<SEC-DOCUMENT>0001104659-21-124222.txt : 20211007
<SEC-HEADER>0001104659-21-124222.hdr.sgml : 20211007
<ACCEPTANCE-DATETIME>20211007170034
ACCESSION NUMBER:		0001104659-21-124222
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211007
DATE AS OF CHANGE:		20211007
GROUP MEMBERS:		MARK J. PENN
GROUP MEMBERS:		STAGWELL FRIENDS & FAMILY LLC
GROUP MEMBERS:		STAGWELL GROUP LLC
GROUP MEMBERS:		STAGWELL MEDIA LP

SUBJECT COMPANY:	

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

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-53561
		FILM NUMBER:		211312939

	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 Stagwell Holdings Inc
		DATE OF NAME CHANGE:	20210729

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC PARTNERS INC
		DATE OF NAME CHANGE:	20040206

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stagwell Agency Holdings LLC
		CENTRAL INDEX KEY:			0001771728
		IRS NUMBER:				833870147
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		1808 I STREENET, NW
		STREET 2:		6TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
		BUSINESS PHONE:		9177652638

	MAIL ADDRESS:	
		STREET 1:		1808 I STREENET, NW
		STREET 2:		6TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>tm2129462d1_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 13D/A</B></P>

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

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

<P STYLE="text-indent: 0; font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>STAGWELL INC.</B></P>

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



<P STYLE="text-indent: 0; border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Issuer)</P>

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

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

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



<P STYLE="text-indent: 0; border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Title of Class of Securities)</P>

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>552697104</B></P>

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



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

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

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

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>c/o The Stagwell Group LLC </B></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1808 Eye Street, NW, Sixth Floor </B></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20006 </B></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Attention: Mark J. Penn </B></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(917) 765-2638</B></P>



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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center">(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)</P>

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>October 7, 2021</B></P> <P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: center">(Date of Event Which Requires Filing of This
Statement)</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">If the filing person has previously
filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of &sect;&sect; 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0"><I>Note</I>: Schedules filed in paper
format shall include a signed original and five copies of the schedule, including all exhibits. See &sect;240.13d-7 for other parties
to whom copies are to be sent.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">* The remainder of this cover page
shall be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">The information required on the remainder
of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&ldquo;<U>Act</U>&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, <I>see</I> the Notes).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 9pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-align: center"><B>SCHEDULE 13D/A</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; padding-top: 1.5pt; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 37%; font-size: 10pt; text-align: center; padding-bottom: 1.5pt"><B>CUSIP No. 552697104</B></TD>
    <TD STYLE="padding-top: 1.5pt; width: 35%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; padding-top: 1.5pt; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; font-size: 10pt; text-align: center; padding-bottom: 1.5pt">Page 2 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; width: 15%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD STYLE="border-top: black 1pt solid; width: 85%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stagwell Agency Holdings LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
Delaware</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-left: black 1pt solid; border-bottom: black 1.5pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">26,372,414 (See Items 4 and 5)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">26,372,414 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD STYLE="padding-top: 1pt; width: 85%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">26,372,414 (See Items 4 and 5)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Item 5.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">29.4% (See Item 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">* The calculation is based on 89,650,585 issued
and outstanding shares of Class A Common Stock. After giving effect to the expected issuance of 20,948,746 shares of Class A Common Stock
in connection with the Series 8 Conversion, the percent of the Class A Common Stock beneficially owned by the Reporting Person would be
23.8%. See Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-align: center"><B>SCHEDULE 13D/A</B></P>

