B><FONT STYLE="font-size: 10pt">. The Manager represents that it does not have any
Contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its
capacity as Manager) under this Agreement and covenants that, except as permitted by <U>Section 6.1</U>, it will not enter into
any Contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties
and obligations. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Compensation; Certain Costs and Expenses</U></B><FONT STYLE="font-size: 10pt">. The Manager shall not be compensated
for its services as the Manager of the Company. The Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses
and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals and
the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related
to, the activities of the Company, and (ii) in the sole discretion of the Manager, bear and/or reimburse the Manager for any costs,
fees or expenses incurred by it in connection with serving as the Manager. To the extent that the Manager determines in good faith
that such expenses are related to the business and affairs of the Manager that are conducted through the Company and/or its Subsidiaries
(including expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also relate to other
activities of the Manager), the Manager may cause the Company to pay or bear all expenses of the Manager, including, without limitation,
costs of securities offerings not borne directly by the Members, board of directors&rsquo; compensation and meeting costs, cost
of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs and franchise
taxes. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
VII</B></FONT><B><BR>
ROLE OF MEMBERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Rights or Powers</U></B><FONT STYLE="font-size: 10pt">. The Members, acting in their capacity as Members, shall not
have any right or power to take part in the management or control of the Company or its business and affairs or to act for or bind
the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this
Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member, any Affiliate thereof or an employee,
stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be the Manager or an employee, or be retained
as an agent of, the Company, the Manager or any of their respective Affiliates. The existence of these relationships and acting
in such capacities will not result in the Member (in its capacity as such) being deemed to be participating in the control of the
business of the Company or otherwise affect the limited liability of the Member. Except as specifically provided herein, a Member
shall not, in its capacity as a Member, take part in the operation, management or control of the Company&rsquo;s business, transact
any business in the Company&rsquo;s name or have the power to sign documents for or otherwise bind the Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Voting<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Meetings of the Members may be called by the Manager and shall be called by the Manager upon the written request of Members
holding at least 10% of the outstanding Units. Such request shall state the location of the meeting and the nature of the business
to be transacted at the meeting. Written notice of any such meeting shall be given to all Members not less than two Business Days
nor more than 30 days prior to the date of such meeting. Members may vote in person, by proxy or by telephone at any meeting of
the Members and may waive advance notice of such meeting. Whenever the vote or consent of Members is permitted or required under
this Agreement, such vote or consent may be given at a meeting of the Members or may be given in accordance with the procedure
prescribed in this <U>Section 7.2</U>. Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members
holding a majority of the outstanding Common Units shall constitute the act of the Members; <I>provided</I>, that notwithstanding
anything to the contrary herein, the Common Units held by Stagwell or any Transferee thereof shall have no voting rights except
as expressly set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is entitled to
participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by such
Member or its attorney-in-fact. Every proxy shall be revocable at the pleasure of the Member executing it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each meeting of Members shall be conducted by an Officer designated by the Manager or such other individual person as the
Manager deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite Members whose
approval is necessary consent thereto in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Various Capacities</U></B><FONT STYLE="font-size: 10pt">. The Members acknowledge and agree that the Members or their
Affiliates will from time to time act in various capacities, including as a Member and as the Partnership&nbsp;Representative.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Withdrawal of PubCo</U></B><FONT STYLE="font-size: 10pt">. PubCo shall not, by any means, withdraw as a Member or
otherwise cease to be a Member except in compliance with this <U>Section 7.4</U>. No withdrawal of PubCo as a Member or other cessation
of PubCo to be a Member shall be effective unless (a) proper provision is made, in compliance with this Agreement, so that the
obligations of PubCo and the rights of all Members under this Agreement and applicable Law remain in full force and effect, and
(b) PubCo or its successor, as applicable, provides all other Members with contractual rights, directly enforceable by such other
Members against PubCo or its successor, as applicable, to cause PubCo to comply with all of PubCo&rsquo;s obligations under this
Agreement (including its obligations under <U>Section 3.6</U>) (other than in its capacity as Manager, if applicable).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Reclassification Events of PubCo</U></B><FONT STYLE="font-size: 10pt">. If a Reclassification Event occurs, the Manager,
PubCo and PubCo or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance
with <U>Section 11.1</U>, and enter into any necessary supplementary or additional agreements, to ensure that, following the effective
date of the Reclassification Event: (i) upon any Exchange pursuant to <U>Section 3.6</U>, the Exchanging Member shall be entitled
to receive, for each Common Unit and share of Class C Stock subject to such Exchange, the same amount and same type of property,
securities or cash (or combination thereof) that one share of Class A Stock becomes exchangeable for or converted into as a result
of the Reclassification Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities
or cash upon such Exchange. PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor Person,
if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Investment Opportunities</U></B><FONT STYLE="font-size: 10pt">. To the fullest extent permitted by applicable Law,
the doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to the Company or any of the
Members or officers of the Company, or any of their respective Affiliates (other than PubCo in its capacity as Manager), in circumstances
where the application of any such doctrine would conflict with any fiduciary duties or contractual obligations they may have as
of the date of this Agreement or in the future, and the Company renounces any expectancy that any of the Members or the Officers
of the Company (other than PubCo in its capacity as Manager) will offer any such corporate opportunity of which he, she or it may
become aware to the Company, except, the doctrine of corporate opportunity shall apply with respect to any of the Members and Officers
of the Company with respect to a corporate opportunity that was offered to such Person solely in his, her or its capacity as a
Manager, Member or Officer of the Company and (a) such opportunity is one the Company is legally and contractually permitted to
undertake and would otherwise be reasonable for the Company to pursue and (b) the Manager, Member or Officer is permitted to refer
that opportunity to the Company without violating any legal obligation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Limitation of Liability and Duties of Members</U></B><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as provided in this Agreement or in the Act, no Member (including the Manager) shall be obligated personally for
any d</FONT>e<FONT STYLE="font-size: 10pt">bts, obligation or liability solely by reason of being a Member or acting as the Manager
of the Company. Notwithstanding anything contained herein to the contrary, the failure of the Company to observe any formalities
or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Act
shall not be grounds for imposing personal liability on the Members for liabilities of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In accordance with the Act and the laws of the State of Delaware, a Member may, under certain circumstances, be required
to return amounts previously distributed to such Member. To the extent that a Member may be obligated under the Act or other Delaware
law to return to or for the benefit of the Company any distribution made by the Company to or for the benefit of such Member, to
the fullest extent permitted by Law, such obligation shall be deemed to be compromised within the meaning of Section 18-502(b)
of the Act so that, except as required by Law, the Members to whom money or property is distributed shall not be obligated to return
such money or property to the Company or any other Person. However, if any court of competent jurisdiction holds that, notwithstanding
the provisions of this Agreement, any Member is obligated to make any such payment, such obligation shall be the obligation of
such Member and not of any other Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement or any duty otherwise existing at Law, in equity or otherwise, the
parties hereby agree that the Members (including any Member&rsquo;s Affiliate or any managing member, general partner, director,
officer, employee, agent, fiduciary or trustee of any Member or any Affiliate of a Member), but excluding PubCo in its capacity
as Manager, shall, to the maximum extent permitted by Law, including Section&nbsp;18-1101(c)&nbsp;of the Act, owe no duties (including
fiduciary duties) to the Company, the other Members or any other Person who is a party to or otherwise bound by this Agreement.&nbsp;To
the extent that, at Law or in equity, any Member (including any Member&rsquo;s Affiliate or any managing member, general partner,
director, officer, employee, agent, fiduciary or trustee of any Member or any Affiliate of a Member), other than PubCo in its capacity
as Manager, has duties (including fiduciary duties) and liabilities relating thereto to the Company, to another Member or to another
Person who is a party to or otherwise bound by this Agreement, the Members (including any Member&rsquo;s Affiliate or any managing
member, general partner, director, officer, employee, agent, fiduciary or trustee of any Member or any Affiliate of a Member) acting
under this Agreement other than PubCo in its capacity as Manager will not be liable to the Company,&nbsp;to any such other Member
or to any such other Person who is a party to or otherwise bound by this Agreement, for their good faith reliance on the provisions
of this Agreement.&nbsp;The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities
relating thereto of any Member (including any Member&rsquo;s Affiliate or any managing member, general partner, director, officer,
employee, agent, fiduciary or trustee of any Member or any Affiliate of a Member) otherwise existing at Law, in equity or otherwise,
other than PubCo in its capacity as Manager, are agreed by the parties hereto to replace to that extent such other duties and liabilities
of the Members relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
VIII</B></FONT><B><BR>
TRANSFERS OF INTERESTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Restrictions on Transfer<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as provided in <U>Section 3.6</U> and except for Transfers by a Member to a Permitted Transferee, no Member shall
Transfer all or any portion of its Interest without the prior written consent of the Manager in its sole discretion. If, notwithstanding
the provisions of this <U>Section 8.1(a)</U>, all or any portion of a Member&rsquo;s Interests are Transferred in violation of
this <U>Section 8.1(a)</U>, involuntarily, by operation of Law or otherwise, then without limiting any other rights and remedies
available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not
be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to
be bound by all obligations hereunder, unless and until the Manager consents in writing to such admission, which consent shall
be granted or withheld in the Manager&rsquo;s sole discretion. Any attempted or purported Transfer of all or a portion of a Member&rsquo;s
Interests in violation of this <U>Section 8.1(a)</U> shall be null and void and of no force or effect. For the avoidance of doubt,
the restrictions on Transfer contained in this <U>Article VIII</U> shall not apply to the Transfer of any capital stock of PubCo;
<U>provided</U> that no shares of Class C Stock may be Transferred unless a corresponding number of Units are Transferred therewith
in accordance with this&nbsp;Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to any other restrictions on Transfer herein contained, including the provisions of this <U>Article VIII</U>,
in no event may any Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right, power
or capacity to own Interests; (ii) if in the opinion of legal counsel or a qualified tax advisor to the Company such Transfer presents
a material risk that such Transfer would cause the Company to cease to be classified as a partnership for federal income tax purposes
or to be classified as a publicly traded partnership within the meaning of Section 7704(b) of the Code for federal income tax purposes;
(iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA,
a &ldquo;party-in-interest&rdquo; (as defined in Section 3 (14) of ERISA) or a &ldquo;disqualified person&rdquo; (as defined in
Section 4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the
assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause
the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of such Interests or any Equity
Securities issued upon any exchange of such Interests, pursuant to any applicable federal or state securities Laws; (vi) if such
Transfer subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended
(or any succeeding law); or (vii) until the transferring Member provides the Company a duly executed IRS Form W-9, Request for
Taxpayer Identification Number and Certification, dated as of the Closing Date that satisfies the requirements of Treasury Regulation
Sections 1.1445-2(b)(2)(v) and 1.1446(f)-5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Notice of Transfer</U></B><FONT STYLE="font-size: 10pt">. Other than in connection with Transfers made pursuant to
<U>Section 3.6</U>, each Member shall, after complying with the provisions of this Agreement, but in any event no later than five
Business Days prior to any Transfer of Interests, give written notice to the Company of such Transfer. Each such notice shall describe
the manner and circumstances of the Transfer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Transferee Members</U></B><FONT STYLE="font-size: 10pt">. A Transferee of Interests pursuant to this <U>Article VIII</U>
shall have the right to become a Member only if (i) the requirements of this <U>Article VIII</U> are met, (ii) such Transferee
executes a Joinder or another instrument reasonably satisfactory to the Manager agreeing to be bound by the terms and provisions
of this Agreement and assuming all of the Transferor&rsquo;s then existing and future Liabilities arising under or relating to
this Agreement, (iii) such Transferee represents that the Transfer was made in accordance with all applicable securities Laws,
and (iv) if such Transferee or his or her spouse is a resident of a community property jurisdiction, then such Transferee&rsquo;s
spouse shall also execute an instrument reasonably satisfactory to the Manager agreeing to be bound by the terms and provisions
of this Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member&rsquo;s
Interest. Unless agreed to in writing by the Manager, the admission of a Member shall not result in the release of the Transferor
from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement (but only to the
extent existing or relating to acts or omissions that existed on or prior to such admission date) or under any other Contract between
the Manager, the Company or any of its Subsidiaries, on one hand, and such Transferor or any of its Affiliates, on the other hand.
Notwithstanding anything to the contrary in this <U>Section 8.3</U>, and except as otherwise provided in this Agreement, following
a Transfer by one or more Members (or a transferee of the type described in this sentence) to an Permitted Transferee of all or
substantially all of their Interests, such transferee shall succeed to all of the rights of such Member(s) under this&nbsp;Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Legend</U></B><FONT STYLE="font-size: 10pt">. Each certificate representing a Unit, if any, will be stamped or otherwise
imprinted with a legend in substantially the following form:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;THE SECURITIES REPRESENTED BY THIS CERTIFICATE
HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT
TO THE CONDITIONS SPECIFIED IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF [MIDAS OPCO HOLDINGS LLC] DATED
AS OF [&bull;], BY AND AMONG [MIDAS OPCO HOLDINGS LLC] AND THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR
RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED.
COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE
SECRETARY OF [MIDAS OPCO HOLDINGS LLC].&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
IX</B></FONT><B><BR>
ACCOUNTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Books of Account</U></B><FONT STYLE="font-size: 10pt">. The Company shall, and shall cause each Subsidiary to, maintain
true books and records of account in which full and correct entries shall be made of all its business transactions pursuant to
a system of accounting established and administered in accordance with GAAP, and shall set aside on its books all such proper accruals
and reserves as shall be required under GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Tax Elections</U></B><FONT STYLE="font-size: 10pt">. The Company shall make the following elections on the appropriate
forms or tax returns:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to adopt the calendar year as the Company&rsquo;s Fiscal Year, if permitted under the Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to adopt the accrual method of accounting for federal income tax purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to elect to amortize the organizational expenses of the Company as permitted by Code Section&nbsp;709(b);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to make an election described in Section 754 of the Code for the Company and for any eligible Subsidiary (which the Company
shall ensure that it and any eligible Subsidiary has in effect at all times); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other election the Partnership Representative may deem appropriate in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Tax Returns</U></B><FONT STYLE="font-size: 10pt">. The Partnership Representative shall arrange, at the Company&rsquo;s
expenses, for the preparation and timely filing of all income and other tax and informational returns of the Company. The Company
shall use commercially reasonable best efforts to deliver, or cause to be delivered, within 90 days after the end of each of the
Company&rsquo;s Fiscal Year, to each Person who was a Member at any time during such Fiscal Year, all information reasonably necessary
related to the Company for the preparation of such Person&rsquo;s United States federal and applicable state income tax returns
with respect to such Person&rsquo;s Units. Each Member shall notify the other Members upon receipt of any notice of any material
income tax examination of the Company by U.S. federal, state or local authorities. Subject to the terms and conditions of this
Agreement, in its capacity as Partnership Representative, PubCo shall have the authority to prepare the tax returns of the Company
using such permissible methods and elections as it determines in its reasonable discretion; provided, however, that the PubCo shall
first consult with and consider in good faith any comments of any Member that is materially adversely and disproportionately affected
by any such method or election.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Partnership Representative</U></B><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PubCo shall act as the Partnership Representative and in such role shall have the authority to appoint the &ldquo;designated
individual&rdquo; of the Partnership for purposes of Subchapter C of Chapter 63 of the Code and the Treasury Regulations relating
thereto . The Partnership Representative shall be responsible for making all decisions, filing all elections and taking all other
actions, in each case related to any audit, examination, litigation or other tax-related proceeding, or otherwise related to its
role as &ldquo;partnership representative&rdquo; pursuant to Sections 6221 through 6231 of the Code, in its sole discretion. Each
Member shall indemnify and reimburse the Company to the extent the Company is required to make any payment for taxes, interest,
additions to tax or penalties or with respect to a Member&rsquo;s share of any adjustment to income, gain, loss, deduction or credit
as determined in the reasonable good faith discretion of the Partnership Representative. To the fullest extent permitted by applicable
Law, a Member&rsquo;s obligations under this <U>Section 9.4</U> shall survive the dissolution, liquidation, termination and winding-up
of the Company and shall survive, as to each Member, such Member&rsquo;s withdrawal from the Company or termination of the Member&rsquo;s
status as a Member. Any reasonable, documented cost or expense incurred by the Partnership Representative or the &ldquo;designated
individual&rdquo; in connection with the roles and responsibilities described in this <U>Section 9.4</U> shall be borne by the
Company. The Members agree to reasonably cooperate with the Company, the Partnership Representative and the &ldquo;designated individual&rdquo;
as necessary to carry out the intent of this <U>Section 9.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Partnership Representative shall promptly deliver to each of the other Members a copy of all notices, communications,
reports and writings received from the IRS relating to or reasonably expected to result in an adjustment of Company items, and
keep each of the Members advised of all material developments with respect to any proposed adjustments which come to its attention;
provided, however, that so long as Stagwell or any of its Permitted Transferees is a Member holding at least 30% of the Common
Units of the Company, Stagwell shall have the right to observe and participate through representatives of its own choosing (at
their sole expense) in any tax proceedings. In respect of any administrative or judicial proceeding with respect to tax periods
during which Stagwell owned at least 30% of the Common Units of the Company, the Partnership Representative may not settle any
such administrative or judicial proceeding or enter into any agreement (including extending the period of limitations) with the
IRS, in each case, without the prior written consent of Stagwell, which consent shall not be unreasonably withheld, delayed or
conditioned. Nothing herein shall diminish, limit or restrict the rights of any Member under Subchapter C, Chapter 63, Subtitle
F of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Withholding Tax Payments and Obligations<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company receives proceeds in respect of which a tax has been withheld, the Company shall be treated as having received
cash in an amount equal to the amount of such withheld tax, and, for all purposes of this Agreement but subject to <U>Section 9.5(d)</U>,
each Member shall be treated as having received a distribution pursuant to <U>Section 5.1</U> equal to the portion of the withholding
tax allocable to such Member, as determined by the Partnership Representative in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is authorized to (i) withhold from distributions to a Member and with respect to any Exchange and to pay over
to any Governmental Entity any amount required to be so withheld pursuant to the Code or any other federal, foreign, state, or
local Law and (ii) make payments to any Governmental Entity with respect to any foreign, federal, state or local tax liability
of a Member arising as a result of such Member&rsquo;s interest in the Company (a &ldquo;<B><I>Withholding Payment</I></B>&rdquo;).
A Withholding Payment shall include any &ldquo;imputed underpayment&rdquo; within the meaning of Code Section 6225 paid (or payable)
by the Company as a result of an adjustment with respect to any partnership item, including any interest or penalties with respect
to any such adjustment (collectively, an &ldquo;<B><I>Imputed Underpayment Amount</I></B>&rdquo;). The Partnership Representative
shall reasonably determine the portion of any Imputed Underpayment Amount that is attributable to each Member (including a former
Member and such former Member&rsquo;s assignee(s) or transferee(s)). An Imputed Underpayment Amount shall include any &ldquo;imputed
underpayment&rdquo; within the meaning of Code Section 6225 paid (or payable) by any entity treated as a partnership for federal
income tax purposes in which the Company holds (or has held) a direct or indirect interest, other than through entities treated
as corporations for federal income tax purposes, to the extent that the Company bears the economic burden of such amounts, whether
by Law or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor the Partnership Representative shall be liable for any excess taxes withheld in respect of any Member,
and, in the event of overwithholding, a Member&rsquo;s sole recourse shall be to apply for a refund from the appropriate Governmental
Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any taxes or amounts withheld pursuant to this <U>Section 9.5</U> shall be treated as if distributed to the relevant Member
to the extent an amount equal to such withheld taxes or amounts would then be distributable to such Member, and, to the extent
in excess of such distributable amounts, as a demand loan payable by the Member to the Company with interest at the Prime Rate
in effect from time to time, compounded annually. The Partnership Representative may, in its sole discretion, either demand payment
of the principal and accrued interest on such demand loan at any time, and enforce payment thereof by legal process, or may withhold
from one or more distributions to a Member amounts sufficient to satisfy such Member&rsquo;s obligations under any such demand
loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company is required by Law to make any payment to a Governmental Entity that is specifically attributable to a Member
or a Member&rsquo;s status as such (including federal withholding taxes, state personal property taxes, state unincorporated business
taxes, or the portion of an Imputed Underpayment Amount attributable to such Member), then such Member shall indemnify and contribute
to the Company in full for the entire amount of taxes paid (plus interest, penalties and related expenses if the failure of the
Company to make such payment is due to the fault of the Member), which payment shall not be deemed a Capital Contribution for purposes
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Without limiting the obligations of any Member pursuant to this <U>Section 9.5</U>, the Manager may offset distributions
to which a Member is otherwise entitled under this Agreement against such Member&rsquo;s obligation to indemnify the Company under
this <U>Section 9.5(e)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations of each Member pursuant to this <U>Section 9.5</U> shall survive the withdrawal of any Member or the transfer
of any Member&rsquo;s Units and shall apply to any current or former Member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
X</B></FONT><B><BR>
DISSOLUTION AND TERMINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Liquidating Events</U></B><FONT STYLE="font-size: 10pt">. The Company shall dissolve and commence winding up and liquidating
upon the first to occur of the following (&ldquo;<B><I>Liquidating Events</I></B>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The determination of the Manager to dissolve, wind up and liquidate the Company; <I>provided, however,</I> if such dissolution,
wind up or liquidation is to be effective prior to the fifth Business Day after the first anniversary of the date of this Agreement,
such determination shall require the approval of the Majority Members; <I>provided further</I>, <I>however</I>, that the Manager
shall provide written notice to each of the Members not less than 30 days prior to commencing any such dissolution to provide the
opportunity for any such Member to exercise its Exchange Right in advance of any such dissolution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a dissolution of the Company under Section 18-801(4) of the Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Members hereby agree that the Company
shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a dissolution of the Company, under
Section 18-802 of the Act or otherwise, other than based on the matters set forth in subsections <U>(a)</U> and (<U>b)</U> above.
