<SEC-DOCUMENT>0001104659-21-055638.txt : 20210427
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<ACCEPTANCE-DATETIME>20210427163027
ACCESSION NUMBER:		0001104659-21-055638
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210427
DATE AS OF CHANGE:		20210427

FILER:

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

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		21859369

	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
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION<br />
Washington, D.C. 20549&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Amendment No. 1</b></p>

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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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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>For the transition period from _____ to ______<br /></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">&#160;&#160;</p>

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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"></p>

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<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">(Address, Including Zip Code, and Telephone Number,
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<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">&#160;</p>

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

<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">Securities registered pursuant to Section 12(g)
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark if the registrant is a well-known
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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: left">Indicate by check mark if the registrant is not
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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: justify">Indicate by check mark whether the Registrant
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(or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
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and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Large accelerated filer <span style="font-family: Wingdings">&#168;</span> <span id="xdx_909_edei--EntityFilerCategory_c20200101__20201231_zxPYmQYcYRoi"><span style="-sec-ix-hidden: xdx2ixbrl0035">Accelerated filer</span></span>&#160;<span style="font-family: Wingdings">&#120;</span> &#160;Non-accelerated filer <span style="font-family: Wingdings">&#168;</span>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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">&#168;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting
under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The aggregate market value of the shares of all
classes of voting and non-voting common stock of the registrant held by non-affiliates as of June 30, 2020, the last business day of the
Registrant&#8217;s most recently completed second fiscal quarter, was approximately $<span id="xdx_90A_edei--EntityPublicFloat_iI_pn5n6_uUSD_c20200630_z0xgFfnMUW57"><ix:nonFraction name="dei:EntityPublicFloat" contextRef="AsOf2020-06-30" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">120.0</ix:nonFraction></span> million, computed upon the basis of the closing
sales price $2.08 of the Class A subordinate voting shares on that date.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, there were <span id="xdx_901_edei--EntityCommonStockSharesOutstanding_iI_c20210331__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zKzlmgx6Gri5"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2021-03-31_us-gaap_CommonClassAMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">74,787,317</ix:nonFraction></span> outstanding
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par value, of the registrant.</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">&#160;</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; text-align: center"><b>EXPLANATORY NOTE</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: justify; text-indent: 0.5in">This Amendment No. 1 on Form
10-K/A (the &#8220;Form 10-K/A&#8221;) is being filed by MDC Partners, Inc. (the &#8220;Company&#8221;) in order to disclose information
required by Items 10, 11, 12, 13 and 14 of Part III, which was previously omitted in reliance on Instruction G to Form 10-K from its Annual
Report on Form 10-K (the &#8220;Original Form 10-K&#8221;) for the year ended December 31, 2020, filed with the Securities and Exchange
Commission (the &#8220;SEC&#8221;) on March 16, 2021. The Company is not filing its definitive proxy statement for its 2021 annual stockholder
meeting within 120 days of the end of its most recent fiscal year as required under Instruction G to Form 10-K in order to incorporate
information contained in the definitive proxy statement into the Original Form 10-K. This Form 10-K/A discloses such information. In connection
with the filing of this Form 10-K/A and pursuant to the rules of the SEC, we are including with this Form 10-K/A, as exhibits, certifications
with respect to this filing by our principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002; accordingly, Item 15 of Part IV has also been amended to reflect the filing of these new exhibits. Because no financial statements
have been included in this Form 10-K/A and this Form 10-K/A does not contain or amend any disclosure with respect to Items 307 and 308
of Regulation S-K, paragraphs 3, 4 and 5 of the certifications have been omitted. We are not including the certifications under Section
906 of the Sarbanes-Oxley Act of 2002 as no financial statements are being filed with this Form 10-K/A. Further, because we are a &#8220;smaller
reporting company,&#8221; as defined in Item 10 of Regulation S-K promulgated under the Securities Exchange Act of 1934 (the &#8220;Exchange
Act&#8221;), we have elected to provide in this 10-K/A certain scaled disclosures permitted under the Exchange Act for smaller reporting
companies. This Form 10-K/A is limited in scope to the items identified above and should be read in conjunction with the Original Form
10-K and our other filings with the SEC. Except as otherwise expressly stated herein, this Form 10-K/A does not reflect events occurring
after the filing of the Original Form 10-K or modify or update those disclosures affected by subsequent events. Consequently, all other
information is unchanged and reflects the disclosures made at the time of the filing of the Original Form 10-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</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">&#160;</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>TABLE OF CONTENTS</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 10%">&#160;</td>
    <td style="width: 85%">&#160;</td>
    <td style="border-bottom: black 1pt solid; width: 5%; text-align: center"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td colspan="3" style="text-align: center"><span style="font-size: 10pt"><b>PART III</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><a href="#a_01"><span style="font-size: 10pt">Item 10.</span></a></td>
    <td><a href="#a_01"><span style="font-size: 10pt">Directors, Executive Officers and Corporate Governance</span></a></td>
    <td style="text-align: right"><a href="#a_01">1</a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><a href="#a_02"><span style="font-size: 10pt">Item 11.</span></a></td>
    <td><a href="#a_02"><span style="font-size: 10pt">Executive Compensation</span></a></td>
    <td style="text-align: right"><a href="#a_02">6</a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><a href="#a_03"><span style="font-size: 10pt">Item 12.</span></a></td>
    <td><a href="#a_03"><span style="font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</span></a></td>
    <td style="text-align: right"><a href="#a_03">17</a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><a href="#a_04"><span style="font-size: 10pt">Item 13.</span></a></td>
    <td><a href="#a_04"><span style="font-size: 10pt">Certain Relationships and Related Transactions and Director Independence</span></a></td>
    <td style="text-align: right"><a href="#a_04">20</a></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><a href="#a_05"><span style="font-size: 10pt">Item 14.</span></a></td>
    <td><a href="#a_05"><span style="font-size: 10pt">Principal Accounting Fees and Services</span></a></td>
    <td style="text-align: right"><a href="#a_05">22</a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td colspan="3" style="text-align: center"><span style="font-size: 10pt"><b>PART IV</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><a href="#a_06"><span style="font-size: 10pt">Item 15.</span></a></td>
    <td><a href="#a_06"><span style="font-size: 10pt">Exhibits and Financial Statement Schedules</span></a></td>
    <td style="text-align: right"><a href="#a_06">23</a></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><a href="#a_07"><span style="font-size: 10pt">Signatures</span></a></td>
    <td>&#160;</td>
    <td style="text-align: right"><a href="#a_07">24</a></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.75pt">&#160;</p>

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


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /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; text-align: center"><b>PART III</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="a_01"></span><b>Item 10. Directors, Executive Officers and Corporate Governance</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; text-align: justify; text-indent: 0.25in">The names of, and certain
information regarding, our current directors are set forth below.</p>