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    <TD STYLE="padding-top: 1pt; width: 35%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center">Page 3 of 11 Pages</TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Stagwell Group LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
Delaware</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">206,472,465 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">206,472,465 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">206,472,465 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Item 5.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">76.6% (See Item 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">* Reflects (i) 26,502,414 issued and outstanding
shares of Class A Common Stock and (ii) 179,970,051 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common
Stock beneficially owned by the Reporting Person. The shares of Class C Common Stock are voting-only shares that have no economic interest
in the Issuer and are not registered or listed shares. Each holder of shares of Class C Common Stock may, at its option at any time after
February 2, 2022, exchange such shares of Class C Common Stock, together with its corresponding economic interest in a wholly-owned subsidiary
of the Issuer (collectively, a &ldquo;<U>Paired Equity Interest</U>&rdquo;), for shares of Class A Common Stock on a one-to-one basis
(<I>i.e.,</I> one Paired Equity Interest for one share of Class A Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">** The calculation is based on a total of 269,620,636 shares of
Class A Common Stock outstanding, which includes (i) 89,650,585 issued and outstanding shares of Class A Common Stock and (ii) 179,970,051
shares of Class A Common Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting Person.
After giving effect to the expected issuance of 20,948,746 shares of Class A Common Stock in connection with the Series 8 Conversion,
the percent of the Class A Common Stock beneficially owned by the Reporting Person would be 71.1%. See Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-align: center"><B>SCHEDULE 13D/A</B></P>