If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating
Event, the Members hereby agree to continue the business of the Company without a winding up or liquidation. In the event of a
dissolution pursuant to <U>Section 10.1(a)</U>, the relative economic rights of each class of Units immediately prior to such dissolution
shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to <U>Section 10.2</U>
in connection with such dissolution, taking into consideration tax and other legal constraints that may adversely affect one or
more parties to such dissolution and subject to compliance with applicable Laws and regulations, unless, with respect to any class
of Units, holders of a majority of the Units of such class consent in writing to a treatment other than as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Procedure<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event of the dissolution of the Company for any reason, the Manager (or the Manager may appoint one or more Persons
to act as liquidator, and shall appoint such a liquidator in the event the Manager is bankrupt) (as applicable, the &ldquo;<B><I>Winding-Up
Person</I></B>&rdquo;) shall commence to wind up the affairs of the Company and to liquidate the Company&rsquo;s investments. Subject
to <U>Section 10.3(a)</U>, such Winding-Up Person shall have reasonable discretion to determine in good faith the time, manner
and terms of any sale or sales of the property or other assets pursuant to such liquidation, having due regard to the activity
and condition of the relevant market and general financial and economic conditions. The Members shall continue to share profits,
losses and distributions during the Fiscal Year of dissolution and liquidation in the same manner and proportion as though the
Company had not dissolved. The Company shall engage in no further business except as may be necessary, in the reasonable discretion
of the Winding-Up Person to preserve the value of the Company&rsquo;s assets during the Fiscal Year of dissolution and liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided in <U>Article
IV</U>, the proceeds of the liquidation and any other funds of the Company shall be distributed in the following order of priority:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>First, to the payment and discharge of all of the Company&rsquo;s debts and Liabilities to creditors (whether third parties
or Members), in the order of priority as provided by Law, except any obligations to the Members in respect of their Capital Accounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Second, to set up such cash reserves which the Manager reasonably deems necessary for contingent or unforeseen Liabilities
or future payments described in <U>Section 10.2(b)(i)</U> (which reserves when they become unnecessary shall be distributed in
accordance with the provisions of subsection <U>(iii)</U>, below); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Third, subject to <U>Section 5.2(b)</U>, (A) first, to PubCo in respect of its Preferred Units, until PubCo has received
an amount equal to the total amount that would then be required to be distributed by the Company to PubCo pursuant to <U>Section
3.7(b)</U> if PubCo were required to make on the date of the distribution pursuant to this <U>Section 10.2(b)(iii)</U> (1) a Series
4 Preferred Stock Liquidation Payment on the date of the distribution pursuant to this <U>Section 10.2(b)(iii)</U> and (2) a Series
6 Preferred Stock Liquidation Payment (without duplication of any amounts actually distributed to PubCo pursuant to <U>Section
3.7(b))</U>, and (B) the balance to the Members, pro rata in proportion to their respective ownership of Common&nbsp;Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate
and the Winding-Up Person shall have the authority to execute and record a certificate of cancellation of the Company, as well
as any and all other documents required to effectuate the dissolution and termination of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Rights of Members<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the Company for the return
of its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions,
distributions or allocations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Notices of Dissolution</U></B><FONT STYLE="font-size: 10pt">. In the event a Liquidating Event occurs or an event
occurs that would, but for the provisions of <U>Section 10.1</U>, result in a dissolution of the Company, the Company shall, within
30 days thereafter, (a) provide written notice thereof to each of the Members and to all other parties with whom the Company regularly
conducts business (as determined in the discretion of the Manager), and (b) comply, in a timely manner, with all filing and notice
requirements under the Act or any other applicable Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Reasonable Time for Winding Up</U></B><FONT STYLE="font-size: 10pt">. A reasonable time shall be allowed for the orderly
winding up of the business and affairs of the Company and the liquidation of its assets in order to minimize any losses that might
otherwise result from such winding up.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>No Deficit Restoration</U></B><FONT STYLE="font-size: 10pt">. No Member shall be personally liable for a deficit Capital
Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely
from existing Company assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Distributions In Kind</U></B><FONT STYLE="font-size: 10pt">. Subject to the order of priorities in <U>Section 10.2(b)</U>,
the Winding-Up Person may, in its reasonable discretion, distribute to the Members, in lieu of cash, either (i) all or any portion
of the remaining Company assets in-kind in accordance with <U>Section 10.2(b)(iii)</U>, (ii) as tenants in common in accordance
with the provisions of <U>Section 10.2(b)(iii)</U>, undivided interest in all or a portion of such Company assets or (iii) a combination
of the foregoing. Any such distributions to the Members in kind shall be subject to (x) such conditions relating to the disposition
and management of such assets as the Winding-Up Person deems reasonable and equitable and (y) the terms and conditions of any agreements
governing such assets (or the operation of or holders thereof) as such time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Article
XI</B></FONT><B><BR>
GENERAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Amendments; Waivers<FONT STYLE="font-size: 10pt">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger, consolidation
or other business combination to which the Company is a party) solely with the approval of the Manager; <U>provided</U>, that no
amendment to this Agreement may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>modify the limited liability of any Member, or increase the Liabilities or obligations of any Member, in each case, without
the consent of each such affected Member;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>materially alter or change any rights, preferences or privileges of any Interests in a manner that is different or prejudicial
relative to any other Interests, without the approval of a majority in interest of the Members holding the Interests affected in
such a different or prejudicial manner;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>materially alter or change any rights, preferences or privileges of any holder of a class of Interests in a manner that
is different or prejudicial relative to any holder of the same class of Interests without the consent of the holder of such Interests
affected in such a different or prejudicial manner; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>modify any of the terms and conditions of this Agreement which terms and conditions expressly require the approval or action
of certain Persons without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled
to approve or take action on such&nbsp;matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing subsection <U>(a)</U>, (i) the Manager, acting alone, may amend this Agreement to reflect
the admission of new Members, Transfers of Interests, the issuance of additional Units or Equity Securities, as provided by the
terms of this Agreement, and, subject to <U>Section 11.1(a)</U>, subdivisions or combinations of Units made in compliance with
<U>Section 3.4(d)</U>, and (ii) the Manager or its successor, as applicable, acting without any other Member, may amend this Agreement
as and to the extent required by <U>Section 7.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any failure of any of the parties hereto to comply with any obligation, representation, warranty, covenant, agreement or
condition herein may be waived at any time by any of the parties entitled to the benefit thereof only by a written instrument signed
by each such party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, representation,
warranty, covenant, agreement or condition shall not operate as a waiver of or estoppel with respect to, any subsequent or other
failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Further Assurances</U></B><FONT STYLE="font-size: 10pt">. Each party hereto agrees to execute, acknowledge, deliver,
file and record such further certificates, amendments, instruments and documents, and to do all such other acts and things, as
may be required by Law or as, in the reasonable judgment of such party, may be necessary or advisable to carry out the intent and
purposes of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Successors and Assigns</U></B><FONT STYLE="font-size: 10pt">. All of the terms and provisions of this Agreement shall
be binding upon the parties hereto and their respective successors and assigns, but shall inure to the benefit of and be enforceable
by the successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the terms
hereof. No party may assign its rights hereunder except as herein expressly permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.4.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Entire Agreement</U></B><FONT STYLE="font-size: 10pt">. This Agreement, together with all Exhibits hereto, constitutes
the entire agreement among the parties with respect to the subject matter of this Agreement and supersedes all prior agreements
and understandings (both written and oral) among the parties with respect to the subject matter of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Rights of Members Independent</U></B><FONT STYLE="font-size: 10pt">. The rights available to the Members under this
Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed
as complete in itself and not by reference to any other such right. Any one or more and/or any combination of such rights may be
exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member
from exercising any one or more of such rights or combination thereof from time to time thereafter or simultaneously.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Governing Law; Jurisdiction; Specific Performance; Waiver of Jury Trial</U></B><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware without giving
effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would
cause the application of the Laws of any jurisdiction other than the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All actions arising out of, relating to or in connection with this this Agreement shall be heard and determined exclusively
in the Court of Chancery of the State of Delaware (the &ldquo;<B><I>Chancery Court</I></B>&rdquo;) and any state appellate court
therefrom within the State of Delaware (or if, but only if, the Chancery Court lacks subject matter jurisdiction, any other state
or federal court located in the State of Delaware and any appellate court therefrom). Each of the parties hereto (i) irrevocably
submits itself to the personal jurisdiction of the Chancery Court or, if, but only if, the Chancery Court lacks subject matter
jurisdiction, any other state or federal court located in the State of Delaware and any appellate court therefrom with respect
to any dispute arising out of, relating to or in connection with this Agreement, (ii) irrevocably waives, and agrees not to assert
by way of motion, defense or otherwise, in any action or proceeding arising out of, relating to or in connection with this Agreement,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the action or proceeding arising out of, relating to or in connection with this Agreement is
brought in an inconvenient forum, that the venue of the action or proceeding arising out of, relating to or in connection with
this Agreement is improper, or that this Agreement may not be enforced in or by the above-named courts, and (iii) agrees that it
will not bring any action arising out of, relating to or in connection with this Agreement in any court other than the courts of
the State of Delaware, as described above. Nothing in this <U>Section 11.6</U> shall prevent any party from bringing an action
or proceeding in any jurisdiction to enforce any judgment of the Chancery Court or any other state or federal court located in
the State of Delaware, as applicable. Each of the parties hereto hereby agrees that service of any process, summons, notice or
document by U.S. registered mail to the respective addresses set forth in <U>Section 11.9</U> shall be effective service of process
for any suit or Proceeding in connection with this Agreement or any of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached and that monetary damages, even if available,
would not be an adequate remedy therefor. Each party agrees that, in the event of any breach or threatened breach by any other
party of any covenant or obligation contained in this Agreement, the non-breaching party shall be entitled (in addition to any
other remedy that may be available to it whether in law or equity, including monetary damages) to (i) a decree or order of specific
performance to enforce the observance and performance of such covenant or obligation, and (ii) an injunction restraining such breach
or threatened breach, in each case, without the posting of any bond or other security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF, RELATING TO <FONT STYLE="text-transform: uppercase">or in connection with</FONT> THIS AGREEMENT. EACH
OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii)
EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY,
AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS IN THIS <U>SECTION
11.6(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Headings</U></B><FONT STYLE="font-size: 10pt">. The descriptive headings of the Articles, Sections and subsections
of this Agreement are for convenience only and do not constitute a part of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.8.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Counterparts</U></B><FONT STYLE="font-size: 10pt">. This Agreement may be executed in any number of counterparts and
by different parties hereto in separate counterparts, and delivered by means of electronic mail transmission or otherwise, each
of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.9.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Notices</U></B><FONT STYLE="font-size: 10pt">. Each notice, request, demand or other communication under this Agreement
shall be in writing and shall be deemed to have been duly given, delivered or made as follows: (a) if delivered by hand, when delivered&#894;
(b) if sent by facsimile transmission before 5:00 p.m. on a Business Day in the delivery location, when transmitted and receipt
is confirmed&#894; (c) if sent by facsimile transmission after 5:00 p.m. on a Business Day in the delivery location or on a day
other than a Business Day and receipt is confirmed, on the following Business Day&#894; (d) if sent via an overnight international
courier service, the Business Day after being delivered to such courier&#894; and (e) if sent by email, when sent, provided that
(i) the subject line of such email states that it is a notice delivered pursuant to this Agreement and (ii) the sender of such
email does not receive a written notification of delivery failure. All notices and other communications hereunder shall be delivered
to the address, facsimile number or email address set forth beneath the name of such party below (or to such other address, facsimile
number or email address as such party shall have specified in a written notice given to the other parties hereto):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">if to the Company, PubCo or PubCo, addressed to it
at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">c/o [______________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">[______________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">[______________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Attn: [______________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Email: [______________]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">or, if to a Member other than PubCo, addressed to
it at the address for such Member set forth in the Unit Register;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">or, in each case to such other address or
to such other Person as such party shall have last designated by such notice to the other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.10.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><B><U>Representation By Counsel; Interpretation</U></B><FONT STYLE="font-size: 10pt">. The parties acknowledge that each
party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by
this Agreement. Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities
in this Agreement against the party that drafted it has no application and is expressly waived.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><B><U>Severability</U></B><FONT STYLE="font-size: 10pt">. If any provision of this Agreement shall be held to be illegal,
invalid or unenforceable under any applicable Law, then such contravention or invalidity shall not invalidate the entire Agreement.
Such provision shall be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such
modification shall render it legal, valid and enforceable, then this Agreement shall be construed as if not containing the provision
held to be invalid, and the rights and obligations of the parties hereto shall be construed and enforced accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.12.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><B><U>Expenses</U></B><FONT STYLE="font-size: 10pt">. Except as otherwise specifically provided herein, each party hereto
shall bear its own expenses in connection with this Agreement and the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.13.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT><B><U>No Third-Party Beneficiaries</U></B><FONT STYLE="font-size: 10pt">. Nothing in this Agreement shall be construed as
giving any Person, other than the parties hereto and their heirs, successors, legal representatives and permitted assigns, any
right, remedy or claim under or in respect of this Agreement or any provision hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signatures pages
follow]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, each of the parties
hereto has executed, or caused to be executed by its duly authorized represented, this Amended and Restated Limited Liability Company
Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">COMPANY: &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">[MIDAS OPCO HOLDINGS LLC]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: [______________]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: [______________] &nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">PUBCO: &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">[PUBCO] &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Name: [______________]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: [______________]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">STAGWELL:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">STAGWELL MEDIA LP, by The Stagwell Group LLC, its General Partner &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: [______________]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: [______________]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">[STAGWELL FAF: &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">[STAGWELL FAF] &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: [______________]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: [______________] &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">PUBCO (in its capacity as the Manager):</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">[PUBCO] &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name: [______________]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title: [______________] &nbsp; &nbsp; &nbsp;</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; text-align: center; text-indent: 0.5in">[Signature Page to the
Amended and Restated Limited Liability Company Agreement]</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: a18 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>EXHIBIT
A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>
MEMBERS, EFFECTIVE TIME CAPITAL ACCOUNT BALANCE AND INTERESTS</B></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%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 65%"><B>Member</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 18%"><B>Effective Time <BR>
Capital</B> <B><BR>
Account Balance</B></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%"><B>Number of</B> <B><BR>
Common Units</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>EXHIBIT B</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>
FORM OF JOINDER AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This JOINDER AGREEMENT, dated as of [&bull;],
20[&bull;] (this &ldquo;<B><I>Joinder</I></B>&rdquo;), is delivered pursuant to that certain Amended and Restated Limited Liability
Company Agreement of [MIDAS OPCO HOLDINGS LLC] (the &ldquo;<B><I>Company</I></B>&rdquo;), dated as of [______] (as amended, restated,
amended and restated, supplemented or otherwise modified from time to time, the &ldquo;<B><I>Company Agreement</I></B>&rdquo;).
Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Company Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Joinder
to the Company Agreement</U>. Upon the execution of this Joinder by the undersigned and delivery hereof to the Manager, the undersigned
hereby is and hereafter will be a Member under the Company Agreement and a party thereto, with all the rights, privileges and responsibilities
of a Member thereunder. The undersigned hereby agrees that it shall comply with and be fully bound by the terms of the Company
Agreement as if it had been a signatory thereto as of the date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation
by Reference</U>. All terms and conditions of the Company Agreement are hereby incorporated by reference in this Joinder as if
set forth herein in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Address</U>.
All notices under the Company Agreement to the undersigned shall be direct to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Name]&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Address]&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[City, State, Zip Code]&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">E-mail:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned has
duly executed and delivered this Joinder as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">[NAME OF NEW MEMBER] &nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By: &nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Acknowledged and agreed</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">as of the date first set forth above:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif">[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>],
    AS MANAGER</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Title:&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXHIBIT E<BR>
<BR>
Registration Rights Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM OF REGISTRATION
RIGHTS AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">dated as of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[&bull;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MDC PARTNERS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE STAGWELL PARTIES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(as defined herein)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Article I DEFINITIONS</FONT></TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 88%">Section 1.01 Definitions</TD>
    <TD STYLE="text-align: right; width: 7%">5</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 1.02 Other Terms</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Article II REGISTRATION RIGHTS</FONT></TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 2.01 Demand Registration.</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 2.02 Piggyback Registrations.</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 2.03 Holdback Agreements.</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 2.04 Transfer of Registration Rights</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 2.05 Award Holder Registration Rights</TD>
    <TD STYLE="text-align: right">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Article III </FONT>Registration Procedures</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 3.01 General Procedures</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 3.02 Registration Expenses</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 3.03 Suspension of Sales; Adverse Disclosure</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 3.04 Reporting Obligations</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 3.05 Preservation of Rights</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Article IV </FONT>Indemnification</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 4.01 Indemnification.</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Article V TERMINATION</FONT></TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 5.01 Termination</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="text-transform: uppercase">Article VI MISCELLANEOUS</FONT></TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.01 Notices</TD>
    <TD STYLE="text-align: right">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.02 Authority</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.03 Governing Law; Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL.</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.04 Counterparts; Electronic Transmission of Signatures</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.05 Successors and Assigns; Third Party Beneficiaries.</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.06 Expenses</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.07 Severability</TD>
    <TD STYLE="text-align: right">23</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.08 Entire Agreement</TD>
    <TD STYLE="text-align: right">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Section 6.09 Amendment</TD>
    <TD STYLE="text-align: right">24</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 88%">Section 6.10 Waiver</TD>
    <TD STYLE="text-align: right; width: 7%">24</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION RIGHTS
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This REGISTRATION RIGHTS
AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;), dated as of [&#9679;], 2021, is entered into among Stagwell Media LP, a Delaware
limited partnership (&ldquo;<U>Stagwell Media</U>&rdquo;), the Holders listed on <U>Exhibit A</U> hereto and MDC Partners Inc.,
a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WITNESSETH</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">WHEREAS, pursuant to
that certain Transaction Agreement, dated as of December [&#9679;], 2020, among Stagwell Media, the Company, New MDC LLC, a Delaware limited liability company, and Midas Merger Sub 1 LLC, a Delaware limited liability company, (the &ldquo;<U>Transaction Agreement</U>&rdquo;) the parties thereto have combined the
Stagwell Subject Entities with OpCo and have affected the Transactions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection
with the Transactions, Stagwell Media acquired the Stagwell OpCo Units and MDC Class C Common Stock, which, together, are exchangeable
on a 1:1 basis for MDC Class A Common Stock; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
wishes to grant certain registration rights with respect to the MDC Class A Common Stock or other Registrable Securities held by
the Stagwell Parties or any other Holder, on the terms and subject to the conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
1</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
DEFINITIONS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Definitions</U><FONT STYLE="font-size: 10pt">.
Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed to such terms in the
Transaction Agreement. The following terms shall have the meanings set forth in this <U>Section 1.01</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adverse
Disclosure</U>&rdquo; means any public disclosure of material non-public information, which disclosure, in the good faith judgment
of the Board of Directors of the Company, after consultation with outside counsel to the Company, (a)&nbsp;would be required to
be made in any Registration Statement or prospectus in order for the applicable Registration Statement or prospectus not to contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in
the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(b)&nbsp;would not be required to be made at such time if the Registration Statement were not being filed, and (c)&nbsp;the Company
has a bona fide business purpose for not making such information public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means, (1) as to any Person, any other Person which, directly or indirectly, controls, or is controlled by, or is under
common control with, such Person. <FONT STYLE="background-color: white">For purposes of this definition, the term
 &ldquo;control&rdquo; (including the terms &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo;) means the
possession, directly or indirectly, of the power </FONT>to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by Contract or otherwise and (2) as to any entity listed on <U>Exhibit
A</U>, any limited partner of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Award
Holder</U>&rdquo; means any Person that becomes party to this Agreement in accordance with <U>Section 2.05</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded
Registration</U>&rdquo; means a registration under the Securities Act of securities registered on Form S-8 or any similar successor
form, and securities registered to effect the acquisition of, or combination with, another Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Holder</U>&rdquo;
means (i) each of the Stagwell Parties and any Affiliate of any Stagwell Party, (ii) each Person listed on <U>Exhibit A</U> hereto
and (iii) any direct or indirect transferee of any Stagwell Party (including by in-kind distribution or otherwise) that becomes
a party to this Agreement in accordance with <U>Section 2.04</U> and has agreed in writing to be bound by the terms of this Agreement;
<U>provided</U>, that for purposes of calculating the number of Holders required to make a Demand Registration pursuant to <U>Section
2.01(a)(i)</U>, any Award Holder shall be deemed not to be a Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Misstatement</U>&rdquo;
means an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or prospectus, or necessary to make the statements in a Registration Statement or prospectus in the light of the circumstances
under which they were made not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
or &ldquo;<U>person</U>&rdquo; means any individual, corporation, partnership, joint venture, association, trust, unincorporated
organization, limited liability company or governmental or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>prospectus</U>&rdquo;
means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended
by any and all post-effective amendments and including all material incorporated by reference in such prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>register</U>,&rdquo;
 &ldquo;<U>registered</U>&rdquo; and &ldquo;<U>registration</U>&rdquo; refer to a registration effected by preparing and filing
a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registrable
Securities</U>&rdquo; means the MDC Class A Common Stock, including any shares thereof issuable upon or issued upon exercise,
conversion or exchange of other securities of the Company or any of its subsidiaries (including MDC Class C Common Stock and
Stagwell OpCo Units) (and, for the avoidance of doubt, each Holder shall be deemed to hold the Registrable Securities so
issuable in respect of such other securities held by such Holder) and any securities issued or issuable directly or
indirectly with respect to, in exchange for, upon the conversion of or in replacement of the MDC Class A Common Stock,
whether by way of a dividend or distribution or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation, exchange or other reorganization, owned by the Holders, whether owned on the date hereof or acquired
hereafter; <I>provided</I>, <I>however</I>, that securities to which registration rights no longer apply because such rights
have terminated in accordance with <FONT STYLE="font-size: 10pt"><U>Section 5.01</U> hereunder shall not be considered
Registrable Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration
Statement</U>&rdquo; means any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the prospectus included in such registration statement, amendments (including post-effective amendments) and
supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Requesting
Holders</U>&rdquo; means any Holder(s) requesting to have its (their) Registrable Securities included in any Demand Registration
or Shelf Registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Stagwell
Parties</U>&rdquo; means, collectively, Stagwell Media and the other Parties hereto set forth on <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<U>Underwriter</U>&rdquo;
means a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of
such dealer&rsquo;s market-making activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Underwritten
Offering</U>&rdquo; means a registration pursuant to which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public, including for the avoidance of doubt an Underwritten Shelf Takedown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Other
Terms</U><FONT STYLE="font-size: 10pt">. For purposes of this Agreement, each of the following terms is defined in the Section
set forth opposite such term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 75%; padding: 1.25pt 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Term</B></P></TD>
    <TD STYLE="width: 25%; padding: 1.25pt 0.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Section</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Adverse Effect</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(e)(iv)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Agreement</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Company</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Demand Company Notice</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(ii)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Demand Period</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(v)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Demand Registration</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(i)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Demanding Shareholders</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(i)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Demand Registration Statement</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(iii)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Demand Requesting Holder</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(ii)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Demand Request</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(i)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">FINRA</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 3.02</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">OpCo</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Transaction Agreement</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Partner Distribution</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 3.01(a)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Piggyback Registration</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.02(a)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Required Filing Date</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(a)(i)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Shelf Demanding Shareholders</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(d)(i)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Shelf Registration</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(d)(i)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Shelf Registration Statement</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(d)(i)</U></FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt; width: 75%"><FONT STYLE="font-size: 10pt">Shelf Period</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt; width: 25%"><FONT STYLE="font-size: 10pt"><U>Section 2.01(d)(ii)</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Suspension</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 3.03</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Stagwell Media</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt">Underwritten Shelf Takedown</FONT></TD>
    <TD STYLE="padding: 1.25pt 0.25pt"><FONT STYLE="font-size: 10pt"><U>Section 2.01(d)(iii)</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
2</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
REGISTRATION RIGHTS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Demand
Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Request
for Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Demands</U>.