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

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 17%"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 3%; text-align: center"><span style="font-size: 10pt"><b>Age</b></span></td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 1%">&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; width: 66%; text-align: center"><span style="font-size: 10pt"><b>Principal Occupation</b></span></td>
    <td style="white-space: nowrap; vertical-align: top; width: 1%; text-align: center">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; width: 11%; text-align: center"><span style="font-size: 10pt"><b>Director Since</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Mark Penn</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">67</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Chief Executive Officer of MDC; President and Managing Partner of the Stagwell Group </span></td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">2019</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Charlene Barshefsky</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">70</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Chair of Parkside Global Advisors</span></td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">2019</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Asha Daniere</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">53</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Strategic and legal advisor in the media and technology sectors</span></td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">2020</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Bradley J. Gross</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">48</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Managing Director at Goldman Sachs </span></td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">2017</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Wade Oosterman </span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">60</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Vice Chair of Bell Canada and President of Bell
    Media</span></td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">2020</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Desiree Rogers</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">61</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Chief Executive Officer and Co-Owner of Black Opal Beauty</span></td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">2018</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Irwin D. Simon</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">62</span></td>
    <td style="white-space: nowrap; vertical-align: bottom">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Chairman and CEO of Aphria Inc.</span></td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">2013</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mark Penn has been the Chief Executive Officer
of MDC Partners since March 18, 2019. He has also been the President and Managing Partner of The Stagwell Group, a private equity fund
that invests in digital marketing services companies, since its formation in June 2015. Prior to The Stagwell Group, Mr. Penn served in
various senior executive positions at Microsoft. As Executive Vice President and Chief Strategy Officer of Microsoft, he was responsible
for working on core strategic issues across the company, blending data analytics with creativity. Mr. Penn also has extensive experience
growing and managing agencies. As the co-founder and CEO of Penn Schoen Berland, a market research firm that he built and later sold to
WPP Group, he demonstrated value-creation, serving clients with innovative techniques such as being the first to offer overnight polling
and unique ad testing methods now used by politicians and major corporations. At WPP Group, he also became CEO of Burson Marsteller, and
managed the two companies to substantial profit growth during that period. A globally recognized strategist, Mr. Penn has advised corporate
and political leaders both in the United States and internationally. He served for six years as White House Pollster to President Bill
Clinton and was a senior adviser in his 1996 re-election campaign, receiving recognition for his highly effective strategies. Mr. Penn
later served as chief strategist to Hillary Clinton in her Senate campaigns and her 2008 Presidential campaign. Internationally, Mr. Penn
helped elect more than 25 leaders in Asia, Latin America and Europe, including Tony Blair and Menachem Begin. Mr. Penn has extensive leadership
experience as a CEO and an agency operator, and his background as an agency founder, executive strategist and marketer, and global thought
leader were critical qualifications that led to his appointment as CEO and a member of the Board. Mr. Penn was nominated as a director
of the Company by Stagwell Agency Holdings LLC (&#8220;Stagwell&#8221;) pursuant to its rights as purchaser of Class A Subordinate Voting
Shares and the Series 6 Convertible Preference Shares. Please see Executive Officers of MDC Partners below.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Charlene Barshefsky is Chair of Parkside Global
Advisors, a position she has held since April 2021. Prior to this, she was a Senior International Partner at WilmerHale, a multinational
law firm based in Washington, D.C., from 2001 through March 2021. At WilmerHale, Ambassador Barshefsky advised multinational corporations
on their market access, regulatory, investment and acquisition strategies in major markets across the globe. Prior to joining WilmerHale,
Ambassador Barshefsky was the United States Trade Representative (USTR) and a member of President Clinton&#8217;s Cabinet from 1997 to
2001 and Acting and Deputy USTR from 1993 to 1996. As the USTR, she served as chief trade negotiator and principal trade policymaker for
the United States and, in both roles, negotiated complex market access, regulatory and investment agreements with virtually every major
country in the world. She serves on the boards of directors of the American Express Company and the Estee Lauder Companies and is a member
of the board of trustees of the Howard Hughes Medical Institute. She is also a member of the Council on Foreign Relations. Ambassador
Barshefsky served on the boards of directors of Intel Corporation from 2004 to 2018 and Starwood Hotels &amp; Resorts from 2004 to 2016.
Ambassador Barshefsky&#8217;s distinguished record as a policymaker and negotiator, ability to assess regulatory risks, as well as exceptional
Board director experience for some of the world&#8217;s most respected consumer companies across a range of sectors focused on digital
innovation are key qualifications for the Board. Ambassador Barshefsky was initially nominated as a director of the Company by Stagwell
pursuant to its rights as purchaser of Class A Subordinate Voting Shares and the Series 6 Convertible Preference Shares and subsequently
renominated by the Board.</p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Asha Daniere is a strategic and legal advisor
in the media and technology sectors.&#160; From 2012 through February 2020, she was Executive Vice-President, Legal &amp; Business Affairs
at Blue Ant Media, a global multi-platform media company.&#160; Prior to her position at Blue Ant, Ms. Daniere was Senior Vice President
and General Counsel at Score Media Inc., a sports media company that formerly traded on the TSX .&#160; Prior to her role at Score Media,
Ms. Daniere was General Counsel at Fun Technologies Inc., an Internet start-up that previously traded on the TSX.&#160; She is on the
Boards of Directors of Canopy Rivers Inc., traded on the TSX, and GP-ACT III Acquisition Corp.&#160; She is also on the Board of Directors
of the Toronto International Film Festival. From December 2015 to September 2018, Ms. Daniere served on the Board of Directors of Tangelo
Games Corp. Ms. Daniere brings to the Board significant experience in media and technology, as well as experience assessing and mitigating
regulatory and legal risk in public companies.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Bradley Gross is a member of the Global
Equity Leadership Group and head of corporate private equity investment activities in the Americas and EMEA within the Asset
Management Division of Goldman Sachs. He serves as a member of the Merchant Banking Division Corporate and Growth Investment
Committees and the Firmwide Retirement Committee. Previously, he was responsible for the Merchant Banking Division's Technology,
Media and Telecom investing activities and led the division's portfolio wide valuation creation efforts. He first joined Goldman
Sachs in 1995 as an analyst in the Real Estate Principal Investment Area. He rejoined the firm after business school in 2000 as an
associate in the Principal Investment Area. He became a vice president in 2003 and was named managing director in 2007 and partner
in 2012. Mr. Gross serves on the boards of Neovia Logistics Holdings, Proquest Holdings, Trader Interactive Holdings, Slickdeals,
LLC and Aptos, Inc. Previously, Mr. Gross served on the boards of Americold Realty Trust and Griffon Corp. Mr. Gross brings to the
board an exceptional risk management track record, extensive public company board experience and technological experience, all of
which qualify him for the Board. Mr. Gross was nominated as a director of the Company by Goldman Sachs pursuant to its rights as the
purchaser of the Series 4 Convertible Preference Shares.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Wade Oosterman is Vice
Chairman of Bell Canada, Canada&#8217;s largest telecommunications service provider, a position he has held since 2018. Mr. Oosterman
is also President of Bell Media, Canada&#8217;s largest media company, since January 2021. Mr. Oosterman previously served as President
of Bell Mobility from 2006 to 2018, as President of Bell Residential Services from 2010 to 2018 and as Chief Brand Officer of Bell Canada,
and BCE, from 2006 to 2020. Prior to joining Bell Canada, Mr. Oosterman served as Chief Marketing and Brand Officer for TELUS Corp., and
Executive Vice President, Sales and Marketing for TELUS Mobility. In 1987, Mr. Oosterman co-founded Clearnet Communications Inc. and served
on its board of directors until the successful sale of Clearnet to TELUS Corp. Mr. Oosterman serves on the board of directors of Telephone
Data Systems Inc., a U.S. telecom provider, and EnStream, a joint venture of the three largest Canadian telecom providers engaged in the
business of mobile payments and identity verification. He has also served on the boards of directors of Ingram Micro and Virgin Mobile
Canada. <span style="color: #2B2B2B">Mr. Oosterman brings to the board financial acumen, risk assessment and mitigation, and exceptional
operations experience. His leadership includes extensive experience in both sell-side and buy-side transactions</span>.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Desir&#233;e Rogers</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Desir&#233;e Rogers is the Chief Executive Officer
and Co-Owner of Black Opal, LLC, a masstige makeup and skincare company. She served as Chairman of Choose Chicago, the tourism agency
for the city of Chicago with over $1 billion in revenue, from 2013 until 2019. At Choose Chicago, Ms. Rogers&#8217; digital marketing
leadership resulted in record results of over 57 million visitors in 2018. Ms. Rogers was Chief Executive Officer of Johnson Publishing
Company, a publishing and cosmetics firm, from 2010 to 2017. During the period of 2009 to 2010, Ms. Rogers was The White House&#8217;s
Special Assistant to the President and Social Secretary under the Obama Administration. Ms. Rogers is a member of the boards of directors
of World Business Chicago, the Economic Club of Chicago, the Conquer Cancer Foundation, Donors Choose, and Inspired Entertainment Inc.,
and is formerly a member of the board of directors of Pinnacle Entertainment, Inc. Ms. Rogers is a results-oriented business leader, with
key digital marketing experience, and brings to the board strong interpersonal, collaborative and diplomatic skills that qualify her for
the Board.</p>

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


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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Irwin D. Simon</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Irwin Simon is a business executive who in 1993
founded The Hain Celestial Group, Inc., traded on Nasdaq, which he built into a leading, global organic and natural products company and
served as its Chairman and Chief Executive Officer through 2018. Mr. Simon currently serves as Chairman and Chief Executive Officer of
Aphria Inc., a leading global cannabis company traded on the NYSE. Mr. Simon also serves as Executive Chairman of Whole Earth Brands,
Inc., a global food company traded on Nasdaq. Mr. Simon previously served on the boards of directors of Barnes &amp; Noble, Inc., the
largest retail bookseller in the United States, and Jarden Corp., a global consumer products company. In addition, he is a member of the
board of trustees of Tulane University in New Orleans, Louisiana, and is a member of the board of trustees at Poly Prep Country Day School
in Brooklyn, New York. Mr. Simon is also the majority owner of the Cape Breton Screaming Eagles, a Quebec Major Junior Hockey League team
and co-owner of St. John&#8217;s Edge of the National Basketball League of Canada. Mr. Simon qualifies for the Board because of his unique
perspectives on aspects of advertising and marketing services, as well as extensive operational and entrepreneurial experience. In addition,
Mr. Simon possesses a great depth of knowledge and experience regarding the consumer-packaged goods industry and related marketing services
that are provided by the Company&#8217;s partner firms. &#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Executive Officers of MDC Partners</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The executive officers of MDC Partners are:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: black 1pt solid; width: 7%; text-align: center"><span style="font-size: 10pt"><b>Age</b></span></td>
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    <td style="vertical-align: top"><span style="font-size: 10pt">Mark Penn</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">67</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">Chief Executive Officer</span></td></tr>
  <tr style="background-color: White">
    <td style="vertical-align: top"><span style="font-size: 10pt">Frank Lanuto</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">58</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
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    <td style="vertical-align: top"><span style="font-size: 10pt">David C. Ross</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">41</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">General Counsel and Executive Vice President, Strategy and Corporate Development</span></td></tr>
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    <td style="vertical-align: top"><span style="font-size: 10pt">Vincenzo DiMaggio</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">47</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">Senior Vice President, Chief Accounting Officer</span></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"></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; text-align: justify">Mr. Penn joined MDC Partners in March 2019 and
currently serves as Chairman and Chief Executive Officer. Mr. Penn has been acting as the Managing Partner and President at the Stagwell
Group since 2015. Prior thereto, Mr. Penn served as Microsoft&#8217;s Executive Vice President and Chief Strategy Officer and held Chief
Executive Officer position in multiple strategic public relation firms.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Lanuto joined MDC Partners in June 2019 as
Chief Financial Officer. Prior to joining MDC Partners, Mr. Lanuto served as Vice President, Corporate Controller&#160;at Movado Group,
Inc. since August 2015. Before Movado Group, he spent over 17 years overseeing global financial functions and operations activities in
the advertising, marketing and media services industries.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Ross&#160;joined MDC Partners in 2010 and
currently serves as General Counsel and Executive Vice President, Strategy and Corporate Development.&#160; Prior to joining MDC Partners,
Mr. Ross was an attorney at Skadden Arps LLP where he represented global clients in a wide range of capital markets offerings, M&amp;A
transactions, and general corporate matters.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no family relationship among any of the executive officers
or directors.</p>

