<SEC-DOCUMENT>0000921895-21-001519.txt : 20210528
<SEC-HEADER>0000921895-21-001519.hdr.sgml : 20210528
<ACCEPTANCE-DATETIME>20210528123406
ACCESSION NUMBER:		0000921895-21-001519
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210524
FILED AS OF DATE:		20210528
DATE AS OF CHANGE:		20210528

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCHRIER DEREK C
		CENTRAL INDEX KEY:			0001250078

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		21978400

	MAIL ADDRESS:	
		STREET 1:		C/O INDABA CAPITAL MANAGEMENT, LLC
		STREET 2:		ONE LETTERMAN DR., BLDING D, SUITE DM700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94129

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			IC GP, LLC
		CENTRAL INDEX KEY:			0001596505
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		21978401

	BUSINESS ADDRESS:	
		STREET 1:		ONE LETTERMAN DRIVE,
		STREET 2:		BUILDING D, SUITE DM700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94129
		BUSINESS PHONE:		(415) 680-1180

	MAIL ADDRESS:	
		STREET 1:		ONE LETTERMAN DRIVE,
		STREET 2:		BUILDING D, SUITE DM700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94129

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Indaba Capital Management, L.P.
		CENTRAL INDEX KEY:			0001524362
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13718
		FILM NUMBER:		21978402

	BUSINESS ADDRESS:	
		STREET 1:		ONE LETTERMAN DRIVE
		STREET 2:		BUILDING D, SUITE DM700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94129
		BUSINESS PHONE:		(415) 680-1180

	MAIL ADDRESS:	
		STREET 1:		ONE LETTERMAN DRIVE
		STREET 2:		BUILDING D, SUITE DM700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94129

	FORMER NAME:	
		FORMER CONFORMED NAME:	Indaba Capital Management, LLC
		DATE OF NAME CHANGE:	20110627

ISSUER:		

	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

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

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form310123011a_05272021.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2021-05-24</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000876883</issuerCik>
        <issuerName>MDC PARTNERS INC</issuerName>
        <issuerTradingSymbol>MDCA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001524362</rptOwnerCik>
            <rptOwnerName>Indaba Capital Management, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE LETTERMAN DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>BUILDING D, SUITE DM700</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94129</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001596505</rptOwnerCik>
            <rptOwnerName>IC GP, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ONE LETTERMAN DRIVE,</rptOwnerStreet1>
            <rptOwnerStreet2>BUILDING D, SUITE DM700</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94129</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001250078</rptOwnerCik>
            <rptOwnerName>SCHRIER DEREK C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O INDABA CAPITAL MANAGEMENT, L.P.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE LETTERMAN DR., BLDING D, SUITE DM700</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94129</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Subordinate Voting Shares, no par</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9377399</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.9934</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>200000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.0334</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25916</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.1904</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>115031</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.2049</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>59703</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.2968</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15050</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.3070</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.3131</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
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            <expirationDate>
                <value>2022-11-28</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>17100</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.3274</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
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            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>350000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.4439</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
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            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>44600</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.4635</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
                <footnoteId id="F3"/>
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            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>56800</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.4653</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
                <footnoteId id="F3"/>
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            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3200</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
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            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.4698</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
                <footnoteId id="F3"/>
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            <expirationDate>
                <value>2022-11-28</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>16816</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.4756</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
                <footnoteId id="F3"/>
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            <expirationDate>
                <value>2022-11-28</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>28100</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
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            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
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            <conversionOrExercisePrice>
                <value>2.5085</value>
                <footnoteId id="F4"/>
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            <exerciseDate>
                <footnoteId id="F3"/>
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            <expirationDate>
                <value>2022-11-28</value>
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            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
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                <underlyingSecurityShares>
                    <value>23000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5171</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>42000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5230</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>18733</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5473</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>27318</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5610</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>13680</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5647</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>11100</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5721</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>36939</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5748</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>6985</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5795</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>9110</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5803</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>11620</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.5861</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>17000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.6017</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>14100</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.6025</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>153937</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.6060</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7652</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.6147</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>8248</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.6187</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>9200</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Cash-Settled Total Return Swap</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.6197</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2022-11-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Subordinate Voting Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15266</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By: Indaba Capital Fund, L.P.</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This Form 3 is filed jointly by Indaba Capital Management, L.P. (the &quot;Investment Manager&quot;), IC GP, LLC (&quot;IC GP&quot;), and Derek C. Schrier (collectively, the &quot;Reporting Persons&quot;). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.</footnote>
        <footnote id="F2">Securities held directly by Indaba Capital Fund, L.P. (the &quot;Fund&quot;). Pursuant to an Investment Management Agreement, the Fund and its general partner have delegated all voting and investment power over the securities directly held by the Fund to the Investment Manager. As a result, each of the Investment Manager, IC GP, as the general partner of Investment Manager, and Mr. Schrier, as Managing Member of IC GP, may be deemed to exercise voting and investment power over such securities. The Fund specifically disclaims beneficial ownership of such securities by virtue of its inability to vote or dispose of such securities as a result of such delegation to the Investment Manager.</footnote>
        <footnote id="F3">The Fund has entered into certain cash-settled total return swap agreements (the &quot;Swap Agreements&quot;), which represent economic exposure to an aggregate of 2,057,270 notional shares. The Swap Agreements provide the Fund with economic results that are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the securities that are referenced by the Swap Agreements (the &quot;Subject Shares&quot;). Each Reporting Person expressly disclaims beneficial ownership of the Subject Shares except to the extent of his or its pecuniary interest therein.</footnote>
        <footnote id="F4">The reference price associated with the applicable cash-settled total return equity swap.</footnote>
    </footnotes>

    <remarks>Filing 1 of 2 - additional Cash-Settled Total Return Swap holdings included in separate Form 3 dated the same date.</remarks>

    <ownerSignature>
        <signatureName>Indaba Capital Management, L.P.; By: IC GP, LLC; By: /s/ Derek C. Schrier, Managing Member</signatureName>
        <signatureDate>2021-05-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>IC GP, LLC; By: /s/ Derek C. Schrier, Managing Member</signatureName>
        <signatureDate>2021-05-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Derek C. Schrier</signatureName>
        <signatureDate>2021-05-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