Commencing on the date hereof, (A) any Stagwell Party or (B) Holders (other than Award Holders) representing the majority of the
Registrable Securities at any time shall have the right to require the Company to file a registration statement on Form S-3 (or,
if Form S-3 is not available to be used by the Company at such time, on Form S-1 or any other appropriate form under the Securities
Act or Exchange Act permitting registration of Registrable Securities for resale) (a &ldquo;<U>Demand Registration</U>&rdquo;),
by delivering to the Company written notice stating that such right is being exercised, naming, if applicable, the Holders whose
Registrable Securities are to be included in such registration (collectively, the &ldquo;<U>Demanding Shareholders</U>&rdquo;),
specifying the number of each such Demanding Shareholder&rsquo;s Registrable Securities to be included in such registration and,
subject to <U>Section 2.01(e)</U>, and describing the intended method of distribution thereof (a &ldquo;<U>Demand Request</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Company
Notice</U>. The Company shall, within five (5)&nbsp;days of the Company&rsquo;s receipt of a Demand Request, notify, in writing,
all other Holders of Registrable Securities of such demand (a &ldquo;<U>Demand Company Notice</U>&rdquo;), and each Holder of
Registrable Securities who thereafter wishes to include all or a portion of such Holder&rsquo;s Registrable Securities in a Demand
Registration (each such Holder that includes all or a portion of such Holder&rsquo;s Registrable Securities in such Registration,
a &ldquo;<U>Demand Requesting Holder</U>&rdquo;) shall so notify the Company, in writing, within five (5)&nbsp;days after the
receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Demand
Requesting Holder(s)&nbsp;to the Company, such Demand Requesting Holder(s)&nbsp;shall be entitled to have their Registrable Securities
included in a Demand Registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Filing</U>. Subject to <U>Section 2.01(e)(iv)</U>, the Company shall file the registration statement in respect of a
Demand Registration (a &ldquo;<U>Demand Registration Statement</U>&rdquo;) as soon as practicable and, in any event, within forty-five
(45) days after receiving a Demand Request (the &ldquo;<U>Required Filing Date</U>&rdquo;) and shall use reasonable best efforts
to cause the same to be declared effective by the SEC as promptly as practicable after such filing; <I>provided</I>, <I>however</I>,
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company shall not be obligated to effect a Demand Registration pursuant to <U>Section 2.01(a)</U> within 75 days after the
effective date of a previous Demand Registration, <I>provided</I> that the Company continues to actively employ, in good
faith, all reasonable efforts to cause the applicable Registration Statement to remain effective to the extent <FONT STYLE="font-size: 10pt; background-color: white">Registrable
Securities covered by such Registration Statement have not been sold or withdrawn</FONT><FONT STYLE="font-size: 10pt">;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company shall not be obligated to effect a Demand Registration unless the Demand Request is for a number of Registrable Securities
with a market value that is equal to at least $40 million as of the date of such Demand Request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>the
Company shall not be obligated to effect more than an aggregate of three (3) Registrations during any twelve (12) month period
pursuant to a Demand Registration under this <U>Section 2.01</U>; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(D)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Holder
shall not sell any Registrable Securities covered by such Demand Registration Statement prior to the date that is 91 days after
the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="background-color: white"><U>Underwritten Offering</U>. If a Demanding Shareholder so requests, an offering
of Registrable Securities pursuant to a Demand Registration shall be in the form of an Underwritten Offering. If a Demanding Shareholder
intends to sell the Registrable Securities covered by its demand by means of an Underwritten Offering, such Demanding Shareholder
shall so advise the Company as part of its Demand Request, and the Company shall include such information in the Demand Company
Notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="background-color: white"><U>Effective
Registration</U>. The Company shall be deemed to have effected a Demand Registration with respect to the applicable Demanding
Shareholder for purposes of&nbsp;this <U>Section 2.01(a)</U> if the Demand Registration Statement is declared effective by the
SEC and remains effective for not less than 180 days (or such shorter period as shall terminate when all Registrable Securities
covered by such Registration Statement have been sold or withdrawn), or if such Registration Statement relates to an Underwritten
Offering, such longer period as, in the opinion of counsel for the Underwriter or Underwriters, a prospectus is required by law
to be delivered in connection with sales of Registrable Securities by an Underwriter or dealer (the applicable period, the &ldquo;<U>Demand
Period</U>&rdquo;). No Demand Registration shall be deemed to have been effected for purposes of&nbsp;<U>Section 2.01</U>&nbsp;if
(i)&nbsp;during the Demand Period such Registration or the successful completion of the relevant offering and sale of all Registrable
Securities pursuant thereto is prevented by any stop order, injunction or other order or requirement of the SEC or other governmental
agency or court or (ii)&nbsp;the conditions to closing specified in the underwriting agreement, if any, entered into in connection
with such Registration are not satisfied other than by reason of a wrongful act, misrepresentation or material breach of such
applicable underwriting agreement by the Demanding Shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Deferral
of Filing</U>. The Company may defer the filing (but not the preparation) of a registration statement required by this <U>Section
2.01</U>, in addition to any Suspension pursuant to <U>Section 3.03</U>, until a date not later than forty-five (45) days
after the Required Filing Date, if prior to receiving the Demand Request, the Company had determined to effect a registered
underwritten public offering of the Company&rsquo;s securities for the Company&rsquo;s account pursuant to a registration
statement to be filed by the Company and the Company has complied with <U>Section 2.02</U> hereof, and the Company had taken
substantial steps (including, but not limited to, selecting a managing Underwriter for such offering) and is proceeding with
reasonable diligence to effect such offering. A deferral of the filing of a registration statement pursuant to this <FONT STYLE="font-size: 10pt"><U>Section
2.01(e)(iv) </U>shall be lifted, and the requested registration statement shall be filed forthwith, if the proposed
registration for the Company&rsquo;s account is abandoned. In order to defer the filing of a registration statement pursuant
to this <U>Section 2.01(e)(iv)</U>, the Company shall promptly (but in any event within ten (10) days), upon determining to
seek such deferral, deliver to each Demanding Shareholder a certificate signed by an executive officer of the Company stating
that the Company is deferring such filing pursuant to this <U>Section 2.01(e)(iv)</U> and a general statement of the reason
for the Board&rsquo;s determination to make such deferral and an approximation of the anticipated delay. Within twenty (20)
days after receiving such certificate, the Holders of a majority of the Registrable Securities held by the Demanding
Shareholders and for which registration was previously requested may withdraw such Demand Request by giving notice to the
Company; if withdrawn, the Demand Request shall be deemed not to have been made for all purposes of this Agreement. The
Company may defer the filing of a particular registration statement pursuant to this <U>Section 2.01(e)(iv)</U> only
twice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="background-color: white"><U>Demand Withdrawal</U>. A Demanding Shareholder may withdraw its Registrable Securities
from a Demand Registration at any time prior to the effectiveness of the applicable Demand Registration Statement. Upon delivery
of a notice by all Demanding Shareholders to such effect, the Company may elect to cease all efforts to secure effectiveness of
the applicable Demand Registration Statement, and such Registration nonetheless shall be deemed a Demand Registration with respect
to such Demanding Shareholders for purposes of&nbsp;<U>Section 2.01</U>&nbsp;unless (i)&nbsp;such Demanding Shareholders shall
have paid or reimbursed the Company for its&nbsp;<I>pro&nbsp;rata</I>&nbsp;share of all reasonable and documented out-of-pocket
fees and expenses incurred by the Company in connection with the Registration of such withdrawn Registrable Securities (based
on the number of securities the Demanding Shareholders sought to register, as compared to the total number of securities included
on such Demand Registration Statement) or (ii)&nbsp;the withdrawal is made&nbsp;because the Demanding Shareholders determined
that the Registration would require the Company to make an Adverse Disclosure. In addition, any other Holder that has requested
its Registrable Securities be included in a Demand Registration may withdraw its Registrable Securities from a Demand Registration
at any time prior to the effectiveness of the applicable Demand Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Shelf
Registration</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Shelf
Demands</U>. With respect to any Demand Registration, the Requesting Holders may require the Company to effect a registration
of the Registrable Securities under a registration statement for an offering to be made on a continuous basis pursuant to Rule
415 under the Securities Act (or any successor rule) registering the resale from time to time by Holders (the &ldquo;<U>Shelf
Demanding Shareholders</U>&rdquo;) of the Registrable Securities requested by the Requesting Holders to be registered thereon
(a &ldquo;<U>Shelf Registration</U>&rdquo; and, such registration statement, a &ldquo;<U>Shelf Registration Statement</U>&rdquo;)
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Continued
Effectiveness</U>. T<FONT STYLE="background-color: white">he Company shall use its reasonable best efforts to keep any Shelf
Registration Statement filed pursuant to&nbsp;<U>Section 2.01(d)(i)</U>&nbsp;continuously effective under the Securities Act
in order to permit the prospectus forming a part thereof to be usable by Shelf Demanding Shareholders until the earliest of
(A)&nbsp;the date as of which all Registrable Securities have been sold pursuant to the Shelf Registration Statement or
another Registration Statement filed under the Securities Act (but </FONT>in no event prior to the applicable period referred
to in Section&nbsp;4(a)(3) of the Securities Act and Rule 174 thereunder), and (B)&nbsp;such shorter period as the Shelf
Demanding Shareholders with respect to such Shelf Registration shall agree in writing (such period of effectiveness, the
 &ldquo;<U>Shelf Period</U>&rdquo;). Subject to&nbsp;<FONT STYLE="font-size: 10pt; background-color: white"><U>Section
3.03</U>, the Company shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement
effective during the Shelf Period if the Company voluntarily takes any action or omits to take any action that would result
in Shelf Demanding Shareholders not being able to offer and sell any Registrable Securities pursuant to such Shelf
Registration Statement during the Shelf Period, unless such action or omission is (x)&nbsp;a Suspension permitted pursuant
to&nbsp;<U>Section 3.03</U>&nbsp;or (y)&nbsp;required by applicable law, rule or regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Underwritten
Shelf Takedowns</U>. At any time and from time to time after a Shelf Registration Statement on Form S-3 has been declared effective
by the Commission, any of the Shelf Demanding Shareholders may request to sell all or any portion of the Registrable Securities
in an underwritten offering that is registered pursuant to such Shelf Registration Statement (each, an &ldquo;<U>Underwritten
Shelf Takedown</U>&rdquo;); <I>provided</I>, however, that the Company shall only be obligated to effect an Underwritten Shelf
Takedown if such offering shall include securities with a total offering price (including piggyback securities and before deduction
of underwriting discounts) reasonably expected to exceed, in the aggregate, $20,000,000. All requests for Underwritten Shelf Takedowns
shall be made by giving written notice to the Company, which shall specify the approximate number of Registrable Securities proposed
to be sold in the Underwritten Shelf Takedown. Promptly upon receiving such notice (but no later than 5 days after receipt of
such notice), the Company shall notify all of the Holders of Registrable Securities of the potential Underwritten Shelf Takedown,
and each Holder of Registrable Securities included on the applicable Shelf Registration Statement who thereafter wishes to include
all or a portion of such Holder&rsquo;s Registrable Securities such Underwritten Shelf Takedown shall so notify the Company, in
writing, within five (5)&nbsp;days after the receipt by the Holder of the notice from the Company. The Company shall include in
any Underwritten Shelf Takedown the securities requested to be included by any Holder within five (5) days of receipt of notice
of such Underwritten Shelf Takedown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Underwritten
Offerings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Demanding Shareholders or the Shelf Demanding Shareholders, as applicable, request that any offering pursuant to a Demand
Registration or Shelf Registration be consummated in the form of an Underwritten Offering (including an Underwritten Shelf Takedown),
the Holders of a majority of the Registrable Securities to be included in such Underwritten Offering shall select the investment
banking firm or firms, reasonably acceptable to the Company, to manage the Underwritten Offering. All Holders proposing to distribute
their Registrable Securities through an Underwritten Offering (A) shall enter into an underwriting agreement in customary form
with the Underwriter(s)&nbsp;selected for such Underwritten Offering and (B) shall complete and execute all questionnaires, powers
of attorney and other documents, each in customary form, reasonably required under the terms of such underwriting arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No Holder shall be required to make any representations or warranties in connection with any such registration other than
representations and warranties as to (A) such Holder&rsquo;s ownership of his or its Registrable Securities to be transferred
free and clear of all liens, claims, and encumbrances, (B) such Holder&rsquo;s power and authority to effect such transfer, and
(C) such matters pertaining to compliance with securities laws as may be reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
obligation of any Holder to indemnify pursuant to any such underwriting arrangements shall be several, not joint and several,
among such Holders selling Registrable Securities, and the liability of each such Holder will be in proportion thereto; <I>provided</I>,
that such liability will be limited to the net amount received by such Holder from the sale of his or its Registrable Securities
pursuant to such registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
securities to be sold for the account of any Person (including the Company) other than a Demanding Shareholder or Shelf Demanding
Shareholder, as applicable shall be included in an Underwritten Offering unless the managing Underwriter or Underwriters shall
advise such Demanding Shareholders that the inclusion of such securities will not adversely affect the price, timing or distribution
of the offering or otherwise adversely affect its success (an &ldquo;<U>Adverse Effect</U>&rdquo;). Furthermore, if the managing
Underwriter or Underwriters shall advise such Demanding Shareholders that, even after exclusion of all securities of other Persons
pursuant to the immediately preceding sentence, the amount of Registrable Securities proposed to be included in such proposed
Underwritten Offering is sufficiently large to cause an Adverse Effect, the Registrable Securities of such Demanding Shareholders
to be included in such Underwritten Offering shall equal the number of shares that such Demanding Shareholders are so advised
can be sold in such offering without an Adverse Effect and such shares shall be allocated as follows: (i) first, 100% of the Registrable
Securities requested to be included in such Underwritten Offering by the Stagwell Parties, (ii) second, pro rata among the remaining
Holders of such Registrable Securities requested to be included in such Underwritten Offering on the basis of the number of Registrable
Securities owned by each such Holder, and (iii) third, only if all of the securities referred to in clause (ii) have been included,
any other securities requested to be included in such Underwritten Offering on a pro rata basis among the holders of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Block
Trades</U>. If a Shelf Demanding Shareholder wishes to consummate an overnight block trade (on either an SEC registered or non-registered
basis), then notwithstanding the time periods and piggyback rights otherwise provided herein, such Demanding Shareholder shall,
if it would like the assistance of the Company, endeavor to give the Company sufficient advance notice in order to prepare the
appropriate documentation for such transaction. Such Demanding Holder, if requesting an SEC registered underwritten block trade,
(i) shall give the Company written notice of the transaction and the anticipated launch date of the transaction at least three
(3) business days prior to the anticipated launch date of the transaction, (ii) the Company shall be required to only notify the
other Demanding Shareholders of the transaction and none of the other Holders, (iii) the other Demanding Shareholders shall have
one (1) business day prior to the launch of the transaction to determine if they wish to participate in the block trade, and (iv)
the Company shall include in the block trade only shares held by the Demanding Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Piggyback
Registrations<FONT STYLE="font-size: 10pt">.</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Right
to Piggyback</U>. Each time the Company proposes to register any of its equity securities (other than pursuant to <U>Article II
</U>hereto, in which case the obligations of the Company set forth in <U>Article II</U> shall apply, or pursuant to an Excluded
Registration) under the Securities Act for sale to the public (whether for the account of the Company or the account of any securityholder
of the Company) (a &ldquo;<U>Piggyback Registration</U>&rdquo;), the Company shall give prompt written notice to each Holder of
Registrable Securities (which notice shall be given not less than ten (10) days prior to the anticipated filing date of the Company&rsquo;s
registration statement), which notice shall offer each such Holder the opportunity to include any or all of its Registrable Securities
in such registration statement, subject to the limitations contained in <U>Section 2.02(b)</U> hereof. Each Holder who desires
to have its Registrable Securities included in such registration statement shall so advise the Company in writing (stating the
number of shares desired to be registered) within ten (10) days after the date of such notice from the Company. Any Holder shall
have the right to withdraw such Holder&rsquo;s request for inclusion of such Holder&rsquo;s Registrable Securities in any registration
statement pursuant to this <U>Section 2.02(a)</U> by giving written notice to the Company of such withdrawal. Subject to <U>Section
2.02(b)</U>, below, the Company shall include in such registration statement all such Registrable Securities so requested to be
included therein; <I>provided</I>, <I>however</I>, that the Company may at any time withdraw or cease proceeding with any such
registration if it shall at the same time withdraw or cease proceeding with the registration of all other equity securities originally
proposed to be registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Priority
on Piggyback Registrations</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
a Piggyback Registration is in the form of an underwritten offering and was initiated by the Company, and if the managing Underwriter
advises the Company that the inclusion of Registrable Securities requested to be included in the Registration Statement would
cause an Adverse Effect, the Company shall include in such registration statement (i) first, the securities the Company proposes
to sell, (ii) second, 100% of the Registrable Securities requested to be included in such registration, pro rata among the Holders
of such Registrable Securities on the basis of the number of Registrable Securities owned by each such Holder, and (iii) third,
only if all of the securities referred to in clause (ii) have been included in such registration, any other securities requested
to be included in such registration on a pro rata basis among the holders of such securities. If as a result of the provisions
of this <U>Section 2.02(b)(i)</U> any Holder shall not be entitled to include all Registrable Securities in a registration that
such Holder has requested to be so included, such Holder may withdraw such Holder&rsquo;s request to include Registrable Securities
in such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
a Piggyback Registration is an underwritten offering and was initiated by a security holder of the Company, and if the
managing Underwriter advises the Company that the inclusion of Registrable Securities requested to be included in the
Registration Statement would cause an Adverse Effect, the Company shall include in such registration statement (i) first,
100% of the securities requested to be included therein by the security holders requesting such registration and the
Registrable Securities requested to be included in such registration, pro rata among the holders of such securities on the
basis of the number of securities owned by each such holder, and (ii) second, only if all of the securities referred to in
clause (i) have been included in such registration, any other securities requested to be included in such registration
(including securities to be sold for the account of the Company) on a pro rata basis among the holders of such securities. If
as a result of the provisions of this <FONT STYLE="font-size: 10pt"><U>Section 2.02(b)(ii)</U> any Holder shall not be
entitled to include all Registrable Securities in a registration that such Holder has requested to be so included, such
Holder may withdraw such Holder&rsquo;s request to include Registrable Securities in such registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Holder may participate in any registration statement in respect of a Piggyback Registration hereunder unless it satisfies the
conditions set forth in <U>Section 2.01(e)(i)</U>, and the provisions regarding indemnification set forth in <U>Section 2.01(e)(iii)
</U>shall apply to any Piggyback Registration hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Holdback
Agreements</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Company shall not effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable
or exercisable for such securities, during the seven days prior to and during the 75-day period beginning on the effective date
of any Demand Registration Statement (other than a Shelf Registration), or in the case of a Shelf Registration, the filing of
any prospectus relating to the offer and sale of Registrable Securities, or a Piggyback Registration, except pursuant to any Excluded
Registration or unless the Underwriters managing any offering with respect to such registration otherwise agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If any Holder of Registrable Securities notifies the Company in writing that it intends to effect an Underwritten Shelf
Takedown pursuant to <U>Section 2.01(e)</U> hereof, the Company shall not effect any public sale or distribution of its equity
securities, or any securities convertible into or exchangeable or exercisable for its equity securities, during the seven days
prior to and during the 75-day period beginning on the pricing date for such Underwritten Shelf Takedown, except pursuant to an
Excluded Registration or unless the Underwriters managing any such offering otherwise agree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Transfer
of Registration Rights</U><FONT STYLE="font-size: 10pt">. The rights of each Holder under this Agreement may be assigned to (i)
any Affiliate of a Holder permitted under the MDC Delaware Certificate of Incorporation, MDC Delaware Bylaws and Transaction Agreement
who agrees in writing to be subject to and bound by all the terms and conditions of this Agreement and (ii) an Award Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Award
Holder Registration Rights</U><FONT STYLE="font-size: 10pt">. Any Person who receives, directly or indirectly, Registrable
Securities in exchange for such Person&rsquo;s Stagwell Incentive Awards (as defined in the Transaction Agreement) in
connection with or as a result of the Transactions (including pursuant to any negotiated resolution thereof) and agrees in
writing to be subject to and </FONT>bound by the applicable terms and conditions of this Agreement shall be deemed an
 &ldquo;<U>Award Holder</U>&rdquo; for all purposes hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
3</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
Registration Procedures</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>General
Procedures</U><FONT STYLE="font-size: 10pt">. If at any time on or after the Closing the Company is required to effect the registration
of Registrable Securities, whether pursuant to the filing of a new Registration Statement, effecting an Underwritten Shelf Takedown,
or effecting an underwritten block trade, the Company shall use its reasonable best efforts to effect such registration to permit
the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, <FONT STYLE="background-color: white">including
if so requested by a Holder or Holders a distribution to, and resale by, the members or partners of a Holder (a &ldquo;<U>Partner
Distribution</U>&rdquo;),</FONT> and pursuant thereto the Company shall, as expeditiously as possible:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>prepare
and file with the SEC as soon as practicable and in accordance with <U>Article II</U> a Registration Statement with respect to
such Registrable Securities; <I>provided</I> that as far in advance as practicable before filing such registration statement or
any amendment thereto, the Company will furnish to the selling Holders copies of reasonably complete drafts of all such documents
prepared to be filed (including exhibits), and any such Holder shall have the opportunity to object to or suggest revisions to
any information with respect to such Holders contained therein and the Company will make revisions reasonably requested by such
Holder with respect to such information prior to filing any such registration statement or amendment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements
to the prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as may be required
by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules
and regulations thereunder to keep the Registration Statement effective as provided for herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>prior
to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or &ldquo;blue sky&rdquo; laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to
be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
<I>provided</I>, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where
it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or
taxation in any such jurisdiction where it is not then otherwise so subject;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>cause
all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain
its withdrawal if such stop order should be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>advise
each Holder of Registrable Securities covered by such Registration Statement, promptly after the Company receives notice thereof,
of the time when such registration statement has been declared effective (which may be satisfied by the issuance of a press release
by the Company);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>notify
the Holders at any time when a prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect,
includes a Misstatement, and then to correct such Misstatement as set forth in <U>Section 3.03</U> hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>permit
a representative of the Holders, the Underwriter(s), if any, and any attorney or accountant retained by such Holders or Underwriter(s)
to participate, at each such person&rsquo;s own expense, in the preparation of the Registration Statement, and cause the Company&rsquo;s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter(s), attorney
or accountant in connection with the Registration; <I>provided</I>, however, that such representatives or Underwriter(s) enter
into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure
of any such information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>at
the request of any Holder seeking to effect or considering a Partner Distribution, file any prospectus supplement or post-effective
amendments, or include in the initial registration statement any disclosure or language, or include in any prospectus supplement
or post-effective amendment any disclosure or language, and otherwise take any action, deemed necessary or advisable by such Holder
to effect such Partner Distribution;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>obtain
a &ldquo;cold comfort&rdquo; letter from the Company&rsquo;s independent registered public accountants in the event of an Underwritten
Offering, in customary form and covering such matters of the type customarily covered by &ldquo;cold comfort&rdquo; letters as
the managing Underwriter(s) may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating
Holders and such managing Underwriter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date,
of counsel representing the Company for the purposes of such Registration, addressed to the Underwriter(s), if any, covering such
legal matters with respect to the Registration in respect of which such opinion is being given as the Underwriter(s) may reasonably
request and as are customarily included in such opinions and negative assurance letters; <I>provided</I>, however, that counsel
for the Company shall not be required to provide any opinions with respect to any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Split-Segment; Name: a20 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter(s) of such offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of
at least twelve (12) months beginning with the first day of the Company&rsquo;s first full calendar quarter after the effective
date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any successor rule promulgated thereafter by the SEC);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in connection with an Underwritten Offering, cause its senior management, officers, employees and independent public accountants
(in the case of the independent public accountants, subject to any applicable accounting guidance regarding their participation
in the offering or the due diligence process) to participate in, make themselves available, supply such information as may reasonably
be requested and to otherwise facilitate and cooperate with the preparation of the Registration Statement and prospectus and any
amendments or supplements thereto (including participating in meetings, drafting sessions, due diligence sessions and rating agency
presentations) taking into account the Company&rsquo;s reasonable business needs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if a Registration relates to an Underwritten Offering with gross proceeds in excess of $20,000,000, use its reasonable efforts
to make available senior executives of the Company to participate in customary &ldquo;road show&rdquo; presentations that may be
reasonably requested by the Underwriter(s) in any Underwritten Offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
Holders, in connection with such Registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Expenses</U><FONT STYLE="font-size: 10pt">. All reasonable, out-of-pocket fees and expenses incident to
any registration hereunder, including, without limitation, the Company&rsquo;s performance of or compliance with this <U>Article
II</U>, all registration and filing fees, all fees and expenses associated with filings required to be made with the Financial
Industry Regulatory Authority (&ldquo;<U>FINRA</U>&rdquo;), as may be required by the rules and regulations of FINRA, fees and
expenses of compliance with securities or &ldquo;blue sky&rdquo; laws (including reasonable fees and disbursements of counsel
for the underwriters in connection with &ldquo;blue sky&rdquo; qualifications of the Registrable Securities, but not including
any fees above $5000 relating to any memorandum of counsel related to &ldquo;blue sky&rdquo; qualifications), printing expenses
(including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with the Depository
Trust Company and of printing prospectuses, if applicable), messenger and delivery expenses, the fees and expenses incurred in
connection with any listing or quotation of the Registrable Securities, fees and expenses of counsel for the Company and its independent
certified public accountants (including the expenses of any special audit or &ldquo;cold comfort&rdquo; letters required by or
incident to such performance), the fees and expenses of any special experts retained by the Company in connection with such registration,
and the fees and expenses of other persons retained by the Company, and &nbsp;reasonable fees and expenses (not to exceed $100,000)
as provided in writing to the Company of one (1)&nbsp;legal counsel selected by the Demanding Shareholders or the Shelf Demanding
Shareholders, as applicable, will be borne by the Company (unless paid by a security holder that is not a Holder for whose account
the registration is being effected) whether or not any registration statement becomes effective; <I>provided</I>, <I>however</I>,
that any underwriting discounts, commissions, or fees attributable to the sale of the Registrable Securities will be borne by
the Holders pro rata on the basis of the number of shares so registered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Suspension of Sales; Adverse Disclosure</U><FONT STYLE="font-size: 10pt">. The Company shall promptly notify each of
the Holders in writing if a Registration Statement or Prospectus contains a Misstatement and, upon receipt of such written notice
from the Company, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has
received copies of a supplemented or amended prospectus correcting the Misstatement; <I>provided</I> that the Company hereby covenants
promptly to prepare and file any required supplement or amendment correcting any Misstatement promptly after the time of such notice
and, if necessary, to request the immediate effectiveness thereof.&nbsp; If the filing, initial effectiveness or continued use
of a Registration Statement or prospectus included in any Registration Statement at any time (a) would require the Company to make
an Adverse Disclosure, (b) would require the inclusion in such Registration Statement of financial statements that are unavailable
to the Company for reasons beyond the Company&rsquo;s control, or (c) in the good faith judgment of the Board, which judgment shall
be documented in writing and provided to the Holders in the form of a written certificate signed by the Chairman of the Board,
such filing, initial effectiveness or continued use of a Registration Statement would be materially detrimental to the Company,
the Company shall have the right to defer the filing, initial effectiveness or continued use of any Registration Statement pursuant
to (a), (b) or (c) (each such deferral, a &ldquo;<U>Suspension</U>&rdquo;) for a period of not more than forty-five (45) days,
<I>provided</I> that any such suspension shall terminate at such earlier time as the reason for such suspension is no longer in
effect, and the Company shall not defer any such filing, initial effectiveness or use of a Registration Statement pursuant to this
<U>Section 3.03</U> more than two times (in each case counting deferrals initiated pursuant to (a), (b) and (c) in the aggregate)
in any 12-month period </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.04<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Obligations</U><FONT STYLE="font-size: 10pt">. The Company will file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is
not required to file such reports, will, upon the request of the Holders, make publicly available other information) and will take
such further action as the Holders may reasonably request, all to the extent required from time to time to enable the Holders to
sell MDC Class A Common Stock without registration under the Securities Act within the limitation of the exemptions provided by
(a) Rule 144 under the Securities Act, as such rule may be amended from time to time or (b) any similar rule or regulation hereafter
adopted by the SEC. Upon the reasonable request of any Holder, the Company will deliver to such parties a written statement as
to whether it has complied with such requirements and will, at its expense, forthwith upon the request of any such Holder, deliver
to such Holder a certificate, signed by the Company&rsquo;s principal financial officer, stating (i) the Company&rsquo;s name,
address and telephone number (including area code), (ii) the Company&rsquo;s Internal Revenue Service identification number, (iii)
the Company&rsquo;s SEC file number, (iv) the number of shares of each class of capital stock outstanding as shown by the most
recent report or statement published by the Company, and (v) whether the Company has filed the reports required to be filed under
the Exchange Act for a period of at least ninety (90) days prior to the date of such certificate and in addition has filed the
most recent annual report required to be filed thereunder. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preservation of Rights<FONT STYLE="font-size: 10pt">.</FONT></U><FONT STYLE="font-size: 10pt"> The Company will not
(a) grant any registration rights to third parties which are more favorable than or inconsistent with the rights granted hereunder
or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates
or subordinates the rights expressly granted to the Holders in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
4</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
Indemnification</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees to indemnify and reimburse, to the fullest extent permitted by law, each Holder of Registrable Securities,
its officers, directors, employees, agents and advisors and each person who &ldquo;controls&rdquo; such Holder (within the meaning
of the Securities Act) against any and all losses, claims, damages, liabilities and expenses (including attorneys&rsquo; fees)
based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of material fact contained in any
Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except
insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriter(s), their officers and directors and each person who controls (within
the meaning of the Securities Act) such Underwriter(s) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder
shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or prospectus and, to the extent permitted by law, shall indemnify the Company, its directors,
officers, employees, agents and advisors and each person who &ldquo;controls&rdquo; (within the meaning of the Securities Act)
the Company against any losses, claims, damages, liabilities and expenses (including without limitation reasonable attorneys&rsquo;
fees) based upon, arising out of or resulting from any untrue statement of material fact contained in the Registration Statement,
prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required
to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement
or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; <I>provided</I>,
however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities,
and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received
by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. No Holder of Registrable Securities
shall be liable in any such case to the extent that, prior to the filing or effectiveness of any such registration statement or
prospectus or amendment thereof or supplement thereto, such Holder has furnished in writing to the Company information expressly
for use in such registration statement or prospectus or any amendment thereof or supplement thereto that corrected or made not
misleading information previously furnished to the Company. The Holders of Registrable Securities shall indemnify the Underwriter(s),
their officers, directors and each person who controls (within the meaning of the Securities Act) such Underwriter(s) to the same
extent as provided in the foregoing with respect to indemnification of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (<I>provided</I>, however, that the failure to give prompt notice shall not impair
any person&rsquo;s right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying
party) and (ii) unless in such indemnified party&rsquo;s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with
counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject
to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably
withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim
shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party
with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without
the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled
in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement)
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified
party of a release from all liability in respect to such claim or litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall
survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees
to make such provisions as are reasonably requested by any indemnified party for contribution (pursuant to <U>Section 4.01(e)</U>)
to such party in the event the Company&rsquo;s or such Holder&rsquo;s indemnification is unavailable for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the indemnification provided under <U>Section 4.01</U> hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein,
then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by
the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate
to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations.