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


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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has established guidelines for determining
director independence, and all current directors, with the exception of Mr. Penn, have been determined by the Board to be independent
under applicable Nasdaq rules and the Board&#8217;s governance principles, and applicable Canadian securities laws within the meaning
of National Instrument 58-101 &#8212; Disclosure of Corporate Governance Practices.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Committees of the Board of Directors </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board oversees the management of the business
and affairs of MDC Partners as required by Canadian law. The Board conducts its business through meetings of the Board and three standing
committees: the Audit Committee, the Human Resources &amp; Compensation Committee and the Nominating and Corporate Governance Committee.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the charters of the Audit Committee,
the Human Resources &amp; Compensation Committee and the Nominating and Corporate Governance Committee, as well the Code of Conduct and
Corporate Governance Guidelines, are available free of charge at MDC Partners&#8217; website located at <i><span style="text-decoration: underline">http://www.mdc-partners.com/investors/corporate-governance</span></i>.
Copies are also available to any shareholder upon written request to MDC Partners Inc., One World Trade Center, Floor 65, New York, NY
10007, Attn: Investor Relations.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the Audit Committee is to provide
assistance to the Board in fulfilling its fiduciary obligations and oversight responsibilities with respect to (1) the integrity of the
Company&#8217;s financial statements, (2) the Company&#8217;s compliance with legal and regulatory requirements, (3) the independent auditor&#8217;s
qualifications and independence, and (4) the performance of the Company&#8217;s internal audit function and independent auditors. The
Committee will also provide risk oversight, including cybersecurity risks, and prepare the report that SEC rules require to be included
in the Company&#8217;s annual proxy statement.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current members of the Audit Committee are
Wade Oosterman (Chairperson), Charlene Barshefsky and Asha Daniere. Each of the members of the Audit Committee is &#8220;financially literate&#8221;
as required by applicable Canadian securities laws. The Board has determined that Mr. Oosterman qualifies as an &#8220;audit committee
financial expert&#8221; under the Sarbanes-Oxley Act of 2002 and applicable Nasdaq and SEC regulations, and each member of the Audit Committee
has been determined by the Board to be independent pursuant to Item 407 of Regulation S-K.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Nominating and Corporate Governance Committee</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the Nominating and Corporate Governance
Committee is to (1) identify and to select and recommend to the Board individuals qualified to serve as directors of the Company and on
committees of the Board, (2) to advise the Board with respect to the Board composition, procedures and committees, (3) to develop and
recommend to the Board a set of corporate governance principles applicable to the Company, and (4) to oversee the evaluation of the Board
and ensure the committees fulfill their mandates.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current members of the Nominating &amp; Corporate
Governance Committee are Irwin Simon (Chairperson), Charlene Barshefsky and Desir&#233;e Rogers.</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>Human Resources and Compensation Committee</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; text-align: justify">The purpose of the Human Resources &amp; Compensation
Committee is to oversee the Company&#8217;s executive compensation and benefit plans and practices, including its incentive-compensation
and equity-based plans, and to review and approve the Company&#8217;s management succession plans.</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 current members of the Human Resources &amp; Compensation Committee
are Desir&#233;e Rogers (Chairperson), Bradley Gross and Irwin Simon. All members are independent, non-employee directors.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 25, 2020, the Board established a Special
Committee in response to a proposal by Stagwell Media LP with respect to a business combination between the Company and Stagwell Media
LP. The purpose of the Special Committee is to evaluate, negotiate and make recommendations to the Board regarding the transaction and
other strategic options.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current members of the Special Committee are
Irwin Simon (Chairperson), Asha Daniere, Wade Oosterman and Desir&#233;e Rogers</p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has adopted a Code of Conduct, which
applies to all directors, officers (including the Company&#8217;s Chief Executive Officer and Chief Financial Officer) and employees of
the Company and its subsidiaries. The Code of Conduct also satisfies the requirements for a code of ethics, as defined by Item 406 of
Regulation S-K promulgated by the SEC. The Company&#8217;s policy is to not permit any waiver of the Code of Conduct for any director
or executive officer, except in extremely limited circumstances. Any waiver of this Code of Conduct for directors or officers of the Company
must be approved by the Company&#8217;s Board of Directors. Amendments to and waivers of the Code of Conduct will be publicly disclosed
as required by applicable laws, rules and regulations. The Code of Conduct is available free of charge on the Company&#8217;s website
at&#160;<i>https://www.mdc-partners.com/investors/corporate-governance</i>, or by writing to MDC Partners Inc., One World Trade Center,
Floor 65, New York, NY 10007, Attention: Investor Relations. The Company intends to satisfy the disclosure requirements under Item 5.05
of Form 8-K regarding amendments to, or waivers from, certain provisions of the Code of Conduct that apply to its principal executive
officer, principal financial officer and principal accounting officer by posting such information on its website, at the address and location
specified above.&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section 16(a) of the Exchange Act, each
person serving as a director or executive officer during the last fiscal year and any persons holding 10% or more of the common stock
are required to report their ownership of common stock and any changes in that ownership to the SEC within a prescribed period of time
and to furnish the Company with copies of such reports. To the Company&#8217;s knowledge, based solely upon a review of copies of such
reports received by the Company which were filed with the SEC for the fiscal year ended December 31, 2020, and upon written representations
from such persons that no other reports were required, all reports required to be filed under Section 16(a) have been timely filed with
the SEC except for the Form 3 for Wade Oosterman filed on February 4, 2020, Form 4 and Form 4/A for David Ross filed on April 6, 2020
and July 30, 2020, Form 4 and Form 4/A for Mark Penn filed on May 18, 2020 and May 21, 2020, Form 3 for Asha Daniere filed July 7, 2020,
and Form 4 for Jonathan Mirsky filed July 30, 2020.</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"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="a_02"></span><b>Item 11. Executive Compensation</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &#8220;smaller reporting company&#8221;
and the following compensation disclosure is intended to comply with the requirements applicable to smaller reporting companies. Although
the rules allow us to provide less detail about our executive compensation program, the Human Resources &amp; Compensation Committee (the
&#8220;Compensation Committee&#8221;) is committed to providing the information necessary to help shareholders understand our executive
compensation-related decisions. Accordingly, this section outlines our compensation philosophy and describes certain components of our
executive compensation practices for our named executive officers or &#8220;<b>NEOs</b>&#8221; in 2020:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="background-color: transparent">
    <td style="vertical-align: top"><span style="font-size: 10pt"><b>MARK PENN</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; width: 66%"><span style="font-size: 10pt">Chairman &amp; Chief Executive Officer</span></td></tr>
  <tr style="background-color: transparent">
    <td style="vertical-align: top"><span style="font-size: 10pt"><b>FRANK LANUTO</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="background-color: transparent">
    <td style="vertical-align: top"><span style="font-size: 10pt"><b>DAVID ROSS</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-size: 10pt">General Counsel &amp; Executive Vice President, Strategy and Corporate Development</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Aligning Pay with Performance</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; text-align: justify">The Compensation Committee remains committed to
its compensation strategy of appropriately linking compensation levels with shareholder value creation by:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Aligning pay with financial performance as a meaningful component of total compensation;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Providing total compensation capable of attracting, motivating and retaining executives of outstanding talent;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Focusing our executives on achieving key objectives critical to implementing the Company&#8217;s business strategy and achieving financial performance goals; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Safeguarding the Company&#8217;s business interests, including protection from adverse activities by executives.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company traditionally
uses a mix of short- and long-term and fixed and variable elements in compensating the NEOs: base salary, annual cash bonus incentives
and long-term incentive awards. The Compensation Committee administers the long-term incentive program for our NEOs with the goal that
all long-term equity awards granted to NEOs will either be subject to performance-based vesting requirements or will have value only
to the extent that our stock price increases following the grant date, in addition to continued employment conditions. In limited situations,
such as inducement grants, awards may include equity-based components that vest based solely on continued employment.&#160;</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: #222944">
    <td style="width: 20%"><span style="font-size: 10pt; color: white"><b>Pay&#160;Element</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 38%; text-align: center"><span style="font-size: 10pt; color: white"><b>Description</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 38%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><b>Link&#160;to&#160;Business&#160;&amp;</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: white"><b>Strategy</b></p></td></tr>
  <tr style="background-color: #EAF1FA">
    <td style="vertical-align: top; padding-bottom: 12pt"><span style="font-size: 10pt; color: black"><b>BASE SALARY</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -11pt">&#8226;&#8194;&#8201;Fixed cash compensation
    recognizing individual performance, role and responsibilities, leadership skills, future potential and internal pay equity considerations</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -11pt">&#8226;&#8194;&#8201;Set upon hiring or
    promotion, reviewed as necessary based on the facts and circumstances and adjusted when appropriate</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&#160;</p></td>
    <td>&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&#8226;&#8194;&#8201;Competitive base salaries
    help attract and retain key executive talent</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 0pt 12pt; text-indent: -12pt">&#8226;&#8194;&#8201;Any material adjustments
    are based on competitive market considerations, changes in responsibilities and individual performance</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&#160;</p></td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-size: 10pt"><b>ANNUAL INCENTIVES</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; padding-left: 12pt; text-indent: -11pt"><span style="font-size: 10pt">&#8226;&#8194;&#8201;Performance-based cash compensation dependent on performance against annually established financial targets and personal performance</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;Our annual incentives motivate and reward achievement of annual corporate and personal objectives that build shareholder value</span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="background-color: #EAF1FA">
    <td style="vertical-align: top"><span style="font-size: 10pt"><b>LONG-TERM INCENTIVES</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; padding-left: 12pt; text-indent: -11pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;Opportunity to earn cash and equity long-term incentive awards, subject to continued employment, if the Company achieves financial performance goals (EBITDA) over a one&#160;(1) to three (3) year measurement period following the date of grant</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&#8226;&#8194;&#8201;Like our annual incentives,
    our long-term incentives encourage&#160;senior leaders to focus on delivering on our key financial metrics, but do not encourage or allow
    for excessive or unnecessary risk-taking in achieving this aim</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&#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 0pt 12pt; text-indent: -12pt">&#8226;&#8194;&#8201;The long-term incentives
    also ensure&#160;that executives have compensation that is at risk for longer periods of time and is subject to forfeiture in the event&#160;that
    they terminate their employment</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 0pt 12pt; text-indent: -12pt">&#8226;&#8194;&#8201;The long-term incentives
    also motivate executives to remain with the company for long and productive careers built on expertise</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt; text-indent: -12pt">&#160;</p></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-size: 10pt"><b>INDUCEMENT AWARDS/CASH SIGNING BONUSES</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">&#8226;&#8194;&#8201;One-time awards granted to new executives in the form of SARs, restricted stock and/or cash signing bonuses</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><span style="font-size: 10pt">&#8226;&#160;&#160;&#160;Attract talented, experienced executives to join and remain with the Company</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&#160;</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: Black 1pt solid; width: 40%; padding-left: 3pt"><span style="font-size: 10pt"><b>Name and Principal Position</b></span></td>
    <td style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-size: 10pt"><b>Year</b></span></td>
    <td style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-size: 10pt"><b>Salary ($)</b></span></td>
    <td style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-size: 10pt"><b>Bonus <br />
($)<sup>(1) </sup></b></span></td>
    <td style="border-top: Black 1pt solid; white-space: nowrap; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-size: 10pt"><b>Stock <br />
Awards<br />
 ($)<sup>(2)</sup></b></span></td>
    <td style="border-top: Black 1pt solid; width: 8%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-size: 10pt"><b>Option <br />
Awards<br />
 ($)<sup>(3)</sup></b></span></td>
    <td style="border-top: Black 1pt solid; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center"><span style="font-size: 10pt"><b>All Other <br />
Compensation<br />
 ($)<sup>(4)</sup></b></span></td>
    <td style="border-top: Black 1pt solid; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5pt; padding-left: 5pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Total </b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>($)</b></p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-left: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark Penn,</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer and Chairman</p></td>
    <td style="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2020&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2019</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">750,000&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">591,346</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">825,000&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">750,000</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">134,673&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,899,975</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,600,000</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">86,008&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">72,084</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,795,681&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4,913,405</p></td></tr>
  <tr style="background-color: White">
    <td style="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-left: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frank Lanuto,</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer&#160;&#160;</p></td>
    <td style="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2020&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2019</p></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">450,000&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">252,404</p></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">495,000&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">450,000</p></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">23,087&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">325,710</p></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">519,750</p></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">42,857&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">31,050</p></td>
    <td style="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,010,944&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,578,914</p></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 3pt; padding-bottom: 1pt; padding-left: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Ross,</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">General Counsel &amp; EVP, Strategy and Corporate Development</p></td>
    <td style="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2020&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2019</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">565,225&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">500,000</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">797,500&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">625,000</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">199,689&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,266,725</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">50,373&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">41,089</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 3pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,612,787&#160;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2,432,814</p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 18%"><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>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">For Messrs. Penn, Lanuto and Ross, amounts shown in the column
for 2020 reflect discretionary cash bonuses granted by the Compensation Committee. See &#8220;2020 Annual Incentive Awards; Pay-for-Performance
Analysis.&#8221;</td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For Mr. Lanuto, the amount shown in the column
for 2019 includes a signing bonus of $100,000.</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: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">For Messrs. Penn, Lanuto and Ross, amounts shown in the column
for 2020 include the incremental fair value of awards granted in 2019 that were modified by the Compensation Committee on October 28,
2020 (computed as the fair value of the modified award at the date of modification minus the fair value of the original award at the
date of modification). See &#8220;Awards Granted in 2019 &#8211; Amendment of Performance Conditions.&#8221;</td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For Mr. Ross, the amount shown in the column for
2020 also includes the grant date fair value of a long-term incentive award that was issued on February 28, 2018 and was subject to performance
conditions. Under FASB ASC Topic 718, this restricted stock award did not have an established grant date fair value because the three-year
cumulative financial performance target had not been established until the 2020 EBITDA target was determined in the first quarter of 2020.
All 26,738 shares of restricted stock underlying this award forfeited in February 2021 due to the Company&#8217;s failure to achieve the
minimum cumulative EBITDA target during the three-year period ended December 31, 2020.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For Messrs. Penn, Lanuto and Ross, amounts shown
in the column for 2019 reflect the grant date fair value of the equity awards we granted to our NEOs as determined in accordance with
FASB Topic 718.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For a discussion of the assumptions
relating to these valuations, please see &#8220;Note 2 &#8212; Significant Accounting Policies&#8221; set forth in our annual report
on Form 10-K for the year ended December 31, 2020.&#160;</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: 0in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">For Messrs. Penn and Lanuto, amounts shown in the column for
2019 reflect the grant date fair value of the SARs we granted as inducement awards as determined in accordance with FASB Topic 718.</td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For a discussion of the assumptions relating to
these valuations, please see &#8220;Footnote 2 &#8212; Significant Accounting Policies&#8221; set forth in our annual report on Form 10-K
for the year ended December 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The components of &#8220;all other
compensation&#8221; are set forth in the table below.</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</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; white-space: nowrap; width: 27%; text-align: center"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 12%; text-align: center"><span style="font-size: 10pt"><b>Perquisite <br />
Allowance ($)</b></span></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 24%; text-align: center"><span style="font-size: 10pt"><b>Health <br />
Benefits ($)*</b></span></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 20%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Long-term</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Disability</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Insurance</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Premiums ($)</b></p></td>
    <td style="border-bottom: black 1pt solid; white-space: nowrap; width: 17%; text-align: center"><span style="font-size: 10pt"><b>Total ($)</b></span></td></tr>
  <tr>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center">&#160;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Mark Penn</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">60,000</span></td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">25,534</span></td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">474</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">86,008</span></td></tr>
  <tr style="background-color: White">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">Frank Lanuto</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">25,000</span></td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">17,383</span></td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">474</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">42,857</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; vertical-align: top"><span style="font-size: 10pt">David Ross</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">26,500</span></td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">23,399</span></td>
    <td style="white-space: nowrap; vertical-align: top; text-align: center"><span style="font-size: 10pt">474</span></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">50,373</span></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 0pt 0.25in; text-align: justify">* The &#8220;Health Benefits&#8221;
provided by the Company are payment of health insurance premiums for the employee and, as applicable, family members eligible for coverage.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Narrative Disclosure to Summary Compensation Table </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2020 Annual Incentive Awards; Pay-for-Performance Analysis</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; text-align: justify">The Company&#8217;s compensation program is designed
to reward performance relative to corporate performance criteria and individual performance. In 2020, each NEO was eligible to earn an
annual bonus in an amount equal to his base salary plus a potential discretionary adjustment for exceptional performance. The Compensation
Committee does not apply a formula or use a pre-determined weighting when comparing overall performance against the various individual
objectives, and no single objective is material in determining individual awards. In determining the 2020 annual incentive awards to be
paid to each of the named executive officers, the Compensation Committee considered the impact on our business of the global pandemic
as well as management&#8217;s implementation of significant mitigating actions. The Compensation Committee exercised its discretion to
give particular consideration to the fact that, in a challenging environment for revenue, the Company&#8217;s 2020 EBITDA exceeded the
Company&#8217;s 2019 EBITDA by almost $10 million, based on the definition of EBITDA contained in the Company&#8217;s Credit Agreement,
due to significant cost-saving actions taken under the direction of the management team. The Committee also considered that the Company
achieved certain other financial and strategic goals in 2020, including an extension of the Company&#8217;s Credit Agreement, accretive
senior notes repurchases, and continued new business and operational success attributable to the late-2019 portfolio realignment into
agency networks. The Compensation Committee in particular acknowledged the efforts of Messrs. Lanuto and Ross, working at the direction
of the Special Committee of the Board, in reaching a definitive transaction agreement with Stagwell. The Compensation Committee&#8217;s
decision to grant annual incentive compensation to the NEOs at 110% of target value aligned with this exceptional financial and operational
performance in an adverse economic environment. Specifically, on February 26, 2021, the Compensation Committee approved annual incentive
awards to the NEOs in the following amounts: Mr. Penn &#8212; $825,000; Mr. Lanuto &#8212; $495,000; and Mr. Ross &#8212; $797,500.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>2020 LTIP Awards Granted in 2019 &#8211; No
Additional Awards Granted in 2020</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2020 Stock LTIP Awards Granted in 2019</i></b>.
On November 4, 2019, the Compensation Committee awarded each NEO restricted stock grants under the Company&#8217;s 2011 and 2016 Stock
Incentive Plans as follows: Mr. Penn &#8212; 577,500 shares; Mr. Lanuto &#8212; 99,000 shares; Mr. Ross &#8212; 200,000 shares (the &#8220;2020
Stock LTIP Awards&#8221;). Vesting for these awards is conditioned upon the Company&#8217;s level of achievement of EBITDA over the performance
period commencing on January 1, 2020 and ending on December 31, 2020 and the NEO&#8217;s continued employment until December 31, 2022.
These awards were subsequently modified on October 28, 2020 (see &#8220;Awards Granted in 2019 &#8211; Amendment of Performance Conditions&#8221;).
Approximately 5% of these awards were forfeited in February 2021 based on the Company&#8217;s level of achievement of EBITDA in 2020,
with each of Messrs. Penn, Lanuto and Ross retaining 549,051, 94,123, and 190,148 restricted shares, respectively, eligible to vest subject
to the service condition.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, on June 4, 2019, the Compensation
Committee granted Mr. Ross 137,500 restricted shares under the Company&#8217;s 2016 Stock Incentive Plan (the &#8220;2019 Special Incentive
Award&#8221;), 68,750 of which performance vested in 2020 based on the Company&#8217;s 2019 EBITDA performance and 68,750 of which were
subject to the achievement of certain EBITDA levels in 2020 and unvested as of December 31, 2020.</p>