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    <TD STYLE="border-top: black 1.5pt solid; width: 37%; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding: 0.75pt 0.75pt 0.4pt; font-size: 10pt; text-align: center"><B>CUSIP No. 552697104</B></TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; width: 28%; border-right: black 1.5pt solid; border-left: black 1.5pt solid; padding: 0.75pt 0.75pt 0.4pt; font-size: 10pt; text-align: center">Page 4 of 11 Pages</TD></TR>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark J. Penn</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
United States</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">207,061,516 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">207,061,516 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">207,061,516 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Item 5.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">76.8% (See Item 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">* Reflects (i) 27,091,465 issued and outstanding
shares of Class A Common Stock and (ii) 179,970,051 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common
Stock beneficially owned by the Reporting Person. The shares of Class C Common Stock are voting-only shares that have no economic interest
in the Issuer and are not registered or listed shares. Each holder of shares of Class C Common Stock may, at its option at any time after
February 2, 2022, exchange its Paired Equity Interests for shares of Class A Common Stock on a one-to-one basis (<I>i.e.,</I> one Paired
Equity Interest for one share of Class A Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">** The calculation is based on a total of 269,620,636 shares of
Class A Common Stock outstanding, which includes (i) 89,650,585 issued and outstanding shares of Class A Common Stock and (ii) 179,970,051
shares of Class A Common Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting Person.
After giving effect to the expected issuance of 20,948,746 shares of Class A Common Stock in connection with the Series 8 Conversion,
the percent of the Class A Common Stock beneficially owned by the Reporting Person would be 71.3%. See Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-align: center"><B>SCHEDULE 13D/A</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 37%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>CUSIP No. </B></TD>
    <TD STYLE="padding-top: 1pt; width: 35%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center">Page 5 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stagwell Media LP</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Wingdings">&#120;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
United States</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">206,342,465 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">206,342,465 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">206,342,465 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Item 5.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">76.5% (See Item 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PN</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">* Reflects (i) 26,372,414 issued and outstanding
shares of Class A Common Stock and (ii) 179,970,051 shares of Class A Common Stock issuable upon conversion of the shares of Class C Common
Stock beneficially owned by the Reporting Person. The shares of Class C Common Stock are voting-only shares that have no economic interest
in the Issuer and are not registered or listed shares. Each holder of shares of Class C Common Stock may, at its option at any time after
February 2, 2022, exchange its Paired Equity Interests for shares of Class A Common Stock on a one-to-one basis (<I>i.e.,</I> one Paired
Equity Interest for one share of Class A Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">** The calculation is based on a total of 269,620,636 shares of
Class A Common Stock outstanding, which includes (i) 89,650,585 issued and outstanding shares of Class A Common Stock and (ii) 179,970,051
shares of Class A Common Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting Person.
After giving effect to the expected issuance of 20,948,746 shares of Class A Common Stock in connection with the Series 8 Conversion,
the percent of the Class A Common Stock beneficially owned by the Reporting Person would be 71.0%. See Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: center"><B>SCHEDULE 13D/A</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 37%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>CUSIP No. </B></TD>
    <TD STYLE="padding-top: 1pt; width: 35%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-left: black 1.5pt solid; width: 28%; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center">Page 6 of 11 Pages</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>1</B></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NAME OF REPORTING PERSON<BR>
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stagwell Friends and Family LLC</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>2</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(a)&nbsp; <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>3</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">SEC USE ONLY</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>4</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">SOURCE OF FUNDS (SEE INSTRUCTIONS)<BR>
OO (See Item 3)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>5</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt">CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED<BR>
PURSUANT TO ITEMS 2(d) or 2(e) <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>6</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt">CITIZENSHIP OR PLACE OF ORGANIZATION<BR>
United States</TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="padding-top: 1pt; width: 15%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NUMBER OF </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHARES</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BENEFICIALLY </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OWNED BY</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EACH </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORTING</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERSON WITH</B></P></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 5%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>7</B></TD>
    <TD STYLE="padding-top: 1pt; vertical-align: top; width: 80%; border-bottom: black 1pt solid; border-right: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,060,993 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>8</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED VOTING POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>9</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SOLE DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,060,993 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>10</B></TD>