The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party&rsquo;s and indemnified party&rsquo;s relative intent, knowledge, access to information and opportunity to
correct or prevent such action; <I>provided</I>, however, that the liability of any Holder under this <U>Section 4.01(e)</U> shall
be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount
paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in subsections (a), (b) and (c) above, any legal or other fees, charges or expenses reasonably incurred
by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable
if contribution pursuant to this <FONT STYLE="font-size: 10pt"><U>Section 4.01(e)</U> were determined by <I>pro rata</I> allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this <U>Section
4.01(e)</U>. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution pursuant to this <U>Section 4.01(e)</U> from any person who was not guilty of such fraudulent misrepresentation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
5</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
TERMINATION</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination</U><FONT STYLE="font-size: 10pt">. The Holders may exercise the registration rights granted hereunder in
such manner and proportions as they shall agree among themselves. The registration rights hereunder shall cease to apply to any
particular security and such security shall accordingly no longer be considered a Registrable Security when: (a) a registration
statement with respect to the sale of such Registrable Security shall have become effective under the Securities Act and such Registrable
Security shall have been disposed of in accordance with such registration statement; (b) such Registrable Security shall have been
sold pursuant to Rule 144 under the Securities Act (or any successor provision); (c) such Registrable Security shall have ceased
to be outstanding; (d) in the case of Registrable Securities held by a Holder that is not a Stagwell Party, or any Affiliate thereof,
such Holder holds less than five percent (5%) of the then outstanding Registrable Securities; or (e) in the case of Registrable
Securities held by a Stagwell Party, or any Affiliate thereof, such Holder holds less than one percent (1%) of the then outstanding
Registrable Securities and, in the case of (d) or (e) such Registrable Securities are eligible for sale pursuant to Rule 144 under
the Securities Act (or any successor provision) without restriction as to volume or otherwise. The Company shall promptly upon
the request of any Holder furnish to such Holder evidence of the number of Registrable Securities then outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Article
6</B></FONT><B><FONT STYLE="font-size: 10pt"><BR>
MISCELLANEOUS</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.01<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U><FONT STYLE="font-size: 10pt">. Each notice, request, demand or other communication under this Agreement shall
be in writing and shall be deemed to have been duly given, delivered or made as follows: (a) if delivered by hand, when delivered&#894;
(b) if sent by facsimile transmission before 5:00 p.m. on a Business Day in the delivery location, when transmitted and receipt
is confirmed&#894; (c) if sent by facsimile transmission after 5:00 p.m. on a Business Day in the delivery location or on a day
other than a Business Day and receipt is confirmed, on the following Business Day&#894; (d) if sent via an overnight international
courier service, the Business Day after being delivered to such courier&#894; and (e) if sent by email, when sent, provided that
(i) the subject line of such email states that it is a notice delivered pursuant to this Agreement and (ii) the sender of such
email does not receive a written notification of delivery failure. All notices and other communications hereunder shall be delivered
to the address, facsimile number or email address set forth beneath the name of such party below (or to such other address, facsimile
number or email address as such party shall have specified in a written notice given to the other parties hereto): </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to any Stagwell Party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 69.15pt">[&#9679;]</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">with a copy
to (which copy shall not constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Freshfields Bruckhaus Deringer US LLP<BR>
601 Lexington Avenue, 31<SUP>st</SUP> Floor<BR>
New York, NY 10022<BR>
Attention: Paul M. Tiger<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrea Basham<BR>
Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;paul.tiger@freshfields.com<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;andrea.basham@freshfields.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 108pt"></TD><TD STYLE="width: 69.15pt">[&#9679;]</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with a copy to (which copy shall
not constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">[&#9679;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If to any other Holder,
the address indicated for such Holder in the Company&rsquo;s stock transfer records with copies, so long as the Stagwell Parties
own any Registrable Securities, to the Stagwell Parties as provided above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Failure to mail a notice
or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or
communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.02<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authority</U><FONT STYLE="font-size: 10pt">. Each of the parties hereto represents to the other that (a) it has the requisite
entity power and authority to execute, deliver and perform this Agreement, (b) this Agreement has been duly authorized, executed
and delivered by it and, assuming due authorization, execution and delivery by the counterparties hereto, constitutes a valid and
binding obligation of such party, enforceable against it in accordance with its terms, except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium and similar laws relating to or affecting creditors generally or by general
equity principles (regardless of whether such enforceability is considered in a proceeding in equity or at Law).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.03<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement shall be governed by, and construed in accordance with, the laws of the state of New York without giving
effect to any choice or conflict of law provision or rule (whether of the state of New York or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the state of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the parties hereto (i) consents to submit itself to the personal jurisdiction of the courts of the State of New
York or (to the extent subject matter jurisdiction exists therefor) the U.S. District Court for the Southern District of New York
with respect to any dispute arising out of, relating to or in connection with this Agreement or any of the transactions contemplated
by this Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request
for leave from any such court, (iii) agrees that it will not bring any action arising out of, relating to or in connection with
this Agreement or any of the transactions contemplated by this Agreement in any court other than the courts of the State of New
York, as described above, and (iv) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY ACTION RELATED TO OR ARISING OUT OF THIS
AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY. Each of the parties hereto hereby agrees that service of any process,
summons, notice or document by U.S. registered mail to the respective addresses set forth in <FONT STYLE="font-size: 10pt"><U>Section
6.01</U> shall be effective service of process for any suit or proceeding in connection with this Agreement or any of the transactions
contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were
not performed in accordance with their specific terms or were otherwise breached. Each party agrees that, in the event of any breach
or threatened breach by any other party of any covenant or obligation contained in this Agreement, the non-breaching party shall
be entitled (in addition to any other remedy that may be available to it whether in law or equity, including monetary damages)
to (i) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation, and
(ii) an injunction restraining such breach or threatened breach.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 6.04&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts; Electronic
Transmission of Signatures</U>. This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, and delivered by means of electronic mail transmission or otherwise, each of which when so executed and
delivered shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.05<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns; Third Party Beneficiaries.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise expressly provided herein, this Agreement shall be binding upon and benefit the Company, each Holder,
and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing in this Agreement shall be construed as giving any Person, other than the parties hereto and their heirs, successors,
legal representatives and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Person that is or becomes a Holder and is not already a party hereto or that is assigned rights hereunder pursuant to
<U>Section 2.04</U> shall execute and deliver a joinder to this Agreement and upon such execution and delivery shall become a party
hereto having the rights of a Holder hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.06<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U><FONT STYLE="font-size: 10pt">. Except as otherwise specifically provided herein, each party hereto shall
bear its own expenses in connection with this Agreement and the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.07<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U><FONT STYLE="font-size: 10pt">. If any provision of this Agreement shall be held to be illegal, invalid
or unenforceable under any applicable Law, then such contravention or invalidity shall not invalidate the entire Agreement. Such
provision shall be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such modification
shall render it legal, valid and enforceable, then this Agreement shall be construed as if not containing the provision held to
be invalid, and the rights and obligations of the parties hereto shall be construed and enforced accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.08<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement</U><FONT STYLE="font-size: 10pt">. This Agreement and, as applicable, the other Ancillary Agreements
(as defined in the Transaction Agreement), constitute the entire agreement among the parties with respect to the subject matter
of this Agreement and supersede all prior agreements and understandings (both written and oral) among the parties with respect
to the subject matter of this Agreement, including, but not limited to, such agreements and understandings provided for in Article
V of the Securities Purchase Agreement by and between MDC Partners Inc. and Stagwell Agency Holdings LLC dated as of March 14,
2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.09<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment</U><FONT STYLE="font-size: 10pt">. This Agreement may not be amended except by an instrument in writing signed
on behalf of each of the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6.10<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver</U><FONT STYLE="font-size: 10pt">. Any failure of any of the parties to comply with any obligation, representation,
warranty, covenant, agreement or condition herein may be waived at any time by any of the parties entitled to the benefit thereof
only by a written instrument signed by each such party granting such waiver, but such waiver or failure to insist upon strict
compliance with such obligation, representation, warranty, covenant, agreement or condition shall not operate as a waiver of or
estoppel with respect to, any subsequent or other failure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">[<I>The remainder of
this page has been intentionally left blank; the next page is the signature page</I>.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;<BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>MDC PARTNERS INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 55%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 43%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>STAGWELL MEDIA LP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>STAGWELL AGENCY HOLDINGS LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>THE STAGWELL GROUP LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>MARK J. PENN</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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>EXHIBIT A</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>Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stagwell Agency Holdings LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Stagwell Group LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Penn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[&#9679;]</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXHIBIT F</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Tax Receivables Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF TAX RECEIVABLE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">dated as of</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">[&bull;]</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">by and among</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>[MDC HOLDING COMPANY INC.],</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[MDC OPCO LLC]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STAGWELL MEDIA LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="text-transform: uppercase"><B>Clause</B></FONT></TD>
    <TD STYLE="text-align: right; width: 50%"><FONT STYLE="text-transform: uppercase"><B>Page</B></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Contents
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; width: 90%; text-align: left; padding-bottom: 2pt">Article 1 DEFINITIONS AND USAGE</TD>
    <TD STYLE="padding-top: 2pt; width: 10%; text-align: right; padding-bottom: 2pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 1.01&nbsp;&nbsp;&nbsp;Definitions.</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">2</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 1.02&nbsp;&nbsp;&nbsp;Other Definitional and Interpretative Provisions</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">11</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Article 2 Determination of Tax Benefits</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 2.01&nbsp;&nbsp;&nbsp;OpCo 754 Election</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 2.02&nbsp;&nbsp;&nbsp;Tax Schedule</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">12</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Article 3 Tax Benefit Payments</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 3.01&nbsp;&nbsp;&nbsp;Tax Benefit Payments</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 3.02&nbsp;&nbsp;&nbsp;Reimbursement and Indemnification</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">14</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 3.03&nbsp;&nbsp;&nbsp;No Duplicative Payments</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Article 4 Termination</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 4.01&nbsp;&nbsp;&nbsp;Early Termination of Agreement; Breach of Agreement</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">15</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 4.02&nbsp;&nbsp;&nbsp;Early Termination Notice</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 4.03&nbsp;&nbsp;&nbsp;Payment Upon Early Termination</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Article 5 Subordination and Late Payment</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 5.01&nbsp;&nbsp;&nbsp;Subordination</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 5.02&nbsp;&nbsp;&nbsp;Late Payment by MDC Holdings</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Article 6 Tax Matters; Consistency; Tax Groups and successors; Cooperation</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 6.01&nbsp;&nbsp;&nbsp;Stagwell Participation in MDC Holdings Tax Matters</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">18</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 6.02&nbsp;&nbsp;&nbsp;Tax Positions</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 6.03&nbsp;&nbsp;&nbsp;Admission of MDC Holdings into a Consolidated Group; Contribution of Assets to a Corporation.</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 6.04&nbsp;&nbsp;&nbsp;Cooperation.</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Article 7 Miscellaneous</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.01&nbsp;&nbsp;&nbsp;Notices</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">20</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.02&nbsp;&nbsp;&nbsp;Counterparts; Electronic&nbsp; Transmission of Signatures</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.03&nbsp;&nbsp;&nbsp;No Right of Offset</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">21</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Contents</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><B>Clause</B></TD>
    <TD STYLE="text-align: right; width: 50%"><B>Page</B></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>&nbsp;</B></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; width: 90%; text-align: left; padding-bottom: 2pt">Section 7.04&nbsp;&nbsp;&nbsp;Entire Agreement</TD>
    <TD STYLE="padding-top: 2pt; width: 10%; text-align: right; padding-bottom: 2pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.05&nbsp;&nbsp;&nbsp;Assignment; No Third-Party Beneficiaries</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.06&nbsp;&nbsp;&nbsp;Severability</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">21</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.07&nbsp;&nbsp;&nbsp;Expenses</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.08&nbsp;&nbsp;&nbsp;Severability</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.09&nbsp;&nbsp;&nbsp;Amendment</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.10&nbsp;&nbsp;&nbsp;Waiver</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.11&nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Specific Performance; WAIVER OF JURY TRIAL.</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.12&nbsp;&nbsp;&nbsp;Reconciliation</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">24</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-top: 2pt; text-align: left; padding-bottom: 2pt">Section 7.13&nbsp;&nbsp;&nbsp;Withholding</TD>
    <TD STYLE="padding-top: 2pt; text-align: right; padding-bottom: 2pt">24</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TAX RECEIVABLE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">This
TAX RECEIVABLE AGREEMENT (this &ldquo;<U>Agreement</U>&rdquo;) dated as of </FONT>[<FONT STYLE="background-color: white">&#9679;</FONT>],
<FONT STYLE="background-color: white">is hereby entered into by and among [MDC Holdings Company Inc.], a Delaware corporation (&ldquo;<U>MDC
Holdings</U>&rdquo;), [MDC OpCo LLC], a Delaware limited liability company and a direct subsidiary of MDC Holdings (&ldquo;<U>OpCo</U>&rdquo;),
and Stagwell Media LP, a Delaware limited partnership (&ldquo;<U>Stagwell</U>&rdquo;)</FONT>. Capitalized terms used but not otherwise
defined herein have the respective meanings set forth in the Transaction Agreement (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WITNESSETH:</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">WHEREAS, on [&bull;],
2020, Stagwell, MDC Partners Inc., a Canadian corporation (&ldquo;<U>MDC</U>&rdquo;), [New MDC LLC], a Delaware limited liability
company that converted into a corporation prior to the date hereof (&ldquo;<U>New MDC</U>&rdquo;), and [Merger Sub LLC], a Delaware
limited liability company (&ldquo;<U>Merger Sub</U>&rdquo;), <FONT STYLE="background-color: white">entered into that certain Transaction
Agreement (the &ldquo;<U>Transaction Agreement</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, prior to the
Closing Date, MDC domesticated to Delaware pursuant to section 388 of the Delaware General Corporation Law in a transaction that
is intended for U.S. federal tax purposes to constitute a reorganization described in Section 368(a)(1)(F) of the Code (the &ldquo;<U>Redomiciliation</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, prior to the
Closing Date and after the Redomiciliation, MDC caused the Maxxcom Restructuring to be completed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, prior to the
Closing Date and after the Maxxcom Restructuring, in a series of transactions that are intended for U.S. federal tax purposes to
constitute a reorganization described in Section 368(a)(1)(F) of the Code: (i) MDC Holdings converted into a Delaware corporation
(such conversion, the &ldquo;<U>MDC Holdings Incorporation</U>&rdquo;); (ii) immediately thereafter, Merger Sub merged with and
into MDC, with MDC surviving as a direct and wholly-owned Subsidiary of MDC Holdings (the &ldquo;<U>MDC Merger</U>&rdquo;); and
(iii) immediately following the MDC Merger, MDC converted into a Delaware limited liability company (as converted, &ldquo;<U>OpCo</U>&rdquo;),
with MDC Holdings as the then-sole member of OpCo, and OpCo adopted the Initial OpCo Operating Agreement (the foregoing transactions
taken together, the &ldquo;<U>Holding Company Formation F Reorganization</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on the Closing
Date, Stagwell contributed all of the issued and outstanding interests in Stagwell Marketing Group Holdings LLC, a Delaware limited
liability company, to OpCo in exchange for [&#9679;] OpCo Common Units (such OpCo Common Units, the &ldquo;<U>Stagwell OpCo Common
Units</U>&rdquo;) and, as a result, became the second member of OpCo in a transaction intended to constitute the formation of OpCo
as a partnership for U.S. federal income tax purposes and exchanges by MDC Holdings and Stagwell, in each case as described in
Section 721 of the Code;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on the
Closing Date, MDC Holdings issued [&#9679;] shares of MDC Holdings Class C Common Stock to Stagwell in exchange for an
aggregate purchase price of $100 in cash, and each such share of MDC Holdings Class C Common Stock was paired with a Stagwell
OpCo Common Unit (such shares of MDC Holdings Class C Common Stock, together with the Stagwell OpCo Common Units, the
 &ldquo;<U>Stagwell Paired Equity Interests</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, on and after
the date hereof, each of Stagwell and its Permitted Transferees (as defined under the A&amp;R OpCo Operating Agreement (as defined
below)) has the right, in its sole discretion, from time to time, to have all or any portion of the Stagwell Paired Equity Interests
redeemed by OpCo in exchange for an equivalent number of shares of Class A Common Stock of MDC Holdings (a &ldquo;<U>Redemption</U>&rdquo;)
pursuant to Section 3.6 of the A&amp;R OpCo Operating Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">WHEREAS,
OpCo is treated as a partnership for U.S. federal income Tax purposes; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">WHEREAS,
OpCo and each direct or indirect subsidiary (owned through a chain of pass-through entities) of OpCo that is treated as a partnership
for U.S. federal income Tax purposes (such entities, together with OpCo and any direct or indirect subsidiary (owned through a
chain of pass-through entities) of OpCo that is treated as a disregarded entity for U.S. federal income Tax purposes, the &ldquo;<U>OpCo
Group</U>&rdquo;) will have in effect an election under Section 754 of the Code (as defined below) as provided under <U>Section
2.01</U> for the Taxable Year (as defined below) in which any Exchange (as defined below) occurs, which election will result in
an adjustment to MDC Holdings&rsquo; share of the Tax basis of the assets owned by the OpCo Group as of the date of the Exchange,
with a consequent result on the taxable income subsequently derived therefrom;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">WHEREAS,
the income, gain, loss, expense and other Tax (as defined below) items of OpCo allocable to or with respect to MDC Holdings may
be affected by Basis Adjustments (as defined below) and MDC Holdings&rsquo; tax liability may be affected by Imputed Interest (as
defined below); and </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">WHEREAS,
the Parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed
Interest on the actual liability for Taxes of MDC Holdings and provide for certain payments from MDC Holdings to Stagwell with
respect to any Tax benefits actually realized by MDC Holdings as the result of Exchanges (as defined below), and to ease administrative
burdens, an assumed Tax rate shall be used to approximate MDC Holdings&rsquo; state, local and foreign liabilities for Covered
Taxes (as defined below) without regard to such Tax benefits for each Covered Taxable Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">NOW,
THEREFORE, </FONT>in consideration of the mutual covenants and agreements herein made and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows<FONT STYLE="background-color: white">:
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>DEFINITIONS
AND USAGE</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"><U>Definitions.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">The following
terms shall have the following meanings for the purposes of this Agreement<FONT STYLE="font-size: 10pt">: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>A&amp;R
OpCo Operating Agreement</U>&rdquo; means the amended and restated limited liability company agreement, dated as of the date hereof,
by and among OpCo and its Members, as amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Actual
Tax Liability</U>&rdquo; means, with respect to any Covered Taxable Year, the sum of (i) the actual liability for </FONT>U.S. federal
<FONT STYLE="background-color: white">Covered Taxes of MDC Holdings (A)&nbsp;appearing on the U.S. federal income Tax Return of
MDC Holdings for such Covered Taxable Year and (B)&nbsp;if applicable, determined in accordance with a Determination (including
interest imposed in respect thereof under applicable law) and (ii) the product of (A) the amount of the aggregate net income of
MDC Holdings in the states and local jurisdictions in which MDC Holdings files Tax Returns for such Covered Taxable Year and (B)
the Blended Rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Accounting
Firm</U>&rdquo; means, as of any time, the accounting firm that prepares the audited financial statements of MDC Holdings, provided
that such firm is nationally recognized as being expert in Covered Tax matters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Agreed
Rate</U>&rdquo; means SOFR plus 100 basis points. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Audit
Committee</U>&rdquo; means the audit committee of the Board. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Basis
Adjustment</U>&rdquo; means the increase or decrease to the adjusted Tax basis of any asset of the OpCo Group (i) under Section
743(b), 754 and 755 of the Code and, in each case, the comparable sections of U.S. state and local Tax law (in situations where,
following an Exchange, OpCo remains in existence as an entity for Tax purposes) and (ii) under Sections 732 and 1012 of the Code
and, in each case, the comparable sections of U.S. state and local Tax law (in situations where, as a consequence of an Exchange,
OpCo becomes an entity that is disregarded as separate from its owner for Tax purposes), in each case, as a result of (x) an Exchange
or (y) any payments made under this Agreement. To the extent permitted by law, any amount paid pursuant to this Agreement shall
be taken into account in computing such Basis Adjustments. For the avoidance of doubt, payments under this Agreement shall not
be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Blended
Rate</U>&rdquo; means, with respect to any Covered Taxable Year, the sum of the apportionment weighted, maximum effective rates
of tax imposed on the aggregate net income of MDC Holdings in each state or local jurisdiction in which MDC Holdings files Tax
Returns for such Covered Taxable Year, with the apportionment weighted, maximum effective rate of tax in any state or local jurisdiction
being equal to the product of: (i) the apportionment factor on the income or franchise Tax Return filed by MDC Holdings in such
jurisdiction for such Covered Taxable Year, and (ii) the maximum applicable corporate tax rate in effect in such jurisdiction
in such Covered Taxable Year. As an illustration of the calculation of Blended Rate for a Covered Taxable Year, if MDC Holdings
solely files Tax Returns in State 1 and State 2 in a Covered Taxable Year, the maximum applicable corporate tax rates in effect
in such states in such Covered Taxable Year are 6.5% and 5.5%, respectively, and the apportionment factors for such States in
such Covered TaxableYear are 55% and 45%, respectively, then the Blended Rate for such Taxable Year is equal to 6.05% (i.e., 6.5%
times 55% plus 5.5% times 45%).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Board</U>&rdquo;
means the Board of Directors of MDC Holdings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Business
Day</U>&rdquo; </FONT>means a day, other than a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by applicable Law to close<FONT STYLE="background-color: white">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Change
of Control</U>&rdquo; means the occurrence of any of the following events: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">any
 &ldquo;person&rdquo; or &ldquo;group&rdquo; of related persons other than Stagwell and any of its Permitted Transferees is or becomes
the &ldquo;beneficial owner&rdquo;, directly or indirectly, in the aggregate of more than 50% of the total voting power of the
Voting Stock of MDC Holdings; <I>provided</I>, that the formation of a holding company to hold Capital Stock of MDC Holdings which
does not change the beneficial ownership of such Capital Stock (except as a result of the exercise of dissenters&rsquo; rights)
will not constitute a Change of Control under this clause (i) (<I>provided</I> that, from and after the formation of such holding
company, all references to MDC Holdings in this definition shall instead refer to such holding company);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">during
any period of two consecutive years, individuals who at the beginning of such period constituted the Board, together with any new
directors whose election by such Board or whose nomination for election by the stockholders of MDC Holdings was approved by a vote
of a majority of the directors of MDC Holdings then still in office who were either directors at the beginning of such period or
whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board
then in office;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">the
approval by the holders of Capital Stock of MDC Holdings of any plan or proposal for the liquidation or dissolution of MDC Holdings;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">MDC
Holdings consolidates with, or merges with or into, another Person, or MDC Holdings sells, conveys, assigns, transfers,
leases or otherwise disposes of all or substantially all of the assets of MDC Holdings, determined on a consolidated basis,
to any Person, other than a transaction where the Person or Persons that, immediately prior to such transaction, beneficially
owned the outstanding Voting Stock of MDC Holdings are, by virtue of such prior ownership, the beneficial owners in the
aggregate of a majority of the total voting power of the then outstanding Voting Stock of the surviving or transferee Person
(or if such surviving or transferee Person is a direct or indirect wholly-owned subsidiary of another Person, such Person who
is the ultimate parent entity) (<I>provided </I>that, in the event the exception in this clause (iv) applies, then, from and
after the consummation of such transaction, all references to MDC Holdings in this definition shall instead refer to such
surviving or transferee Person or ultimate parent entity).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="background-color: white">For
purposes of this definition:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">&ldquo;beneficial
owner&rdquo; has the meaning specified in Rules 13d-3 and 13d-5 under the Exchange Act, except that any person or group will be
deemed to have beneficial ownership of all securities that such person or group or has the right to acquire by conversion or exercise
of other securities, whether such right is exercisable immediately or only after the passage of time (&ldquo;beneficially own&rdquo;
and &ldquo;beneficially owned&rdquo; have corresponding meanings); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">&ldquo;<U>Capital
Stock</U>&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in">(I)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">with respect to any Person that is a corporation, any and
all shares, interests, participations or other equivalents (however designated and whether or not voting) of capital stock, including
each class of common stock and preferred stock of such Person and stock appreciation rights;</FONT></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: 2in"></TD><TD STYLE="width: 0.5in">(II)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">with respect to any Person that is not a corporation, any
and all partnership or other equity or ownership interests of such Person; and</FONT></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: 2in"></TD><TD STYLE="width: 0.5in">(III)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">any warrants, rights or options to purchase any of the instruments
or interests referred to in clause (I) or (II) above.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">&ldquo;<U>Permitted
Transferees</U>&rdquo; has the meaning given to it in </FONT>the A&amp;R OpCo Operating Agreement<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">&ldquo;person&rdquo;
and &ldquo;group&rdquo; have the meanings for &ldquo;person&rdquo; and &ldquo;group&rdquo; as used in Sections 13(d) and 14(d)
of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">&ldquo;<U>Voting
Stock</U>&rdquo; means, with respect to any Person, securities of any class of Capital Stock of such Person entitling the holders
thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote
in the election of members of the Board (or equivalent governing body) of such Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Code</U>&rdquo;
means the U.S. Internal Revenue Code of 1986, as amended, or any successor provisions or any successor U.S. federal statute relating
to corporate income Tax. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Covered
Taxable Year</U>&rdquo; means any Taxable Year of MDC Holdings ending after the Closing Date (as defined in the Transaction Agreement)
and on or before the end of the first Taxable Year ending after all Stagwell Paired Equity Interests have been redeemed by OpCo
or transferred to MDC Holdings in an Exchange and in which all related Tax benefits have either been utilized or have expired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Covered
Taxes</U>&rdquo; means any and all U.S. federal, state and local Taxes, assessments or similar charges that are based on or measured
with respect to net income or profits, whether as an exclusive, additional or an alternative basis (including for the avoidance
of doubt, franchise Taxes and Tax imposed under Section 59A of the Code), and any interest imposed in respect thereof under applicable
law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Cumulative
Net Realized Tax Benefit</U>&rdquo; means, for a Covered Taxable Year, the cumulative amount of Realized Tax Benefits for all Covered
Taxable Years of MDC Holdings up to and including such Covered Taxable Year, net of the cumulative amount of Realized Tax Detriments
for the same period, which, in each case, shall be determined based on the most recent Tax Benefit Schedule or Revised Schedule,
if any, in existence at the time of such determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Default
Rate</U>&rdquo; means SOFR plus 500 basis points.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Determination</U>&rdquo;
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of U.S. </FONT>state and local
<FONT STYLE="background-color: white">Tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that
finally and conclusively establishes the amount of any liability for Tax.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Early
Termination Effective Date</U>&rdquo; means the date of an Early Termination Notice for purposes of determining the Early Termination
Payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Early
Termination Rate</U>&rdquo; means the Agreed Rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Exchange</U>&rdquo;
means (i) a Redemption or (ii) any other transaction or distribution by OpCo that, in either case, results in an adjustment under
Sections 743(b) or 1012 of the Code with respect to the assets of the OpCo Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Exchange
Act</U>&rdquo; </FONT>means the Securities Exchange Act of 1934, as amended, together with the rules and regulations promulgated
thereunder<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Exchange
Date</U>&rdquo; means the date of any Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Final
Payment Date</U>&rdquo; means any date on which a payment is required to be made pursuant to this Agreement. For the avoidance
of doubt, the Final Payment Date in respect of a Tax Benefit Payment is determined pursuant to <U>Section 3.01(a)</U> of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>Hypothetical
Federal Tax Liability</U>&rdquo; means, with respect to any Covered Taxable Year, the hypothetical liability for Covered
Taxes of MDC Holdings that would arise in respect of U.S. federal Covered Taxes, using the same methods, elections,
conventions and similar practices used to prepare MDC Holdings&rsquo; actual U.S. federal Tax Returns, in each case, that
were taken into account in computing the actual liability for Covered Taxes of MDC Holdings for such Covered Taxable Year,
but (i) calculating depreciation, amortization, or other similar deductions and any items of income, gain, or loss, using the
Non-Adjusted Tax Basis as reflected on the Basis Schedule, including amendments thereto for such Taxable Year (and without
regard to amounts that effectively reduce depreciation or amortization deductions or create ordinary income by reason of a
negative adjustment under Section 743), (ii) excluding any deduction attributable to Imputed Interest and (iii) deducting the
Hypothetical Other Tax Liability for such Covered Taxable Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Hypothetical
Other Tax Liability</U>&rdquo; means, with respect to any Covered Taxable Year, MDC Holdings&rsquo; U.S. federal taxable income
determined in connection with calculating the Hypothetical Federal Tax Liability for such Covered Taxable Year (determined without
regard to clause (iii) thereof) multiplied by the Blended Rate for such Taxable Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Hypothetical
Tax Liability</U>&rdquo; means, with respect to any Covered Taxable Year, the Hypothetical Federal Tax Liability for such Covered
Taxable Year, plus the Hypothetical Other Tax Liability for such Covered Taxable Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Imputed
Interest</U>&rdquo; means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code and the similar section
of the applicable U.S. state or local income or franchise Tax law with respect to MDC Holdings&rsquo; payment obligations under
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Independent
Directors</U>&rdquo; means the members of the Board who are &ldquo;<U>independent</U>&rdquo; under the standards set forth in Rule
10A-3 promulgated under the U.S. Securities Exchange Act of 1933, as amended, and the corresponding rules of the applicable exchange
on which MDC Holdings Class A Common Stock is traded or quoted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>IRS</U>&rdquo;
means the U.S. Internal Revenue Service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Joinder</U>&rdquo;
means a joinder to this Agreement, in substantially the form of <U>Exhibit A</U> to this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Member</U>&rdquo;
means any member of OpCo pursuant to the A&amp;R OpCo Operating Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Non-Adjusted
Tax Basis</U>&rdquo; means, with respect to any asset of the OpCo Group at any time, the tax basis that such asset would have had
at such time if no Basis Adjustments had been made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Parties</U>&rdquo;
means the parties named on the signature pages to this Agreement and each additional party that becomes a Member, in each case
together with their respective successors and assigns.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Person</U>&rdquo;
</FONT>means an individual, corporation, partnership, joint venture, association, trust, unincorporated organization, limited liability
company or governmental or other entity<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Realized
Tax Benefit</U>&rdquo; means, for a Covered Taxable Year, the excess, if any of the Hypothetical Tax Liability for such Covered
Taxable Year over the actual liability for Covered Taxes of MDC Holdings for such Covered Taxable Year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Realized
Tax Detriment</U>&rdquo; means, for a Covered Taxable Year, the excess, if any, of the actual liability for Covered Taxes of MDC
Holdings for such Covered Taxable Year over the Hypothetical Tax Liability for such Covered Taxable Year. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Reconciliation
Procedures</U>&rdquo; means the reconciliation procedures set forth in <U>Section 7.12</U> of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<U>SOFR</U>&rdquo; means
the daily Secured Overnight Financing Rate provided by the Federal Reserve Bank of New York as the administrator of the benchmark
(or a successor administrator) on the Federal Reserve Bank of New York&rsquo;s website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Subsidiary</U>&rdquo;
</FONT>means, with respect to any Person, another Person, an amount of the voting securities or other voting ownership interests
of which is sufficient, together with any contractual rights, to elect at least a majority of its Board of Directors or other governing
body (or, if there are no such voting interests, 50 percent or more of the equity interests of which) is owned directly or indirectly
by such first Person<FONT STYLE="background-color: white">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Subsidiary
Stock</U>&rdquo; </FONT>means equity interests in any business entity treated as an association taxable as a corporation for U.S.