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


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2020 Cash LTIP Awards Granted in 2019</i></b>.
In November 2019, the Compensation Committee granted awards under the Company&#8217;s 2014 LTIP Plan to each of our NEOs in the following
target amounts: Mr. Penn &#8212; $1,155,000; Mr. Lanuto &#8212; $198,000; Mr. Ross &#8212; $400,000. These grants vest at the end of the
applicable three-year measurement period (January 1, 2020 &#8211; December 31, 2022), subject to achievement of financial performance
criteria and continued employment (the &#8220;2020 Cash LTIP Awards&#8221;). The financial performance criteria are based on three-year
cumulative EBITDA as measured against the approved annual EBITDA targets for such period.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A payout of between 75% and 100% of the target
opportunity will be made if the Company achieves a three-year cumulative EBITDA amount equal to or greater than 90% but less than 100%
of the three-year cumulative EBITDA target, based on a straight-line interpolation for actual cumulative EBITDA between 90% and 100% of
the cumulative EBITDA target; a payout at the target opportunity will be made if the Company achieves the three-year cumulative EBITDA
target; and a payout of the target opportunity plus an additional amount between 0% and 100% of the target opportunity will be made if
the Company exceeds the three-year cumulative EBITDA target based on a straight-line interpolation for actual cumulative EBITDA between
100% and 105% of the cumulative EBITDA target, subject to a cap of two times the target opportunity. No payout would be earned in the
event the Company fails to achieve three-year cumulative EBITDA at least equal to or greater than 90% of the cumulative EBITDA target.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2020 Cash LTIP Awards vest automatically upon
a change in control of the Company (&#8220;single-trigger&#8221;). Subject to achievement of financial performance targets, these awards
vest on a pro rata basis upon termination of the NEO&#8217;s employment without cause or by the NEO for good reason.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>No Additional Awards Granted in 2020</i></b>.
Because the awards granted in November 2019 were intended to cover the periods from 2020 to 2022, the Compensation Committee did not grant
any long-term incentives to the NEOs in 2020.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Awards Granted in 2019 &#8211; Amendment of
Performance Conditions</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2020 the Compensation Committee engaged
Mercer, a compensation consulting firm, to provide objective analysis, advice and information, including comparative market data, related
to potential amendments to the 2020 financial performance targets contained in certain outstanding equity incentive awards, in light of
the substantial impact of the global pandemic on the Company&#8217;s revenue. Mercer participated in discussions at the Compensation Committee&#8217;s
request both with and without management present. The Compensation Committee sought to ensure that its incentive plans properly align
management incentive compensation targets with the performance targets most relevant to shareholders and determined that, under the circumstances,
an adjustment to the minimum 2020 EBITDA targets under the restricted stock awards granted in 2019 was appropriate.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, on October 28, 2020, the Compensation
Committee approved modifications of the 2020 Stock LTIP Awards to reduce the minimum 2020 EBITDA target from $180 million to $175 million,
and of the 2019 Special Incentive Award to reduce the minimum 2020 EBITDA target from $195 million to $180 million. The 2020 EBITDA targets
to achieve full vesting eligibility were unchanged at $200 million and $205 million, respectively. The reduction in minimum EBITDA targets
resulted in an adjusted vesting proration scale for all awards such that, at the time of modification, the expected vesting of the 2020
Stock LTIP Awards increased from 81.5% to 92.5% and the expected vesting of the 2019 Special Incentive Award increased from 0% to 66.7%.</p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has entered into employment agreements
with each NEO as described below.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an employment agreement
with Mr. Penn, dated March 14, 2019, pursuant to which Mr.&#160;Penn is eligible to receive an annualized base salary of $750,000 and
an annual discretionary cash bonus in an amount equal to up to 100% of his then-current base salary. He is eligible for potential future
grants under the Company&#8217;s long-term incentive plans with an annual target equal to 350% of his then-current base salary. Mr.&#160;Penn
is also eligible to receive a monthly $5,000 perquisite allowance to cover automobile expenses, professional dues and other perquisites.
He is also entitled to participate in the retirement plans and benefits in accordance with the plans or practices of the Company made
available to the senior executives of the Company. Under his employment agreement, Mr. Penn is subject to restrictive covenants during
employment and for one (1) year thereafter, including covenants not to solicit clients of the Company, hire or solicit employees or exclusive
consultants of the Company, and render services for any client of the type rendered by the Company, subject to specified exceptions. The
employment agreement also provides for severance payments if Mr. Penn&#8217;s employment is terminated under certain circumstances. The
amount and circumstances giving rise to these severance payments are discussed in further detail under the heading &#8220;Potential Payments
upon Termination or Change in Control.&#8221;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an employment agreement
with Mr. Lanuto, dated May 6, 2019, pursuant to which Mr. Lanuto is eligible to receive an annual base salary of $450,000 and an annual
discretionary bonus in an amount equal to up to 100% of his base salary. The employment agreement provides that Mr. Lanuto was eligible
to receive a signing bonus of $100,000, subject to certain conditions. He is eligible for potential future grants under the Company&#8217;s
long-term incentive plans with an annual target equal to $450,000. Mr.&#160;Lanuto is also eligible to receive an annual $25,000 perquisite
allowance to cover automobile expenses, professional dues and other perquisites. He is also entitled to participate in the retirement
plans and benefits in accordance with the plans or practices of the Company made available to the senior executives of the Company. Under
his employment agreement, Mr. Lanuto is subject to restrictive covenants during employment and for a period of two (2) years thereafter,
including covenants not to solicit clients of the Company, hire or solicit employees or exclusive consultants of the Company, and render
services for any client of the type rendered by the Company, subject to specified exceptions. The employment agreement also provides for
severance payments if Mr. Lanuto&#8217;s employment is terminated under certain circumstances. The amount and circumstances giving rise
to these severance payments are discussed in further detail under the heading &#8220;Potential Payments upon Termination or Change in
Control.&#8221;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company entered into an amended and restated
employment agreement with Mr. Ross, dated February 27, 2017, pursuant to which Mr. Ross serves as our Executive Vice President, Strategy
and Corporate Development. Effective September 17, 2020, Mr. Ross assumed the additional role of General Counsel and Corporate Secretary.
Mr. Ross&#8217;s term of employment is for an indefinite term, unless and until either Mr. Ross provides the Company with 30 days&#8217;
prior written notice of resignation, or if the Company terminates his employment with or without &#8220;Cause&#8221; (as defined in his
employment agreement). Mr. Ross currently receives an annualized base salary of $725,000 (effective as of September 17, 2020), and he
is eligible to receive an annual discretionary bonus in an amount up to 100% of his base salary. He is also eligible for potential future
grants under the Company&#8217;s long-term incentive plans. Mr. Ross is eligible to participate in any welfare benefit plans and programs
including disability, group life (including accidental death and dismemberment), and business travel insurance provided by the Company
to its senior executives. Mr.&#160;Ross is also eligible to receive an annual $25,000 perquisite allowance to cover automobile expenses,
professional dues and other perquisites. He is also entitled to participate in the retirement plans and benefits in accordance with the
plans or practices of the Company made available to the senior executives of the Company. Under his employment agreement, Mr. Ross is
subject to restrictive covenants during employment and for a period of eighteen (18) months thereafter, including covenants not to solicit
clients of the Company, hire or solicit employees or exclusive consultants of the Company, and render services for any client of the type
rendered by the Company, subject to specified exceptions. The employment agreement also provides for severance payments if Mr. Ross&#8217;s
employment is terminated under certain circumstances. The amount and circumstances giving rise to these severance payments are discussed
in further detail under the heading &#8220;Potential Payments upon Termination or Change in Control.&#8221;</p>