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHARED DISPOSITIVE POWER</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>11</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19,060,993 (See Items 4 and 5)*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>12</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Item 5.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>13</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">17.5% (See Item 5)**</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; border-left: black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: center"><B>14</B></TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; border-right: black 1pt solid; border-bottom: black 1.5pt solid; padding-bottom: 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OO</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">* Reflects 19,060,993 shares of Class A Common
Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting Person. The shares of Class C
Common Stock are voting-only shares that have no economic interest in the Issuer and are not registered or listed shares. Each holder
of shares of Class C Common Stock may, at its option at any time after February 2, 2022, exchange its Paired Equity Interests for shares
of Class A Common Stock on a one-to-one basis (<I>i.e.,</I> one Paired Equity Interest for one share of Class A Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0; text-align: justify">** The calculation is based on a total of 108,711,578 shares of
Class A Common Stock outstanding, which includes (i) 89,650,585 issued and outstanding shares of Class A Common Stock and (ii) 19,060,993
shares of Class A Common Stock issuable upon conversion of the shares of Class C Common Stock beneficially owned by the Reporting Person.
After giving effect to the expected issuance of 20,948,746 shares of Class A Common Stock in connection with the Series 8 Conversion,
the percent of the Class A Common Stock beneficially owned by the Reporting Person would be 14.7%. See Item 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in">&nbsp;</P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment
No. 10 to Schedule 13D (this &ldquo;<U>Amendment No. 10</U>&rdquo;) is being filed jointly by: (i) Stagwell Agency Holdings LLC, a Delaware
limited liability company, (ii) The Stagwell Group LLC, a Delaware limited liability company, (iii) Stagwell Media LP, a Delaware limited
partnership, (iv) Mark J. Penn, a United States citizen, and (v) Stagwell Friends and Family LLC, a Delaware limited liability company
(collectively, the &ldquo;<U>Reporting Persons</U>&rdquo; and each, individually, a &ldquo;<U>Reporting Person</U>&rdquo;), and relates
to the Class A common stock, par value $0.001 per share (the &ldquo;<U>Class A Common Stock</U>&rdquo;), of Stagwell Inc. (the &ldquo;<U>Issuer</U>&rdquo;).
This Amendment No. 10 amends the original statement on Schedule 13D filed jointly by Stagwell Agency Holdings LLC, The Stagwell Group
LLC, and Mark J. Penn with the Securities and Exchange Commission on March 25, 2019, as amended by Amendment No. 1 on June 26, 2020, Amendment
No. 2 on October 4, 2020, Amendment No. 3 on December 22, 2020, Amendment No. 4 on June 7, 2021, Amendment No. 5 on June 14, 2021, Amendment
No. 6 on June 17, 2021, Amendment No. 7 on July 9, 2021, Amendment No. 8 on July 16, 2021, and Amendment No. 9 on August 4, 2021 (as so
amended, the &ldquo;<U>Schedule 13D</U>&rdquo;), with respect to the Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Amendment
No. 10 amends the Schedule 13D as set forth herein. Unless otherwise indicated herein, each capitalized term used but not otherwise defined
herein shall have the meaning given to such term in the Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 2. Identity and Background.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0">Item 2 of the Schedule 13D is hereby
amended and supplemented by adding the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) This Amendment No. 10 is being
filed by the Reporting Persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) See the cover pages of this Amendment
No. 10 for place of organization or citizenship of each of the Reporting Persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 3. Source and Amount of Funds or Other Considerations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disclosure
set forth under Item 4 of this Amendment No. 10 is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><B>Item 4. Purpose of Transaction.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Item 4 of the Schedule 13D is hereby
amended and supplemented by adding the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><U>Purchases of Class A Common Stock</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 9, 2021, Mark
J. Penn purchased 10,000 shares of Class A Common Stock on the open market using personal funds at prices ranging from $5.96 to $6.02
per share, with a weighted average price of $6.01 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 10, 2021, Mark
J. Penn purchased 5,000 shares of Class A Common Stock on the open market using personal funds at a price of $6.45 per share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 19, 2021, The
Stagwell Group LLC purchased 15,000 shares of Class A Common Stock on the open market using its working capital at prices ranging from
$6.62 to $6.70 per share, with a weighted average price of $6.66 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Reporting Persons
undertake to provide to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares
purchased at each separate price within the ranges set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><U>Amendment to Preferred Stock Certificate
of Designation</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously disclosed,
on September 23, 2021, the Issuer filed with the Secretary of State of the State of Delaware a Certificate of Amendment (the &ldquo;<U>Series
6 Certificate</U>&rdquo;) to the Amended and Restated Certificate of Designation of the Issuer&rsquo;s Series 6 Convertible Preferred
Stock, par value $0.001 per share (the &ldquo;<U>Series 6 Preferred Stock</U>&rdquo;), providing, among other things, for the removal
of the Ownership Limitation described in Item 6.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
does not purport to be complete and is qualified in its entirety by reference to the Series 6 Certificate, a copy of which is filed as
<U>Exhibit FF</U> and is incorporated herein by reference.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 7, 2021, the
Issuer consummated the previously announced conversion of the 50,000 issued and outstanding shares of Series 6 Preferred Stock into 12,086,700
shares of Class A Common Stock, in the aggregate (the &ldquo;<U>Series 6 Conversion</U>&rdquo;). In connection with the Series 6 Conversion,
the 50,000 shares of Series 6 Preferred Stock held directly by Stagwell Agency Holdings LLC were converted into 12,086,700 shares of Class
A Common Stock, in the aggregate. The Issuer is expected to consummate the previously announced conversion of the 73,849 issued and outstanding
shares of its Series 8 Convertible Preferred Stock, par value $0.001 per share (the &ldquo;<U>Series 8 Preferred Stock</U>&rdquo;), into
20,948,746 shares of Class A Common Stock, in the aggregate (the &ldquo;<U>Series 8 Conversion</U>&rdquo;) in the future.</P>