federal income tax purposes that is owned directly or indirectly by OpCo<FONT STYLE="background-color: white">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Tax</U>&rdquo;
or &ldquo;<U>Taxes</U>&rdquo; means all forms of taxation or duties imposed, or required to be collected or withheld, including,
charges, together with any related interest, penalties or other additional amounts. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Tax
Return</U>&rdquo; means any return, declaration, report or similar statement required to be filed with respect to Taxes (including
any attached schedules), including any information return, claim for refund, amended return and declaration of estimated Tax. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Taxable
Year</U>&rdquo; means a taxable year of MDC Holdings as defined in Section 441(b) of the Code or comparable section of U.S. state
or local Tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which
a Tax Return is made). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Taxing
Authority</U>&rdquo; shall mean any national, federal, state, county, municipal, or local government, or any subdivision, agency,
commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other
authority in relation to Tax matters. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Treasury
Regulations</U>&rdquo; means the US Treasury Department income tax regulations promulgated under the Code. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>U.S.</U>&rdquo;
means the United States of America. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">&ldquo;<U>Valuation
Assumptions</U>&rdquo; shall mean, as of an Early Termination Effective Date, the assumptions that: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">in
each Taxable Year ending on or after such Early Termination Effective Date, MDC Holdings will have taxable income sufficient to
fully use the deductions arising from the Basis Adjustments and the Imputed Interest during such Taxable Year or future Taxable
Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit
Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">the
U.S. federal income Tax rates (and, for purposes of determining the Blended Rate for each such Taxable Year, the U.S. state and
local income tax rates) that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by
the Code and other law as in effect on the Early Termination Effective Date, except to the extent any change to such Tax rates
for such Taxable Year has already been enacted into law; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">all
taxable income of MDC Holdings will be subject to the maximum applicable Tax rates for each Covered Tax throughout the relevant
period, provided that the combined tax rate for U.S. state and local income taxes shall be the applicable Blended Rate; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">any
loss carryovers generated by any Basis Adjustment or Imputed Interest (including such Basis Adjustment and Imputed Interest generated
as a result of payments under this Agreement) and available as of the date of the Early Termination Schedule will be used by MDC
Holdings ratably in each Taxable Year from the date of the Early Termination Schedule through the scheduled expiration date of
such loss carryovers or carrybacks (or, if such carryovers do not have an expiration date, over the fifteen-year period after such
carryovers were generated); by way of example, if on the date of the Early Termination Schedule MDC Holdings had $120 of net operating
losses with a carryforward period of ten (10) years, $12 of such net operating losses would be used in each of the ten (10) consecutive
Taxable Years beginning in the Taxable Year of such Early Termination Schedule; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">any
non-amortizable assets (other than Subsidiary Stock) will be deemed disposed of as of the Early Termination Effective Date; </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">any
Subsidiary Stock will be deemed never to be disposed of;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">if,
on the Early Termination Effective Date, any Stagwell OpCo Units have not been Exchanged, then such interests shall be deemed to
be Exchanged for the fair market value of MDC Holdings</FONT> Class A Common Stock <FONT STYLE="background-color: white">that would
be received by any of Stagwell or its Permitted Transferees if such interests had been Exchanged on the Early Termination Effective
Date;</FONT> and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="background-color: white">any
payment obligations pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation
relates is required to be filed excluding any extensions. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Each
of the following terms is defined in the Section set forth opposite such term:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&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; background-color: #D9D9D9">
    <TD STYLE="border-top: Black 1pt solid; width: 70%; border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><B>Term</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 30%; border-right: Black 1pt solid; padding: 0.25pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in; border-bottom: Black 0.5pt solid">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><B>Section</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Agreement</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Preamble</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Basis Schedule</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 2.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Chancery Court</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 7.11(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Early Termination Notice</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 4.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Early Termination Payment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 4.03(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Early Termination Reference Date</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 4.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Early Termination Schedule</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 4.02</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Holding Company Formation F Reorganization</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">MDC Holdings</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Preamble</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">MDC Holdings Incorporation</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">MDC Merger</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">MDC Payment </TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 5.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">MDC</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Merger Sub</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">OpCo</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Preamble</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">OpCo Group</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Reconciliation Procedures</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 7.12</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Redemption</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 1.45pt">Redomiciliation</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Recitals</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt; width: 70%">Revised Schedule</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 2.02(c)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Senior Obligations</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 5.01</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Stagwell</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Preamble</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Stagwell OpCo Common Units</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Stagwell Paired Equity Interests</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Recitals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Tax Benefit Payment</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 3.01(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Tax Schedule</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 2.02(b)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Termination Objection Notice</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Section 4.02(a)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">Transaction Agreement</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt"><FONT STYLE="background-color: white">Recitals</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 4.45pt; padding-top: 6pt; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; padding-left: 4.45pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Other
Definitional and Interpretative Provisions</U>. When a reference is made in this Agreement to a Section, such reference
shall be to a Section of this Agreement unless otherwise indicated. The descriptive headings of this Agreement are inserted
for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any
pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of
nouns, pronouns and verbs shall include the plural and vice versa. The words &ldquo;include,&rdquo; &ldquo;includes&rdquo;
and &ldquo;including&rdquo; when used herein shall be deemed in each case to be followed by the words &ldquo;without
limitation.&rdquo; References to &ldquo;this Agreement,&rdquo; &ldquo;hereof,&rdquo; &ldquo;herein,&rdquo; and
 &ldquo;hereunder&rdquo; refer to this Agreement as a whole and not to any particular provision of this Agreement and include
any schedules, annexes, exhibits or other attachments to this Agreement. Any agreement, instrument or other document or any
Law defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement,
instrument, other document or Law as from time to time amended, modified or supplemented, including (in the case of
agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes
and references to all attachments thereto and instruments incorporated therein. Without limiting the generality of the
immediately preceding sentence, no amendment or other modification to any agreement, document or instrument that requires the
consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless
such Person has consented in writing to such amendment or modification. The use of the words &ldquo;or,&rdquo;
 &ldquo;either&rdquo; and &ldquo;any&rdquo; shall not be exclusive. The Parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this
Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict
exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such
conflict. References to agreements or other documents shall be deemed to refer to such agreement or other document as
amended, restated, supplemented and/or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Determination
of Tax Benefits</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>OpCo 754 Election</U>.
<FONT STYLE="background-color: white">In its capacity as the managing member of OpCo, MDC Holdings will ensure that, on and after
the date hereof and continuing throughout the term of this Agreement, OpCo and each member of the OpCo Group will have in effect
an election under Section 754 of the Code (and under any similar provisions of applicable U.S. state or local law) for each Taxable
Year</FONT>; <I>provided</I>, that with respect to any direct or indirect subsidiary of OpCo that is treated as a partnership for
U.S. federal income tax purposes for which MDC Holdings or any of its subsidiaries do not have the authority under the governing
documents of such subsidiary to cause or are otherwise prohibited from causing such subsidiary to have in effect an election under
Section 754 of the Code (or under any similar provisions of applicable U.S. state or local law), MDC Holdings shall only be required
to take commercially reasonable efforts to cause such subsidiary to have such an election in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Tax Schedule</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white"><U>Basis Schedule</U>. Not more than ninety (90) calendar days after the filing of
the U.S. federal income Tax Return of MDC Holdings for each Taxable Year in which any Exchange has been effected, MDC Holdings
shall deliver to Stagwell a schedule (the &ldquo;<U>Basis Schedule</U>&rdquo;) that shows in reasonable detail as necessary to
understand the calculations performed under this Agreement, for U.S. federal, state and local Tax purposes, (i) the Non-Adjusted
Tax Basis of the assets of the OpCo Group as of the date of each applicable Exchange, (ii) the Basis Adjustment with respect to
the assets of the OpCo Group as a result of the Exchanges effected in such Taxable Year, calculated in the aggregate, (iii) the
period or periods, if any, over which the assets of the OpCo Group are amortizable and/or depreciable and (iv) the period or periods,
if any, over which each Basis Adjustment is amortizable and/or depreciable. Subject to the other provisions of this Agreement,
the items reflected on a Basis Schedule shall become final and binding on the Parties sixty (60) calendar days after Stagwell&rsquo;s
receipt of such Basis Schedule to Stagwell unless Stagwell provides MDC Holdings with written notice of an objection thereto made
in good faith within sixty (60) calendar days after its receipt of such Basis Schedule. If such an objection is timely made and
the Parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within fifteen (15)
calendar days, MDC Holdings and Stagwell shall employ the Reconciliation Procedures. Notwithstanding that the Basis Schedule for
a Covered Taxable Year may have become final and binding on the Parties under this <U>Section 2.02(a</U>), such Basis Schedule
shall be revised to the extent necessary to (w) reflect a Determination, (x) reflect inaccuracies in the original determination
of the Basis Adjustment as a result of Exchanges effected in such Taxable Year as a result of factual information that was not
previously taken into account, (y) reflect adjustments required to take into account payments made pursuant to this Agreement,
and (z) comply with the expert&rsquo;s determination under the Reconciliation Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="background-color: white"><U>Tax Schedule</U>. Within ninety (90) calendar days after the filing date (including
extensions) for the U.S. federal income Tax Return of MDC Holdings for a Taxable Year in which there is a Realized Tax Benefit
or Realized Tax Detriment, MDC Holdings shall provide to Stagwell a schedule (the &ldquo;<U>Tax Schedule</U>&rdquo;) showing the
computation of the Realized Tax Benefit (if any), the Realized Tax Detriment (if any) and the Tax Benefit Payment (determined in
accordance with <U>Section 3.01(b)</U> (if any) for such Covered Taxable Year, together with work papers providing reasonable detail
regarding the computation of such items. MDC Holdings shall allow Stagwell reasonable access to the appropriate representatives
of MDC Holdings and its Subsidiaries and the Accounting Firm in connection with its review of the Tax Schedule and work papers.
Subject to the other provisions of this Agreement, the items reflected on a Tax Schedule shall become final and binding on the
Parties thirty (30) calendar days after Stagwell&rsquo;s receipt of such Tax Schedule to Stagwell unless Stagwell, during such
thirty (30) calendar day period, provides MDC Holdings with written notice of an objection thereto made in good faith. If such
objection is timely made and the Parties, negotiating in good faith, are unable to successfully resolve the issues raised in such
notice within fifteen (15) calendar days, MDC Holdings and Stagwell shall employ the Reconciliation Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white"><U>Revised Schedule</U>. Notwithstanding that the Realized Tax Benefit (if any), the
Realized Tax Detriment (if any) and the Tax Benefit Payment (if any) for a Covered Taxable Year may have become final and binding
on the Parties under <U>Section 2.02(b)</U>, such items shall be revised to the extent necessary to (i) reflect a Determination,
(ii) reflect inaccuracies in the original computation as a result of factual information that was not previously taken into account,
(iii) reflect a change attributable to a carryback or carryforward of a loss or other Tax item, (iv) reflect a change attributable
to an amended Tax Return filed for such Covered Taxable Year (<I>provided</I>, that such a change attributable to an audit of a
Tax Return by an applicable Taxing Authority relating to the deductibility of depreciation or amortization deductions attributable
to any Basis Adjustment shall not be taken into account under this <U>Section 2.02(c)</U> unless and until there has been a Determination
with respect to such change) and (v) comply with the expert&rsquo;s determination under the Reconciliation Procedures. The Parties
shall cooperate in connection with any proposed revision to the Realized Tax Benefit (if any), the Realized Tax Detriment (if any)
and the Tax Benefit Payment (if any) for a Covered Taxable Year. The Party proposing a change to such an item shall provide the
other Party a schedule (a &ldquo;<U>Revised Schedule</U>&rdquo;) showing the computation and explanation of such revision, together
with work papers providing reasonable detail regarding the computation of such items. Subject to the other provisions of this Agreement,
such revised Realized Tax Benefit (if any), revised Realized Tax Detriment (if any) and/or revised Tax Benefit Payment (if any)
shall become final and binding on the Parties thirty (30) calendar days after the other Party&rsquo;s receipt of such Revised Schedule
unless the other Party, during such 30-calendar day period, provides written notice of an objection thereto made in good faith.
If such an objection is timely made and the Parties, negotiating in good faith, are unable to successfully resolve the issues raised
in such notice within fifteen (15) calendar days, MDC Holdings and Stagwell shall employ the Reconciliation Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="background-color: white"><U>Applicable Principles</U>. It is the intention of the Parties for MDC Holdings
to pay Stagwell eighty-five percent (85%) of the additional Covered Taxes that MDC Holdings would have been required to pay on
Tax Returns that have actually been filed but for any depreciation or amortization deductions attributable to any Basis Adjustment
(and any Imputed Interest) and this Agreement shall be interpreted in accordance with such intention. Such amount shall be determined
using a &ldquo;with and without&rdquo; methodology. Carryovers or carrybacks of any Tax item shall be considered to be subject
to the rules of the Code and the Treasury Regulations or the appropriate provisions of U.S. state and local income and franchise
Tax law, as applicable and in effect on the relevant date of determination, governing the use, limitation and expiration of carryovers
or carrybacks of the relevant type. If a carryover or carryback of any Tax item includes a portion that is attributable to the
Basis Adjustment and another portion that is not, such portions shall be considered to be used in the order determined using such
 &ldquo;with and without&rdquo; methodology so that, for the avoidance of doubt, the payment is determined on the basis of a calculation
of Covered Taxes with and without the portion of the carryover or carryback attributable to the Basis Adjustment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Tax
Benefit Payments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Tax Benefit Payments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Within
5 Business Days after the Tax Schedule for any Covered Taxable Year becomes final and binding on the Parties under <U>Section 2.02(b)</U>,
MDC Holdings shall pay (i) to Stagwell an amount equal to the Tax Benefit Payment (determined in accordance with <U>Section 3.01(b)</U>).
Each Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank account(s) of Stagwell previously
designated by it in writing to MDC Holdings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">(b)
A &ldquo;<U>Tax Benefit Payment</U>&rdquo; shall equal, with respect to any Covered Taxable Year, (i)&nbsp;85% of the amount of
Cumulative Net Realized Tax Benefits, if any, for a Covered Taxable Year, minus (ii)&nbsp;the aggregate amount of all Tax Benefit
Payments previously made to Stagwell under this <U>Section 3.01(b)</U> (less any reimbursement payment Stagwell has previously
made to MDC Holdings under <U>Section 3.02(a)</U>), plus (iii)&nbsp;interest on the excess (if any) of clause (i) over clause (ii)
of this <U>Section 3.01(b)</U> calculated at the Agreed Rate from the due date (before giving effect to any extension) for filing
the Tax Return with respect to Covered Taxes for such Covered Taxable Year through the date of payment under <U>Section 3.01(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Reimbursement and
Indemnification</U>. <FONT STYLE="background-color: white">To the extent that there is a Determination that a deduction for depreciation
or amortization attributable to a Basis Adjustment taken into account in computing a Tax Benefit Payment or Imputed Interest taken
into account in computing a Tax Benefit Payment is not available, or the amount of taxable gain resulting from the sale or exchange
of an asset of OpCo is greater (or, in the case of a sale or exchange at a loss, as a result of a determination the loss is lower
or results in a gain) than the amount that was taken into account in computing a Tax Benefit Payment, Stagwell shall promptly
(a) reimburse MDC Holdings for any prior payment made to Stagwell in respect of such deductions for depreciation, amortization,
Imputed Interest, or savings in respect of gain or loss attributable to dispositions of OpCo assets with a Basis Adjustment and
(b) without duplication, indemnify MDC Holdings and hold it harmless with respect to any interest or penalties and any other losses
in respect of the disallowance of such tax savings (together with reasonable attorneys&rsquo; and accountants&rsquo; fees incurred
in connection with any related Tax contest, but the indemnity for such reasonable attorneys&rsquo; and accountants&rsquo; fees
shall only apply to the extent Stagwell is permitted to control such contest). For the avoidance of doubt, the Parties agree and
acknowledge that Stagwell shall not have any payment or reimbursement obligation to MDC Holdings in respect of any Realized Tax
Detriment, except as contemplated by this <U>Section 3.02</U> and except for the reduction (but not below zero) of amounts that
would otherwise be due Stagwell pursuant to <U>Section 3.01(b)</U>. For the further avoidance of doubt and by way of example,
if $20 of depreciation is claimed in Year 1 resulting in a $10 Covered Tax Benefit and Tax Benefit Payment in the same amount
to Stagwell in Year 2, and the Year 1 depreciation is later disallowed by the IRS, the amount of the payment from Stagwell to
MDC Holdings under this <U>Section 3.02</U> shall include an amount equal to the $10 Tax Benefit Payment paid with respect to
such disallowed depreciation plus the amount of interest and penalties, if any, paid by MDC Holdings with respect to such disallowed
depreciation plus any Tax savings taken into account in computing the Tax Benefit Payment for other Covered Taxable Years that
will be disallowed as a result of such payment (<I>e.g.</I>, Imputed Interest) plus any Tax imposed on MDC Holdings as a result
of such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>No Duplicative Payments</U>.