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OUTSTANDING EQUITY AWARDS AT
2020 FISCAL YEAR-END</b></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="13" style="border-bottom: black 1pt solid; text-align: center"><span style="font: 8pt Times New Roman, Times, Serif"><b>Option
    Awards</b></span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: black 1pt solid; text-align: center"><span style="font: 8pt Times New Roman, Times, Serif"><b>Stock
    Awards</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="border-bottom: Black 1pt solid"><span style="font: 8pt Times New Roman, Times, Serif"><b>Name</b></span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font: 8pt Times New Roman, Times, Serif"><b>Number
    of Securities Underlying Unexercised Options (#) Exercisable</b></span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt"><b>Number
    of Securities Underlying Unexercised Options (#) <br />
Unexercisable <sup>(1)</sup></b></span></p></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font: 8pt Times New Roman, Times, Serif"><b>Option
    Exercise Price ($)</b></span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt"><b>Option</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt"><b>Expiration</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt"><b>Date</b></span></p></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt"><b>Number
    of Shares or Units of Stock that Have Not Vested (#)</b></span></p></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font: 8pt Times New Roman, Times, Serif"><b>Market
    Value of Shares or Units of Stock that Have Not Vested ($)</b></span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font: 8pt Times New Roman, Times, Serif"><b>Equity
    Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#)<sup>(2)</sup></b></span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td style="padding-bottom: 1pt; text-align: center"><span style="font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><span style="font: 8pt Times New Roman, Times, Serif"><b>Equity
    Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)</b></span></td></tr>
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    <td style="text-align: center; width: 15%"><span style="font: 8pt Times New Roman, Times, Serif"><b>(a)</b></span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; width: 8%"><span style="font: 8pt Times New Roman, Times, Serif"><b>(c)</b></span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
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    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center; width: 1%"><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font: 8pt Times New Roman, Times, Serif">6/10/2024</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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    <td><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: center"><span style="font: 8pt Times New Roman, Times, Serif">6/10/2024</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
    <td><span style="font-size: 8pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#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: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Mr. Penn received 1,500,000 inducement SARs.&#160;&#160;These
SARs will become vested and exercisable in full in three equal installments on each of the first three (3) anniversaries of March 18,
2019, subject to Mr. Penn&#8217;s continued employment with the Company through each vesting date.</td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Mr. Lanuto received 450,000 inducement
SARs.&#160;&#160;These SARs will become vested and exercisable in full in three equal installments on each of the first three (3) anniversaries
of June 10, 2019, subject to Mr. Lanuto&#8217;s continued employment with the Company through each vesting date.&#160;&#160;&#160;</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: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Mr. Penn&#8217;s grant of 577,500 restricted shares, Mr. Lanuto&#8217;s
grant of 99,000 restricted shares, and Mr. Ross&#8217;s grant of 200,000 restricted shares each forfeited in part as of February 26,
2021, based on partial achievement of the 2020 EBITDA target, as modified. For Messrs. Penn, Lanuto and Ross, 549,051, 94,123, and 190,148
restricted shares, respectively, remain eligible to vest subject to continued employment through December 31, 2022.</td>
</tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">51,681 shares of Mr. Ross&#8217;s grant of 68,750
restricted shares vested on February 26, 2021, based on partial achievement of the 2020 EBITDA target, as modified. The remaining shares
were forfeited.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">All of Mr. Ross&#8217;s grant of 26,738 restricted shares forfeited
on February 26, 2021 based on the Company&#8217;s failing to achieve the minimum cumulative EBITDA target during the three-year period
ended December 31, 2020.</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">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE
IN CONTROL</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into employment agreements with
each of our named executive officers. Under these agreements, we are required to pay severance benefits in connection with specified terminations
of employment, including specified terminations in connection with a change in control of the Company. No employment agreement for any
NEO or other executive officer provides &#8220;single-trigger&#8221; severance payments in connection with a change in control. All such
employment agreements require a &#8220;double trigger&#8221; for any change in control severance payments in excess of basic severance
terms, as applicable. In addition, some of our equity incentive plans provide for the accelerated payment or vesting of awards in connection
with specified terminations of employment, certain forms of change in control of the Company, death or disability. The following is a
description of the severance, termination and change in control benefits payable to each of our named executive officers pursuant to their
respective employment agreements and our equity incentive plans. The equity incentive plans provide for the following benefits in the
event of a termination or change in control:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2020 Stock LTIP Awards. </i></b>The following
conditions are applicable with respect to the 2020 LTIP Stock Awards issued to each of the NEOs on November 4, 2019:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of (i) the death or disability of
the executive officer, (ii) termination of the executive officer&#8217;s employment without &#8220;Cause&#8221; or by the executive officer
for &#8220;Good Reason&#8221; within one year following a Change in Control (as defined in the Company&#8217;s 2016 Stock Incentive Plan),
or (iii) a Change in Control in which the Company&#8217;s Class A shares are no longer outstanding and publicly traded immediately following
such transaction (each, a &#8220;Permitted Acceleration Event&#8221;), 100% of award shall vest. In the event that the executive officer
is terminated without &#8220;Cause&#8221; (subject to such termination not otherwise being a Permitted Acceleration Event) or resigns
for &#8220;Good Reason&#8221; a number of restricted shares shall vest, if such termination occurs prior to the Determination Date, on
the Determination Date, in an amount equal to the product of (x) the number of restricted shares that would otherwise vest in accordance
with the applicable performance conditions, if any, and (y) a fraction, the numerator of which shall be the number of full months of service
completed by the executive officer from January 1, 2020 through the termination date, and the denominator of which shall be 36. The &#8220;Determination
Date&#8221; is the date the Company achieves the performance thresholds set forth in the award, as determined by the Compensation Committee
on or prior to March 1, 2021.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>2020 Cash LTIP Awards. </i></b>The following
conditions are applicable with respect to the 2020 LTIP Cash Awards issued to each of the NEOs on November 4, 2019:</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2020 Cash LTIP Award would vest upon (i) the
death or disability of the executive officer or (ii) termination of the executive officer&#8217;s employment without &#8220;Cause&#8221;
or with &#8220;Good Reason&#8221; based on the actual performance for the performance period, with the amount of the earned performance-based
award (if any) based on a fraction, the numerator of which shall be the number of full months of service completed by the executive officer
from January 1, 2020 through the termination date, the denominator of which is 36. Upon a Change in Control (as defined in the Company&#8217;s
2014 Long-Term Cash Incentive Compensation Plan) prior to December 31, 2022, the performance-based award will vest in full, with the amount
payable determined by using an EBITDA performance multiplier equal to the greater of (a) one (1) and (b) the EBITDA performance multiplier
calculated in accordance with the terms of the 2020 Cash LTIP award; provided, however, that if the price per share paid in such Change
in Control is equal to or greater than 175% of the average closing trading price of one of the Company&#8217;s Class A shares during the
twenty (20) days preceding the grant date, then the EBITDA performance multiplier shall be two (2). If the Change in Control is not structured
as a share acquisition and/or there is no price per share in the Change in Control (as would be the case
with the Stagwell transaction, if consummated) then the implied price per share paid in such Change in Control will be determined by the
Compensation Committee in good faith immediately prior to such Change in Control. On October&#160;28, 2020, the Compensation Committee
adopted an interpretive standard that the implied price per share paid with respect to the 2020 Cash LTIP Awards in connection with the
Stagwell transaction, if consummated, will be the average closing trading price of one of the Company&#8217;s Class&#160;A shares during
the five (5)&#160;trading days preceding the closing date.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to his employment agreement, if MDC terminates
Mr. Penn&#8217;s employment without &#8220;Cause,&#8221; or Mr. Penn terminates his employment for &#8220;Good Reason&#8221; (as defined
in his employment agreement), then MDC is required to pay Mr. Penn a lump sum severance payment within 60 days of the date of termination
equal to the product of 1.5 times the sum of&#8201; (i)&#160;his then-current base salary plus (ii) the amount of his annual discretionary
bonus paid in respect of the year immediately prior to the applicable date of termination. Mr. Penn will also be entitled to a pro-rata
portion of his annual discretionary bonus for the year of termination based on actual performance. If Mr. Penn&#8217;s employment had
terminated under these circumstances on December 31, 2020, the aggregate cash payment due to him under the agreement would have been $2,362,500.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Penn had 1,000,000
SARs that would vest upon (i) his death or disability, (ii) termination of his employment without &#8220;Cause&#8221; or with &#8220;Good
Reason,&#8221; or (iii) a Change in Control (as defined in the Company&#8217;s 2016 Stock Incentive Plan). In the event of termination
of Mr. Penn&#8217;s employment by MDC without &#8220;Cause,&#8221; or by Mr. Penn for &#8220;Good Reason&#8221; as of December 31, 2020,
a total of&#8201;1,000,000 SARs would fully vest, and the value of such SARs would be $320,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Penn had a 2020 LTIP
Stock Award in the amount of 577,500 restricted shares with a fair value equal to $1,449,525. In the event of termination of Mr. Penn&#8217;s
employment by MDC without &#8220;Cause&#8221; (subject to such termination not otherwise being a Permitted Acceleration Event) or by Mr.
Penn for &#8220;Good Reason&#8221; as of December 31, 2020, 183,017 of the restricted shares under this award would vest (based on actual
performance through such date) with a fair value equal to $459,373.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Penn had a 2020 Cash
LTIP Award in the amount of $1,155,000. In the event of termination of Mr. Penn&#8217;s employment by MDC without &#8220;Cause&#8221;
or by Mr. Penn for &#8220;Good Reason&#8221; as of December 31, 2020, up to one-third of the award would remain eligible to vest and pay
out based on actual performance for the three-year period ending December 31, 2022. As of December 31, 2020, the amount that would have
been paid to Mr. Penn under this award upon a Change in Control would be $1,155,000.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to his employment agreement, if MDC terminates
Mr. Lanuto&#8217;s employment without &#8220;Cause,&#8221; or Mr. Lanuto terminates his employment for &#8220;Good Reason&#8221; (as defined
in his employment agreement), then MDC is required to pay Mr. Lanuto a lump sum severance payment within 60 days of the date of termination
equal to six (6) months&#8217; base salary. If Mr. Lanuto&#8217;s employment had terminated under these circumstances on December 31,
2020, the aggregate cash payment due to him under the agreement would have been $225,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Mr. Lanuto&#8217;s employment is terminated
within one year following the closing of a change in control by the company without &#8220;Cause,&#8221; or by Mr. Lanuto for &#8220;Good
Reason,&#8221; then MDC is required to pay Mr. Lanuto a lump sum severance payment within 60 days of the date of termination equal to
nine (9) months&#8217; base salary. If Mr. Lanuto&#8217;s employment had terminated under these circumstances on December 31, 2020, the
aggregate cash payment due to him under the agreement would have been $337,500.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Lanuto had 300,000
SARs that would vest upon termination of employment by the company without &#8220;Cause,&#8221; or by Mr. Lanuto for &#8220;Good Reason,&#8221;
or a Change in Control (as defined in the Company&#8217;s 2016 Stock Incentive Plan). Based on the closing price of the Company&#8217;s
Class A shares as of December 31, 2020, this award would have had no value.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Lanuto had a 2020
LTIP Stock Award in the amount of 99,000 restricted shares with a fair value equal to $248,490. In the event of termination of Mr. Lanuto&#8217;s
employment by MDC without &#8220;Cause&#8221; (subject to such termination not otherwise being a Permitted Acceleration Event) or by Mr.
Lanuto for &#8220;Good Reason&#8221; as of December 31, 2020, 31,374 of the restricted shares under this award would vest (based on actual
performance through such date) with a fair value equal to $78,750.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Lanuto had a 2020
Cash LTIP Award in the amount of $198,000. In the event of termination of Mr. Lanuto&#8217;s employment by MDC without &#8220;Cause&#8221;
or by Mr. Lanuto for &#8220;Good Reason&#8221; as of December 31, 2020, up to one-third of the award would remain eligible to vest and
pay out based on actual performance for the three-year period ending December 31, 2022. As of December 31, 2020, the amount that would
have been paid to Mr. Lanuto under this award upon a Change in Control would be $198,000.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to his employment agreement, if MDC terminates
Mr. Ross&#8217;s employment without &#8220;Cause,&#8221; or Mr. Ross terminates his employment for &#8220;Good Reason&#8221; (as defined
in his employment agreement), then MDC is required to pay Mr. Ross a severance payment within 10 days of the date of termination of one
(1) times Mr. Ross&#8217;s total remuneration. Total remuneration means the sum of his then-current base salary plus the highest annual
discretionary cash bonus he earned in the three years ending December 31 of the year immediately preceding the date of termination. He
will also be eligible to receive a pro-rata portion of his annual discretionary cash bonus for the year in which his employment terminates.
If Mr. Ross&#8217;s employment had terminated under these circumstances on December 31, 2020, the aggregate cash payment due to him under
the agreement would have been $1,522,500.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Mr. Ross&#8217;s employment is terminated by
the Company without &#8220;Cause&#8221;, or by Mr. Ross for &#8220;Good Reason&#8221;, within one year following the closing of a Change
in Control, then Mr. Ross will be entitled to a payment of two (2) times his total remuneration. He will also be eligible to receive a
pro-rata portion of his annual discretionary cash bonus for the year in which his employment terminates. If there had been a Change in
Control on December 31, 2020 and Mr. Ross&#8217;s employment terminated in connection with that Change in Control, the aggregate cash
severance payment MDC would have paid him under the contract would be $3,045,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, Mr. Ross will also be allowed to
continue participating for one year after termination on the same basis as before he was terminated in all benefit plans. MDC will be
obligated to pay Mr. Ross the economic equivalent of the benefits in these plans if he is unable to participate in the plans. The aggregate
amount of this benefit would have been approximately $23,873 if Mr. Ross&#8217;s employment had terminated as of December 31, 2020.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Ross had a 2020 LTIP
Stock Award in the amount of 200,000 restricted shares with a fair value equal to $502,000. In the event of termination of Mr. Ross&#8217;s
employment by MDC without &#8220;Cause&#8221; (subject to such termination not otherwise being a Permitted Acceleration Event) or by Mr.
Ross for &#8220;Good Reason&#8221; as of December 31, 2020, 63,383 of the restricted shares under this award would vest (based on actual
performance through such date) with a fair value equal to $159,090.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Ross had a 2019 Special
Incentive Award in the amount of 68,750 restricted shares with a fair value equal to $172,563 that would vest upon (i) his death or disability,
(ii) termination of his employment without &#8220;Cause&#8221; or with &#8220;Good Reason,&#8221; or (iii) a Change in Control.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Ross had 26,738 restricted
shares awarded in February 2018 with a fair value equal to $67,112 that that would vest in the event of (i) his death, (ii) termination
of his employment without &#8220;Cause&#8221; or by Mr. Ross for &#8220;Good Reason&#8221; within one year following a Change in Control,
or (iii) a Change in Control in which the Company&#8217;s Class A shares are no longer outstanding and publicly traded immediately following
such transaction. In the event of the termination of Mr. Ross&#8217;s employment by the Company without &#8220;Cause&#8221; (other than
in connection with a Change in Control) or his resignation for &#8220;Good Reason&#8221; as of December 31, 2020, none of the restricted
shares under this award would vest.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, Mr. Ross had a 2020 Cash
LTIP Award in the amount of $400,000. In the event of termination of Mr. Ross&#8217;s employment by MDC without &#8220;Cause&#8221; or
by Mr. Ross for &#8220;Good Reason&#8221; as of December 31, 2020, up to one-third of the award would remain eligible to vest and pay
out based on actual performance for the three-year period ending December 31, 2022. As of December 31, 2020, the amount that would have
been paid to Mr. Ross under this award upon a Change in Control would be $400,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, as of December 31, 2020, Mr. Ross had
a performance-based cash award granted in 2018 in the amount of $250,000. Upon termination of his employment without &#8220;Cause&#8221;
or with &#8220;Good Reason,&#8221; these awards would pro rata vest based on actual performance through the three-year period ended December
31, 2020. If Mr. Ross had been terminated under such circumstances as of December 31, 2020, no payment would be due. As of December 31,
2020, the amount that would have been paid to Mr. Ross under this award upon a Change in Control would be $250,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Proposed Business Combination with Stagwell
Media LP</i></b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2020, MDC and Stagwell Media LP
(&#8220;Stagwell Media&#8221;) announced that they had entered in a definitive transaction agreement providing for the combination of
MDC with the subsidiaries of Stagwell Media that own and operate a portfolio of marketing services companies. The combination and related
transactions are referred to as the &#8220;Proposed Transactions.&#8221; If consummated, the Proposed Transactions would constitute a
Change of Control as defined for purposes of the 2020 Stock LTIP Awards, the 2020 Cash LTIP Awards, all other awards granted under the
Company&#8217;s 2011 and 2016 Stock Incentive Plans, and the employment agreements of Mr. Penn, Mr. Lanuto and Mr. Ross. See &#8220;Item
1. Business &#8211; Recent Developments&#8221; in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2020,
filed on March 16, 2021, for a detailed description of the Proposed Transactions,&#8221; and see the Company&#8217;s Registration Statement
on Form S-4, filed on February 8, 2021, for a detailed description of the impact of the Proposed Transactions on the awards discussed
above.</p>