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

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interest in Securities of the Issuer.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subparts (a) and (b) of
Item 5 of the Schedule 13D are hereby amended and restated as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Calculations of the percentage
of shares of Class A Common Stock beneficially owned assume:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">a total of 89,650,585 issued and outstanding shares of Class A Common Stock as of
the date hereof, based on (A) 77,563,885 shares of Class A Common Stock issued and outstanding as of July 23, 2021 as provided on the
Issuer&rsquo;s Quarterly Report on Form 10-Q filed on August 5, 2021 and (B) 12,086,700 shares of Class A Common Stock issued upon conversion
of the Series 6 Preferred Stock; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">the conversion of the number of shares of Class C common stock, par value $0.00001
per share, of the Issuer (the &ldquo;<U>Class C Common Stock</U>&rdquo;) beneficially owned by the applicable Reporting Person into an
equal number of shares of Class A Common Stock.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Reporting Person
has supplementally provided, in the footnote to row 13 of the applicable cover page of this Amendment No. 10, a calculation of the percentage
of shares of Class A Common Stock that would be beneficially owned by such Reporting Person after giving effect to the expected issuance
of 20,948,746 shares of Class A Common Stock in connection with the Series 8 Conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate number and
percentage of shares of Class A Common Stock beneficially owned by each Reporting Person and, for each Reporting Person, the number of
shares of Class A Common Stock as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote,
sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through
11 and row 13 of the cover pages of this Amendment No. 10 and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof,
Stagwell Agency Holdings LLC directly holds 26,372,414 shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof,
The Stagwell Group LLC directly holds 130,000 shares of Class A Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof,
Mark J. Penn directly holds 589,051 shares of Class A Common Stock, of which 549,051 are shares of unvested restricted stock that are
not scheduled to vest until December 31, 2022 subject to achievement of financial performance targets and continued employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof,
Stagwell Media LP directly holds 160,909,058 shares of Class C Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date hereof,
Stagwell Friends and Family LLC directly holds 19,060,993 shares of Class C Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Stagwell Group LLC
is the manager of Stagwell Agency Holdings LLC, which is a subsidiary of Stagwell Media LP. Mark J. Penn is the controlling person of
The Stagwell Group LLC. Stagwell Media LP is the manager of Stagwell Friends and Family LLC. Mark J. Penn is the controlling person of
Stagwell Media LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the best knowledge
of the Reporting Persons, none of the individuals named in Item 2 beneficially owns any shares of Class A Common Stock except as described
herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subpart (c) of Item 5
of the Schedule 13D is hereby amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No transactions
in shares of Class A Common Stock were effected by any Reporting Person during the sixty days before the date hereof, except as set forth
in this Amendment No. 10. On September 27, 2021, Stagwell Friends and Family LLC transferred an aggregate of 44,985 shares of Class C
Common Stock, together with its corresponding economic interest in OpCo, to Stagwell Media LP without consideration in accordance with
the terms of the A&amp;R OpCo Operating Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in; text-align: justify; text-indent: 0.1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0.5in; text-align: justify; text-indent: 0.1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the filing of
this Amendment No. 10 nor any of its contents shall be deemed to constitute an admission that any of the Reporting Persons is the beneficial
owner of any securities covered by this statement for purposes of Section 13(d) of the Exchange Act of 1934, as amended (the &ldquo;<U>Exchange
Act</U>&rdquo;), or for any other purpose, except to the extent of its or his pecuniary interest therein, if any, and such beneficial
ownership is expressly disclaimed. The filing of this statement should not be construed to be an admission that any Reporting Person is
a member of a &ldquo;group&rdquo; for the purposes of Sections 13(d) or 13(g) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item 6.</B> <B>Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disclosure
set forth under Item 4 of this Amendment No. 10 is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Item 7.</B> <B>Material to be Filed as Exhibits</B></P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.75in"><A HREF="https://www.sec.gov/Archives/edgar/data/876883/000110465921118591/tm2128282d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Exhibit FF</A></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/876883/000110465921118591/tm2128282d1_ex3-1.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Amended and Restated Certificate of Designation of Series 6 Convertible Preferred Stock of Stagwell Inc., dated September 23, 2021 (filed as Exhibit 3.1 to the Issuer&rsquo;s Current Report on Form 8-K filed on September 23, 2021 (SEC File No. 001-13718) and incorporated herein by reference).</A></TD></TR>
  </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 29pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 29pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 29pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">After reasonable inquiry and to the
best of its or his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 15.2pt; text-indent: 29pt">&nbsp;</P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: October 7, 2021</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">STAGWELL AGENCY HOLDINGS LLC</TD></TR>
<TR>
<TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
<TD STYLE="vertical-align: top; width: 3%; font-size: 10pt">By:</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom; width: 47%; font-size: 10pt">The Stagwell Group LLC, its manager</TD></TR>
<TR>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; font-size: 10pt">/s/ Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Name: Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"> Title: Manager</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">THE STAGWELL GROUP LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD STYLE="border-bottom: black 1pt solid; font-size: 10pt">/s/ Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Name: Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"> Title: Manager</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">MARK J. PENN</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">Name: Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">STAGWELL MEDIA LP</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD STYLE="font-size: 10pt">The Stagwell Group LLC, its manager</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Name: Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2"> Title: Manager</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2" STYLE="font-size: 10pt">STAGWELL FRIENDS AND FAMILY LLC</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD STYLE="font-size: 10pt">Stagwell Media LP, its manager</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Mark J. Penn</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Name: Mark J. Penn </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD COLSPAN="2">Title: Manager, The Stagwell Group LLC, Manager, Stagwell Media LP</TD></TR>
</TABLE>

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