<FONT STYLE="background-color: white">No duplicative payment of any amount (including interest) will be required under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Section
3.04.&#9;<U>Certain Acknowledgments</U>. Without prejudice to Article 4, MDC Holdings and Stagwell hereby acknowledge and agree
that, as of the date of this Agreement and as of the date of any future Exchange that may be subject to this Agreement, the aggregate
value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. federal income or other applicable tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Termination</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Early Termination
of Agreement; Breach of Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>MDC
Holdings&rsquo; Early Termination Right</U>. With the written approval of a majority of the Independent Directors, MDC Holdings
may completely terminate this Agreement, as and to the extent provided herein, with respect to all amounts payable to Stagwell
pursuant to this Agreement by paying to Stagwell the Early Termination Payment; <I>provided</I>, that MDC Holdings may withdraw
any notice to execute its termination rights under this <U>Section 4.01(a)</U> prior to the making of the Early Termination Payment
pursuant to this <U>Section 4.01(a)</U>. Upon MDC Holdings&rsquo; payment of the Early Termination Payment, MDC Holdings shall
not have any further payment obligations under this Agreement, other than with respect to any: (i) prior Tax Benefit Payments
that are due and payable under this Agreement but that still remain unpaid as of the Early Termination Effective Date; and (ii)
current Tax Benefit Payments due for the Taxable Year ending on or including the Early Termination Effective Date (except to the
extent that the amount described in clause (ii) is included in the calculation of the Early Termination Payment). If an Exchange
subsequently occurs after such payment in full, MDC Holdings shall have no obligations under this Agreement with respect to such
Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>Acceleration
Upon Change of Control</U>. In the event of a Change of Control, all obligations of MDC Holdings under this Agreement shall be
accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of
the Change of Control and utilizing the Valuation Assumptions by substituting the phrase the &ldquo;<U>closing date of a Change
of Control</U>&rdquo; in each place where the phrase &ldquo;<U>Early Termination Effective Date</U>&rdquo; appears. Such obligations
shall be determined, <I>inter alia</I>, as follows, (i) the Early Termination Payment shall be calculated as if an Early Termination
Notice had been delivered on the closing date of the Change of Control, (ii) any Tax Benefit Payments agreed to by MDC Holdings
and Stagwell as due and payable but unpaid as of the Early Termination Notice shall be included in the Early Termination Payment
and (iii) any Tax Benefit Payments due for any </FONT>Taxable Year ending prior to, with or including the closing date of a Change
of Control (except to the extent that any amounts described in clauses (ii) or (iii)) shall be included in the Early Termination
Payment. For the avoidance of doubt, <U>Section 4.02</U> and <U>Section 4.03</U> shall apply to a Change of Control, <I>mutatis
mutandis</I><FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>Acceleration
Upon Breach of Agreement</U>. In the event that MDC Holdings materially breaches any of its obligations under this Agreement,
whether as a result of failure to make any payment when due, failure to honor in any material respect any other obligation required
hereunder, or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code
or otherwise, then all obligations hereunder shall be accelerated and become immediately due and payable upon notice of acceleration
from Stagwell (<I>provided</I>, that in the case of any proceeding under the Bankruptcy Code or other insolvency statute, such
acceleration shall be automatic without any such notice), and such obligations shall be calculated as if an Early Termination
Notice had been delivered on the date of such notice of acceleration (or, in the case of any proceeding under the Bankruptcy Code
or other insolvency statute, on the date of such breach) and shall be determined, <I>inter alia</I>, as follows: (i) the Early
Termination Payment shall be calculated as if an Early Termination Notice had been delivered on the date of such acceleration;
(ii) any prior Tax Benefit Payments that are due and payable under this Agreement but that still remain unpaid as of the date
of such acceleration shall be included in the Early Termination Payment; and (iii) any current Tax Benefit Payment due for the
Taxable Year ending with or including the date of such acceleration </FONT>shall be included in the Early Termination Payment<FONT STYLE="background-color: white">.
Notwithstanding the foregoing, in the event that MDC Holdings breaches this Agreement and such breach is not a material breach
of an obligation hereunder, Stagwell shall still be entitled to enforce all of its rights otherwise available under this Agreement.
For purposes of this <U>Section 4.01(c)</U>, and subject to the following sentence, the Parties agree that the failure to make
any payment due pursuant to this Agreement within sixty (60) calendar days of the relevant Final Payment Date shall be deemed
to be a material breach of an obligation under this Agreement for all purposes of this Agreement, and that it will not be considered
to be a material breach of an obligation under this Agreement to make a payment due pursuant to this Agreement within sixty (60)
calendar days of the relevant Final Payment Date. Notwithstanding anything in this Agreement to the contrary, it shall not be
a material breach of an obligation under this Agreement if MDC Holdings fails to make any Tax Benefit Payment within sixty (60)
calendar days of the relevant Final Payment Date to the extent that MDC Holdings has insufficient funds, or cannot take commercially
reasonable actions to obtain sufficient funds, to make such payment; <I>provided</I>, that the interest provisions of <U>Section
5.02</U> shall apply to such late payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Early Termination
Notice</U>. <FONT STYLE="background-color: white">If MDC Holdings chooses to exercise its right of early termination under <U>Section
4.01(a)</U> above, MDC Holdings shall deliver to Stagwell a notice of MDC Holdings&rsquo; decision to exercise such right (an &ldquo;<U>Early
Termination Notice</U>&rdquo;) and a schedule (the &ldquo;<U>Early Termination Schedule</U>&rdquo;) showing in reasonable detail
the calculation of the Early Termination Payment. MDC Holdings shall also (x) deliver supporting schedules and work papers, as
determined by MDC Holdings or as reasonably requested by Stagwell, that provide a reasonable level of detail regarding the data
and calculations that were relevant for purposes of preparing the Early Termination Schedule and (y) allow Stagwell and its advisors
to have reasonable access to the appropriate representatives, as determined by MDC Holdings or as reasonably requested by Stagwell,
of MDC Holdings and the Accounting Firm in connection with a review of such Early Termination Schedule. The Early Termination Schedule
shall become final and binding on the Parties thirty (30) calendar days from the first date on which Stagwell received such Early
Termination Schedule unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">within
thirty (30) calendar days after receiving the Early Termination Schedule, Stagwell provides MDC Holdings with a notice of an objection
to such Early Termination Schedule made in good faith and setting forth in reasonable detail Stagwell&rsquo;s objection thereto
(a &ldquo;<U>Termination Objection Notice</U>&rdquo;); or </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Stagwell
provides a written waiver of such right of a Termination Objection Notice within the period described in clause (i) above, in which
case such Early Termination Schedule shall become final and binding on the Parties on the date the waiver is received by MDC Holdings.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In
the event that Stagwell timely delivers a Termination Objection Notice pursuant to clause (i) above, and if the Parties, for any
reason, are unable to successfully resolve the issues raised in the Termination Objection Notice within thirty (30) calendar days
after receipt by MDC Holdings of the Termination Objection Notice, MDC Holdings and Stagwell shall employ the Reconciliation Procedures
(in which event the Early Termination Schedule shall become final and binding on the Parties on the date of determination of the
expert pursuant to <U>Section 7.12</U>). The date on which the Early Termination Schedule becomes final and binding on the Parties
in accordance with this <U>Section 4.02</U> shall be the &ldquo;<U>Early Termination Reference Date</U>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Payment Upon Early
Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>Timing
of Payment</U>. Within three (3) Business Days after the Early Termination Reference Date, MDC Holdings shall pay to Stagwell
an amount equal to the Early Termination Payment. Such Early Termination Payment shall be made by MDC Holdings by wire transfer
of immediately available funds to a bank account or accounts designated by Stagwell in writing to MDC Holdings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>Amount
of Payment</U>. The payment payable to Stagwell pursuant to <U>Section 4.03(b)</U> (the &ldquo;<U>Early Termination Payment</U>&rdquo;)
shall equal the present value, discounted at the Early Termination Rate as determined as of the Early Termination Reference Date,
of all Tax Benefit Payments that would be required to be paid by MDC Holdings to Stagwell, whether payable with respect to Paired
Equity Interests that were Exchanged prior to the Early Termination Effective Date or on or after the Early Termination Effective
Date, beginning from the Early Termination Effective Date, using the Valuation Assumptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Subordination
and Late Payment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Subordination</U>.
<FONT STYLE="background-color: white">Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment
or Early Termination Payment required to be made by MDC Holdings to Stagwell under this Agreement (an &ldquo;<U>MDC Payment</U>&rdquo;)
shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of
any debt of MDC Holdings (&ldquo;<U>Senior Obligations</U>&rdquo;) and shall rank <I>pari passu</I> with all current or future
unsecured obligations of MDC Holdings that are not Senior Obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Late Payment by
MDC Holdings</U>. <FONT STYLE="background-color: white">The amount of all or any portion of an MDC Payment not made to Stagwell
when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and
commencing from the date on which such MDC Payment was due and payable; <I>provided</I>, that, to the extent that MDC Holdings
does not have sufficient funds to make all or part of such payment on the date on which such MDC Payment was due and payable as
a result of limitations imposed by any Senior Obligations, the Default Rate shall be replaced by the Agreed Rate while and to the
extent such limitations imposed by any Senior Obligations continue to restrict such payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Tax
Matters; Consistency; Tax Groups and successors; Cooperation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Stagwell Participation
in MDC Holdings Tax Matters</U>. <FONT STYLE="background-color: white">Except as otherwise provided herein, MDC Holdings shall
have full responsibility for, and sole discretion over, all Tax matters concerning MDC Holdings, OpCo, the OpCo Group and their
respective Subsidiaries, including the preparation, filing or amending of any Tax Return and defending, contesting or settling
any issue pertaining to Taxes. Notwithstanding the foregoing, MDC Holdings shall notify Stagwell of, and keep Stagwell reasonably
informed with respect to, the portion of any audit of MDC Holdings, OpCo, the OpCo Group and their respective Subsidiaries (including,
but solely to the extent MDC Holdings is entitled to control such audit under the [A&amp;R OpCo Operating Agreement]), as applicable,
by a Taxing Authority the outcome of which is reasonably expected to affect Stagwell&rsquo;s rights under this Agreement (if any).
MDC Holdings shall provide Stagwell reasonable opportunity to provide information and other input to MDC Holdings and its advisors
concerning the conduct of any such portion of such audits. MDC Holdings, OpCo or their respective Subsidiaries shall diligently
defend and contest any audit or other challenge by a Taxing Authority relating to the Basis Adjustment (if any), and act in good
faith and in a commercially reasonably manner in settling or otherwise resolving any such audit or other challenge by a Taxing
Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Tax Positions</U>.
<FONT STYLE="background-color: white">MDC Holdings shall determine in good faith the extent to which it is permitted to claim any
depreciation or amortization deductions attributable to the Basis Adjustments, and the amount and deductibility of any Imputed
Interest, and such deduction shall be taken into account in computing the Realized Tax Benefits so long as the Accounting Firm
agrees that it is at least more likely than not that such deduction is available. For purposes of this Agreement, a Tax position
shall not be considered permitted by law unless the Accounting Firm is at a &ldquo;more likely than not&rdquo; or higher level
of comfort with respect to such Tax position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><U>Admission
of MDC Holdings into a Consolidated Group; Contribution of Assets to a Corporation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
MDC Holdings is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income Tax
Return pursuant to Section 1501 or other applicable Sections of the Code governing affiliated or consolidated groups, or any corresponding
provisions of U.S. state or local law, then: (i) the provisions of this Agreement shall be applied with respect to the group as
a whole; and (ii) Tax Benefit Payments, Early Termination Payments, and other applicable items hereunder shall be computed by reference
to the consolidated taxable income of the group as a whole.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets
to another corporation controlled by, controlling, or under common control with, the transferor (measuring control as 50% overlapping
equity ownership) (including to a Person classified as an association taxable as a corporation for U.S. federal income tax purposes)
with which such entity does not file a consolidated Tax Return pursuant to Section 1501 of the Code, such entity, for purposes
of calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder, shall be treated as having disposed
of such asset in a fully taxable transaction on the date of such contribution. The consideration deemed to be received by such
entity shall be equal to the fair market value of the contributed asset as determined by MDC Holdings in good faith. For purposes
of this <U>Section 6.03</U>, a transfer of a partnership interest shall be treated as a transfer of the transferring partner&rsquo;s
share of each of the assets and liabilities of that partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Cooperation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Stagwell
shall (and shall cause its affiliates to) (a) furnish to MDC Holdings in a timely manner such information, documents and other
materials as MDC Holdings may reasonably request for purposes of making any determination or computation necessary or appropriate
under this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing
Authority, (b) make its employees available to MDC Holdings and its representatives to provide explanations of documents and materials
and such other information as MDC Holdings or its representative may reasonably request in connection with any of the matters
described in clause (a) above, and (c) reasonably cooperate in connection with any such matter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Miscellaneous</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Notices</U>. Each
notice, request, demand or other communication under this Agreement shall be in writing and shall be deemed to have been duly given,
delivered or made as follows: (a) if delivered by hand, when delivered&#894; (b) if sent by facsimile transmission before 5:00
p.m. on a Business Day in the delivery location, when transmitted and receipt is confirmed&#894; (c) if sent by facsimile transmission
after 5:00 p.m. on a Business Day in the delivery location or on a day other than a Business Day and receipt is confirmed, on the
following Business Day&#894; (d) if sent via an overnight international courier service, the Business Day after being delivered
to such courier&#894; and I if sent by email, when sent, provided that (i) the subject line of such email states that it is a notice
delivered pursuant to this Agreement and (ii) the sender of such email does not receive a written notification of delivery failure.
All notices and other communications hereunder shall be delivered to the address, facsimile number or email address set forth beneath
the name of such Party below (or to such other address, facsimile number or email address as such Party shall have specified in
a written notice given to the other Parties hereto)<FONT STYLE="background-color: white">:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 34.9pt">if to MDC
Holdings or OpCo, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 34.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">2)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">3)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Address]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">4)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Address]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">5)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">6)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">7)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">8)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">9)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Address]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">10)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Address]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">11)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">12)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">13)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to Stagwell, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">14)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">15)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Address]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">16)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>[Address]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">17)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">18)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">19)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with a copy (which shall not constitute notice) to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0.55pt">20) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshfields
Bruckhaus Deringer US LLP<BR> 601 Lexington Avenue, 31<SUP>st</SUP> Floor</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-size: 10pt">New York, NY 10022<BR>
Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ethan A. Klingsberg<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul M. Tiger<BR>
Facsimile:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 277-4033<BR>
Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ethan.klingsberg@freshfields.com<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;paul.tiger@freshfields.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Counterparts; Electronic
Transmission of Signatures</U>. This Agreement may be executed in any number of counterparts and by different Parties hereto in
separate counterparts, and delivered by means of electronic mail transmission or otherwise, each of which when so executed and
delivered shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>No Right of Offset</U>.
Each of the Parties hereto hereby acknowledges and agrees that it shall have no right to offset or retain any amounts owed to any
other Party hereunder against any other amount owed (or alleged or asserted to be owed) to it by such other Party or its affiliates,
whether under this Agreement, the Transaction Agreement, any other Ancillary Agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Entire Agreement</U>.
This Agreement and, as applicable, the Transaction Agreement and the other Ancillary Agreements, constitute the entire agreement
among the Parties with respect to the subject matter of this Agreement and supersede all prior agreements and understandings (both
written and oral) among the Parties with respect to the subject matter of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Assignment; No Third-Party
Beneficiaries</U><FONT STYLE="text-transform: uppercase"><B>Article I</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement and
all of the provisions hereto shall be binding upon and inure to the benefit of, and be enforceable by, the Parties hereto and their
respective successors and permitted assigns, but neither this Agreement nor any of the rights, interests or obligations set forth
herein shall be assigned by any Party hereto without the prior written consent of the other Parties hereto and any purported assignment
without such consent shall be null and void <I>ab initio</I>; <I>provided</I>, that to the extent Stagwell transfers, sells or
otherwise disposes of OpCo Common Units in accordance with the terms of the A&amp;R OpCo Operating Agreement, it shall have the
option (but not the obligation) to assign to the transferee of such OpCo Common Units its proportionate right to payment under
this Agreement that will come into effect upon the Exchange of such transferred OpCo Common Units, provided that such transferee
has executed and delivered a Joinder to MDC Holdings agreeing to succeed to the applicable portion of Stagwell&rsquo;s interest
in this Agreement and to become a Party for all purposes of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement
shall be construed as giving any Person, other than the Parties hereto and their heirs, successors, legal representatives and permitted
assigns, any right, remedy or claim under or in respect of this Agreement or any provision hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Severability</U>.
If any provision of this Agreement shall be held to be illegal, invalid or unenforceable under any applicable Law, then such contravention
or invalidity shall not invalidate the entire Agreement. Such provision shall be deemed to be modified to the extent necessary
to render it legal, valid and enforceable, and if no such modification shall render it legal, valid and enforceable, then this
Agreement shall be construed as if not containing the provision held to be invalid, and the rights and obligations of the Parties
hereto shall be construed and enforced accordingly<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Expenses</U>. Except
as otherwise specifically provided herein, each Party hereto shall bear its own expenses in connection with this Agreement and
the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Severability</U>.
If any provision of this Agreement shall be held to be illegal, invalid or unenforceable under any applicable Law, then such contravention
or invalidity shall not invalidate the entire Agreement. Such provision shall be deemed to be modified to the extent necessary
to render it legal, valid and enforceable, and if no such modification shall render it legal, valid and enforceable, then this
Agreement shall be construed as if not containing the provision held to be invalid, and the rights and obligations of the Parties
hereto shall be construed and enforced accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Amendment</U>. This
Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Waiver</U>. Any
failure of any of the Parties to comply with any obligation, representation, warranty, covenant, agreement or condition herein
may be waived at any time by any of the Parties entitled to the benefit thereof only by a written instrument signed by each such
Party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, representation, warranty,
covenant, agreement or condition shall not operate as a waiver of or estoppel with respect to, any subsequent or other failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Governing Law; Jurisdiction;
Specific Performance; WAIVER OF JURY TRIAL.</U>THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE
OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All actions arising
out of, relating to or in connection with this this Agreement shall be heard and determined exclusively in the Court of Chancery
of the State of Delaware (the &ldquo;<U>Chancery Court</U>&rdquo;) and any state appellate court therefrom within the State of
Delaware (or if, but only if, the Chancery Court lacks subject matter jurisdiction, any other state or federal court located in
the State of Delaware and any appellate court therefrom). Each of the Parties (i) irrevocably submits itself to the personal jurisdiction
of the Chancery Court or, if, but only if, the Chancery Court lacks subject matter jurisdiction, any other state or federal court
located in the State of Delaware and any appellate court therefrom with respect to any dispute arising out of, relating to or
in connection with this Agreement, (ii) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in
any action or proceeding arising out of, relating to or in connection with this Agreement, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the action
or proceeding arising out of, relating to or in connection with this Agreement is brought in an inconvenient forum, that the venue
of the action or proceeding arising out of, relating to or in connection with this Agreement is improper, or that this Agreement
may not be enforced in or by the above-named courts, and (iii) agrees that it will not bring any action arising out of, relating
to or in connection with this Agreement in any court other than the courts of the State of Delaware, as described above. Nothing
in this <U>Section 7.11</U> shall prevent any party from bringing an action or proceeding in any jurisdiction to enforce any judgment
of the Chancery Court or any other state or federal court located in the State of Delaware, as applicable. Each of the parties
hereto hereby agrees that service of any process, summons, notice or document by U.S. registered mail to the respective addresses
set forth in <U>Section 7.01</U> shall be effective service of process for any suit or proceeding in connection with this Agreement
or any of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The parties hereto
agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached and that monetary damages, even if available, would not be an adequate remedy
therefor. Each party agrees that, in the event of any breach or threatened breach by any other party of any covenant or obligation
contained in this Agreement, the non-breaching party shall be entitled (in addition to any other remedy that may be available to
it whether in law or equity, including monetary damages) to (i) a decree or order of specific performance to enforce the observance
and performance of such covenant or obligation, and (ii) an injunction restraining such breach or threatened breach, in each case,
without the posting of any bond or other security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE, EACH OF THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, RELATING TO OR IN
CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS. EACH OF THE PARTIES HERETO CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS
WAIVER, (iii) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS IN THIS <U>Section 7.11(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Reconciliation</U>. <FONT STYLE="background-color: white">In
the event that MDC Holdings and Stagwell are unable to resolve a disagreement within the relevant period designated in this
Agreement, the matter shall be submitted for determination to a nationally recognized expert in the particular area of
disagreement employed by a nationally recognized accounting firm or a law firm (other than the Accounting Firm), which expert
is mutually acceptable to all Parties and the Audit Committee. If the matter is not resolved before any payment that is the
subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such payment shall be
made on the date prescribed by this Agreement in the amount proposed by MDC Holdings and such Tax Return shall be filed as
prepared by MDC Holdings, subject to adjustment or amendment upon resolution. The determinations of the expert pursuant to
this <U>Section 7.12</U> shall be binding on MDC Holdings and its Subsidiaries, OpCo, the OpCo Group and their respective
Subsidiaries and Stagwell absent manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Withholding</U>.
<FONT STYLE="background-color: white">MDC Holdings shall be entitled to deduct and withhold from any payment that is payable to
Stagwell or other person to whom it makes a payment pursuant to this Agreement such amounts as MDC Holdings is required to deduct
and withhold with respect to the making of such payment under the Code or any provision of U.S. state, local or foreign Tax law.
To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by MDC Holdings, such withheld amounts
shall be treated for all purposes of this Agreement as having been paid by MDC Holdings to the relevant recipient. Stagwell and
any other person entitled to receive a payment hereunder shall promptly provide MDC Holdings with any applicable Tax forms and
certifications reasonably requested by MDC Holdings in connection with determining whether any such deductions and withholdings
are required under the Code or any provision of U.S. state, local or foreign Tax law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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remainder of this page has been intentionally left blank; the next page is the signature page</I>.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN
WITNESS WHEREOF, the <FONT STYLE="background-color: white">undersigned have executed or caused to be executed on their behalf this
Agreement as of the date first written above</FONT> by their respective officers thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">MDC
    HOLDINGS COMPANY INC.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 48%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">[MDC
    OPCO LLC]</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">STAGWELL
    MEDIA, LP, by The Stagwell Group LLC, its General Partner</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: right"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: center; text-indent: -3.25in"><B>FORM
OF JOINDER AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: center; text-indent: -3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">This
JOINDER AGREEMENT, dated as of [&bull;] (this &ldquo;<U>Joinder</U>&rdquo;), is delivered pursuant to that certain Tax Receivable
Agreement, dated as of [&bull;] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time,
the &ldquo;<U>Tax Receivable Agreement</U>&rdquo;) by and among [MDC Holdings Company Inc.], a Delaware corporation (&ldquo;<U>MDC
Holdings</U>&rdquo;), [MDC OpCo LLC], a Delaware limited liability company and [a direct][an indirect] subsidiary of MDC Holdings,
and Stagwell Media LP, a Delaware limited partnership. Capitalized terms used but not otherwise defined herein have the respective
meanings set forth in the Tax Receivable Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">1.
<U>Representations and Warranties</U>. The undersigned hereby represents and warrants to MDC Holdings that, as of the date hereof,
the undersigned has been assigned an interest in the Tax Receivable Agreement by Stagwell.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">2.
<U>Joinder to the Tax Receivable Agreement</U>. Upon the execution of this Joinder by the undersigned and delivery hereof to MDC
Holdings, the undersigned hereby succeeds to the applicable portion of Stagwell&rsquo;s interest in the Tax Receivable Agreement
and is and hereafter will be a Party for all purposes of the Tax Receivable Agreement. The undersigned hereby agrees that it shall
comply with and be fully bound by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of the date
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">3.
<U>Incorporation by Reference</U>. All terms and conditions of the Tax Receivable Agreement are hereby incorporated by reference
in this Joinder as if set forth herein in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">4.
<U>Address</U>. All notices under the Tax Receivable Agreement to the undersigned shall be direct to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">[Name]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">[Address]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">[City,
State, Zip Code]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">Attn:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">Facsimile:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="background-color: white">E-mail: </FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">IN
WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">[NAME OF NEW PARTY]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">Title:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">Acknowledged and agreed</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">as of the date first set forth above:</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">[MDC HOLDINGS COMPANY INC.]</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; text-indent: -10pt">By:</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">Name:</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">Title:</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: center; text-indent: -3.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: center; text-indent: -3.25in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: center; text-indent: -3.25in">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">EXHIBIT G<BR>
<BR>
MDC Delaware Certificate of Incorporation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>tm2038803d6_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: right"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>STRICTLY CONFIDENTIAL</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution</I></B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 2.5in">December 21, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Broad Street Principal Investments, L.L.C.<BR>
200 West Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York 10282</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">MDC Partners Inc. (the &ldquo;<B>Company</B>&rdquo;)
 &ndash; Series 4 Convertible Preferred Shares</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter agreement
(this &ldquo;<B>Letter Agreement</B>&rdquo;) is made in reference to: (a) the articles of amendment designating the Series 4 convertible
preference shares (the &ldquo;<B>Preferred Shares</B>&rdquo;) in the capital of the Company (the &ldquo;<B>Articles of Amendment</B>&rdquo;)
filed by MDC Partners Inc. (the &ldquo;<B>Company</B>&rdquo;) on March 7, 2017 under the Canada Business Corporations Act (the
 &ldquo;<B>CBCA</B>&rdquo;) and (b) the securities purchase agreement between the Company and Broad Street Principal Investments,
L.L.C. (the &ldquo;<B>Holder</B>&rdquo;) dated February 14, 2017 (the &ldquo;<B>SPA</B>&rdquo;). Capitalized terms used and not
defined in this Letter Agreement shall have the meanings given to them in the Articles of Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1)</TD><TD STYLE="text-align: justify">Subject only to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD STYLE="text-align: justify">execution of the Transaction Agreement (the &ldquo;<B>Transaction Agreement</B>&rdquo;) by and
among Stagwell Media LP, a Delaware limited partnership (&ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Stagwell&rdquo;</I></B></FONT>),
the Company and certain other parties named therein, in substantially the form which, together with all material agreements and
documents ancillary thereto, was provided to the Holder prior to entry into this Letter Agreement (the &ldquo;<B>Draft Transaction
Agreement</B>&rdquo;),</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD STYLE="text-align: justify">the final Transaction Agreement, together with all material agreements and documents ancillary
thereto, remaining in substantially the form of the Draft Transaction Agreement, and the transactions contemplated thereby (the
 &ldquo;<B>Contemplated Stagwell Transaction</B>&rdquo;) being consummated in accordance with the terms, conditions and agreements
set forth in the Transaction Agreement, without waiver, modification or amendment of any term, condition or agreement that has
a material and adverse impact on the Holder; 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: 0.25in"></TD><TD STYLE="width: 0.25in">c)</TD><TD STYLE="text-align: justify">the satisfaction of the Documentation Condition,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">the Holder,
in its capacity as the holder of all of the issued and outstanding Preferred Shares, hereby: (A) agrees to provide its consent
to the Company&rsquo;s entry into the Transaction Agreement and the consummation of the Contemplated Stagwell Transaction for all
purposes pursuant to the Articles of Amendment and the SPA; (B) agrees that the Contemplated Stagwell Transaction shall be a &ldquo;Fundamental
Change&rdquo; as defined in the SPA but the consummation of the Contemplated Stagwell Transaction shall not be a &ldquo;Specified
Event&rdquo;, &ldquo;Disposition Event&rdquo; nor &ldquo;Qualifying Transaction&rdquo; for purposes of the SPA or the Articles
of Amendment; (C) agrees that solely as it relates to the consummation of the Contemplated Stagwell Transaction there shall be
no adjustment to the Base Liquidation Preference, or Conversion Price (other than as contemplated by the Term Sheet), (D) agrees
that it shall, at any meeting of the shareholders of the Company, duly called for purposes of approving the Contemplated Stagwell
Transaction, appear at such meeting in person or by proxy or otherwise cause the Preferred Shares to be counted as present thereat
for purpose of establishing a quorum and vote, or cause to be voted at such meeting, all of the Preferred Shares in favor of the
Contemplated Stagwell Transaction, and (E) waives and releases any and all rights of dissent or appraisal under the Delaware General
Corporation Law in connection with the MDC Merger (as defined in the Transaction Agreement) (the foregoing (A) &ndash; (E), the
 &ldquo;<B>Consent and Waiver</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0in">&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 STYLE="text-align: justify">Each of the Company and the Holder shall and shall cause its respective Affiliates to, from time
to time at the request of the other party hereto, furnish such other party such further information or assurances, execute and
deliver such additional documents, instruments and conveyances, and take such other actions and do such other things, as may be
reasonably necessary or desirable to carry out the provisions of this Letter Agreement and give effect to the transactions contemplated
hereby (the &ldquo;<B>Transactions</B>&rdquo;), including for the avoidance of doubt in the case of the Holder executing a form
of formal shareholder consent setting forth the applicable terms of the Consent and Waiver.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3)</TD><TD STYLE="text-align: justify">As consideration for the Consent and Waiver, the Company hereby agrees to the terms set forth in
the term sheet attached as Exhibit A (the &ldquo;<B>Term Sheet</B>&rdquo;). The Holder&rsquo;s obligation to provide the Consent
and Waiver is subject to and conditioned upon the entry by the parties hereto into definitive documentation (&ldquo;<B>Definitive
Documentation</B>&rdquo;) in form and substance reasonably satisfactory to each of the Holder and the Company setting forth the
terms contained in the Term Sheet and no other material terms or conditions (the &ldquo;<B>Documentation Condition</B>&rdquo;).