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


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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation Committee is responsible for
evaluating and recommending compensation programs for the Company&#8217;s non-employee directors to the Board for approval.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The elements of compensation paid to the Company&#8217;s
non-employee directors in fiscal year 2020 were as follows:</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">an annual cash retainer of $70,000;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">meeting fees of&#8201;$2,000 for each Board meeting attended in person or by videoconference, $2,000 for each committee meeting attended in person and $1,000 for each committee meeting attended by videoconference (limited to two meetings per day); </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">an award of $50,000 of restricted stock or restricted stock units to non-employee directors elected at the Company&#8217;s 2020 annual meeting; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><br />
</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font: 10pt Symbol">&#183;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">in June 2020, the Compensation Committee approved a one-time cash award of $25,000 for service through the Company&#8217;s 2020 annual meeting in lieu of the annual award of restricted stock that had been customarily granted to non-employee directors but was not made in 2019.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 96px">&#160;</td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">o</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">$75,000 for the Lead Independent Director;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 96px">&#160;</td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">o</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">$20,000 for the Audit Committee Chair;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 96px">&#160;</td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">o</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 96px">&#160;</td>
    <td style="width: 24px; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">o</span></td>
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  </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; text-align: justify">The Company also paid fees to the members of the
Special Committee established by the Board based on the number of meetings attended.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, Mr. Penn was not entitled to receive
any separate or additional compensation in connection with his services on the Board. Mr. Gross also did not receive any compensation
for his services on the Board, in accordance with the terms of the purchase agreement with Goldman Sachs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</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">The following table sets forth the compensation paid to our non-management
directors for fiscal year 2020:</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; text-align: center"><b>DIRECTOR COMPENSATION FOR FISCAL
YEAR 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #F79646">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Non-Management Director</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Fees Earned or Paid in Cash<br /> ($)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Stock Awards<br /> ($)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Option Awards<br /> ($)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">All Other Compensation<br /> ($)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#160;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total<br /> ($)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><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>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="width: 0px"></td>
    <td style="width: 48px"><span style="font-size: 10pt"><sup>(1)</sup></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">On August 7, 2020, Ms. Barshefsky, Ms. Rogers and Mr. Simon each received a grant of 23,256 restricted shares and Ms. Daniere and Mr. Oosterman each received a grant of 23,256 restricted stock units.&#160;&#160;The amounts in this table represent the aggregate grant date fair value of such of such grants as computed in accordance with FASB Topic 718, excluding the effect of estimated forfeitures during the applicable period.&#160;&#160;For a discussion of the assumptions relating to these valuations, see &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations &#8211; Critical Accounting Policies and Estimates &#8211; Stock-Based Compensation in our Annual Report on Form 10-K for the year ended December 31, 2020. The aggregate number of restricted shares or restricted stock units outstanding as of December 31, 2020 for our each of our non-employee directors was as follows: 23,256 restricted shares for Ms. Barshefsky; 23,256 restricted stock units for Ms. Daniere; 23,256 restricted stock units for Mr. Oosterman; 33,246 restricted shares for Ms. Rogers; and 34,246 restricted shares for Mr. Simon.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Compensation Committee Interlocks and Insider
Participation</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Desiree Rogers, Bradley J. Gross, and Irwin Simon
served on the Compensation Committee of the Board of Directors during 2020. Kristen O&#8217;Hara also served on the Compensation Committee
during 2020 but did not stand for re-election at the Company&#8217;s 2020 Annual Meeting of Shareholders. None of the persons who served
on the Compensation Committee at the time of such service are, or have been, an employee or officer of the Company or had any relationship
requiring disclosure under Item 404 of Regulation S-K. In addition, none of the Company&#8217;s executive officers serves, or has served
during the last completed fiscal year, as a member of the board of directors or compensation committee of any other entity that has or
has had one or more of its executive officers serving as a member of the Company&#8217;s Board of Directors.</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; text-align: justify"><b>EBITDA</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this Form 10-K/A:</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#8220;EBITDA&#8221; is calculated pursuant to
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a non-U.S. GAAP measure that represents operating income (loss) plus depreciation and amortization, stock-based compensation, deferred
acquisition consideration adjustments, distributions from non-consolidated affiliates, and other items as permitted by the Company's Credit
Agreement, including pro forma adjustments for acquisitions, dispositions, and certain one-time charges. A reconciliation of these measures
to the U.S. GAAP reported results of operations for the year ended December 31, 2020 is provided in the Company&#8217;s Current Report
on Form 8-K filed on March 2, 2021.</p>