Each of the Company and the Holder agree to use best efforts to negotiate the Definitive Documentation in good faith and enter
into such Definitive Documentation as promptly as practicable and in no event later than 30 days from the date hereof. The obligations
set forth in the Definitive Documentation shall be subject to the satisfaction or waiver of the conditions to the consummation
of the Contemplated Stagwell Transaction (such consummation, the &ldquo;<B>Closing</B>&rdquo;). The parties agree that if the Documentation
Condition is not satisfied within 60 days of the date hereof, then, upon 10 days written notice from the Holder to the Company,
by virtue of the failure to satisfy the Documentation Condition the Consent and Waiver (including, without limitation, with respect
to the entry by the Company into the Transaction Agreement) shall be automatically revoked and shall be of no force and effect,
and the Holder will have no obligation to provide the Consent and Waiver; provided that the foregoing shall not relieve the Holder
of its obligation to use best efforts to negotiate the Definitive Documentation. The parties further agree that in the event that
the Transaction Agreement includes terms, provisions, agreements or conditions that materially and disproportionately adversely
affect the Holder relative to holders of other preferred securities of the Company in their capacity as such or otherwise materially
and adversely affect the Holder in a manner that (a) is not addressed by the transactions contemplated by the Term Sheet (which
for the avoidance of doubt, addresses the anticipated dilution of the Holder&rsquo;s equity stake in the Company and the change
of control transaction contemplated by the Contemplated Stagwell Transaction) or (b) is not described in the draft press release
or the investor deck provided to the Holder prior to the execution hereof or (c) is not discussed in the board meeting of the Company
at which a representative of the Holder was present prior to the execution hereof, then if the Holder notified the Company of such
issue within five days following the date hereof, and the parties could not, in good faith, resolve such issue in mutual agreement
within fifteen days following delivery of such notice by the Holder, the Holder shall be entitled to revoke the Consent and Waiver
by delivering the Company a written notice to that effect at the end of such fifteen day period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4)</TD><TD STYLE="text-align: justify">Other than as set forth in the Term Sheet, all terms of the Preferred Shares as currently set forth
in the Articles of Amendment and all of the terms of the SPA will remain in effect and will not otherwise be amended, including,
without limitation, the rights of the Holder with respect to any &ldquo;Fundamental Change&rdquo; &ldquo;Qualifying Transaction&rdquo;
or &ldquo;Specified Event&rdquo; that may occur after the date hereof (other than, in each case, the Contemplated Stagwell Transaction).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5)</TD><TD STYLE="text-align: justify">The Company shall reimburse Holder&rsquo;s reasonable, documented out-of-pocket costs and expenses
(not to exceed $300,000) in connection with the execution, delivery and performance of this Letter Agreement, the Term Sheet and
the Definitive Documentation.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6)</TD><TD STYLE="text-align: justify">THIS LETTER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF DELAWARE WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE, EXCEPT TO THE
EXTENT THE LAWS OF THE PROVINCE OF ONTARIO ARE MANDATORILY APPLICABLE. All actions arising out of, relating to or in connection
with this this Letter Agreement or any of the Transactions shall be heard and determined exclusively in the Court of Chancery of
the State of Delaware (the &ldquo;<B>Chancery Court</B>&rdquo;) and any state appellate court therefrom within the State of Delaware
(or if, but only if, the Chancery Court lacks subject matter jurisdiction, any other state or federal court located in the State
of Delaware and any appellate court therefrom). Each of the Company and the Holder (i) irrevocably submits itself to the personal
jurisdiction of the Chancery Court or, if, but only if, the Chancery Court lacks subject matter jurisdiction, any other state or
federal court located in the State of Delaware and any appellate court therefrom with respect to any dispute arising out of, relating
to or in connection with this Letter Agreement or any of the Transactions, (ii) irrevocably waives, and agrees not to assert by
way of motion, defense or otherwise, in any action or proceeding arising out of, relating to or in connection with this Letter
Agreement or any of the Transactions, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the action or proceeding arising out of, relating to or
in connection with this Letter Agreement or any of the Transactions is brought in an inconvenient forum, that the venue of the
action or proceeding arising out of, relating to or in connection with this Letter Agreement or any of the Transactions is improper,
or that this Letter Agreement or any of the Transactions may not be enforced in or by the above-named courts, (iii) agrees that
it will not bring any action arising out of, relating to or in connection with this Letter Agreement or any of the Transactions
in any court other than the courts of the State of Delaware, as described above, and (iv) agrees to service of process in the manner
set forth in Section 6.02 of the SPA. Nothing in this paragraph shall prevent any party from bringing an action or proceeding in
any jurisdiction to enforce any judgment of the Chancery Court or any other state or federal court located in the State of Delaware
or any appellate court therefrom, as applicable.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7)</TD><TD STYLE="text-align: justify">Each of the Company and the Holder agree that irreparable damage would occur in the event that
any of the provisions of this Letter Agreement were not performed in accordance with their specific terms or were otherwise breached
and that monetary damages, even if available, would be not be an adequate remedy therefor. Each party agrees that, in the event
of any breach or threatened breach by any other party of any covenant or obligation contained in this Letter Agreement, the non-breaching
party shall be entitled, prior to the valid termination of this Letter Agreement (in addition to any other remedy that may be available
to it whether in law or equity, including monetary damages), to (i) a decree or order of specific performance to enforce the observance
and performance of such covenant or obligation, and (ii) an injunction restraining such breach or threatened breach, in each case,
without the posting of any bond or other security</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8)</TD><TD STYLE="text-align: justify">This Letter Agreement may be executed in any number of counterparts and by different parties hereto
in separate counterparts, and delivered by means of electronic mail transmission or otherwise, each of which when so executed and
delivered shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. This
Letter Agreement shall inure to the benefit of, and be binding upon, the Company&rsquo;s successors and assigns and the Holder&rsquo;s
successor and assigns and no other person; provided that neither party may assign its respective rights or delegate its respective
obligations under this Letter Agreement, whether by operation of law or otherwise and any assignment by the Company or the Holder
in contravention hereof shall be null and void; provided further that no transaction contemplated by the Transaction Agreement
shall be deemed to be an assignment of the Company of its rights hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9)</TD><TD STYLE="text-align: justify">If any provision of this Letter Agreement shall be held to be illegal, invalid or unenforceable
under any applicable Law, then such contravention or invalidity shall not invalidate the entire Letter Agreement. Such provision
shall be deemed to be modified to the extent necessary to render it legal, valid and enforceable, and if no such modification shall
render it legal, valid and enforceable, then this Letter Agreement shall be construed as if not containing the provision held to
be invalid, and the rights and obligations of the parties hereto shall be construed and enforced accordingly.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10)</TD><TD STYLE="text-align: justify">This Letter Agreement (including the exhibits hereto) constitutes the entire agreement, and supersede
all other prior agreements and understandings (both written and oral), between the Company and the Holder with respect to the subject
matter hereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 2.5in">&nbsp;</P>

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left blank.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<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; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify; text-indent: 0">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 50%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0; width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0">MDC Partners Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="text-indent: 0; padding: 0; text-align: left">By:</TD>
    <TD STYLE="text-indent: 0; padding: 0; text-align: left"><U>/s/ David Ross</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">Name: David Ross</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0; padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">Title: General Counsel &amp; EVP, Strategy and Corporate Development</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Acknowledged and agreed this 21st day of December,
2020.</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 0pt 0.5in; text-align: left">Broad Street Principal Investments, L.L.C.<FONT STYLE="text-transform: uppercase">,</FONT>
as Holder</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">&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; text-indent: 0; width: 0.5in; text-align: left">By:</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left"><U>/s/ Bradley Gross</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">Name: Bradley Gross</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0; text-align: left">Title: &nbsp;Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><U>Exhibit
A: Term Sheet</U></B></FONT></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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="background-color: white"><B>Redemption</B></FONT></TD>
    <TD STYLE="width: 73%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">The terms of the Preferred Shares will be amended to provide the Holder with a right to redeem, one day prior to Closing and upon at least 10 business days prior written notice provided by the Company to the Holder, up to $30,000,000 worth of its Preferred Shares subject to satisfaction of the conditions to Closing, for an aggregate price of $25,000,000 in consideration of a subordinated note or loan payable with a 3 year maturity and 8% interest per annum, accrued and compounded.&nbsp;&nbsp;The Company shall have the right to prepay all or portion of the unsecured subordinated note or loan, as applicable, at any time without penalty. The subordinated note or loan, as applicable, shall not be subject to transfer restrictions other than under applicable law. For avoidance of doubt, the remaining Preferred Shares not subject to the redemption above shall continue to remain outstanding.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="background-color: white"><B>Conversion Price</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">The Conversion Price of the Preferred Shares not subject to the redemption above, if any, will be reduced from U.S.$7.42 to U.S.$5.00.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="background-color: white"><B>Base Liquidation Preference</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">The Accretion Rate shall be 8.00% and from and after March 7, 2022 through March 14, 2024, the Accretion Rate shall be 6.00%, and from and after March 15, 2024, the Accretion Rate shall be 0% per annum and the Base Liquidation Preference per Convertible Preference Share will not increase during any period subsequent to March 14, 2024.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="background-color: white"><B>Company Board of Directors; Participation Rights</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="background-color: white">Sections 4.06 and 4.11 of the SPA will be amended to change the Minimum Ownership Threshold to be the ownership by the Holder of at least 50% of the number of Preferred Shares held by it immediately following the closing of the transactions set forth in the SPA, excluding the Preferred Shares subject to redemption as described under &ldquo;Redemption&rdquo; above.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="background-color: white"><B>Consent Right</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="background-color: white">Section 4.12 of the SPA will be amended to reduce the applicable percentage of aggregate voting power from 5% to 2%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="background-color: white"><B>Fundamental Change Definition</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="background-color: white">The definition of &ldquo;Fundamental Change&rdquo; in the Articles of Amendment will be amended to include (i) a take private of 100% of the Company by Stagwell and (ii) deregistration of the Company such that no class of Common Shares is listed on a nationally recognized U.S. exchange, or any similar transaction to (i) or (ii) materially and adversely impacting the liquidity of the Holder&rsquo;s investment in the Company as compared to Holder&rsquo;s liquidity immediately following consummation of the Contemplated Stagwell Transaction.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="background-color: white"><B>CBCA Statutory Protections</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="background-color: white">The terms under the new Certificate of Incorporation under Delaware law shall include: (i) any voting rights and protections the Holder would lose as a result of the re-domiciliation of the Company from the jurisdiction of the CBCA to that of the Delaware General Corporation Law, including, without limitation, the rights and protections provided under Section 176(1) of the CBCA, (ii) series vote on a per Preferred Share basis (not on an as converted basis) with respect to the rights and protections provided under Section 176(1) of the CBCA and including with respect to amendments effected through mergers or otherwise, and (iii) any other material voting rights or minority protections the Holder would lose as a result of the re-domiciliation of the Company from the jurisdiction of the CBCA to that of the Delaware General Corporation Law as determined by the parties negotiating in good faith.</FONT></TD></TR>
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<TYPE>EX-10.2
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<FILENAME>tm2038803d6_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CONSENT AND SUPPORT AGREEMENT</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">This CONSENT AND SUPPORT
AGREEMENT dated as of December 21, 2020 (this &ldquo;<B>Agreement</B>&rdquo;) is entered into by and between MDC Partners Inc.
(the &ldquo;<B>Company</B>&rdquo;) and the undersigned (the &ldquo;<B>Bondholder</B>&rdquo;) that is a (i) holder of, or (ii) investment
manager, advisor, sub-manager, or sub-advisor for and on behalf of certain funds and/or accounts that are holders of, the Company&rsquo;s
6.50% senior notes due 2024 (the &ldquo;<B>Notes</B>&rdquo;) issued under the indenture dated March 23, 2016 (the &ldquo;<B>Indenture</B>&rdquo;)
among the Company, as issuer, the Note Guarantors (as defined in the Indenture) party thereto and The Bank of New York Mellon,
as trustee (the &ldquo;<B>Trustee</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company&rsquo;s
special committee of independent directors of its board of directors has reached an agreement in principle with Stagwell Media
LP (&ldquo;<B>Stagwell</B>&rdquo;) on certain aspects of a potential business combination between the Company and Stagwell (the
 &ldquo;<B>Potential Transaction</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
intends to solicit the consent of holders of the Notes to the amendments and waivers (the &ldquo;<B>Amendments</B>&rdquo;) set
forth in Annex A hereto, including the payment for such consent set forth therein (the &ldquo;<B>Consent Solicitation</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
has provided the Bondholder with the documents set forth in Annex B hereto (together with the materials in Annex A, the <B>&ldquo;Materials&rdquo;</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, Bondholder
is entering into this Agreement in order to induce the Company to conduct the Consent Solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">NOW, THEREFORE, the parties hereto
hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and the Bondholder (severally and not jointly) represents and warrants as to itself as follows as of the date
hereof: It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation
and has all requisite power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate
the transactions contemplated by this Agreement and the Materials. This Agreement has been duly and validly executed and delivered
by it and, assuming due execution and delivery by the other party hereto, this Agreement constitutes a legal, valid and binding
obligation of it, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and other similar laws of general applicability relating to or affecting
creditors&rsquo; rights, and to general equitable principles. The execution and delivery of this Agreement by the it does not,
and the performance of its obligations under this Agreement will not, (i) conflict with or violate its certificate of incorporation,
limited liability company agreement or equivalent organizational documents or (ii) conflict with or violate any applicable law
by which any of its property or assets are bound or affected. The execution and delivery of this Agreement by it does not, and
the performance of this Agreement by it will not, require any consent, approval, authorization or permit of, or filing with, or
notification to, any governmental or other authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder represents and warrants as of the date hereof that it is (i) the beneficial owner of, (ii) the investment manager,
advisor, sub-manager, or sub-advisor of one or more beneficial owner(s) of, or (iii) a duly authorized representative of one or
more beneficial owners of, the principal amount of Notes set forth below its name on the signature page hereof (the &ldquo;<B>Consenting
Notes</B>&rdquo;) with good title thereto. The Consenting Notes are owned by the Bondholder as of the date hereof free and clear
of any liens, mortgages, pledges, charges, claims, encumbrances, interests and restrictions of any kind (collectively, &ldquo;<B>Liens</B>&rdquo;)
and are held in a long position, and the Bondholder will maintain such free and clear ownership (other than in respect of any obligations
created pursuant to this Agreement) and such long position until the Expiration (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder represents and warrants as of the date hereof that: (i) it is, or acts on behalf of, a &ldquo;qualified institutional
buyer,&rdquo; as defined in Rule 144A under the U.S. Securities Act of 1933, as amended; (ii) it has such knowledge, skill and
experience in business, financial and investment matters that the undersigned is capable of evaluating the merits and risks of
entering into this Agreement and (iii) with the assistance of the Bondholder&rsquo;s own professional advisors, to the extent that
the Bondholder has deemed appropriate, the Bondholder has made its own legal, tax, accounting and financial evaluation of the merits
and risks of entering into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder understands and acknowledges as of the date hereof that: (i) none of the Company or Stagwell has made any representation
or warranty, express or implied, to the Bondholder with respect to the Company or the Notes, other than in this Agreement and the
Materials; (ii) Moelis &amp; Company LLC (together with its affiliates, &quot;<B>Moelis</B>&quot;) has not made, and is not making,
any representation or warranty, express or implied, to you with respect to the Company, the Notes, the Materials or otherwise;
(iii) entering into this Agreement involves various risks, including the risks outlined in the Materials; (iv) it is not relying,
and will not at any time rely, on any communication (written or oral) of the Company, Stagwell or Moelis, of their respective affiliates
or of any person acting on behalf of any of the foregoing, as tax advice; (v) the Bondholder has undertaken all appropriate analysis
of the implications of this Agreement; (vi) the Bondholder is familiar with the business and financial condition and operations
of the Company and Stagwell, to the extent described in the Materials; and (vii)_the Bondholder has had access to such information
concerning the Company, Stagwell and the Potential Transaction as the Bondholder deems necessary to enable it to make an informed
decision concerning entry into this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder understands and acknowledges that the information contained in the documents related to the Consent Solicitation
could differ materially from the information in the Materials. In addition, the Bondholder understands and acknowledges that such
Materials contain certain estimates, projections, forecasts and other forward-looking information, as well as certain business
plan information containing such information, regarding the Company, Stagwell and the Potential Transaction and their respective
businesses and operations and that there are uncertainties inherent in attempting to make such estimates, projections, forecasts
and other forward-looking statements, as well as in such business plans.&nbsp; It is anticipated that the Consent Solicitation
will be commenced and will conclude prior to the time that a registration statement and/or proxy statement in respect of the Potential
Transaction is filed with the U.S. Securities and Exchange Commission.&nbsp; Such registration statement and/or proxy statement
will contain more detailed financial and other information, including pro forma financial information, estimates, projections,
synergies, business plans and other forward-looking information, than is contained in the Materials or the information provided
in connection with the Consent Solicitation, and such financial or other information could differ materially from the information
in the Materials. The Bondholder understands and acknowledges that neither the Company nor any other person acting on its behalf,
including Moelis, has any duty to update any of the information contained in the Materials or otherwise provided in connection
with the Consent Solicitation, irrespective of whether information contained in any registration statement, proxy statement and/or
other public disclosure relating to the Potential Transaction conflicts with, or is materially different from, or updates, the
information provided to the Bondholder, including the Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has the right in its sole and absolute discretion to abandon the Consent Solicitation, the Potential Transaction
and any related or other transaction at any time prior to the completion of any such transaction, and, except as set forth in this
Section 1.6, no consent fee shall be payable by the Company if the Consent Solicitation is not consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall use reasonable best efforts to amend the Indenture via a supplemental indenture thereto, as promptly as practicable
after the Effective Date (but in no event later than January 8, 2021) to increase the rate of interest on the Notes by 1.00% per
annum (provided that the effective date of such increase in the rate shall be the Effective Date). The Company shall use reasonable
best efforts to commence the Consent Solicitation on the terms as described in Annex A hereto as promptly as practicable after
the Effective Date (but in no event later than January 8, 2021).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Consent Solicitation is not completed as contemplated by Annex A hereto by receipt of the requisite consents on or
by February 5, 2021 (other than as a result of a failure of the Bondholder to comply with this Agreement) (the &ldquo;<B>Outside
Date</B>&rdquo;): (i) the Company shall pay a fee in cash to the Bondholder equal to 2.00% of the principal amount of the Notes
beneficially owned by such Bondholder on the Outside Date, which fee shall be paid on the business day immediately following the
Outside Date, and (ii) the Company shall pay an additional fee in cash to the Bondholder equal to 1.00% of the principal amount
of the Notes beneficially owned by such Bondholder on the Outside Date, which fee shall be paid on the business day that any Potential
Transaction is completed. It is understood by the parties hereto that the fees payable pursuant to this Section 1.6(c) shall not
duplicate the fees contemplated to be paid by Annex A hereto and shall not be payable if the Consent Solicitation is completed
in accordance with Annex A hereto, and the parties shall use commercially reasonable efforts to prevent such duplication; provided
that, in no event shall the Bondholder be required to repay any fees previously received by such Bondholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall execute and deliver, or cause to be executed and delivered, such additional certificates, consents and other instruments,
and, provided that the requisite consents for the Amendments are received in the Consent Solicitation, shall take such further
actions that are reasonably required for the purpose of completing the Consent Solicitation and the execution of the &ldquo;Supplemental
Indenture&rdquo; (as defined in Annex A hereto), in each case, on the terms set forth in Annex A hereto not later than the Outside
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that the requisite consents for the Amendments are received in the Consent Solicitation, the Company shall use reasonable
best efforts (i) to cause the execution of the Supplemental Indenture as promptly as practicable after such requisite consents
are received (but in no event more later than the fifth (5<SUP>th</SUP>) Business Day (as defined in the Indenture) after such
requisite consents are received) and (ii) to perform all other actions and pay all fees contemplated by the Consent Solicitation
as promptly as practicable after the receipt of such requisite consents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement shall become effective upon the execution of this Agreement and the execution of Agreements substantially similar to
this Agreement by holders of Notes (taken together with the Bondholder) representing at least a majority of the aggregate principal
amount of Notes outstanding on the date of this Agreement (the &ldquo;<B>Effective Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
later than ten (10) Business Days (as defined in the Indenture) following the delivery to the Company of an invoice in respect
of the same, the Company shall reimburse all reasonable and documented fees and expenses of Paul, Weiss, Rifkind, Wharton and Garrison
LLP, as counsel to the Bondholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder understands and acknowledges that no federal or state agency has passed upon the merits or risks of entering into
this Agreement or made any finding or determination concerning the fairness or advisability of doing so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder agrees that, pursuant to and in accordance with the terms of the Consent Solicitation, it shall: (a) timely deliver
a valid consent to the Amendments in respect of the Consenting Notes no later than 11:59 p.m. New York City time on the fifth (5<SUP>th</SUP>)
Business Day (as defined in the Indenture) after the commencement of the Consent Solicitation and in any event prior to the deadline
for such delivery set forth in the Consent Solicitation, (b) not withdraw, or cause to be withdrawn, such consent and (c) take
all commercially reasonable actions to cause: (i) certification that the required consents to approve such Amendments have been
received and (ii) the execution and delivery by the Company and the Trustee of amendments or supplemental indentures implementing
the Amendments with respect to the Indenture and Notes. For the avoidance of doubt, nothing in this Agreement shall obligate the
Bondholder with respect to any Notes held in accounts that are not signatories to this Agreement, whether or not such accounts
are managed by the Bondholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder shall not loan, sell or otherwise transfer the Consenting Notes until the Expiration; <I>provided</I>, that the
Bondholder may sell or otherwise transfer (free and clear of any Liens, other than obligations created pursuant to this Agreement)
the Consenting Notes only if, as a precondition to such sale or other transfer, the transferee agrees in a written document, reasonably
satisfactory in form and substance to the Company (or to the extent impacting the provisions of Section 1.4 as it relates to Moelis,
as reasonably satisfactory to Moelis), to be bound by all of the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bondholder shall ensure that no proxy or power of attorney is granted and no voting agreement or similar agreement is entered
into with respect to the Consenting Notes, other than a proxy, power of attorney or voting agreement to approve the Amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall terminate upon the earlier of: (i) the date the Supplemental Indenture becomes operative as contemplated by
the Consent Solicitation and (iii) 9:00 a.m. (New York time) on March 21, 2021 (the &ldquo;<B>Expiration</B>&rdquo;), except that
Sections 1.6(b), 1.6(c), and 1.6(g) shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>From time to time prior to the Expiration and without additional consideration, each of the Bondholder and the Company (severally
and not jointly) shall execute and deliver, or cause to be executed and delivered, such additional certificates, consents and other
instruments, and shall take such further actions, as the other party may reasonably request that are reasonably required for the
purpose of carrying out this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Each
of the Bondholder and the Company (severally and not jointly) acknowledges and agrees that irreparable damage would occur in the
event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise
breached, and that monetary damages, even if available, would not be an adequate remedy therefor. Each of the Bondholder and the
Company (severally and not jointly) agrees that, in the event of any breach or threatened breach by the Bondholder of any covenant
or obligation contained in this Agreement, the other party shall be entitled, without any proof of actual damages (and in addition
to any other remedy that may be available to it at law or in equity, including monetary damages) to obtain: (a) a decree or order
of specific performance to enforce the observance and performance of such covenant or obligation; and (b) an injunction restraining
such breach or threatened breach. Each of the Bondholder and the Company (severally and not jointly) further agrees that the other
party shall not be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to
obtaining any remedy referred to in this Section 1.13, and each of the Bondholder and the Company (severally and not jointly)
irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Amendments,
modifications, supplements or waivers require the consent of both the Company and the Bondholder (or to the extent any such amendment,
modification, supplement or waiver impacts the provisions of Section 1.4 as it relates to Moelis, or otherwise adversely impacts
Moelis, such amendment, modification, supplement or waiver shall require the consent of Moelis).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws
that might otherwise govern under applicable New York conflict of laws principles) as to all matters, including matters of validity,
construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the
State of New York and of any federal court located in the Borough of Manhattan in such State in connection with any action, suit
or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim
of <I>forum non conveniens</I> and any objections as to laying of venue. Each party further waives personal service of any summons,
complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at
such party&rsquo;s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of any claim
arising under or in connection with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Each
of the parties agrees that Moelis, as solicitation agent for the Consent Solicitation, may rely upon, and is a third-party beneficiary
of, the representations and warranties, and applicable covenants set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Without
the prior written consent of the Bondholder, the Bondholder shall not be named in any document in connection with the transactions
contemplated hereby, including filings with regulatory authorities, the Materials, the Potential Transaction and the Consent Solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>1.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>For
the avoidance of doubt, the provisions of this Agreement shall be binding only on funds, accounts and portions of funds or accounts
managed by the Bondholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature page follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Bondholder has caused this Agreement to be duly executed as of this ____ day of _______, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-align: left">&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; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">_________________________,</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">as Bondholder</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 46%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: left; text-indent: 0; width: 30%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 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 COLSPAN="3" STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal amount of Consenting Notes:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 4%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 40%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 56%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: justify; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Consent and Support Agreement</I>]</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed as of this ____ day of _______, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<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; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MDC Partners Inc., as issuer of the 6.50% senior notes due 2024</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-align: left; text-indent: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 46%">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0; width: 20%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding: 0; text-align: left; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page to Consent and Support Agreement</I>]</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="background-color: white"><B><U>Annex
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>The Potential Transaction</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Consent Solicitation is being undertaken
in connection with the Potential Transaction. As described above, the Potential Transaction comprises a potential business combination
between MDC Partners Inc. (the &ldquo;<B>Issuer</B>&rdquo;) and Stagwell, which is expected to be consummated by way of certain
steps that will occur prior to and at completion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A summary of these steps (the &ldquo;<B>Steps</B>&rdquo;),
insofar as they relate to the provisions of the Indenture, is set out below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Issuer will incorporate a new, wholly-owned
Delaware limited liability company (&ldquo;<B>New MDC</B>&rdquo;), which is anticipated to become the holding company of the Issuer
following the Merger (as defined below);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Issuer will domesticate as a Delaware
corporation and discontinue as a Canadian corporation (the &ldquo;<B>Redomiciliation</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">New MDC will convert from a Delaware limited
liability company into a Delaware corporation and incorporate a new, wholly-owned Delaware limited liability company (&ldquo;<B>Merger
Sub 1</B>&rdquo;); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Merger Sub 1 will merge with and into
the Issuer with the Issuer surviving as a direct and wholly-owned subsidiary of New MDC (the &ldquo;<B>Merger</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Issuer will convert from a Delaware
corporation into a Delaware limited liability company, remaining a direct and wholly-owned subsidiary of New MDC (the &ldquo;<B>LLC
Conversion</B>&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the capitalization of the Issuer will
be amended such that the Issuer&rsquo;s capital comprises three series of equity, being (i) common equity; (ii) preferred interests
on terms that are materially the same as the series 4 interests presently issued by the Issuer (the &ldquo;<B>new series 4 interests</B>&rdquo;);
and (iii) preferred interests on terms that are materially the same as the series 6 interests presently issued by the Issuer (the
 &ldquo;<B>new series 6 interests</B>&rdquo; and, together with the issuance of the new series 4 interests and the common equity
and related transactions, the &ldquo;<B>Recapitalization</B>&rdquo;), which preferred interests will be mandatorily redeemable
by the Issuer if and to the extent the series 4 or series 6 preferred shares, respectively, of New MDC are redeemed;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">at completion of the Potential Transaction,
and in consideration for the contribution to the Issuer of the assets of Stagwell that are the subject of the Potential Transaction,
the Issuer will issue to Stagwell equity interests representing up to approximately 74 <I>per cent</I>. of the economic interests
of the common equity of the Issuer (the &ldquo;<B>Issuance</B>&rdquo;), which will result, following certain further transactions
in respect of such interests, in Stagwell and its affiliates holding, directly and indirectly through its interests in New MDC,
approximately 79 <I>per cent</I>. of the economic interests in the Issuer and approximately 79 <I>per cent</I>. of the voting interests
in New MDC; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">at the completion of the Potential Transaction,
and as a result of the acquisition of the assets from Stagwell that are the subject of the Potential Transaction, the Issuer will
acquire, indirectly and through the subsidiary entities acquired at the step above, the rights and obligations under a credit agreement
entered into between, among others, Stagwell Marketing Group LLC as borrower, the guarantors and lenders from time to time party
thereto, and JPMorgan Chase Bank, N.A., as agent, (the &ldquo;<B>Stagwell Credit Agreement</B>&rdquo;), which is anticipated to
replace the Bank Credit Facility (as presently defined in the Indenture).</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is noted that the
steps set out above remain the subject of consideration by the Issuer and Stagwell, and may be amended up to the date of completion
of the Consent Solicitation. References in this Agreement to the Potential Transaction include references to the steps above, as
they may be amended from time to time by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Consent Consideration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Consent Solicitation shall provide
that, in the event that the requisite majority of holders of the Notes (including the Bondholder) consent, and do not withdraw
their consents: (i) the Issuer shall enter into a supplemental indenture reflecting the Amendments (the &ldquo;<B>Supplemental
Indenture</B>&rdquo;) as promptly as practicable after the receipt of such consent, which Supplemental Indenture shall become operative
as of the date the fee contemplated in clause (ii) is paid; (ii) the Issuer shall pay, not later than the date of execution of
the Supplemental Indenture, a consent fee equal to 2.00% of the aggregate outstanding principal amount of the Notes; and (iii)
in the event that the Supplemental Indenture has become operative and the Potential Transaction is consummated, the Issuer shall
pay an additional consent fee equal to 1.00% of the aggregate outstanding principal amount of the Notes on the date of the consummation
of the Potential Transaction. On the date of payment of each of the fees contemplated by clauses (ii) and (iii) above (each such
date, a &ldquo;<B>Consent Fee Payment Date</B>&rdquo;), each such fee shall be paid to the holders of the Notes as of such Consent
Fee Payment Date <I>pro rata</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><U>The Proposed Waivers</U></B></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: justify; text-indent: 0.5in">In connection with
the Potential Transaction, the Issuer expects to request waivers in respect of the provisions of the Indenture and on the terms
set out below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Waiver in respect of the Redomiciliation,
the Merger, and the LLC Conversion</I></B></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: justify; text-indent: 0.5in"><I>Proposed Waiver</I>.