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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="a_03"></span><b>Item 12. Security Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters. </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth certain information
regarding the beneficial ownership of the Class A Shares of MDC outstanding as of March 31, 2021 by each beneficial owner of more than
five percent of such shares, by each of the directors and named executive officers of MDC and the current nominees for Board election
and by all current directors and executive officers of MDC as a group. The address for persons for which an address is not otherwise
provided in the footnotes below is c/o One World Trade Center, Floor 65, New York, NY 10007.&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #C00000"></p><p style="margin: 0">&#160;&#160;</p>

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  <tr style="vertical-align: bottom; background-color: White">
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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"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5pt; color: #231f20">* The percentage of shares beneficially owned
does not exceed one percent of the outstanding shares.</p>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(1)</td><td style="text-align: justify">Unless otherwise noted, the Company believes that all persons named in the table above have sole voting
power and dispositive power with respect to all shares beneficially owned by them.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(2)</td><td style="text-align: justify">This column includes Class A Common Shares owned directly or indirectly, but does not include Class A
Common Shares subject to options, warrants or similar rights.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(3)</td><td style="text-align: justify">This column includes Class A Common Shares subject to options, warrants or similar rights that are currently
exercisable or will become exercisable within 60 days after March 31, 2021.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(4)</td><td style="text-align: justify; padding-right: 1pt">This column includes Class A Common Shares subject to all outstanding options, stock
appreciation rights, warrants or similar rights, whether or not such options, warrants or similar rights are currently exercisable or
will become exercisable within 60 days after March 31, 2021.</td></tr></table>

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

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


<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(5)</td><td style="text-align: justify">For purposes of computing the percentage of outstanding shares held by each person or group named above,
we have included restricted shares in the number of shares of the Company outstanding as of March 31, 2021. In addition, for purposes
of computing the percentage of outstanding shares held by each person or group named above, any shares which that person or persons has
or have the right to acquire within 60 days of March 31, 2021, is deemed to be outstanding, but is not deemed to be outstanding for the
purpose of computing the percentage ownership of any other person. Those Class A Common Shares issuable upon conversion of the Company&#8217;s
Series 4 Shares or the Company&#8217;s Series 6 Shares are also not deemed to be outstanding for purposes of computing the percentage
ownership of any other person.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(6)</td><td style="text-align: justify">Includes shares of restricted stock that have not yet vested, but with respect to which the director or
executive officer has the ability to vote.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(7)</td><td style="text-align: justify">Mr. Penn, our Chairman and CEO, is also manager of The Stagwell Group LLC, an affiliate of Stagwell Agency
Holdings LLC. The Schedule 13D/A filed with the SEC on December 23, 2020 by Stagwell Agency Holdings LLC, The Stagwell Group LLC, and
Mark Penn reports the number of shares as to which The Stagwell Group LLC has shared voting and dispositive power is 14,659,295 shares.
The number of shares as to which Stagwell Agency Holdings LLC has shared voting and dispositive power is 14,544,295, which are included
in the amounts reported for The Stagwell Group LLC. This report reflects 14,285,714 shares held by Stagwell Agency Holdings LLC and beneficially
owned by Stagwell Agency Holdings LLC and The Stagwell Group LLC, an additional 115,000 shares held and beneficially owned by The Stagwell
Group LLC, and an additional 258,581 shares issuable upon conversion of the portion of the 50,000 Series 6 Shares owned by Stagwell Agency
Holdings LLC eligible for conversion as of the filing date of the report. As of December 31, 2020, a total of 11,530,251 Class A Common
Shares were issuable upon conversion of the 50,000 Series 6 Shares owned by Stagwell Agency Holdings LLC.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(8)</td><td style="text-align: justify">Represents restricted stock units.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(9)</td><td style="text-align: justify">Stock ownership of these entities is based solely on a Schedule 13D, 13D/A, 13G or 13G/A filed by each
such entity, except as otherwise noted. The address of each of Stagwell Agency Holdings LLC and The Stagwell Group LLC, is 1808 I Street,
NW, Sixth Floor, Washington, DC 20006, and their most recent Schedule 13D/A was filed on December 23, 2020. The address of each of The
Goldman Sachs Group, Inc., Goldman, Sachs &amp; Co. LLC, Broad Street Principal Investments, L.L.C., StoneBridge 2017, L.P., StoneBridge
2017 Offshore, L.P., and Bridge Street Opportunity Advisors, L.L.C. (collectively, the &#8220;Goldman Sachs Parties&#8221;) is 200 West
Street, New York, NY 10282, and their most recent Schedule 13D/A was filed on December 23, 2020. The address of each of Indaba Capital
Management, L.P., IC GP, LLC and Derek C. Schrier is One Letterman Drive, Building D, Suite DM700, San Francisco, CA 94129, and their
most recent Schedule 13G/A was filed on February 16, 2021. The address of Hotchkis and Wiley Capital Management, LLC is 601 S. Figueroa
Street, 39th Fl, Los Angeles, CA 90017, and its most recent Schedule 13G/A was filed on February 13, 2020. The address of Madison Avenue
Partners, LP is 150 East 58th St, 14th Fl, New York, NY 10155, and its most recent Schedule 13G/A was filed on February 16, 2021. The
address of Schroder Investment Management North America Inc. is 7 Bryant Park, 19th Floor, New York, NY 10018, and its most recent Schedule
13G/A was filed on February 12, 2021.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(10)</td><td style="text-align: justify">The Schedule 13D/A filed with the SEC on December 23, 2020 by the Goldman Sachs Parties reports that the
number of shares as to which The Goldman Sachs Group, Inc. and Goldman Sachs &amp; Co. LLC have shared voting and dispositive is 17,301,899
shares. The number of shares as to which the other Goldman Sachs Parties have shared voting and dispositive power is 17,293,176, which
are included in the amounts reported for The Goldman Sachs Group, Inc. and Goldman Sachs &amp; Co. LLC. This report reflects 8,723 Class
A Common Shares beneficially owned by The Goldman Sachs Group, Inc. and Goldman Sachs &amp; Co. LLC, and an additional 17,293,176 Class
A Common Shares issuable upon the conversion of 95,000 Series 4 Shares of the Company beneficially owned by the Goldman Sachs Parties.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(11)</td><td style="text-align: justify">The Schedule 13G/A filed with the SEC on February 16, 2021 by Indaba Capital Management, L.P., IC GP LLC,
and Derek C. Scheier reports that Indaba Capital Management, L.P., IC GP LLC, and Derek C. Scheier have shared
voting and dispositive power over 9,377,399 shares. The Schedule 13G/A provides that the shares are directly held by Indaba Capital Fund,
L.P., and voting and investment power over the shares has been delegated to Indaba Capital Management, L.P.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(12)</td><td style="text-align: justify">The Schedule 13G/A filed with the SEC on February 11, 2021 by Hotchkis and Wiley Capital Management, LLC
(&#8220;HWCM&#8221;) reports sole voting power over 6,089,320 shares and sole dispositive power over 7,944,520
shares. Hotchkis and Wiley Small Cap Value Fund reported sole voting power and sole dispositive power over 3,277,700 shares, which are
included in HWCM&#8217;s reported amounts. The Schedule 13G/A provides that certain of HWCM&#8217;s clients have retained voting power
over the Class A Common Shares that they beneficially own. Accordingly, HWCM has the power to dispose of more Class A Common Shares than
it can vote.</td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(13)</td><td style="text-align: justify">The Schedule 13G filed with the SEC on February 16, 2021 by Madison Avenue Partners, LP reports sole voting
and dispositive power over 3,871,434 shares.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 19.5pt">(14)</td><td style="text-align: justify">The Schedule 13G/A filed with the SEC on February 12, 2021 by Schroder Investment Management North America
Inc. reports sole voting and dispositive power over 3,836,959 shares.</td></tr></table>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #C00000"><b></b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To our knowledge, there are no present arrangements
or pledges of the Company&#8217;s securities that may result in a change in control of the Company, other than with respect to the Proposed
Transactions.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Securities Authorized for Issuance under Equity
Compensation Plans</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were 5,108,583 Class A shares remaining
available for future issuance under compensation plans approved by stockholders as of December 31, 2020. The following table sets out
as of December 31, 2020 the number of securities to be issued upon exercise of outstanding options and rights, the weighted average exercise
price of outstanding options and rights and the number of securities remaining available for future issuance under equity compensation
plans.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
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    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Weighted Average Exercise Price of Outstanding Options, Warrants and Rights</b></span></td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><b>(a)</b></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt"><b>(b)</b></span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 14%; text-align: center"><span style="font-size: 10pt">669,381<sup>(2)</sup></span></td>
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    <td style="width: 14%; text-align: center"><span style="font-size: 10pt">6.60<sup>(3)</sup></span></td>
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  <tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">191,235<sup>(4)</sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">2.60</span></td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt"><b>Total</b></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">860,616</span></td>
    <td>&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 18%"><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; text-align: justify"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The Company currently grants equity
awards under the 2011 Stock Incentive Plan and 2016 Stock Incentive Plan.</span></td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">As of December 31, 2020, the Company
had reserved Class A Shares in order to meet its obligations under various conversion rights, warrants and employee share related plans
approved by stockholders, comprised of zero Class A shares reserved for exercises of 125,800 outstanding SARs and 669,381 Class A shares
reserved for conversion of restricted stock units and similar awards upon vesting.&#160;&#160;The number of shares issuable underlying
the SARs is based on the closing price of our Class A shares on December 31, 2020.&#160;&#160;The number of shares issuable underlying
the restricted stock units and similar awards takes into account the probable outcome of any performance condition as of December 31,
2020.</span></td>
</tr></table>
<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: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">As of December 31, 2020, the weighted
average exercise price of the 125,800 outstanding SARs was $6.60. The calculation of the weighted average exercise price does not include
the restricted stock units and similar awards because they may be exchanged for shares upon vesting for no consideration.</span></td>
</tr></table>
<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">
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as of December 31, 2020 that could be exercised into Class A shares related to inducement awards to Messrs. Penn and Lanuto, which were
not required to be approved by stockholders.&#160;&#160;Based on the closing price of our Class A shares on December 31, 2020, 191,235
Class A shares were reserved for issuance underlying these SARs.&#160;&#160;For a description of the material terms of these inducement
grants, see Item 11 of this Form 10-K/A.</span></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">&#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 0pt 0.25in; text-indent: -0.25in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="a_04"></span><b>Item 13. Certain Relationships and Related
Transactions and Director Independence</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Review and Approval of Related Party Transactions</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>Related Party Transactions Policy</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Board has adopted a written
Related Party Transactions Policy to assist it in reviewing, approving and ratifying related party transactions. The Related Party Transactions
Policy provides that all related party transactions covered by the policy must be approved in advance by the Audit Committee, except that
any ordinary course transaction in which an operating subsidiary of the Company derives revenue from a related party may be approved on
an annual basis by the Audit Committee. To facilitate compliance with this policy, directors and executive officers of the Company must
notify the Company&#8217;s General Counsel and CFO as soon as reasonably practicable about any potential related party transaction. If
the Company&#8217;s General Counsel and CFO determine that the transaction constitutes a related party transaction, the transaction will
be referred to the Audit Committee for its consideration.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">The terms of the
transaction and whether they are fair (arm&#8217;s-length) and in the ordinary course of the Company&#8217;s business;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">Other facts and
circumstances that bear on the materiality of the related party transaction.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Generally, the Related Party
Transactions Policy applies to any transaction that would be required by the SEC to be disclosed in which the Company was or is proposed
to be, a participant and in which a &#8220;Related Party&#8221; had, has or will have a direct or indirect material interest. The policy
also applies to any amendment or modification to an existing related party transaction, regardless of whether such transaction has previously
been approved.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Stagwell Agency Holdings
LLC, an entity affiliated with the Stagwell Group LLC, is an investor in the Company and the Chief Executive Officer of the Company, Mark
Penn, is the manager of The Stagwell Group LLC. Stagwell is an investment firm that owns digital marketing, research, communications and
other related companies (each, a &#8220;Stagwell Affiliate&#8221;) complementary to the Company&#8217;s business. The Company believes
that collaboration among the Company&#8217;s Partner Firms and Stagwell Affiliates can present significant opportunities for the Company&#8217;s
Partner Firms to increase revenues, reduce costs, and deliver better services to our clients. The Company seeks to encourage those agency
collaborations when appropriate. Because Stagwell and Mark Penn are each a related party, the Audit Committee has established the Stagwell
Review Guidelines to ensure the fairness to the Company of transactions, agreements, arrangements, and other matters between Partner Firms
and Stagwell Affiliates.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company requires the
Partner Firms to identify and describe, no less frequently than on a quarterly basis, any ordinary course transactions, agreements, and
arrangements with a Stagwell Affiliate. The Partner Firm, prior to entering into any transaction, agreement, or arrangement with a Stagwell
Affiliate, must determine that the transaction, agreement, or arrangement has a valid business purpose and that the pricing, terms and
conditions of such transaction, agreement, or arrangement are reasonable under the circumstances. The Partner Firms are required to notify
and obtain the advance written consent of the Company&#8217;s General Counsel prior to such Partner Firm entering into, or modifying or
amending, any ordinary course transaction, agreement, or arrangement with a Stagwell Affiliate involving amounts exceeding $250,000 but
less than $1,000,000.&#160;</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit Committee reviews,
at least quarterly, all transactions, agreements, and arrangements undertaken during the past quarter pursuant to the Stagwell Review
Guidelines in order to determine that each ordinary course transaction, agreement, or arrangement with a Stagwell Affiliate has a valid
business purpose and that the pricing, terms and conditions of such transaction, agreement, or arrangement are reasonable under the circumstances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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; text-align: justify"><b>Transactions with Related Persons</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Since January 1, 2019, the
Company engaged in the following related party transactions, in which the amount involved exceeded $120,000. The related party transactions
were reviewed and approved by the Audit Committee in accordance with the Related Party Transactions Policy described above:</p>

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In October 2019, a Partner
Firm of the Company entered into an arrangement with a Stagwell Affiliate, in which the Stagwell Affiliate and the Partner Firm will collaborate
to provide various services to a client of the Partner Firm. The Partner Firm and the Stagwell Affiliate pitched and won this business
together, with the client ultimately determining the general scope of work for each agency. Under the arrangement, which was structured
as a sub-contract due to client preference, the Partner Firm is expected to pay the Stagwell Affiliate, for services provided by the Stagwell
Affiliate in connection with serving the client, approximately $2 million.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During 2020, a Partner Firm
of the Company entered into an arrangement with Stagwell Affiliates to perform media planning, buying and reporting services. Under the
arrangement, the Partner Firm is expected to receive from the Stagwell Affiliates approximately $56.7 million. This primarily represents
amounts to be paid by clients of the Stagwell Affiliates for media buying by the Company from third parties on behalf of such clients.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In January 2020, a Partner
Firm of the Company entered into an arrangement with a Stagwell Affiliate to develop advertising technology for the Partner Firm. Under
the arrangement the Partner Firm paid the Stagwell Affiliate approximately $483,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On February 14, 2020, the
Company sold substantially all the assets and certain liabilities of Sloane and Company LLC (&#8220;Sloane&#8221;), an indirectly wholly
owned subsidiary of the Company, to a Stagwell Affiliate, for an aggregate purchase price of approximately $26 million, consisting of
cash paid at closing plus contingent deferred payments expected to be paid over the next two years.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company paid Sloane approximately
$157,000 for investor relations services in 2020.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August 2020, the Company
entered into an arrangement with a Stagwell Affiliate to provide audience and brand research, concept testing and landscape related to
the ongoing new business pitches for clients of the Company. Under the arrangement, the Company is expected to pay the Stagwell Affiliate
approximately $145,000. &#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In November 2020, a Partner
Firm of the Company entered into an arrangement with a Stagwell Affiliate to perform event management services. Under the arrangement,
the Partner Firm is expected to receive from the Stagwell Affiliate approximately $456,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In January 2021, a Partner
Firm of the Company entered into an arrangement with Stagwell Affiliates to perform media planning, buying and reporting services. Under
the arrangement, the Partner Firm is expected to receive from the Stagwell Affiliate approximately $529,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In February 2021, a Partner
Firm of the Company entered into an arrangement with a Stagwell Affiliate to perform requirements gathering and concept features for a
future-leaning ad platform for the augmented reality space. Under the arrangement, the Stagwell Affiliate is expected to receive from
the Partner Firm approximately $140,000.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In March 2021, a Partner
Firm of the Company entered into an arrangement with a Stagwell Affiliate to perform media relations support and outreach services. Under
the arrangement, the Partner Firm is expected to receive from the Stagwell Affiliate approximately $190,000.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Other Related Party Transactions</i></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company entered into
an agreement commencing on January 1, 2020 to sublease office space through July 2021 to a company whose chairman Irwin Simon is a member
of the Company&#8217;s Board of Directors. The total rental income related to the sublease is approximately $350,000.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has established guidelines for determining
director independence, and all current directors, with the exception of Mr. Penn, have been determined by the Board to be independent
under applicable Nasdaq rules and the Board&#8217;s governance principles, and applicable Canadian securities laws within the meaning
of National Instrument 58-101 &#8212; Disclosure of Corporate Governance Practices. The directors of the Company are listed in Item 12
of this Form 10-K/A.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="a_05"></span><b>Item 14. Principal Accounting Fees and Services</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company retained BDO USA, LLP to audit the Company&#8217;s consolidated
financial statements for 2019 and 2020. The Company also retained BDO USA, LLP to provide non-audit services in 2019 and 2020. The following
table sets forth the aggregate fees billed to the Company by BDO USA, LLP for professional services in fiscal years 2019 and 2020:</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>BDO USA, LLP</b></p>

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

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non-audit services (as such services are defined by the Sarbanes-Oxley Act of 2002) provided that (i) in each case the estimated amount
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="a_07"></span><b>SIGNATURES</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Mark Penn, certify that:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

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<TYPE>EX-101.DEF
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>mdca-20201231_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>mdca-20201231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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</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_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">Z4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One World Trade Center<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Floor 65<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10007<span></span>
</td>
<td class="text">&#160;<span></span>
</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_CityAreaCode', window );">City Area Code</a></td>
<td class="text">646<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">429-1800<span></span>
</td>
<td class="text">&#160;<span></span>
</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_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Subordinate Voting Shares, no par value<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MDCA<span></span>
</td>
<td class="text">&#160;<span></span>
</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_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntitySmallBusiness', window );">Entity Small Business</a></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityPublicFloat', window );">Entity Public Float</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 120.0<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_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember', window );">Common Class A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">74,787,317<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember', window );">Common Class B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<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_EntityInformationLineItems', window );"><strong>Entity Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</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_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,743<span></span>
</td>
<td class="text">&#160;<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_CurrentFiscalYearEndDate">
<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>End date of current fiscal year in the format --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_CurrentFiscalYearEndDate</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:gMonthDayItemType</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_DocumentAnnualReport">
<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 only for a form used as an annual report.</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 Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_DocumentAnnualReport</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_DocumentFiscalPeriodFocus">
<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>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</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_DocumentFiscalPeriodFocus</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:fiscalPeriodItemType</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_DocumentFiscalYearFocus">
<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>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</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_DocumentFiscalYearFocus</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:gYearItemType</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_DocumentTransitionReport">
<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 only for a form used as a transition report.</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 Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-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_DocumentTransitionReport</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_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_EntityCommonStockSharesOutstanding">
<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 number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</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_EntityCommonStockSharesOutstanding</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:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<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 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</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_EntityCurrentReportingStatus</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:yesNoItemType</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>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<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 whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</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_EntityFilerCategory</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:filerCategoryItemType</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_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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInformationLineItems">
<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>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</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_EntityInformationLineItems</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_EntityInteractiveDataCurrent">
<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 registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</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 S-T<br> -Number 232<br> -Section 405<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_EntityInteractiveDataCurrent</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:yesNoItemType</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_EntityPublicFloat">
<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 aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.</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_EntityPublicFloat</td>
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<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:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<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 registrant is a shell company as defined in Rule 12b-2 of 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 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_EntityShellCompany</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntitySmallBusiness">
<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>Indicates that the company is a Smaller Reporting Company (SRC).</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_EntitySmallBusiness</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_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_EntityVoluntaryFilers">
<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 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</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_EntityVoluntaryFilers</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:yesNoItemType</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_EntityWellKnownSeasonedIssuer">
<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 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</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_EntityWellKnownSeasonedIssuer</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:yesNoItemType</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_IcfrAuditorAttestationFlag">
<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 );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<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_IcfrAuditorAttestationFlag</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_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>
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<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>
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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>
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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>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:tradingSymbolItemType</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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td>na</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