The Issuer will request the Holders (as defined in the Indenture) to pre-emptively waive any breach of Section 3.3 (<I>Corporate
Existence</I>) of the Indenture as may arise from the Potential Transaction, in particular in respect of the Redomiciliation, the
Merger and/or the LLC Conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Waiver in respect of incorporation of
New MDC</I></B></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: justify; text-indent: 0.5in"><I>Proposed Waiver</I>.
As New MDC will, following the steps described above, become the parent company (and therefore not a subsidiary) of the Issuer,
the Issuer will request the Holders to designate New MDC as an Unrestricted Subsidiary (as defined in the Indenture) upon its incorporation
and to pre-emptively waive any requirement under Section 3.19 <I>(Limitation on Designation of Unrestricted Subsidiaries</I>) of
the Indenture in connection with the designation of New MDC as an Unrestricted Subsidiary following its incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Waiver in respect of the Merger</I></B></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: justify; text-indent: 0.5in"><I>Proposed Waiver</I>.
The Issuer will request the Holders to pre-emptively waive any requirement under Section 4.1(a)(2) of the Indenture in relation
to the Merger and accordingly the Officers&rsquo; Certificate and Opinion of Counsel required to be delivered under Section 4.1(a)(5)
of the Indenture in respect of the Merger shall not be required to cover compliance with Section 4.1(a)(2) of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Waiver of Change of Control Offer</I></B></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: justify; text-indent: 0.5in"><I>Proposed Waiver</I>.
The Issuer will request the Holders to pre-emptively waive all requirements under Section 3.21 (<I>Change of Control</I>) of the
Indenture in relation to the Potential Transaction including, without limitation, that the Issuer make a Change of Control Offer
(as defined in the Indenture) within 30 days following the closing of the Potential Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Waiver of Certain Defaults</I></B></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: justify; text-indent: 0.5in"><I>Proposed Waiver</I>.
The Issuer requests the Holders, by delivery of their Consents, to pre-emptively waive any and all other Defaults or Events of
Default (each as defined in the Indenture) under the Indenture that may result from the Steps relating to the Potential Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><U>The Proposed Amendments</U></B></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: justify; text-indent: 0.5in">In connection with
the Potential Transaction, the Issuer expects to request amendments to the provisions of the Indenture. The following is the text
of certain relevant parts of the Indenture as they would appear in amended form if such amendments were adopted. New text is indicated
by a double underline, whereas deleted text is indicated by a strikethrough. The following text does not restate in its entirety
all parts of the Indenture as they will appear if the Amendments are adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DEFINITIONS AND INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Assumed
Tax Liability&rdquo; means, with respect to any member of the Company as of any Tax Distribution Date, an amount equal to the federal,
state and local income taxes (including any applicable estimated taxes) reasonably estimated in good faith would be due from such
member for all taxable periods (or portions thereof) of ending on such Tax Distribution Date, (i) assuming such member were a corporation
who earned solely the items of income, gain, deduction, loss, and/or credit allocated to such member for such taxable periods (or
portions thereof) and (ii) assuming that such member is subject to tax at the Assumed Tax Rate. For purposes of determining the
Assumed Tax Liability of any member, (i) any adjustments by reason of Sections 734 or 743 of the Code shall not be taken into account,
and (ii) losses allocated by the Company to the direct or indirect parent of the Company to the extent such losses are able to
reduce the tax liability of such parent for such taxable period shall be taken into account.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Assumed
Tax Rate&rdquo; means, for any taxable period, the highest marginal effective rate of federal, state, local and non-U.S. income
tax applicable to the direct or indirect parent of the Company for such taxable period.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bank Credit
Facility</U>&rdquo; means the amended and restated credit agreement dated as of March 20, 2013 among the Company, Maxxcom Inc.,
as borrower, the guarantors and lenders from time to time party thereto, and Wells Fargo Capital Finance, LLC, as agent, and all
amendments thereto, together with the related documents thereto (including, without limitation, any Guarantee agreements and security
documents), as such agreement may be amended (including any amendment and restatement thereof), supplemented or otherwise modified
or replaced from time to time by one or more credit agreements<FONT STYLE="text-underline-style: double"><U>, including the Stagwell
Facilities,</U></FONT> or any indentures or commercial paper facilities, including any agreement or indenture adding Subsidiaries
of the Company as additional borrowers or guarantors thereunder or extending the maturity of, refinancing, replacing, increasing
the amount outstanding or otherwise restructuring all or any portion of the Indebtedness under such agreement(s) or any successor
or replacement agreement(s) and whether by the same or any other agent, trustee, lender or group of lenders or investors<FONT STYLE="text-underline-style: double"><U>,
including the Stagwell Facilities</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disqualified
Capital Stock</U>&rdquo; means that portion of any Capital Stock which, by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event, matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder
thereof, in any case, on or prior to the date that is one year after the final maturity date of the Notes. For the avoidance of
doubt, &ldquo;Disqualified Capital Stock&rdquo; shall not include <FONT STYLE="text-underline-style: double"><U>the Preferred Interests
or</U></FONT> equity interests of minority holders of Capital Stock of Restricted Subsidiaries of the Company by virtue of put
and call arrangements and Management Appreciation Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
means, with respect to any Person, without duplication:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">[&hellip;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(10) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock
being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding
accrued dividends, if any; <I>provided</I> that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left; text-indent: 42.55pt">(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Disqualified Capital Stock does not have a fixed repurchase price, such maximum fixed repurchase price will be calculated in
accordance with the terms of the Disqualified Capital Stock as if the Disqualified Capital Stock were purchased on any date on
which Indebtedness will be required to be determined pursuant to this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left; text-indent: 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left; text-indent: 42.55pt">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the maximum fixed repurchase price is based upon, or measured by, the Fair Market Value of the Disqualified Capital Stock, the
fair market value will be the Fair Market Value thereof<STRIKE>.</STRIKE><FONT STYLE="text-underline-style: double"><U>,</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: left; text-indent: 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-underline-style: double"><I><U>provided</U></I><U>,
however, that notwithstanding the foregoing, Indebtedness shall be deemed not to include obligations under or in respect of the
Tax Receivable Agreement.</U></FONT></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: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Holders</U>&rdquo; means (1) <FONT STYLE="text-underline-style: double"><U>Stagwell Media LP, Stagwell Blocker LLC,</U></FONT>
Omnicom Group Inc., The Interpublic Group of Companies, Inc., WPP plc, Publicis Groupe S.A., Havas S.A. and Dentsu Inc. and (2)
any Person at least 80% of the outstanding Capital Stock of which is owned by one or more Persons described in clause (1) above;
provided, that, a Rating Decline shall not have occurred in connection with the transaction (including any Incurrence of Indebtedness
used to finance the acquisition thereof) involving such Permitted Holder that would have resulted in a Change of Control (but for
the terms of this definition).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Preferred
Interests&rdquo; means the series 4 and series 6 preferred interests of the Company having the rights set out in an LLC agreement
in respect of the Company and to be issued on terms that are materially similar to the terms of the series 4 and series 6 preferred
shares of the direct or indirect parent of the Company but redeemable by the Company in the event of the redemption of such shares.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Stagwell
Credit Facility&rdquo; means the amended and restated credit agreement among the Stagwell Marketing Group LLC as borrower, the
guarantors and lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as agent dated November 13, 2020, and all
amendments thereto, together with the related documents thereto (including, without limitation, any Guarantee agreements and security
documents), as such agreement may be amended (including any amendment and restatement thereof), supplemented or otherwise modified
or replaced from time to time;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Stagwell
Facilities&rdquo; means each of the Stagwell Credit Facility and the Stagwell Term Facility;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Stagwell
Term Facility&rdquo; means the credit agreement among the Stagwell Marketing Group LLC as borrower, the guarantors and lenders
from time to time party thereto, and JPMorgan Chase Bank, N.A., as agent JPMorgan Chase Bank, N.A. and Citizens Bank, N.A. as joint
bookrunners and joint lead arrangers dated November 13, 2020, and all amendments thereto, together with the related documents thereto
(including, without limitation, any Guarantee agreements and security documents), as such agreement may be amended (including any
amendment and restatement thereof), supplemented or otherwise modified or replaced from time to time;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Tax
Distributions&rdquo; means, on any Tax Distribution Date, distributions by the Company (i) to the direct or indirect parent of
the Company&rsquo;s Assumed Tax Liability attributable to any preferred units of the Company held by such parent during the fiscal
year or other taxable period to which the tax-related distributions relates; and (ii) then, to members of the Company on a pro
rata basis in accordance with the number of common units of the Company owned by each such member, in an amount sufficient to cause
the direct or indirect parent of the Company to receive a distribution equal to all of such parent&rsquo;s remaining Assumed Tax
Liability (including estimated tax liabilities) during the fiscal year or other taxable period to which the tax-related distribution
relates.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Tax
Distribution Date&rdquo; means any date that is two Business Days prior to the date on which estimated federal income tax payments
are required to be made by calendar year corporate taxpayers and the due date for federal income tax returns of corporate calendar
year taxpayers (without regard to extensions).]</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>&ldquo;Tax
Receivable Agreement&rdquo; means an income tax receivable agreement, in customary form and substance, pursuant to which certain
members or former members of the Company are entitled to receive from the direct or indirect parent of the Company 85% of the tax
savings realized by such parent resulting from taxable exchanges of equity interests in the Company by such member or former member
for shares of such parent and related tax basis adjustments.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>COVENANTS</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: left; text-indent: 0.5in">Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporate
Existence</U>. Subject to Article IV, the Company will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence <FONT STYLE="text-underline-style: double"><U>or existence as a limited liability company
or partnership</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation on Incurrence
of Additional Indebtedness.</U></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: justify; text-indent: 0.5in">(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
Incurred (1) by the Company or any Note Guarantor <FONT STYLE="text-underline-style: double"><U>(or, in the case of the Stagwell
Facilities, any Restricted Subsidiary pending its addition as a Note Guarantor in accordance with Section 10.7)</U></FONT> pursuant
to the Bank Credit Facility (including any Guarantees in respect thereof) and the issuance and creation of letters of credit and
bankers&rsquo; acceptances thereunder and (2) by the Company or any Restricted Subsidiary pursuant to one or more additional revolving
credit facilities (including any Guarantees in respect thereof) permitted under the Bank Credit Facility, in an aggregate principal
amount at any time outstanding not to exceed the greater of (x) 1.75 times the Consolidated EBITDA of the Company for the applicable
Four Quarter Period as of the date of determination and (y) $325.0 million, less the amount of any permanent repayments or reductions
of commitments in respect of such Indebtedness made with the Net Cash Proceeds of an Asset Sale in order to comply with the provisions
of Section 3.12; provided that the aggregate principal amount of Indebtedness Incurred under clause (2) by Restricted Subsidiaries
that are not Note Guarantors shall not exceed $25.0 million;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Section 3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Restricted Payments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the provisions of Section 3.10(a), this Section 3.10 does not prohibit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">[&hellip;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(11) any
repurchase of Management Appreciation Interests for fair value to the extent such Management Appreciation Interests represent economic
interests in a Restricted Subsidiary retained by its owners at the time such Restricted Subsidiary became a Restricted Subsidiary
of the Company; <STRIKE>and</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(12) other
Restricted Payments taken together with all other Restricted Payments made pursuant to this clause (12) not to exceed $40.0 million
in the aggregate<STRIKE>.</STRIKE><FONT STYLE="text-underline-style: double"><U>; and</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-underline-style: double"><U>(13)
the payment by the Company, directly or indirectly, to or on behalf of the direct or indirect parent of the Company, of (i) solely
with respect to taxable periods after the Company becomes an entity that is disregarded as separate from such direct or indirect
parent of the Company, payments or disbursements to or on behalf of such parent in satisfaction of obligations due from such parent
under the Tax Receivable Agreement to the extent such payments relate to tax savings actually realized by such parent in such taxable
period (without duplication of any items taken into account under clause (ii)); (ii) Tax Distributions; and (iii) management fees
in connection with its activities and services as a holding company of the Company and its Subsidiaries or other amounts the proceeds
of which are used to pay taxes and other fees required to maintain the corporate existence of such parent company, and general
corporate and overhead expenses (including salaries and other compensation of employees) incurred in the ordinary course of the
business of such Parent Company; provided, that payments under clause (iii) shall only be permitted to the extent amounts described
in clause (iii) exceed the lesser of (x) amount of tax benefits subject to the Tax Receivables Agreement that the direct or indirect
parent of the Company is permitted to retain pursuant to the terms of the Tax Receivable Agreement and (y) the excess of the amount
distributed to such direct or indirect parent in respect of clause (i) and (ii) hereof minus such direct or indirect parent&rsquo;s
Assumed Tax Liability (for this purpose calculated taking into account basis adjustments under section 743 or 734 of the Code).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In determining
the aggregate amount of Restricted Payments made subsequent to the Issue Date, amounts expended pursuant to clauses (1) (without
duplication for the declaration of the relevant dividend), (7) and (10) above will be included in such calculation and amounts
expended pursuant to clauses (2) through (6), (8), (9), (11)<FONT STYLE="text-underline-style: double"><U>,</U></FONT> <STRIKE>and</STRIKE>
(12) <FONT STYLE="text-underline-style: double"><U>and (13) </U></FONT>will not be included in such calculation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ongoing
Reporting</U>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRIKE>If at
any time any direct or indirect parent of the Company is a Guarantor of the Notes, the</STRIKE> <FONT STYLE="text-underline-style: double"><U>The</U></FONT>
Company will be deemed to be in compliance with this Section 3.16 with respect to the Notes if <STRIKE>such</STRIKE> <FONT STYLE="text-underline-style: double"><U>the</U></FONT>
direct or indirect parent <FONT STYLE="text-underline-style: double"><U>of the Company</U></FONT> delivers to the Trustee within
the time periods specified in Section 3.16(c) copies of its annual reports and the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which such direct or
indirect parent is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or which such direct
or indirect parent would be required to file with the Commission if it were subject to Section 13 or 15(d) of the Exchange Act,
<FONT STYLE="text-underline-style: double"><U>provided that, where the annual or quarterly financial statements of such direct
or indirect parent, on a consolidated basis, do not, in the reasonable judgment of the Company, in all material respects reflect
the financial position of the Company, on a consolidated basis, for such relevant period, the Company shall further and within
the time periods specified in Section 3.16(c) deliver to the Trustee reconciliations, whether in narrative format or otherwise,
between the financial statements of such parent and the financial position of the Company, on a consolidated basis, for such relevant
period.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<STRIKE>The
Company will be deemed to be in compliance with this Section 3.16 with respect to the Notes if the Company, or if at any time
any direct or indirect parent of the Company is a Guarantor of the Notes, such </STRIKE><FONT STYLE="text-underline-style: double"><U><STRIKE>the
</STRIKE></U></FONT><STRIKE>direct or indirect parent of the Company, shall have filed such annual reports and the information,
documents and other reports with the Commission using its Electronic Data Gathering, Analysis and Retrieval System or any successor
system</STRIKE><FONT STYLE="text-underline-style: double"><U><STRIKE>, and, where the Company is required to deliver the reconciliations
referred to in Section 3.16(d), the Company will be deemed to be in compliance with such requirement where such reconciliations
are included in the annual reports or information, documents or other reports filed with the Commission in accordance with the
proceeding provisions of this Section 3.16(e) or posted on its website (if not filed with the Commission)</STRIKE></U></FONT><STRIKE>.</STRIKE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE X</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTE GUARANTEES</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: left; text-indent: 0.5in">Section 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Liability; Termination, Release and Discharge</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Note Guarantor will be released and relieved of its Obligations under its Note Guarantee in the event that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">[&hellip;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-underline-style: double"><U>the
Company has notified the Trustee in writing of </U></FONT>the release or discharge of such Note Guarantor from its Guarantee, or
its obligations as a co-borrower or to grant Liens under, any Bank Credit Facility, as the case may be (including by reason of
the termination thereof unless such Note Guarantor provides a Guarantee or Lien or becomes a co-borrower in respect of a replacement
or refinancing Bank Credit Facility)<FONT STYLE="text-underline-style: double"><U>, following any such release or discharge</U></FONT>;
provided that if such Note Guarantor has Incurred any Indebtedness or issued any Preferred Stock under Section 3.8(a) or Section
3.8(b)(8) (to the extent it is Refinancing Indebtedness in respect of Indebtedness originally Incurred under Section 3.8(a) or
Section 3.8(b)(1)) or Section 3.8(b)(18) in reliance on its status as a Note Guarantor, such Note Guarantor has been released or
discharged from such Indebtedness or Preferred Stock or it is otherwise permitted to be Incurred by a Restricted Subsidiary that
is not a Note Guarantor under such covenant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Note Guarantees</U>. Within a reasonable period of time after any Restricted Subsidiary that is not a Note Guarantor Guarantees,
or becomes a co-borrower under or grants Liens to secure, any Bank Credit Facility<FONT STYLE="text-underline-style: double"><U>,
or a Person that has Guaranteed a Bank Credit Facility becomes a Restricted Subsidiary, </U></FONT>the Company will cause such
Restricted Subsidiary (an &ldquo;<B>Additional Note Guarantor</B>&rdquo;) to grant a guarantee (an &ldquo;<B>Additional Note Guarantee</B>&rdquo;)
of the Guaranteed Obligations under this Indenture and the Notes to the same extent that the Note Guarantors have guaranteed the
Guaranteed Obligations under this Indenture and the Notes by executing a supplemental indenture substantially in the form of Exhibit
D and providing the Trustee with an Officers&rsquo; Certificate and Opinion of Counsel; provided, however, that each Additional
Note Guarantor will be automatically and unconditionally released and discharged from its obligations under such Additional Note
Guarantee only in accordance with Section 10.2. Only the Trustee and such Additional Note Guarantor shall be required to sign
the Additional Note Supplemental Indenture that causes such Additional Note Guarantor to become a Note Guarantor. Any future Note
Guarantees provided by Restricted Subsidiaries of the Company organized in Sweden may be Limited Guarantees that are limited on
a basis consistent with the Limited Guarantee provided by the Limited Guarantor organized in such jurisdiction on the Issue Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B><U>Annex
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Metro Bondholder
Presentation, dated December 9, 2020</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">Metro Bondholder
Presentation, dated December 11, 2020</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>mdca-20201221_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.20.4</span><table class="report" border="0" cellspacing="2" id="idm140194651523064">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Dec. 21, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 21,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-13718<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">MDC PARTNERS INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000876883<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">98-0364441<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">Z4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One
World Trade Center<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Floor 65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New
York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10007<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">646<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">429-1800<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Subordinate Voting Shares, no par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MDCA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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end
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</DOCUMENT>
</SEC-DOCUMENT>
